MULTIPLE INDPENDENT DRILL-READY TARGETS in PROVEN PETROLEUM PROVINCE
Operator with 100% working interest
- Evidence of hydrocarbons in all 3 primary targets
- Biomarker analysis consistent with Hue/HRZ type oil
- Carbon isotope analysis of mud gas and core samples returned vitrinite reflectance values between 0.7 and 1% Ro – proof that Project Peregrine acreage is oil prone
- High Resolution Gas Chromatography performed on Merlin-2 side wall cores show, like Merlin-1, definitive evidence of hydrocarbons at Project Peregrine
- Independent drill-ready targets remain untested (Harrier-1, Merlin-1A)
- 2022 independent basin modelling study, coupled with abundant oil shows at Merlin-1 & 2, are encouraging for untested Harrier prospects to the North
- NPRA is a proven petroleum province – discoveries at Umiat, Willow, Alpine
- Anticipated activity North (Conoco’s Harpoon) and West (Armstrong’s Castle West) may provide an opportunity for future cost sharing
Merlin-1 exploration and Merlin-2 appraisal indicated:
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.