88 Energy Limited · ASX:88E
88 Energy — Investor Presentation (September 2018)
34 slides from 88 Energy's investor presentation, Sep 11, 2018
Slide 1: Diversified Explorer – North Slope of Alaska, Portfolio Update
DIVERSIFIED EXPLORER NORTH SLOPE OF ALASKA For personal use only 88 ENERGY SEPTEMBER 2018 PORTFOLIO UPDATE Nordic Rig #3 NORDIC CALISTA SERVICES
Slide 2: Disclaimer
Disclaimer For personal use only The information contained in these slides has been prepared by 88 Energy Limited (the “Company”). The information contained in these slides, the presentation made to you verbally and any other information provided to you (in writing or otherwise) in connection with t
Slide 3: Disclaimer (cont.)
Disclaimer (cont.) For personal use only Any failure to comply with this restriction may constitute a violation of securities laws. No action has been or will be taken by the Company that would permit a public offer of its securities in any jurisdiction in which action for that purpose is required.
Slide 4: North Slope Oil & Gas 2017/18 Recent Discoveries and Activity
North Slope Oil & Gas 2017/18 Recent Discoveries and Activity For personal use only Armstrong/ Repsol Pikka Unit 2015^4 ConocoPhillips: Willow 2017 Discovery 1.4 BN barrels (2C) Prudhoe Bay^3 Discovery 400-750 MMBO^5 15 BN barrels ENI / Caelus Transaction ConocoPhillips: Narwhal 2017 August 2018 Dis
Slide 5: Company Snapshot
88 Energy Company Snapshot Corporate Snapshot For personal use only 88 Energy Limited Current 88E Board and Management Project List Working Net (ASX, AIM: 88E) Interest Acres Shares on Issue 5,571m David Wall Managing Director Project Icewine 67%, Options on Issue 306m Michael Evans Non-Exec Chairma
Slide 6: Alaska North Slope Assets: Positioning Strategy Pays Off
Alaska North Slope Assets Positioning Strategy Pays Off For personal use only Alaska Central North Slope: Multiple High Quality Assets in Portfolio • 88E Operator/Manager on 4 active Exploration Projects across 355,000 net acres • Game changing near-term activity: drilling imminent (Winx -1Q19); two
Slide 7: Alaska North Slope Activity: Multiple Significant High Impact Events
Alaska North Slope Activity Multiple Significant High Impact Events For personal use only 88 ENERGY NORTH SLOPE ALASKA: UPCOMING SIGNIFICANT EVENTS OPERATIONS & FORWARD PROGRAM 2018 2019 2020 Total Resource Potential range 2.7 - 3.9 BNBO 3Q 4Q 1Q 2Q 3Q 4Q 1Q PROJECT ICEWINE CONVENTIONAL: ICEWINE CON
Slide 8: Alaskan North Slope: Technology Driven Renaissance
Alaskan North Slope Technology Driven Renaissance For personal use only Recent exploration success driven by advances in 3D seismic • Identification and extent of stratigraphically trapped reservoir sands identified via amplitude ✓ Shoreface sands + Oil Shows + Seismic Amplitude = Viable Strat Trap
Slide 9: Brookian Sequence: Distinctive Topset Amplitude Response
Brookian Sequence Distinctive Topset Amplitude Response ✓ Shoreface sands + Oil Shows + Seismic Amplitude = Viable Strat Trap Play! For personal use only Amplitudes corresponding to lowstand sands perched on TOPSETS incised outer shelf/ upper slope SLOPE DOWNDIP LOCATION OF POTENTIAL SLOPE AND SANDS
Slide 10: Alaskan North Slope: Competitive Tension for Acreage
Alaskan North Slope Competitive Tension for Acreage For personal use only Exploration + Huge Oil Resource + Improved Alaskan Assets Success Potential Economics In Demand • First Wave of Transactions Underway: • Oil Search (Pikka / Horseshoe) – November 2017 • ConocoPhillips asset swap with BP – May
Slide 11: Alaskan North Slope: Successful Wells Since 2012
Alaskan North Slope Successful Wells Since 2012 For personal use only 29 Successful Wells / TULIMANIQ Sidetracks since 2012 SMITH BAY Torok Fan Recent success has trended south from initial discoveries Torok/ Fan Discoveries Southerly Exploration Tulimaniq: 1,800-2,400 MMBO Trend Nanushuk/ Torok Nun
Slide 12: 88E Prospects De-Risked by Recent Discoveries
Alaska North Slope 88E Prospects De-Risked by Recent Discoveries For personal use only Project Icewine Acreage 88E PROSPECTS Nanushuk (Topset) discoveries Victor/ Indigo/ Charlie Pikka/Horseshoe: 1,400 MMBO Topset Narwhal: 100-350 MMBO 554 MMBO Willow: 500-700 MMBO Winx-1 Nanushuk Topset B Seabee/To
Slide 13: Upgraded Conventional Prospective Resource
Upgraded Conventional Prospective Resource Multiple Large Scale Appraisal and Exploration Targets • Multiple leads promoted to drillable For personal use only PROJECT ICEWINE CONVENTIONAL PORTFOLIO Prospective Resources MMBO September 2018: Post Initial Results from 3D Inversion prospects on 3D inte
Slide 14: Project Icewine: Near Term Appraisal Drilling
Project Icewine: Near Term Appraisal Drilling Substantial Unevaluated Exploration Potential For personal use only P R O J E C T I C E W I N E Western Play Fairway Central Play Fairway Eastern Play Fairway • 504,000 contiguous acres with access to transportation corridor/ TAPS • 75% of prospectivity
Slide 15: Project Icewine Prospect Portfolio
Project Icewine Western Play Fairway Prospect Portfolio For personal use only PROJECT ICEWINE CONVENTIONAL PORTFOLIO • Gross 1,814 MMBO prospective Prospective Resources MMBO September 2018: Post Initial Results from 3D Inversion resource (mean unrisked) mapped in Prospects and Leads Unrisked the Ic
Slide 16: Schrader Bluff Topset Play
Western Play Fairway Schrader Bluff Topset Play Significant new potential supported by 3D seismic inversion data For personal use only • Multiple prospects identified in Schrader Bluff Topsets Project Icewine • Analogous play type, on younger clinothem, to recently successful Nanushuk discoveries •
Slide 17: Mid Schrader Bluff: Topset Prospectivity
Western Play Fairway Mid Schrader Bluff: Topset Prospectivity For personal use only Pre-inversion view of topset – several features mapped on 3D seismic reflection data with good amplitudes, coincident with good oil shows in historic well Malguk-1 Heavenly-1 Malguk-1 Mid Schrader Bluff Topset prospe
Slide 18: Mid Schrader Bluff Topsets – 3D Inversion
Western Play Fairway Mid Schrader Bluff Topsets – 3D Inversion For personal use only Post- 3D seismic inversion: Topsets mapped on data calibrated for oil shows and good sand facies by local well data, supports and delineates prospects Heavenly-1 Malguk-1 Mid Schrader Bluff Topset prospectivity Char
Slide 19: Mid Schrader Bluff Indigo Oil Discovery – Topset
Western Play Fairway Mid Schrader Bluff Indigo Oil Discovery – Topset For personal use only Icewine 3D Inversion Prospect/Discovery Stratigraphic Play Structural Crest Recoverable (mmbbls) (TVDss) P90 P50 P10 Mean Victor Prospect (stacked) Mid Schrader / Topset 5300-6000 ft 125 206 325 217 Indigo Di
Slide 20: Mid - Schrader Bluff Charlie Prospect - Untested Topset
Western Play Fairway Mid - Schrader Bluff Charlie Prospect - Untested Topset For personal use only Charlie Middle Schrader Bluff - Top Charlie Sst RMS amplitude +/-8ms Far Stack Prospect outline Mapped updip Smilodon 9-4-9 pinch-out of Charlie sands not reached reservoir Prospect/Discovery Stratigra
Slide 21: Mid - Schrader Bluff Victor Stacked Targets
Western Play Fairway Mid - Schrader Bluff Victor Stacked Targets Victor Prospects For personal use only Comparison: Amplitude extraction vs oil probability • Mid Schrader Bluff Fm topset transgressive sandstones that stratigraphically pinch-out down dip of Malguk-1 • Amplitude brightening seen in Sc
Slide 22: Seabee Formation Slope/Toeset Fan Plays
Western Play Fairway Seabee Formation Slope/Toeset Fan Plays Mobile Oil Interpreted in Seabee Formation on Icewine Acreage For personal use only Successful Tarn Oil Field located on Trend to the North within the Seabee Fm • Malguk-1 has proven hydrocarbons within seismically distinguishable basin fl
Slide 23: Lower Lima Discovery
Western Play Fairway Lower Lima Discovery For personal use only Malguk 1 Interpreted updip pinchout of Lower Seabee Ssts NW Lower Lima Discovery Upper Lima Prospect SE Slumped package on the Seabee Fm slope Rose Prospect Upper Seabee Ssts Updip pinchout of the Lower Seabee Ssts Water-wet and tight S
Slide 24: Torok Slope/Toeset Fan Play
Western Play Fairway Torok Slope/ Toeset Fan Play Torok Fan Play Gaining Traction Post Recent Discoveries and USGS Upgrade For personal use only • Stellar and Heavenly prospects interpreted NW SE as slope to basin floor sandstones within the Torok Fm • Malguk-1 and Heavenly-1 confirmed presence of o
Slide 25: Middle Stellar Prospect (Discovery)
Western Play Fairway Middle Stellar Prospect (Discovery) Malguk For personal use only Heavenly 1 Malguk 1 NW NW SE Middle Stellar Mid Torok Ssts Middle Stellar Malguk Mid Hue Shales Torok Malguk Mid Sandstones Torok Ssts Cenomanian FS Reasonable definition of updip pinchout of sandstones Lower Creta
Slide 26: Project Icewine Brookian Reservoir Quality
Project Icewine Brookian Reservoir Quality • For personal use only Primary reservoir quality controlled by origin of sediment and depositional environment • Porosity on Icewine acreage ranges up to 21% in the Torok Fm at 10,500 ft bucking regional porosity compaction trend • Potential primary porosi
Slide 27: New Alaskan Acreage Western Blocks: Winx-1 spud 1Q 2019
New Alaskan Acreage Western Blocks Winx-1 spud 1Q 2019: 400 MMBO For personal use only Earn-In to Prospective Acreage by Horseshoe - 1 Oil Discovery Winx-1 Nanushuk 4 and 5 Nanushuk 3 Primary Objectives Drilling Q1 2019 Extension of Pikka Unit • Nanushuk Topset Play • Gross best estimate unrisked pr
Slide 28: Western Blocks Winx-1 Stacked Multiple Objectives
Western Blocks Winx-1 Stacked Multiple Objectives For personal use only Stacked primary targets within proven Nanushuk play fairway WINX-1 Inline WINX-1 Crossline SSW NNE WNW ESE Tuluvak Fm Seabee Fm Nanushuk 5 Nanushuk 4 Torok Stacked Targets • Additional stacked potential in the Seabee and Torok F
Slide 29: New Alaskan Acreage: Yukon Leases
New Alaskan Acreage: Yukon Leases HIGHLIGHTS For personal use only Recent Acquisition includes Existing Oil YUKON Discovery Yukon Gold-1 LEASES • Opportunistic - low cost acquisition in improving 14,194 acres oil price environment 88E: 100% • 88E 100% ownership of 14,194 acres • Close proximity to n
Slide 30: Yukon Leases 3D Mapping: Cascade Lead Canning Fan Play
Yukon Leases 3D Mapping Cascade Lead Canning Fan Play For personal use only Initial results from fast track modern 3D processing (2018) • Cascade: channelised fan feature mapped updip of Yukon Gold-1, historic oil Distributary discovery channels and splay facies • Yukon Gold-1 located in interpreted
Slide 31: Icewine HRZ Shale Play: Encouraging Results to Date
Icewine HRZ Shale Play: Encouraging Results to Date Project Icewine captured the HRZ sweet spot in over-pressured, low-viscosity super-critical phase oil For personal use only • Data supports move to horizontal appraisal drilling and further fairway delineation • Re-evaluation project underway with
Slide 32: North Slope Projects Summary
North Slope Projects Summary Project Icewine: Conventional For personal use only • Interim 3D seismic interpretation led to large upgrade to conventional portfolio • Multiple leads promoted to drillable prospects: 1,750 MMBO net to 88E • Farm-out process underway to progress exploration and appraisa
Slide 33: Board and Key Management
Board and Key Management For personal use only Mr David Wall – Managing Director Dr Stephen Staley – Non-Executive Director 4 years experience in strategy and planning at Woodside 34 years of energy management and technical experience including Petroleum. 6 years experience in financial services wit
Slide 34: Contacts
Contacts For personal use only Managing Director: David Wall Brokers: dwall@88energy.com Australia Hartleys Ltd Registered Office: As Corporate Advisor: Mr Dale Bryan + 61 8 9268 2829 Level 2, 5 Ord St, West Perth WA 6005 United Kingdom Postal Address: Cenkos Securities Plc As Nominated Adviser and