STEADY PRODUCTION TO SUPPORT ALASKA LEASES AND TECHNICAL RESOURCES
Non-Operator | ~73% WI
2 MMBO 2P Net Reserves to 88E Revenue Entitlement1,2
- Diversifying Portfolio with Production
- Low-cost Entry with NET 2P Reserves of 2.1 MMBOE
- Attractive Location in well-known Texas Permian Basin
- Solid PDP Production with Workover upside
- Six work-overs successfully completed in 2022 delivering increased production since February 2022 acquistion
- Production of between 400-450BOE/pd (~70% oil)3
- Four work-overs and at least five new drill targets remain on the acreage4
- Solid cash flows support advancing exploration efforts through studies and technical resourcing and towards Alaskan lease payments
| LONGHORN RESERVES | GROSS1 | NET ENTITLEMENT1 | |||||
| 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 |
|---|---|---|---|---|---|---|---|
1. Refer ASX release dated 21 February 2022 for initial reserves estimates, assumptions and Cautionary Statement below.
2. Cautionary Statement: The estimated quantities of petroleum that may be potentially recovered by the application of a future development project relate to undiscovered accumulations. These estimates have both an associated risk of discovery and a risk of development. Further exploration, appraisal and evaluation are required to determine the existence of a significant quantity of potentially movable hydrocarbons.
3. Based on Operator and internal reports and forecasts.
4. Subject to AFE and JV approvals.
"Project Longhorn continues to deliver consistent cash flows that support our exploration efforts”
Ashley Gilbert, Managing Director
