Multiple future drilling locations identified
Operator with 100% working interest
- Project Peregrine acreage was acquired by 88 Energy via an off market takeover of XCD Energy Ltd in August 2020.
- Project area encompasses 195,973 acres of which a number of untested topset play opportunities exist.
- Multiple, independent, drilling locations exist, with completion of Merlin-1 in Q1 2021 and follow up Merlin-2 in Q1 2022.
- The Project Peregrine Nanushuk sequences continue North where they are the target of Conoco Phillip’s Harpoon and Willow drilling programs, the latter of which contains 750-800mmbo recoverable (Conoco, 2018).
Merlin-1 and follow up Merlin-2 confirmed petroleum system
- Results indicated evidence of hydrocarbons in all three primary targets (N20, N19, N18) through a combination of shows as well as post-well geochemistry analysis.
- Biomarker analysis demonstrates source rocks are consistent with Hue/HRZ type oil.
- Carbon isotope analysis of mud gas and core samples returned vitrinite reflective values between 0.7 and 1% Ro – proof the Project Peregrine acreage is oil prone.
- Porosity and permeability remain the key risk with further studies and analysis required.
- Post well studies will assist in determining future exploration program which may include a targeted 3D seismic acquisition.
- Multiple independent drill ready targets remain untested within the project Peregrine acreage (Harrier-1 & Merlin-1A).
|PETROLEUM SYSTEM ELEMENTS|
|Reservoirs||Nanushuk Formation Topsets (N18, N19, N20)|
|Trap/Seal||Stratigraphic, transgressive shale seals|
|Migration||Lateral, long distance (>3mi)|
|Phase||Oil (Ro% 0.7-1.0)|
World Class Project Peregrine & Merlin well investor video
The 88 Energy Management Team
The 88 Energy team provides an update on the recently released results from the Merlin-1 well at Project Peregrine.
PROJECT PEREGRINE Prospective Resource
|PROSPECTIVE RESOURCE (MMBO, UNRISKED)1|
|Merlin-2 (N20, N19 & N18)||Nanushuk||64||329||1,467||652|
|Merlin-1A (N 14S)||Nanushuk||25||87||282||132|
|Harrier Deep||Torok / Basin Floor Fan||35||226||1,132||486|
Note:1 Please refer to the ASX release dated to August 2021 for full details with respect to the Prospective Resources estimate, associated risking and applicable Cautionary Statement.