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, the first of which (Merlin-1) was completed in Q1 2021.
- 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).
Project Peregrine
Merlin-1 confirmed petroleum system
- Results indicated evidence of hydrocarbons in all three primary Merlin-2 targets (high resolution gas chromatography).
- 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.
Merlin-2 appraisal well
- Merlin-2 appraisal well planned for upcoming winter field season, Q1 2022.
- Appraisal well location selected to the east of Merlin-1, closer to the shelf break, where enhanced reservoir thickness and quality are expected.
- Merlin-2 targeting gross mean prospective resource of 652 million barrels* In the N20, N19 and N18 horizons.
- Permitting underway and rig secured.
* Cautionary Statement: The estimated quantities of petroleum that may be potentially recovered by the application of a future development project relate to undiscovered accumulations. These estimates have both an associated risk of discovery and a risk of development. Further exploration, appraisal and evaluation are required to determine the existence of a significant quantity of potentially movable hydrocarbons.
**Unrisked net entitlement to 88E
| PETROLEUM SYSTEM ELEMENTS | ||
| Source | Hue/HRZ shale | |
| 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
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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.
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PROJECT PEREGRINE MAP
PROJECT PEREGRINE Prospective Resource
| PROSPECTIVE RESOURCE (MMBO, UNRISKED)1 | |||||
| Prospects | Formation | Low | Best | High | Mean |
| Merlin-2 (N20, N19 & N18) | Nanushuk | 64 | 329 | 1,467 | 652 |
| Merlin-1A (N 14S) | Nanushuk | 25 | 87 | 282 | 132 |
| Harrier | Nanushuk | 41 | 175 | 792 | 353 |
| Harrier Deep | Torok / Basin Floor Fan | 35 | 226 | 1,132 | 486 |
| TOTAL MEAN PROSPECTIVE OIL RESOURCE | 1,6241 | ||||
|---|---|---|---|---|---|
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.
