REG - 88 Energy Limited - Acquisition of Texas Oil and Gas Production Assets
21/02/2022 07:00
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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
(http://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 Media Relations Tel: +61 410 276 744
Andrew Edge / Michael Vaughan Tel: +61 422 602 720
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 oil
Bcf = billion cubic feet MMbo/MMbbl = million barrels of oil
Bcfg = billion cubic feet of gas Mboe = thousand barrels of oil equivalent
Boe = barrels of oil equivalent MMboe = million barrels of oil equivalent
Bopd = barrels of oil per day Mcf = thousand cubic feet
Btu = British Thermal Units MMcf = million cubic feet
mcfg = thousand cubic of gas mmbtu = million British Thermal Units
mmcfg = million cubic feet of gas psi = pounds per square inch
mcfgpd = thousand cubic feet of gas per day UoM = unit of measure
mmcf = million cubic feet
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 economic assumptions used to calculate the estimates Oil and gas prices - Oil and NGL prices used in this report are the 31(st)
of petroleum reserves December 2021 NYMEX West Texas Intermediate (WTI) quoted Strip prices through
2032, and escalated 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 or non-operator interests Longhorn Energy Investments LLC, a wholly 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 or Licenses Project Longhorn consists of 9 leases is 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:
· Basis for confirming commercial producibility and booking reserves. Economic Limit Tests were performed and project NPVs calculated to satisfy the
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.
· Analytical procedures used to estimate the petroleum reserves ODIN has relied on Decline Curve Analysis techniques for this evaluation.
Production 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.
· Proposed extraction method and any specialised processing required All current and proposed wells will utilize sucker rod pumping systems to
following extraction required artificially 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 quantities to be recovered See Tables 2-4 inclusive at the start of Appendix 1.
ASX LR 5.31.6 - Undeveloped petroleum reserves; a brief statement regarding:- All undeveloped reserves are all located within 1320 ft (40 acres spacing) of
existing production; hence development of these reserves simply requires a
· Status of the project completed well and tie back to existing production. Seven work-overs are
budgeted for 2022. The eleven remaining development activities are planned for
· When development is anticipated 2023 and 2024. All existing marketing arrangements, transportation
infrastructure and approvals are planned and budgeted to be utilized.
· Marketing arrangements
· Access to transportation infrastructure
· Environmental approvals required
ASX LR 5.31.7 - Unconventional petroleum resources Not applicable.
ASX LR 5.32 - Project estimates that have materially changed from when the Not applicable; this report constitutes first time reporting for Project
estimates were previously reported Longhorn.
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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