Diversified U.S Oil and gas producer and explorer
88 Energy have a diverse portfolio with oil exploration on the Alaskan Central North Slope and oil and gas production in the Texas Permian Basin. The Company is actively reviewing new venture opportunities to diversify its portfolio and remains at the forefront of its development strategy.
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- Focus remains on advancing projects in 88 Energy’s extensive Alaskan North Slope exploration portfolio
- Texas production cash flows secured to support future business activities
- Acquisition of production asset delivers low-cost, rapid payback investment and direct exposure to strengthening energy prices
In Alaska 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.
Alaska North Slope Crude trading at premiums to WTI.
Compared to most basins, Alaska is relatively underexplored, with ~500 exploration wells on the North Slope.
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 in Q1 2021 and Merlin-2 well in Q2 2022 at Project Peregrine in Q1 2021, with results indicating evidence of hydrocarbons in all three targets – N20, N19 and N18 via a combination of shows as well as post-well geochemistry analysis. Post well studies will assist in determining future exploration programs.
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.
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.
Third-party evaluation of the Shelf Margin Delta, Slope Fan and Basin Floor Fan play fairways indicate extension from neighbouring Pantheon Resources reservoir units onto Project Icewine acreage.
In June 2022, the company entered into a licensing agreement with SAExploration, Inc. (SAE) for use of SAE’s Franklin Bluffs 3D seismic survey data (FB3D), covering a significant area over the Project Icewine East leases. The FB3D will help to determine suitable drilling locations for upcoming exploration and appraisal wells at the Icewine East Project.
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.
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.