Projects Overview
88 Energy has a diverse portfolio with oil exploration on the Alaskan Central North Slope and Permian Basin in Texas, United States. “88 Energy is at an incredibly exciting juncture with many future activities providing real opportunity for Shareholder value creation” Ashley Gilbert, Managing Director.
The drilling completion of the Merlin-1 well at Project Peregrine in Q1 2021, with post well evaluation successfully demonstrating the presence of light oil in the N20, N19 and N18 targets, the spud of the Merlin-2 appraisal well set for March 2022 and active consideration of new venture opportunities to diversify 88 Energy’s portfolio remains at the forefront of it’s development strategy.
North Slope, Alaska
Major discoveries and 88 Energy acreage map
- Independent estimate (Conventional)
- Armstrong, 2016
- Conoco, 2018
- Mean unrisked resource – Net Entitlement to 88 Energy
5. Please refer to cautionary statement
BBO: Billion barrels of oil
MMBBL: Million barrels of oil
*Approximate planned Merlin-2 appraisal well location
88 Energy has a combined portfolio with 3.4 billion BOE* prospective resource and 2P reserves of 94 million barrels of oil**
* Net mean prospective resource
** Net Reserves to 88E Revenue Entitlement
Quality Assets IN A WORLD CLASS LOCATION
88 Energy has four projects in the North Slope of Alaska with a combined acreage of around 440,000 net acres. We have a well-established, prolific oil province with an attractive fiscal regime.
Prolific Oil ProvInce
North Slope contains some of the largest oil fields in the U.S. Prudhoe Bay is the largest onshore oilfield in North America.
ACCESS to INFRASTRUCTURE
Attractive fiscal Regime
Relatively low royalty rates and attractive incentives for new oil production.
A supportive state
The energy industry is an important source of revenue and employment for Alaska.
Pricing Premium
Alaska North Slope Crude trading at premiums to WTI.
UNDER EXPLORED
Compared to most basins, Alaska is relatively underexplored, with ~500 exploration wells on the North Slope.
Project Peregrine
Project Peregrine acreage was acquired by 88 Energy via an off market takeover of XCD Energy Ltd in August 2020.
Its project area encompasses 195,973 acres of which a number of untested topset play opportunities exists.
The Company completed the drilling of the Merlin-1 well at Project Peregrine in Q1 2021, with post well evaluation successfully demonstrating the presence of light oil in the N20, N19 and N18 targets.
88 Energy eagerly await the Merlin-2 appraisal well to spud in March 2022 targeting 652 million barrels.
Umiat Oil Field
88 Energy is the operator of Umiat and holds a100% working interest in the acreage located immediately adjacent to Project Peregrine.
Historic flow testing demonstrated a sustained rate of 200 barrels per day with no water (with a maximum rate of 800 barrels of oil per day).
A combined Project Peregrine and Umiat have the potential for a large oil field development.
Project Icewine
Situated on the Central North Slope, Alaska and close to existing infrastructure, Project Icewine encompasses 193,000 acres.
The Company has held Project Icewine acreage since 2015 and in that time conducted 7 well penetrations across the project area.
Yukon Leases
Located near Point Thomson the Yukon Leases host a historic oil discovery within the acreage. In January 2021 the Company increased its position through the acquisition of Tract 29.
Discussions continue with nearby lease owners to explore joint development opportunities. Plans for future exploration continue and will be subject to farm-out and other discussions.
Project Longhorn
The oil and gas production assets, collectively know as Project Longhorn, are located in the Permian Basin and contain independently certified net 2P reserves of 2.1 MMBOE.
The acquisition represents 88 Energy’s first move into producing oil and gas assets and is in line with the Company’s strategy to build a successful exploration and production company. This step has been undertaken in a measured fashion via the purchase of non-operated working interest with a single basin focus.
Project Longhorn contains well understood geology with low technical risk and provides near-term upside via low-cost field development opportunities.
