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, with completion of Merlin-1 in Q1 2021 and follow up Merlin-2 in Q1 2022.
  • 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 and follow up Merlin-2 confirmed petroleum system

  • Results indicated evidence of hydrocarbons in all three primary targets (N20, N19, N18) through a combination of shows as well as post-well geochemistry analysis.
  • 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.
  • Porosity and permeability remain the key risk with further studies and analysis required.
  • Post well studies will assist in determining future exploration program which may include a targeted 3D seismic acquisition.
  • Multiple independent drill ready targets remain untested within the project Peregrine acreage (Harrier-1 & Merlin-1A).
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 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.

PROJECT PEREGRINE MAP

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