(MENAFN- ProactiveInvestors - Australia) Red Fork Energy (ASX: RFE) has released its maiden reserves for its Mississippian play in Oklahoma with proved and probable (2P) reserves of 4.7 million barrels of oil equivalent (MMboe).
The independent certification by Lee Keeling and Associates also estimated proved (1P) reserves at 2MMboe; proved, probable and possible (3P) reserves of 29MMboe and considerable upside in the contingent resource of 166.9MMboe.
This consists of 79% crude oil and 21% high value gas.
With strong funding â€" including an underwritten A$50 million placement underway â€" and the reserves certification in place, Red Fork is now poised to de-risk and unlock the value contained in its contingent resource and possible reserves categories.
Further upside could exist from increased density of wells from the current three wells per 640 acre section and improvements in well performance through well design and completion efficiency.
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