Project Icewine

Positive Near-lease Results

Operator with ~75% working interest

  • Large independent resource post Charlie-1 well => 1.77 billion BOE2
  • De-risked by 3 wells: Icewine-1, Icewine-2 and Charlie-1.
  • The results at the near-by Talitha-A well are highly encouraging regionally for several formations that extend into Project Icewine.
  • 88E to reassess the potential across the acreage as a result of the Talitha-1′ well ahead of a planned farm-out.
  • Operator with ~75% working interest.
  • ~193K net acres.
  • Independent resource of 1.77 billion BOE2

A reassessment of the potential across the acreage has been planned ahead of an expected strategic farm-out. Results from the nearby Talitha-A well1 are encouraging and have the potential to extend into the 88E leases.

Note:
1. Talita-A well was drilled and tested by Pantheon Resources LLC in Q1 2021
2. Please refer to the ASX release dated 10 November 2020 for full details with respect to the Prospective Resource estimate, associated risking and applicable Cautionary Statement.

“ We are thrilled with the results from the Merlin exploration well, with light oil detected in the Nanushuk across three separate horizons ”

Ashley Gilbert, Managing Director

PROJECT ICEWINE PROSPECTIVE RESOURCE

Prospective Oil Resource (Unrisked)MMBO
Prospects & LeadsFormation/PlayLowBestHighNet Mean to 88E
Lima ComplexSeabee/Basin Floor Fan214.2978.21622,803.81,418.9
Stellar Fan 1Torok/Basin Floor Fan7.527.280.840.4
Stellar Fan 3-1Torok/Basin Floor Fan3.110.937.217.6
Stellar Fan 4Torok/Basin Floor Fan9.935.3122.558.9
Stellar Fan 5/6Torok/Basin Floor Fan11.543.4162.973.4
Stellar Fan 2Torok/Basin Floor Fan21.557.213470.5
Stellar Fan 3-2Torok/Basin Floor Fan25.574184.794.2
TOTAL PROSPECTIVE OIL RESOURCE1,773.9

*Please refer to the ASX release dated 10 November 2020 for full details with respect to the Prospective Resource estimate, associated risking and applicable Cautionary Statement.

PROJECT ICEWINE MAP

PROJECT ICEWINE - EAST

Forward plan – 3D seismic and drilling

  • Licensing agreement signed with SAExploration, Inc (SAE) for use of SAE’s Franklin Bluffs 3D seismic survey data (FB3D), covering approximately 86 square miles, predominantly over the Project Icewine East leases.
  • Critically, the FB3D covers an area over the SMD, SFS and BFF reservoir units, which are interpreted to extend from Pantheon Resources acreage onto Icewine East.
  • 88E to conduct a full interpretation of the FB3D data, including AVO analysis, to define ‘sweet spots’ for each play and determine optimal future exploration and appraisal drilling locations.
  • Planning for a new exploration well in the Icewine East acreage underway, which is scheduled to be drilled in 2023
  • The FB3D will provide key data for potential farm-out partners to assess as part of their due diligence program
  • The Company is continuing with its planned farm-out of the Icewine East acreage. The Company is hopeful of achieving a positive outcome from the farm-out process given the extensive dataset and track record that significantly de-risks the Icewine East acreage, including:
  • High quality 2D and 3D seismic datasets, as well as Icewine-1 and Icewine-2 well data
  • Soon-to-be-completed new independent prospective resource report, which is anticipated to demonstrate significant resource volumes that can support a material development
  • Nearby Brookian wells, Alkaid-1, Talitha-A and Theta West-1, having flowed 35⁰ to 40⁰ API oil, with all reservoir units independently mapped onto the Icewine East acreage
  • Icewine East acreage being strategically located on the Dalton Highway, with the TAPS pipeline running through the acreage providing excellent access to infrastructure and services
  • 88 Energy’s excellent track record on delivering exploration wells on the North Slope, and its clear understanding of requirements to drill in Alaska
  • Recent high oil prices renewing investment interest in the sector
  • Strong investor support for Pantheon (AIM:PANR, ~GBP 690M / ~AUD 1.2Bn market capitalisation as at 23 June 2022) in the adjacent acreage, which presents potential material upside for both 88 Energy and also any potential farm-out partners

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Ground Floor, 516 Hay Street
Subiaco WA 6008
AUSTRALIA

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Fax: +61 (0)8 9321 8990

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