Project Phoenix
Operator | ~75% WI

Project Phoenix is an oil-bearing conventional reservoir play identified during the drilling and logging of Icewine-1 and Hickory-1 and adjacent offset drilling. Strategically located along the Dalton Highway, Project Phoenix is adjacent to the Trans-Alaskan Pipeline System (TAPS).
88 Energy has licensed 225 km2Â Franklin Bluffs 3D seismic data survey and has access to an extensive 2D seismic database. The Middle Schrader Bluff can be extensively mapped using the licensed seismic data, which highlights the full extent of the SMD, SFS and BFF play fairways within Project Pheonix and the surrounding acreage.
The Hickory-1 discovery well was drilled in February 2023 and flow tested during the Alaskan winter season in Q1/Q2 CY24. Following the initial exploration successes of 2023, the 2024 flow testing program confirmed the potential of the targeted Upper Slope Fan System (USFS) and Shelf Margin Delta (SMD-B) reservoirs. The program demonstrated mobile hydrocarbons and achieved oil flow to surface, exceeding expectations and significantly enhancing Project Phoenix’s commercial viability.

FARM-OUT AGREED FOR PROJECT PHOENIX HORIZONTAL TEST WELL
Significant results justify advancement towards horizontal well drilling and early production system test
STRATEGIC IMPACT
HICKORY-1 HAS THREE INDEPENDENT DISCOVERIES, THE BFF RESERVOIR AND UPPER SFS AND SMD-B RESERVOIRS
A contingent resource estimate issued by ERCE in September 2024, incorporating USFS, Lower SFS, and SMD-B, complemented the pre-existing BFF reservoir resource estimated by NSAI in late 2023. Total 2C Contingent Resource of 239 MMBOE net to 88 Energy.Â
Project Phoenix is an oil-bearing conventional reservoir play identified during the drilling and logging of Icewine-1 and Hickory-1 and adjacent offset drilling. Strategically located along the Dalton Highway, Project Phoenix is adjacent to the Trans-Alaskan Pipeline System (TAPS).
88 Energy has licensed 225 km2Â Franklin Bluffs 3D seismic data survey and has access to an extensive 2D seismic database. The Middle Schrader Bluff can be extensively mapped using the licensed seismic data, which highlights the full extent of the SMD, SFS and BFF play fairways within Project Pheonix and the surrounding acreage.
The Hickory-1 discovery well was drilled in February 2023 and flow tested during the Alaskan winter season in Q1/Q2 CY24. Testing focused on the two shallower primary targets, the Upper SFS (USFS) reservoir, previously untested, and the SMD-B (SMD) reservoir. On the 18th September, a contingent resource for the SMD-B, Upper SFS and Lower SFS reservoirs was issued by ERCE. This contingent resource is now added to the pre-existing contingent resource in the BFF reservoir, issued by NSAI in 2023.Â
Test of upper SFS and SMD-B reservoirs flowed oil to surface


USFS Test produced a peak flow rate 70 bopd measuring ~40-degree API gravity
SMD-B Test produced a peak flow rate ~50 BOPDÂ measuring ~39-degree API gravity
PROJECT PHOENIX: DE-RISKED WITH OIL FLOW TO SURFACE AT HICKORY-1
A MATURED MULTI-RESERVIOR DISCOVERY SET FOR A CARRY THROUGH PRODUCTION TESTING

PROJECT PHOENIX EXPLORATION PHASE 1 COMPLETE

- Significant multi-reservoir discovery.
- Prime location: On Alaskan State lands, directly adjacent to the Trans-Alaskan Pipeline System and Dalton Highway, proximate to Deadhorse services hub.
- Highly marketable and valuable light oil recovered: Premium 37-40 API gravity oil retrieved from multiple wells in the area.
- Now an attractive, technically de-risked and matured opportunity: multiple critical milestones achieved to date that have systematically advanced and technically de-risked the project towards commercialization.
- Planning for drilling of horizontal production test well underway with JV partner Burgundy: Key next step in commercialisation assessment.
- Adjacent to 414 mile Dalton Highway, running from Deadhorse in the north to the Elliot Highway in the South provides excellent access to services
- Phoenix acreage is also traversed north to south by the Trans-Alaska Pipeline System (TAPS)
- TAPS is one of the worlds largest pipeline systems, consisting of the trans-Alaska crude oil pipeline, 11 pump stations, several hundred miles of feeder pipelines and the Valderz Marine terminal
- Proximity to TAPS provides immediate export infrastructure minimising development capex and time to commercialisation
- Access to infrastructure allows for accelerated extended well test of long reach horizonal wells to form an early production system
- Low-cost early production system provides valuable production data with attractive economics and can be tailored and modified to optimise the long-term development plan for Phoenix’s vast resources.
Table1: Summary of Project Phoenix gross Contingent Resources estimates by NSAI and ERCE
Project Phoenix: | Gross (100%) Contingent Resources4 | ||||
---|---|---|---|---|---|
Reservoir | Auditor | UoM | Low (1C) | Best (2C) | High (3C) |
SMD-B | ERCE1,3 | MMBOE | 11 | 38 | 124 |
Upper SFS | ERCE1,3 | MMBOE | 9 | 34 | 113 |
Lower SFS | ERCE1,3 | MMBOE | 13 | 56 | 194 |
BFF | NSAI2,5 | MMBOE | 99 | 250 | 579 |
Total | 132 | 378 | 1,011 |
Table 2: Summary of Project Phoenix net entitlement to 88 Energy (63.3%) Contingent Resources estimates by NSAI and ERCE
Project Phoenix: | Net (~63.3%) Contingent Resources 4,6 | ||||
---|---|---|---|---|---|
Reservoir | Auditor | UoM | Low (1C) | Best (2C) | High (3C) |
SMD-B | ERCE1,3 | MMBOE | 7 | 24 | 79 |
Upper SFS | ERCE1,3 | MMBOE | 6 | 21 | 72 |
Lower SFS | ERCE1,3 | MMBOE | 8 | 35 | 123 |
BFF | NSAI2,5 | MMBOE | 62 | 158 | 367 |
Total7 | 83 | 239 | 640 |
Notes to Tables 1 and Table 2:
- ERCE: ERCE Australia Pty Ltd
- NSAI: Netherland, Sewell & Associates Inc.
- Refer to page 6, Appendix 2 and disclaimers for further details.
- Million Barrels of Oil Equivalent (MMBOE) of estimate contingent resource. NGLs are converted to oil equivalent volumes on a constant ratio basis of 1:1. Gas is converted to oil equivalent volumes on a constant ratio basis of 5.5 BCF per 1 MMBOE.
- Please refer to page 7 and ASX announcement dated 6 November 2023 for further details in relation to the BFF Contingent Resource estimate. Note the Basin Floor Fan (BFF) reservoir was drilled and tested on adjacent acreage by Pantheon Resources
- 88 Energy net resource entitlement of ~63.3% has been calculated using an average 74.3% working interest net of a 12.5% government royalty and a 4% Overriding Royalty on 18 leases.
- Totals by reservoir rounded and project total may not sum due to rounding.
Table 3: Summary of Project Phoenix Contingent Resources marketable liquid estimates
Project Phoenix: | Contingent Resources1 | |||
---|---|---|---|---|
Probabilistic | UoM | Low (1C) | Best (2C) | High (3C) |
Net to 88E (63%)2 | MMbbl | 83 | 239 | 640 |
Total gross (100%) | MMbbl | 132 | 378 | 1,011 |
Notes to Table 3:
- Refer to announcement dated 18 September 2024 for further details, and to ASX announcement dated 6 November 2023 for further details in relation to the BFF Contingent Resource estimate.
- 88 Energy net resource entitlement of ~63% has been calculated using an average 74.3% working interest net of a 12.5% government royalty and a 4% Overriding Royalty on 18 leases.Â
Project Phoenix 88 Energy Net Entitlement 2U Contingent Resources with untested 2U Prospective Resource upside.Â
239 MMBO 2C Net Contingent Resources1
155 MMBO Unrisked net mean Prospective Resources2,3
- Refer to ASX release dated 10 October 2024 for full details with respect to the Contingent Resource estimate, associated risking and Cautionary Statement below.Â
- The unrisked means, which have been arithmetically summed, are not representative of expected total from the prospects and implies a success case in all reservoir intervals. 88 Energy cautions that the arithmetically summed 1U estimate may be a conservative estimate and the arithmetically summed 3U estimate may be optimistic when compared to a statistical aggregation of probability distributions.
- 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.Â
Table1: Summary of Project Phoenix gross Contingent Resources estimates by NSAI and ERCE
Project Phoenix: | Gross (100%) Contingent Resources4 | ||||
---|---|---|---|---|---|
Reservoir | Auditor | UoM | Low (1C) | Best (2C) | High (3C) |
SMD-B | ERCE1,3 | MMBOE | 11 | 38 | 124 |
Upper SFS | ERCE1,3 | MMBOE | 9 | 34 | 113 |
Lower SFS | ERCE1,3 | MMBOE | 13 | 56 | 194 |
BFF | NSAI2,5 | MMBOE | 99 | 250 | 579 |
Total | 132 | 378 | 1,011 |
Table 2: Summary of Project Phoenix net entitlement to 88 Energy (63.3%) Contingent Resources estimates by NSAI and ERCE
Project Phoenix: | Net (~63.3%) Contingent Resources 4,6 | ||||
---|---|---|---|---|---|
Reservoir | Auditor | UoM | Low (1C) | Best (2C) | High (3C) |
SMD-B | ERCE1,3 | MMBOE | 7 | 24 | 79 |
Upper SFS | ERCE1,3 | MMBOE | 6 | 21 | 72 |
Lower SFS | ERCE1,3 | MMBOE | 8 | 35 | 123 |
BFF | NSAI2,5 | MMBOE | 62 | 158 | 367 |
Total7 | 83 | 239 | 640 |
Notes to Tables 1 and Table 2:
- ERCE: ERCE Australia Pty Ltd
- NSAI: Netherland, Sewell & Associates Inc.
- Refer to page 6, Appendix 2 and disclaimers for further details.
- Million Barrels of Oil Equivalent (MMBOE) of estimate contingent resource. NGLs are converted to oil equivalent volumes on a constant ratio basis of 1:1. Gas is converted to oil equivalent volumes on a constant ratio basis of 5.5 BCF per 1 MMBOE.
- Please refer to page 7 and ASX announcement dated 6 November 2023 for further details in relation to the BFF Contingent Resource estimate. Note the Basin Floor Fan (BFF) reservoir was drilled and tested on adjacent acreage by Pantheon Resources
- 88 Energy net resource entitlement of ~63.3% has been calculated using an average 74.3% working interest net of a 12.5% government royalty and a 4% Overriding Royalty on 18 leases.
- Totals by reservoir rounded and project total may not sum due to rounding.
Table 3: Summary of Project Phoenix Contingent Resources marketable liquid estimates
Project Phoenix: | Contingent Resources1 | |||
---|---|---|---|---|
Probabilistic | UoM | Low (1C) | Best (2C) | High (3C) |
Net to 88E (63%)2 | MMbbl | 83 | 239 | 640 |
Total gross (100%) | MMbbl | 132 | 378 | 1,011 |
Notes to Table 3:
- Refer to announcement dated 18 September 2024 for further details, and to ASX announcement dated 6 November 2023 for further details in relation to the BFF Contingent Resource estimate.
- 88 Energy net resource entitlement of ~63% has been calculated using an average 74.3% working interest net of a 12.5% government royalty and a 4% Overriding Royalty on 18 leases.Â
Project Phoenix 88 Energy Net Entitlement 2U Contingent Resources with untested 2U Prospective Resource upside.Â
Table1: Summary of Project Phoenix gross Contingent Resources estimates by NSAI and ERCE
Project Phoenix: | Gross (100%) Contingent Resources4 | ||||
---|---|---|---|---|---|
Reservoir | Auditor | UoM | Low (1C) | Best (2C) | High (3C) |
SMD-B | ERCE1,3 | MMBOE | 11 | 38 | 124 |
Upper SFS | ERCE1,3 | MMBOE | 9 | 34 | 113 |
Lower SFS | ERCE1,3 | MMBOE | 13 | 56 | 194 |
BFF | NSAI2,5 | MMBOE | 99 | 250 | 579 |
Total | 132 | 378 | 1,011 |
Table 2: Summary of Project Phoenix net entitlement to 88 Energy (63.3%) Contingent Resources estimates by NSAI and ERCE
Project Phoenix: | Net (~63.3%) Contingent Resources 4,6 | ||||
---|---|---|---|---|---|
Reservoir | Auditor | UoM | Low (1C) | Best (2C) | High (3C) |
SMD-B | ERCE1,3 | MMBOE | 7 | 24 | 79 |
Upper SFS | ERCE1,3 | MMBOE | 6 | 21 | 72 |
Lower SFS | ERCE1,3 | MMBOE | 8 | 35 | 123 |
BFF | NSAI2,5 | MMBOE | 62 | 158 | 367 |
Total7 | 83 | 239 | 640 |
Notes to Tables 1 and Table 2:
- ERCE: ERCE Australia Pty Ltd
- NSAI: Netherland, Sewell & Associates Inc.
- Refer to page 6, Appendix 2 and disclaimers for further details.
- Million Barrels of Oil Equivalent (MMBOE) of estimate contingent resource. NGLs are converted to oil equivalent volumes on a constant ratio basis of 1:1. Gas is converted to oil equivalent volumes on a constant ratio basis of 5.5 BCF per 1 MMBOE.
- Please refer to page 7 and ASX announcement dated 6 November 2023 for further details in relation to the BFF Contingent Resource estimate. Note the Basin Floor Fan (BFF) reservoir was drilled and tested on adjacent acreage by Pantheon Resources
- 88 Energy net resource entitlement of ~63.3% has been calculated using an average 74.3% working interest net of a 12.5% government royalty and a 4% Overriding Royalty on 18 leases.
- Totals by reservoir rounded and project total may not sum due to rounding.
Table 3: Summary of Project Phoenix Contingent Resources marketable liquid estimates
Project Phoenix: | Contingent Resources1 | |||
---|---|---|---|---|
Probabilistic | UoM | Low (1C) | Best (2C) | High (3C) |
Net to 88E (63%)2 | MMbbl | 83 | 239 | 640 |
Total gross (100%) | MMbbl | 132 | 378 | 1,011 |
Notes to Table 3:
- MMBBLs of hydrocarbon liquids (oil and natural-gas liquids). NGLs are converted to oil equivalent volumes on a constant ratio basis of 1:1.
- Gas is excluded given the limited market currently on the North Slope of Alaska. Future markets are anticipated to open with potential development of gas infrastructure under consideration. Refer to page 6 for further details with regard to hydrocarbon type and estimates
- 88 Energy net resource entitlement of ~63.3% has been calculated using an average 74.3% working interest net of a 12.5% government royalty and a 4% Overriding Royalty on 18 leases.
- Sources are ERCE Australia Pty Ltd (for SMD-B and SFS reservoirs) and Netherland, Sewell & Associates Inc (for BFF reservoir), arithmetically summed.

Results confirm producibility of multiple reservoirs at project phoenix
Multiple commercialisation Pathways


- Adjacent to 414 mile Dalton Highway, running from Deadhorse in the north to the Elliot Highway in the South provides excellent access to services
- Phoenix acreage is also traversed north to south by the Trans-Alaska Pipeline System (TAPS)
- TAPS is one of the worlds largest pipeline systems, consisting of the trans-Alaska crude oil pipeline, 11 pump stations, several hundred miles of feeder pipelines and the Valderz Marine terminal
- Proximity to TAPS provides immediate export infrastructure minimising development capex and time to commercialisation
- Access to infrastructure allows for accelerated extended well test of long reach horizonal wells to form an early production system
- Low-cost early production system provides valuable production data with attractive economics and can be tailored and modified to optimise the long-term development plan for Phoenix’s vast resources

HICKORY-1 DISCOVERY WELL SUCCESSFULLY FLOW TESTED TWO RESERVOIRS
The Hickory-1 discovery and production tests represent a significant milestone for 88 Energy and its shareholders. The success moves us significantly closer to achieving our ambitions of monetising from phoenix. The well test results confirm our long-held views of the producibility of the SMD and SFS reservoirs at Project Phoenix, which have also been successfully tested on adjacent acreage to the north. With hickory-1 now boasting 3 independent discoveries
Ashley Gilbert, Managing Director