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

• Including UPPER SCHRADER BLUFF (USB) Reservoir

• Hemi Springs Unit 3 well drilled in 1985
• Hailstorm-1 well drilled in 2006
• In 2022, acquired modern Storms 3D Seismic shot in 2015

• USB reservoir is a producing unit to the North (West Sak and Polaris Fields)

• Deeper targets were the focus in 1985 and did not report oil shows

• Importantly this was using Modern log analysis techniques not available in 1985

Figure: Time slice of Edge Detection attribute run on the Storms 3D seismic. Edge detection attribute clearly shows NW-SE normal faulting as well as a NE-SW feature which separates the reservoir at Hemi Springs Unit 3 from that of nearby Hailstorm-1