TIDM88E
RNS Number : 2552C
88 Energy Limited
21 February 2022
21 February 2022
This announcement contains inside information
88 Energy Limited
Acquisition of Texas Oil and Gas Production Assets
Highlights
-- Acquisition of a 73% average net non-operated working
interest in the leases and wells in established conventional
onshore production assets within the Permian Basin of Texas,
U.S.
-- Assets acquired provide immediate cash flow to 88 Energy.
-- Purchase price of US$9.7M comprised of US$7.2M cash and US$2.5M in 88 Energy shares.
-- Attractively low-cost entry of US$4.70 per BOE across net 2P reserves of 2.1 MMBOE.
-- Current average production of approx. 300 BOE per day gross
(approx. 70% oil) across 32 wells; capital-efficient doubling of
output targeted from seven planned work-overs.
-- The Seller, Lonestar I, LLC will retain a 24% net working
interest in the assets and will also remain Operator of the assets
through an affiliate, with the remaining interests retained by
existing Joint Venture partners.
Further to the announced recent signing of a non-binding
Memorandum of Understanding (see 88E ASX/AIM releases dated 14
February 2022), 88 Energy Limited (ASX:88E, AIM:88E, OTC:EEENF) (
88 Energy or the Company ) is pleased to announce the execution of
a binding Securities Purchase Agreement ( SPA ) for the acquisition
of a circa 73% average net working interest in established
conventional oil and gas production assets in the proven Permian
Basin, onshore Texas, U.S..
The oil and gas production assets, collectively known as Project
Longhorn, are located in the Permian Basin and contain
independently certified net 2P reserves of 2.1 MMBOE. The purchase
price for the acquisition is US$9.7 million, comprising US$7.2
million cash and US$2.5 million in 88 Energy shares (approximately
98.1 million shares at an issue price of A$0.035 per share) .
The acquisition delivers immediate cash flows, with current
gross production from Project Longhorn of approximately 300 BOE per
day (approximately 70% oil). Near-term capital-efficient production
upside exists from seven planned work-overs, which are scheduled to
commence in March 2022. These initiatives are targeted to
approximately double current output rates by late 2022.
The acquisition represents 88 Energy's first move into producing
oil and gas assets and is in line with the Company's strategy to
build a successful exploration and production company. This step
has been undertaken in a measured fashion via the purchase of a
non-operated working interest with a single basin focus. Project
Longhorn contains well understood geology with low technical risk
and provides near-term upside via low-cost field development
opportunities.
88 Energy's financial advisor was Miro Capital and its legal
advisor was Freeman Mills PC.
88 Energy Managing Director and CEO, Ashley Gilbert,
commented:
"While our core focus remains exploration of our world-class
Alaskan North Slope acreage, the acquisition of Project Longhorn
provides 88 Energy with immediate cash flow and direct exposure to
any further strengthening in energy prices. It also delivers
optionality for incremental, low-capital, rapid payback
reinvestment in the region."
Project Longhorn - conventional onshore oil and gas in Texas
The Project Longhorn assets are located in the in the attractive
Permian Basin, with over approximately 1,300 net acres. The assets
consist of 9 leases with 32 producing wells and associated
infrastructure. Lonestar I, LLC will retain a 24% net working
interest in the assets, and through an affiliate will remain
Operator, with the remaining working interests retained by existing
Joint Venture partners.
Most of the existing production wells have been in operation for
several years. Production from Project Longhorn in FY2021 totalled
approximately 110,000 BOE, which returned an estimated attributable
net profit before tax for the project of US$1.6 million
(unaudited). Current average production is approximately 300 BOE
per day (88 Energy's net working interest: 220 BOE per day), of
which approximately 70% is oil.
As part of the acquisition, 88 Energy has agreed to a low-cost
work program for CY2022 that includes seven work-overs. These
initiatives are expected to approximately double current production
rates by the end of CY2022.
The acquisition of a working interest in Project Longhorn
provides 88 Energy with immediate cash flows, as well as further
low-cost capital development upside providing appealing forecast
economics:
-- Gross capital development activities costing: from US$0.7
million to US$1.4 million depending on the type of drilling or
work-over performed.
-- Target development IRRs: 75% to 400% depending on the type of drilling or work-over performed.
-- Target capital expenditure payback: 7-18 months depending on
the type of drilling and completion performed.
-- Target break-even oil price: US$21/bbl - US$28/bbl depending
on the type of drilling or work-over performed.
Gross (100%) and Net Entitlement Reserves to 88 Energy (73%
average net working interest) have been independently assessed by
Odin Reservoir Consultants Pty Ltd as at 31 December 2021 as
follows:
Table 1: Project Longhorn Reserves (barrels of oil equivalent;
millions)
1P 2P 3P 1P 2P 3P
2.78 3.46 4.00 1.64 2.05 2.33
Further Information related to these Reserves is provided in
Appendix 1.
Reserves Cautionary Statement
Oil and gas reserves and resource estimates are expressions of
judgment based on knowledge, experience and industry practice.
Estimates that were valid when originally calculated may alter
significantly when new information or techniques become available.
Additionally, by their very nature, reserve and resource estimates
are imprecise and depend to some extent on interpretations, which
may prove to be inaccurate. As further information becomes
available through additional drilling and analysis, the estimates
are likely to change. This may result in alterations to development
and production plans which may, in turn, adversely impact the
Company's operations. Reserves estimates and estimates of future
net revenues are, by nature, forward looking statements and subject
to the same risks as other forward-looking statements.
Acquisition details
Further to the non-binding Memorandum of Understanding referred
the ASX/AIM releases of 14 February 2022, the Company is pleased to
announce that on 18 February 2022, 88 Energy, via its newly formed
wholly owned subsidiary Longhorn Energy Investments LLC, entered
into a binding SPA with Lonestar I, LLC ( Lonestar ), to acquire a
75% ownership interest in Bighorn Energy, LLC ( Bighorn ) the owner
of the assets, as follows;
-- Acquisition of an initial 70% ownership interest in Bighorn
and its wholly owned subsidiary which owns between 89.7% - 100%
gross working interest of the leases and wells in the Project
Longhorn assets;
-- At the same time, acquisition of a further 5% ownership
interest in Bighorn resulting from the simultaneous execution by
Bighorn of letter agreements with two parties;
-- Upon closing of the transactions, 88 Energy via its wholly
owned subsidiary Longhorn Energy Investments LLC, will hold a 75%
ownership interest in Bighorn (which results in an approximate 73%
net working interest in the leases and wells);
-- Lonestar will have a 25% ownership interest in Bighorn (which
results in an approximate 24% net working interest in the leases
and wells).
Total consideration for the purchase is US$9.7 million, to be
paid as US$7.2 million in cash from existing cash reserves and
US$2.5 million in shares (at an issue price of A$0.035 per share,
which is the same issue price as the recent 88 Energy equity
raising announced on 14 February 2022).
88 Energy will issue a further US$1.6 million in shares
(approximately 57.4 million shares at an issue price of A$0.039 per
share, being the closing price of 88 Energy shares on ASX on 18
February 2022) to Lonestar for working capital contributions
towards an approved CY2022 capital development program ( Capital
Development Shares ).
The Capital Development Shares will be held in escrow and
subject to certain restrictions. These Capital Development Shares
will only be released from escrow following approval by 88 Energy.
Lonestar has the option to dispose of Capital Development Shares,
subject to certain restrictions under the escrow arrangement, with
any proceeds to be held on trust for 88 Energy until the associated
invoices are received and approved by 88 Energy for the capital
development program. A reconciliation and final payment of any
outstanding invoices (in cash) is to occur following completion of
the CY2022 capital development program.
A total of 155,480,417 new ordinary shares will be issued in
respect of the acquisition and the capital development program to
Lonestar.
The effective date of the acquisition is 1 January 2022.
Longhorn Energy Investments LLC also entered into a Memorandum
of Understanding with Lonestar where both parties agreed to work
jointly towards securing additional future acreage focusing on
expanding and increasing oil and gas production.
Lonestar I, LLC is a privately held oil and gas production
company located in Texas U.S., with significant experience in
operating profitable oil and gas assets. Lonestar I, LLC and its
affiliates have built a team of experienced oil and gas
professionals with broad technical and commercial skills that will
continue to Operate the assets on behalf of the Joint Venture and
together with 88 Energy will work to improve production and
profitability of the assets and has the capacity to both
financially and technically deliver on future development work
programs. 88 Energy has completed customary due diligence on both
the assets and Lonestar I, LLC.
A graphic of the Project Longhorn asset is viewable in the PDF
version of this announcement available on the Company's website (
www.88energy.com ) along with a presentation titled Project
Longhorn Acquisition.
Media and Investor Relations:
88 Energy Ltd
Ashley Gilbert, Managing Director
Tel: +61 8 9485 0990
Email:investor-relations@88energy.com
Finlay Thomson , Investor Relations Tel: +44 7976 248471
Fivemark Partners , Investor and Tel: +61 410 276 744
Media Relations Tel: +61 422 602 720
Andrew Edge / Michael Vaughan
EurozHartleys Ltd Tel: +61 8 9268 2829
Dale Bryan
Cenkos Securities Tel: +44 131 220 6939
Neil McDonald / Derrick Lee
Glossary
Bbl = barrels Mbo/Mbbl = thousand barrels of
Bcf = billion cubic feet oil
Bcfg = billion cubic feet of gas MMbo/MMbbl = million barrels of
Boe = barrels of oil equivalent oil
Bopd = barrels of oil per day Mboe = thousand barrels of oil
Btu = British Thermal Units equivalent
mcfg = thousand cubic of gas MMboe = million barrels of oil
mmcfg = million cubic feet of equivalent
gas Mcf = thousand cubic feet
mcfgpd = thousand cubic feet of MMcf = million cubic feet
gas per day mmbtu = million British Thermal
mmcf = million cubic feet Units
psi = pounds per square inch
UoM = unit of measure
Appendix 1
Reserve Evaluation - Lonestar Acquisition
Highlights:
-- ODIN Reservoir Consultants (ODIN) has prepared the reserve
estimates, a forecast prices and costs evaluation of the oil and
gas properties of Lonestar I LLC Holdings. (Lonestar). The
effective date of the reserve estimates and cash flow forecasts
presented in this release is December 31, 2021.
-- The ODIN evaluation has been prepared for Lonestar in
accordance with reserves definitions, standards and procedures
contained the Society of Petroleum Engineers' Petroleum Resources
Management System (SPE-PRMS) and reported in the most specific
resource class in which the prospective resource can be classified
under 2018 SPE-PRMS. The reserves presented in the ODIN report are
based on forecast prices and costs. Economic Limit Tests (ELTs)
used to estimate Reserves shown above were carried out assuming the
"NYMEX Strip Pricing Scenario" valid for a 31st December 2021
effective date. ODIN used WTI crude price as the "marker price" for
this evaluation. All oil prices used in the evaluation have been
adjusted from the reference price for quality and transportation;
gas prices have been adjusted for heating value.
-- The proved reserves (1P) net of royalties are 1.15 million
bbl of oil and NGL's and 2.93 bcf of gas, or 1.64 million boe.
-- The proved plus probable reserves (2P) net of royalties are
1.44 million bbl of oil and NGL's and 3.64 bcf of gas, or 2.05
million boe.
-- The proved plus probable plus possible reserves (3P) net of
royalties are 1.66 million bbl of oil and NGL's and 4.06 bcf of
gas, or 2.33 million boe.
Background
88 Energy via its wholly owned subsidiary Longhorn Energy
Investments LLC, will hold a 75% ownership interest in Bighorn
(which results in an approximate 73% net working interest in the
leases and wells) and Lonestar will have a 25% ownership interest
in Bighorn (which results in an approximate 24% net working
interest in the leases and wells).
Table 2: Developed Reserves
UoM 1P 2P 3P 1P 2P 3P
========================= ====== ====== ====== ===== ===== =====
OIL MMBO 0.20 0.25 0.29 0.12 0.15 0.18
================ ======== ====== ====== ====== ===== ===== =====
GAS BCF 0.58 1.12 1.20 0.35 0.66 0.71
================ ======== ====== ====== ====== ===== ===== =====
NGL MMBO 0.07 0.13 0.13 0.04 0.08 0.08
TOTAL reserves MMBOE 0.36 0.57 0.62 0.21 0.34 0.37
Table 3: Undeveloped Reserves
UoM 1P 2P 3P 1P 2P 3P
========================= ====== ====== ====== ===== ===== =====
OIL MMBO 1.25 1.46 1.76 0.74 0.86 1.03
================ ======== ====== ====== ====== ===== ===== =====
GAS BCF 4.39 5.04 5.76 2.59 2.98 3.35
================ ======== ====== ====== ====== ===== ===== =====
NGL MMBO 0.44 0.59 0.67 0.26 0.35 0.39
TOTAL reserves MMBOE 2.42 2.89 3.38 1.43 1.71 1.97
Table 4: Total Reserves
UoM 1P 2P 3P 1P 2P 3P
========================= ====== ====== ====== ===== ===== =====
OIL MMBO 1.44 1.71 2.05 0.85 1.01 1.20
================ ======== ====== ====== ====== ===== ===== =====
GAS BCF 4.97 6.16 6.96 2.93 3.64 4.06
================ ======== ====== ====== ====== ===== ===== =====
NGL MMBO 0.51 0.72 0.79 0.30 0.43 0.46
TOTAL reserves MMBOE 2.78 3.46 4.00 1.64 2.05 2.33
The subsequent sections detail the field and reserves/ resources
information for compliance with ASX listing rules pertaining to the
first announcement of material oil and gas projects.
Assumptions and Notes
a) The reserves information in this document is effective as of
31 December 2021 (ASX Listing Rule (LR) 5.25.1).
b) The reserves information in this document has been estimated
and is classified in accordance with SPE --
PRMS (Society of Petroleum Engineers -- Petroleum Resources Management System) (ASX LR 5.25.2).
c) The reserves information in this document is reported
according to the Company's economic interest
in each of the reserves net of royalties (ASX LR 5.25.5).
d) The reserves information in this document has been estimated
and prepared using the deterministic method (ASX LR 5.25.6).
e) The reserves information in this document has been estimated
using a 6:1 BOE conversion ratio for gas to oil; 6:1 conversion
ratio is based on an energy equivalency conversion method and does
not represent value equivalency (ASX LR 5.25.7).
f) The reserves information in this document has been estimated
on the basis that products are sold on the spot market with
delivery at the sales point on the production facilities (ASX LR
5.26.5).
g) The method of aggregation used in calculating estimated
reserves was the arithmetic summation by category of reserves. As a
result of the arithmetic aggregation of the field totals, the
aggregate 1P may be a conservative estimate and the aggregate 3P
may be an optimistic estimate due to the portfolio effects of
arithmetic summation (ASX LR 5.26.7 & 5.26.8)
h) Project Longhorn reserves are located in the Permian Basin, Texas, USA.
ASX LR 5.31 Reserves - Project Longhorn
Project Longhorn, 88 Energy
ASX LR 5.31.1 - Material Oil and gas prices - Oil and NGL prices
economic assumptions used in this report are the 31(st) December
used to calculate the 2021 NYMEX West Texas Intermediate (WTI)
estimates of petroleum quoted Strip prices through 2032, and escalated
reserves at 2% thereafter. Natural gas prices used
in this report were NYMEX Strip prices
through 2034, then escalated at 2% thereafter.
Oil, NGL and gas prices are shown in tables
6-8 inclusive.
These prices were then adjusted to account
for transportation and quality differences.
A flat $1.15/bbl deduction was noted in
the Lease Operating Statements and considered
reasonable for the forecast.
Capex - gross capital costs were estimated
by the Operator covering drilling and completion,
recompletion and abandonment costs considered
necessary to recover the reserve. Capital
costs were considered reasonable by Odin
Consultants, which cost between US$0.7
million and US$1.4 million depending on
the type of drilling or work-over performed.
Opex - gross operating costs were based
on 2021 lease operating statements and
a 2022 operating budget was provided by
the Operator. These forecasts were considered
to be reasonable by Odin Consultants.
Discount rate - pre-tax discount rate
of 10%
---------------------------------------------------
ASX LR 5.31.2 Operator Longhorn Energy Investments LLC, a wholly
or non-operator interests owned subsidiary of 88 Energy Limited,
is a non- operator of Project Longhorn
and has an average 73.04% working interest
across the leases, based on area. Table
5 shows lease working interests.
---------------------------------------------------
ASX LR 5.31.3 Permits Project Longhorn consists of 9 leases is
or Licenses located in the Permian Basin, Texas, USA.
All leases are Held by Production, have
no expiry date and no drilling obligations.
----------------------------------------------------------------- ---------------------------------------------------
ASX LR 5.31.4 Description
of:
Economic Limit Tests were performed and
* Basis for confirming commercial producibility and project NPVs calculated to satisfy the
booking reserves. commerciality requirements of the PRMS.
Odin Consultants carried out these analyses
for all wells - current and proposed, based
on pricing noted above under LR 5.31.1,
Operator provided third party gas plant
and oil purchaser statements, Operator
provided current royalty rates and all
applicable State of Texas oil and gas taxation
roles applicable to the specific areas
of operations. Future capital requirements
and actual 2021 operating costs were obtained
from the Operator's projections and were
accepted as reasonable.
The commercial producibility of undeveloped
reserves is based on stabilised production
rates from existing wells and production
analogues from the same formation.
ODIN has relied on Decline Curve Analysis
* Analytical procedures used to estimate the petroleum techniques for this evaluation. Production
reserves decline analysis was performed using all
available production/well test data to
estimate a range (Low, Best and High Cases)
of production forecasts, which were used
as the basis for estimating reserves. An
uncertainty range in both the decline rate
and the exponent factor of the hyperbolic
decline fit was applied to forecast different
decline trends attributable to uncertainty
in reservoir performance, and to estimate
the oil production volumes for the 1P,
2P and 3P reserves categories. These reserves
were sense checked against volumetric reserve
calculations based on log derived parameters.
Production records were obtained from
the Texas Railroad Commission (TRRC) on
a lease basis, or when applicable, by combining
Operator identified API Number well data
historical records, to serve as the basis
of the production volumes in our decline
curve analysis. This data matched Operator
provided data.
All current and proposed wells will utilize
* Proposed extraction method and any specialised sucker rod pumping systems to artificially
processing required following extraction required lift the oil to surface. The reservoirs
are largely depletion drive with minor
pressure support provided by limited water
aquifers, solution gas and gas caps.
---------------------------------------------------
ASX LR 5.31.5 - Estimated See Tables 2-4 inclusive at the start of
quantities to be recovered Appendix 1.
---------------------------------------------------
ASX LR 5.31.6 - Undeveloped All undeveloped reserves are all located
petroleum reserves; within 1320 ft (40 acres spacing) of existing
a brief statement regarding:- production; hence development of these
* Status of the project reserves simply requires a completed well
and tie back to existing production. Seven
work-overs are budgeted for 2022. The eleven
* When development is anticipated remaining development activities are planned
for 2023 and 2024. All existing marketing
arrangements, transportation infrastructure
* Marketing arrangements and approvals are planned and budgeted
to be utilized.
* Access to transportation infrastructure
* Environmental approvals required
---------------------------------------------------
ASX LR 5.31.7 - Unconventional Not applicable.
petroleum resources
---------------------------------------------------
ASX LR 5.32 - Project Not applicable; this report constitutes
estimates that have first time reporting for Project Longhorn.
materially changed
from when the estimates
were previously reported
---------------------------------------------------
Definitions
-- Reserves are those quantities of petroleum that are
anticipated to be commercially recoverable by application of
development projects to known accumulations from a given date
forward under defined conditions. Reserves must further satisfy
four criteria, based on the development project(s) applied:
discovered, recoverable, commercial and remaining (as of the
evaluation date).
-- 1P is defined as proven reserves. 2P is defined as proven
plus probable reserves. 3P is defined as proven plus probable plus
possible reserves.
-- 1P or Proven Reserves are those quantities of petroleum that,
by analysis of geoscience and engineering data, can be estimated
with reasonable certainty to be commercially recoverable from a
given date forward from known reservoirs and under defined economic
conditions, operating methods, and government regulations. This is
typically considered to have more than a 90% likelihood of
occurring.
-- Probable Reserves are those additional reserves that analysis
of geoscience and engineering data indicates are less likely to be
recovered than proved reserves but more certain to be recovered
than possible reserves. This is typically considered to have
approximately a 50% likelihood of occurring.
-- Possible Reserves are those additional reserves that are less
certain to be recovered than probable reserves. It is unlikely that
the actual remaining quantities recovered will exceed the sum of
the estimated proved plus probable plus possible reserves. This is
typically considered to have approximately a 10% likelihood of
occurring.
-- Developed reserves are expected to be recoverable from
existing wells and facilities. Undeveloped reserves will be
recovered through future investments (e.g. through installation of
compression, new wells into different but known reservoirs, or
infill wells that will increase recovery). Total reserves are the
sum of developed and undeveloped reserves at a given level of
certainty.
-- Contingent Resources (2C) are those quantities of petroleum
estimated, as of a given date, to be potentially recoverable from
known accumulations by application of development projects, but
which are not currently considered to be commercially recoverable
owing to one or more contingencies.
-- Prospective Resources are those quantities of petroleum that
are estimated, as of a given date, to be potentially recoverable
from undiscovered accumulations.
Qualified petroleum reserves and resources evaluator
statement
The petroleum reserves and resources information in this
announcement are based on, and fairly represents, information and
supporting documentation prepared by ODIN Reservoir Consultants Pty
Ltd under the supervision of David Lim. David Lim holds a BSc.
(Hons) and a M.Sc. (Petroleum Engineering), is a member of the
Society of Petroleum Engineers (SPE) and has 30 years of
international reservoir engineering experience in Europe, North and
South America, North and West Africa, Middle East, Asia and
Australasia. Mr Lim is an employee and director of ODIN Reservoir
Consultants Pty Ltd and is not an employee of the Company. Mr Lim
consented in writing to the inclusion of the petroleum reserves and
resources information in this announcement in the form and context
in which it appears.
Table 5: Working Interest
L-1 100% 75.00% 75.00% 56.25%
=============== ====== ======== ======= ======
L-2 100% 75.00% 80.00% 60.00%
=============== ====== ======== ======= ======
L-3 100% 75.00% 83.00% 62.25%
=============== ====== ======== ======= ======
L-4 100% 75.00% 83.00% 62.25%
=============== ====== ======== ======= ======
L-5 100% 75.00% 83.00% 62.25%
=============== ====== ======== ======= ======
L-6 89.72% 67.29% 80.32% 54.05%
=============== ====== ======== ======= ======
L-7 92.44% 69.27% 80.860% 56.01%
=============== ====== ======== ======= ======
L-8 92.49% 69.31% 87.50% 60.65%
=============== ====== ======== ======= ======
L-9 97.22% 72.92% 75.00% 54.69%
=============== ====== ======== ======= ======
Area Weighted
Average 97.38% 73.04% 80.94% 59.12%
=============== ====== ======== ======= ======
Table 6: NYMEX Strip oil price used for reserve analysis
Jan-21 52.1 Aug-23 68.53 Mar-26 60.42
Feb-21 59.06 Sep-23 68.12 Apr-26 60.27
Mar-21 62.36 Oct-23 67.74 May-26 60.16
Apr-21 61.7 Nov-23 67.39 Jun-26 60.05
May-21 65.16 Dec-23 67.07 Jul-26 59.92
Jun-21 71.35 Jan-24 66.68 Aug-26 59.72
Jul-21 72.43 Feb-24 66.31 Sep-26 59.63
Aug-21 67.71 Mar-24 65.95 Oct-26 59.54
Sep-21 71.55 Apr-24 65.62 Nov-26 59.47
Oct-21 81.22 May-24 65.31 Dec-26 59.41
Nov-21 79.18 Jun-24 65.03 Mar-27 59.18
Dec-21 71.69 Jul-24 64.72 Jun-27 58.94
Jan-22 78.9 Aug-24 64.43 Sep-27 58.75
Feb-22 78.9 Sep-24 64.15 Dec-27 58.63
Mar-22 78.44 Oct-24 63.9 Mar-28 58.58
Apr-22 77.82 Nov-24 63.68 Jun-28 58.55
May-22 77.19 Dec-24 63.45 Sep-28 58.55
Jun-22 76.56 Jan-25 63.18 Dec-28 58.47
Jul-22 75.91 Feb-25 62.95 Mar-29 58.4
Aug-22 75.24 Mar-25 62.72 Jun-29 58.4
Sep-22 74.56 Apr-25 62.5 Sep-29 58.29
Oct-22 73.9 May-25 62.29 Dec-29 58.29
Nov-22 73.26 Jun-25 62.07 Mar-30 58.3
Dec-22 72.66 Jul-25 61.82 Jun-30 58.31
Jan-23 72.04 Aug-25 61.66 Sep-30 58.4
Feb-23 71.46 Sep-25 61.48 Dec-30 58.48
Mar-23 70.91 Oct-25 61.32 Mar-31 58.64
Apr-23 70.39 Nov-25 61.15 Jun-31 58.72
May-23 69.91 Dec-25 60.98 Sep-31 58.69
Jun-23 69.46 Jan-26 60.75 Dec-31 58.79
Jul-23 68.98 Feb-26 60.59 Dec-32 59.1
-------- ------ ------- ------ ------- ------
Table 7: NYMEX Strip natural gas price used for reserve
analysis
Jan-21 2.648 Sep-23 3.242 May-26 2.834
Feb-21 2.917 Oct-23 3.272 Jun-26 2.88
Mar-21 2.622 Nov-23 3.373 Jul-26 2.927
Apr-21 2.685 Dec-23 3.576 Aug-26 2.944
May-21 2.96 Jan-24 3.692 Sep-26 2.942
Jun-21 3.272 Feb-24 3.601 Oct-26 2.978
Jul-21 3.815 Mar-24 3.372 Nov-26 3.113
Aug-21 4.031 Apr-24 2.97 Dec-26 3.363
Sep-21 5.115 May-24 2.928 Mar-27 3.416
Oct-21 5.582 Jun-24 2.987 Jun-27 2.906
Nov-21 5.104 Jul-24 3.037 Sep-27 2.966
Dec-21 3.864 Aug-24 3.052 Dec-27 3.158
Jan-22 3.916 Sep-24 3.041 Mar-28 3.447
Feb-22 3.916 Oct-24 3.079 Jun-28 2.983
Mar-22 3.726 Nov-24 3.214 Sep-28 3.053
Apr-22 3.667 Dec-24 3.476 Dec-28 3.097
May-22 3.685 Jan-25 3.609 Mar-29 3.54
Jun-22 3.736 Feb-25 3.54 Jun-29 3.056
Jul-22 3.794 Mar-25 3.31 Sep-29 3.119
Aug-22 3.805 Apr-25 2.91 Dec-29 3.312
Sep-22 3.787 May-25 2.867 Mar-30 3.585
Oct-22 3.817 Jun-25 2.904 Jun-30 3.141
Nov-22 3.908 Jul-25 2.948 Sep-30 3.229
Dec-22 4.088 Aug-25 2.963 Dec-30 3.438
Jan-23 4.195 Sep-25 2.952 Mar-31 3.685
Feb-23 4.09 Oct-25 2.994 Jun-31 3.265
Mar-23 3.801 Nov-25 3.135 Sep-31 3.353
Apr-23 3.243 Dec-25 3.39 Dec-31 3.424
May-23 3.171 Jan-26 3.524 Dec-32 3.591
Jun-23 3.205 Feb-26 3.449 Dec-33 3.726
Jul-23 3.245 Mar-26 3.269 Dec-34 3.863
Aug-23 3.255 Apr-26 2.869
-------- ------ ------- ------ ------- ------
Table 8: NYMEX Strip natural gas liquids price used for reserve
analysis
Jan-21 2.74 Aug-23 1.63 Mar-26 1.44
Feb-21 2.39 Sep-23 1.62 Apr-26 1.44
Mar-21 2.04 Oct-23 1.61 May-26 1.43
Apr-21 2.12 Nov-23 1.6 Jun-26 1.43
May-21 2.39 Dec-23 1.6 Jul-26 1.43
Jun-21 2.34 Jan-24 1.59 Aug-26 1.42
Jul-21 1.92 Feb-24 1.58 Sep-26 1.42
Aug-21 1.79 Mar-24 1.57 Oct-26 1.42
Sep-21 2.34 Apr-24 1.56 Nov-26 1.42
Oct-21 2.3 May-24 1.56 Dec-26 1.41
Nov-21 2.04 Jun-24 1.55 Mar-27 1.41
Dec-21 1.82 Jul-24 1.54 Jun-27 1.4
Jan-22 1.88 Aug-24 1.53 Sep-27 1.4
Feb-22 1.88 Sep-24 1.53 Dec-27 1.4
Mar-22 1.87 Oct-24 1.52 Mar-28 1.4
Apr-22 1.85 Nov-24 1.52 Jun-28 1.39
May-22 1.84 Dec-24 1.51 Sep-28 1.39
Jun-22 1.82 Jan-25 1.5 Dec-28 1.39
Jul-22 1.81 Feb-25 1.5 Mar-29 1.39
Aug-22 1.79 Mar-25 1.49 Jun-29 1.39
Sep-22 1.78 Apr-25 1.49 Sep-29 1.39
Oct-22 1.76 May-25 1.48 Dec-29 1.39
Nov-22 1.74 Jun-25 1.48 Mar-30 1.39
Dec-22 1.73 Jul-25 1.47 Jun-30 1.39
Jan-23 1.72 Aug-25 1.47 Sep-30 1.39
Feb-23 1.7 Sep-25 1.46 Dec-30 1.39
Mar-23 1.69 Oct-25 1.46 Mar-31 1.4
Apr-23 1.68 Nov-25 1.46 Jun-31 1.4
May-23 1.66 Dec-25 1.45 Sep-31 1.4
Jun-23 1.65 Jan-26 1.45 Dec-31 1.4
Jul-23 1.64 Feb-26 1.44 Dec-32 1.41
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ACQGZGZZVMZGZZG
(END) Dow Jones Newswires
February 21, 2022 02:00 ET (07:00 GMT)
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