88 Energy (via a subsidiary) was announced in November 2022 as the highest bidder on 10 leases covering approximately 25,600 contiguous acres immediately south of Prudhoe Bay on the North Slope of Alaska.

The acreage, referred to as Project Leonis, is covered by the existing Storms 3D seismic data suite and contains the historical exploration well Hemi Springs Unit #3 (drilled by ARCO in 1985).

Project Leonis is superbly located adjacent to TAPS and the Dalton Highway, enhancing future potential development commercialisation.

A review of the Hemi Springs Unit #3 well indicated over 200 foot of logged net pay in the Upper Schrader Bluff (USB) reservoir, with good porosity and oil shows evident over the interval.

Initial internal interpretation of the Storms 3D indicates a prospect at the USB reservoir interval that appears to be bound by faults on 3 sides

IMMEDIATELY SOUTH OF PRUDOE BAY (Proven petroleum province)
– Including UPPER SCHRADER BLUFF (USB) Reservoir

STRONG EXISTING DATA SUITE
– Hemi Springs Unit 3 well drilled in 1985
– Hailstorm-1 well drilled in 2006
– In 2022, acquired modern Storms 3D Seismic shot in 2015

INITIAL STORMS 3D SEISMIC INTERPRETATION IDENTIFIED USB PENETRATED BY HEMI SPRINGS 3
– USB reservoir is a producing unit to the North (West Sak and Polaris Fields)

HEMI SPRINGS 3 REPORTED “OIL OVER SHAKERS” AT MULTIPLE DEPTHS
– Deeper targets were the focus in 1985 and did not report oil shows

88E Preliminary data review calculated > 200ft of logged net pay in the USB reservoir
– Importantly this was using Modern log analysis techniques not available in 1985