Project Peregrine

Multiple independent drill-ready targets in proven petroleum province

Operator | ~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.
ProspectsFormationLow (1U)Best (2U)High (3U)Mean
Merlin Prospective AreaNanushuk (N20, N14S)44160567260
HarrierNanushuk (N15, N14N, N13, N12)1365772,4951,101
Harrier DeepNanuskuk (N06) Torok (T03)944942,4531,063
Prospects Total2,424

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.

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