Multiple independent drill-ready targets in proven petroleum province
Operator |Â ~100% WI
2,423 MMBO Unrisked net mean prospective oil resources1,2
- Project Peregrine acreage was acquired by 88 Energy via an off-market takeover of XCD Energy Ltd in August 2020.
- Large acreage with multiple, independent, drilling locations exist coupled with completion of Merlin-1 in Q1 2021 and follow up Merlin-2 in Q1 2022, both confirming existence of petroleum system.
- Merlin-1 exploration and Merlin-2 appraisal indicated:
– 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.
- Resources are split across 3 prospects: Merlin (Nanushuk Topset), Harrier (Nanushuk Topsets) and Harrier Deep (Torok Bottomsets)
- Multiple untested independent drill-ready targets and acreage focus on Harrier prospect (N14 and N15 targets) and the N14 south reservoir target, supported by recent independent basin modelling results.
- Biden Administration recently approved Conoco’s Willow development estimated to produce 180,000BOPD, located north of Harrier prospect.
- Anticipated exploration activity North (Conoco’s Harpoon prospect – 25 miles SW of Willow) and West (Armstrong’s Castle West) may provide an opportunity for future cost sharing arrangements.
- Assessing possible forward work programs subject to potential farm-out.
| PROSPECTIVE RESOURCE (MMBO, UNRISKED)1,2 | |||||
| Prospects | Formation | Low (1U) | Best (2U) | High (3U) | Mean |
| Merlin Prospective Area | Nanushuk (N20, N14S) | 44 | 160 | 567 | 260 |
| Harrier | Nanushuk (N15, N14N, N13, N12) | 136 | 577 | 2,495 | 1,101 |
| Harrier Deep | Nanuskuk (N06) Torok (T03) | 94 | 494 | 2,453 | 1,063 |
| Prospects Total | 2,424 | ||||
|---|---|---|---|---|---|
1. Refer ASX release dated 31 July 2023 for full details with respect to the Prospective Resource estimate, associated risking and Cautionary Statement below.
2. 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.
