Projects Overview
HIGH-IMPACT, OIL AND GAS DISCOVERY AND APPRAISAL
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 HIGH-IMPACT OPPORTUNITIES IN HIGHLY PROSPECTIVE REGIONS
PIPILINE OF OIL AND GAS OPPORTUNITIES IN TWO HIGHLY-PROSPECTIVE REGIONS
NAMIBIA
| Project Phoenix – Contingent Resource | Net Entitlement Contingent Resources 1 | ||
|---|---|---|---|
| Reservoir | Low (1C) | Best (2C) | High (3C) |
| Shelf Margin Delta (SMD-B) | 7 | 24 | 79 |
| Upper Slope Fan System (USFS) | 6 | 21 | 72 |
| Lower Slope Fan System (LSFS) | 8 | 35 | 123 |
| Basin Floor Fan (BFF) | 62 | 158 | 367 |
| Total Million Barrels of Oil Equivilant | 83 | 239 | 640 |
1.Net entitlement to 88E. Refer to the ASX release dated 18 September 2024 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 | Net Entitlement Prospective Resource (MMBO, Unrisked) 2 | ||||
|---|---|---|---|---|---|
| Prospects | Formation | Low (1U) | Best (2U) | Hight (3U) | Mean |
| Shelf Margin Delta | SMD-A/C | 29 | 97 | 223 | 99 |
| Kuparuk | KUP | 24 | 56 | 98 | 56 |
| Total Mean Prospective Resource | 155 | ||||
2.Net entitlement to 88E. Refer to the ASX release dated 18 September 2024 for full details with respect to the Prospective Resource estimate, associated risking and Cautionary Statement below.
| Project Leonis: Alaska North Slope | Net Entitlement Prospective Resources (MMbbls, Unrisked)3 | |||
|---|---|---|---|---|
| Prospects | Low (1U) | Best (2U) | High (3U) | Mean |
| Upper Schrader Bluff | 167 | 338 | 671 | 381 |
| Canning | 136 | 259 | 469 | 283 |
| Total Mean Prospective Resource | 303 | 597 | 1140 | 664 |
3.Net entitlement to 88E. Refer to the ASX release dated 30 January 2025 for full details with respect to the Prospective Resource estimate, associated risking and Cautionary Statement below.
| Project Peregrine | Net Entitlement Prospective Resource (MMBO, Unrisked)4 | ||||
|---|---|---|---|---|---|
| Prospects | Formation | Low (1U) | Best (2U) | High (3U) | Mean |
| Merlin Prospective Area | Nanushuk | 44 | 160 | 567 | 260 |
| Harrier | Nanushuk | 136 | 577 | 2,495 | 1,101 |
| Harrier Deep | Nanuskuk Torok | 94 | 494 | 2,453 | 1,063 |
| Total Mean Prospective Resource | 2,424 | ||||
4.Refer to the ASX release dated 31 July 2023 for full details with respect to the Prospective Resource estimate, associated risking and Cautionary Statement below.
| Project Longhorn: Texas, USA5 | Goss | Net Entitlement | |||||
|---|---|---|---|---|---|---|---|
| Total Reserves | Oil (MMBO) | Gas (BCF) | Total MMBOE | Oil (MMBO) | Gas (BCF) | Total MMBOE | |
| Proved | 1P | 1.33 | 3.24 | 1.87 | 0.69 | 1.71 | 0.98 |
| Proved + Probable | 2P | 1.90 | 4.91 | 2.72 | 0.97 | 2.56 | 1.40 |
| Proved + Probable + Possible | 3P | 2.32 | 6.48 | 3.40 | 1.19 | 3.36 | 1.75 |
5.Refer to 31 December 2024 Annual Report for latest reserves and ASX release dated 11 March 2025 for full details with respect to the Prospective Resource estimate, associated risking and Cautionary Statement below.
| Umiat Oil Field: Alaska, USA6 | Goss | Net Entitlement | |||||
|---|---|---|---|---|---|---|---|
| Undeveloped | Oil (MMBO) | Gas (BCF) | Total MMBOE | Oil (MMBO) | Gas (BCF) | Total MMBOE | |
| Proved Total | 1P | – | – | – | – | – | – |
| Proved + Probable | 2P | 123.7 | 0.0 | 123.7 | 94.0 | 0.0 | 94.0 |
| Proved + Probable + Possible | 3P | 180.8 | 0.0 | 180.8 | 137.4 | 0.0 | 137.4 |
6. No changes have been made to this reserves position since ASX announcement on 11 January 2021 (2021 Reserves).
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.
