ALASKAN FOCUSSED OIL EXPLORER WITH PROMINENT ACREAGE ADJACENT TO PROVEN PRODUCERS - with frontier namibian acreage
SUCCESSFUL HICKORY-1 FLOW TEST CONFIRMS SIGNIFICANT NEW RESOURCE
Extensive Alaskan Acerage Position
Increasing Direct Production Exposure
NAMIBIAN FRONTIER EXPLORATION
88 ENERGY CONTINUES TO DELIVER A PIPELINE OF OPPORTUNITIES IN HIGHLY PROSPECTIVE REGIONS
| Project Phoenix | Net (63%) Contingent Resources1 | |||
|---|---|---|---|---|
| Reservoir | Auditor | Low (1C) | Best (2C) | High (3C) |
| Shelf Margin Delta (SMD-B) | ERCE | 7 | 24 | 79 |
| Upper Slope Fan System (USFS) | ERCE | 6 | 21 | 72 |
| Lower Slope Fan System (LSFS) | ERCE | 8 | 35 | 123 |
| Basin Floor Fan (BFF) | NSAI | 62 | 158 | 367 |
| Total Million Barrels of Oil Equivilant | 83 | 239 | 640 | |
1.Net entitlement to 88E. Refer to the ASX release dated March 2026 for full details pertaining to Contingent Resource estimate including a summary of Project Phoenix contingent resources marketable liquids estimate of Best 2C net to 88E of 251MMbbl.
| Project Phoenix | Gross (100%) Contingent Resources2 | |||
|---|---|---|---|---|
| Reservoir | Auditor | Low (1U) | Best (2U) | Hight (3U) |
| Shelf Margin Delta (SMD-B) | ERCE | 11 | 38 | 124 |
| Upper Slope Fan System (USFS) | ERCE | 9 | 34 | 113 |
| Lower Slope Fan System (LSFS) | ERCE | 13 | 56 | 194 |
| Basin Floor Fan (BFF) | NSAI | 99 | 250 | 579 |
| Total Mean Prospective Resource | 132 | 378 | 1011 | |
2.Net entitlement to 88E. Refer to the ASX release dated March 2026 for full details with respect to the Prospective Resource estimate, associated risking and Cautionary Statement below.
| South Prudhoe – Prospects Total | Unrisked Prospective Oil & NGL Resources (MMbbl)3 | ||||||
|---|---|---|---|---|---|---|---|
| Probabilistic Method Estimation | Hub | Reservoir | Low (1U) | Best (2U) | High (3U) | Mean | GCOS |
| Augusta | N-W | Iv, Kup | 45.2 | 64.4 | 91.3 | 66.7 | 48% |
| Augusta North Cluster | N-W | Iv, Kup | 16.4 | 23.1 | 32.4 | 23.9 | 62% |
| Lasso | N-W | Iv, Kup | 7.8 | 11.0 | 15.2 | 11.3 | 39% |
| Greater Spurr Cluster | S-E | Iv | 11.5 | 23.6 | 49.9 | 28.0 | 43% |
| Eaglecrest | S-E | Iv, SB | 4.9 | 9.1 | 17.2 | 10.3 | 47% |
| Donoho O and N Sands | S-E | SB | 68.4 | 160.7 | 370.2 | 196.8 | 22% |
| Tressler | S-E | SB | 44.9 | 106.0 | 251.2 | 132.2 | 23% |
| Hunter | S-E | SB | 6.4 | 17.4 | 45.8 | 22.8 | 24% |
| Cooper Canyon | S-E | SB | 39.6 | 91.3 | 211.3 | 112.6 | 26% |
| Total (100% Gross) | 245.1 | 506.6 | 1084.5 | 604.6 | |||
| Total (83.3% Net Entitlement) | 204.7 | 422.2 | 903.7 | 503.8 | |||
3.Net entitlement to 88E. Refer to the ASX release dated March 2026 for full details with respect to the Prospective Resource estimate, associated risking and Cautionary Statement below.
Cautionary Statement: The estimated quantities of pertroleum 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.
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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.
