Project Phoenix


Operator | ~75% WI (Formally Icewine East)

647 MMBO Unrisked net mean prospective oil resources1,2

Icewine East was renamed Project Phoenix to reflect the refreshed exploration strategy for this acreage. Since its acquisition in 2014, the acreage targeted the unconventional HRZ play. Project Phoenix is focused on the oil-bearing conventional reservoirs that were identified during the drilling and logging of Icewine 1 and 2 and recent offset drilling. Project Phoenix is strategically located on the Dalton Highway with the Trans-Alaskan Pipeline System running through the Acreage.


  1. Infrastructure led exploration
  2. Benefiting from Historic on-block drilling and logging data
  3. Offset drilling results assist in lowering risk assessment
  4. Informed by an extensive suite of data analysis, Including 3D seismic
  5. Phased, scalable development approach possible
  6. Optimal drilling location for planned Q1 2023 hickory-1 Well
  • Situated on the Central North Slope, Alaska and close to existing infrastructure.
  • The Company has held the acreage since 2015 and in that time conducted 2 well penetrations, Icewine-1 (2016) and Icewine-2 (2017). Both were designed and drilled to test a deep unconventional play and positive drilling results within the shallower Brookian reservoirs (SMD play) were overlooked due to the different focus of those drilling programs.
  • Previously named Icewine East, the renaming to Project Phoenix, reflects the refreshed exploration strategy that focuses on shallow, conventional reservoirs that are proven oil-bearing within adjoining acreage to the North, on correlatable sequences with oil shows in Icewine-1.
  • The project has access to an extensive 2D seismic database that facilitated initial determination of prospective volumes and licensed 225km2 Franklin Bluffs 3D seismic data survey (FB3D) covering the acreage in June 2022.
  • Seismic studies of the FB3D, including Amplitude Versus Offset (AVO) analysis and seismic inversion were used to optimise the drilling location of Hickory-1.


Optimal Drilling Location Adjacent to Taps & Informed By Extensive Data Suite

  • Appraise 6 stacked reservoir targets
  • Closest position to Shelf Edge (SMD)
  • Relative down-dip position within Phoenix acreage
  • Success at the Hickory-1 location unlocks up-dip potential across the remaining Phoenix acreage
  • Located in sweet spot of interpreted AVO anomalies, relative to Icewine-1
    • Icewine 1 post-well analysis: drilled outside of interpreted AVO anomalies
  • Strategically located near to infrastructure:
    • Deadhorse – North Slope services hub
    • Adjacent to Dalton Highway and Trans-Alaska pipeline
    • Immediate Export Route
    • Expediting future development
    • Minimising costs and environmental impact


  • Appraise 6 stacked reservoir targets
    • 3 SMD Primary targets
    • 2 Secondary targets (SFS, BFF)
    • 1 Tertiary target (Kuparuk)
  • Positive drilling in the shallower SMD reservoir play during Icewine 1 & 2 were overlooked
  • Oil-bearing reservoirs within adjoining acreage to the North on correlatable sequences with Icewine 1 oil shows
  • Trapping mechanism of the Brookian sandstone reservoirs is stratigraphic, with intraformational shales, which formed during marine transgressions
  • Hue-HRZ marine shales provide hydrocarbon charge


Fast-tracked, cost-effective future commercialisation

Phased development minimises upfront CAPEX

Planned multi-frac long horizontal well development

Scalable model enables development flexibility

Location provides Low-CAPEX future development

Simple TAPS Tie-in enables accelerated commercialisation and sale of oil

Adjacent to Dalton Highway and Proximate to Deadhorse

  • 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 Valdez Marine terminal
  • Proximity to TAPS provides immediate export infrastructure minimising development capex and time to commercialisation


High quality 2D and 3D Seismic Data interpretation supported by AVO analysis

  • Extensive 2D seismic database access highlighted prospective volumes
  • Franklin Bluffs 3D seismic data licenced in June-22 by 88E
  • 3D and AVO analysis optimised drilling location
  • Highest energy region in acreage located Northeast adjacent to shelf break
  • Seismic Data shows thick reservoir development
  • RMS amplitude extractions from SMD indicate higher quality sands at Hickory-1 than Icewine-1


Low (1U)Best(2U)High (3U)Mean
Prospects Total1676211,5766471

1. Net Entitlement to 88E. Refer ASX release dated 23 August 2022 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.

Hickory-1 well to spud in q1 2023 targeting 647 MMBO 1,2

"Importantly, The Hickory-1 well has been de-risked by the recent drilling and flow tests carried out on the adjacent acreage, as well as data from the icewine-1 well and the modern fb3d data set."

Ashley Gilbert, Managing Director

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