Project Peregrine

Multiple independent drill-ready targets in proven petroleum province

Operator | ~100% WI

971 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.
  • 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).
  • 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-2 (N20,N19,N18)NanushukTo be reassessed with post well analysis
Merlin-1A (N14S)Nanushuk2587282132
Harrier DeepTorok/Basin Floor Fan352261,132486

1. Please refer to the ASX release dated 16 August 2021 for full details with respect to the Prospective Resource estimate, associated risking.

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.

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Ground Floor, 516 Hay Street
Subiaco WA 6008

Tel: +61 (0)8 9485 0990
Fax: +61 (0)8 9321 8990

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