Multiple independent drill-ready targets in proven petroleum province
Operator |Â ~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.
| PROSPECTIVE RESOURCE (MMBO, UNRISKED)1 | |||||
| Prospects | Formation | Low | Best | High | Mean |
| Merlin-2 (N20,N19,N18) | Nanushuk | To be reassessed with post well analysis | |||
| Merlin-1A (N14S) | Nanushuk | 25 | 87 | 282 | 132 |
| Harrier | Nanushuk | 41 | 175 | 796 | 353 |
| Harrier Deep | Torok/Basin Floor Fan | 35 | 226 | 1,132 | 486 |
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.
