Project Peregrine

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
SourceHue/HRZ shale
ReservoirsNanushuk Formation Topsets (N18, N19, N20)
Trap/SealStratigraphic, transgressive shale seals
MigrationLateral, long distance (>3mi)
PhaseOil (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
ProspectsFormationLowBestHighMean
Merlin-2 (N20, N19 & N18)Nanushuk643291,467652
Merlin-1A (N 14S)Nanushuk2587282132
HarrierNanushuk41175792353
Harrier DeepTorok / Basin Floor Fan352261,132486
TOTAL MEAN PROSPECTIVE OIL RESOURCE1,6241
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.

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Ground Floor, 516 Hay Street
Subiaco WA 6008
AUSTRALIA

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

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