Australia-based 88 Energy said this week it acquired additional non-operated working interest in December in leases and wells for its Bighorn Energy phase 3. The acquisition included 64 percent net working interest in 1,262 acres near its existing Longhorn assets in Andrews and Ector counties. Nine low-producing existing wells (26 boed gross) and 10 development opportunities were identified in multiple zones estimated to have 1.2 million boe gross undeveloped proved and probable reserves.
Longhorn, now with 2,625 net acres, expects to have 5 workover wells completed in first-half 2024 and 2 new production wells in second-half 2024. After successful completion of workovers and new wells together with existing producing wells, 88 Energy expects Longhorn total gross production to reach 600 to 675 boed (75 percent oil) by yearend 2024. Q4 production in Longhorn was 355 boed gross (62 percent oil) – above guidance of 294 boed.