88 Energy Limited · ASX:88E
88 Energy — Investor Presentation (February 2020)
22 slides from 88 Energy's investor presentation, Feb 24, 2020
Slide 1: Charlie-1 Appraisal Well, North Slope of Alaska
For personal use only CHARLIE-1 APPRAISAL WELL NORTH SLOPE OF ALASKA FEBRUARY 2020 UPDATE www.88energy.com Nordic Rig #3 NORDIC CALISTA SERVICES
Slide 2: North Slope Oil & Gas Recent Discoveries and Activity
North Slope Oil & Gas Recent Discoveries and Activity For personal use only Willow^5 Alpine^3 Pikka^4 Kuparuk^3 Prudhoe Bay^3 0.75BN 0.5BN 1.4BN 7BN barrels 15BN barrels barrels Greater barrels barrels Mooses Tooth Pt Thomson PROJECT ICEWINE HRZ Shale Play: 0.8^1 - 2.0^2 BBO* Conventional: YUKON Oil
Slide 3: Corporate Snapshot
88 Energy Corporate Snapshot For personal use only 88 Energy Limited 88E Board Project Working Net (ASX, AIM: 88E) Current and Management List Interest Acres Shares on Issue 7,109m David Wall Managing Director Project Icewine: Operator ~225,000 / Options on Issue 254m Michael Evans Non-Exec Chairman
Slide 4: Alaska North Slope: Multiple World Class Assets
Alaska North Slope: Multiple World Class Assets For personal use only Alaska Central North Slope: Multiple High-Quality Assets in Portfolio • 88E Operator/Manager on several exploration projects across ~250,000 net acres Project Icewine: Charlie-1 Appraisal Well – Rig Mobilised, Drilling Imminent •
Slide 5: Project Icewine: Charlie-1 Appraisal Well to Test Multiple Stacked Targets
Project Icewine: Charlie-1 Appraisal Well to Test Multiple Stacked Targets: February 2020 For personal use only WESTERN PLAY FAIRWAY (AREA A) CENTRAL FAIRWAY EASTERN FAIRWAY Smilodon-9-4-9 (AREA B) (AREA C) Charlie-1 Malguk-1 • 486,000 contiguous acres with access to transportation corridor / TransA
Slide 6: Conventional Prospective Resource
Conventional Prospective Resource Multiple Large Appraisal / Exploration Targets For personal use only PROJECT ICEWINE CONVENTIONAL PORTFOLIO • Multiple stacked drillable Prospective Oil Resource MMBO (Unrisked) prospects identified on Icewine August 2019: Post Farm-Out Prospects & Leads Gross Net M
Slide 7: Charlie-1 Testing Program
Charlie-1 Testing Program Drilling and Logging For personal use only • Drilling to Total Depth (planned ~11,400’), Logging While Drilling and Wireline Logging estimated to take ~30 days State of the Art Subsurface Evaluation Program • Utilisation of the latest proven technology • Program specificall
Slide 8: Conceptual Sediment Deposition at Charlie-1
Conceptual Sediment Deposition at Charlie-1 For personal use only • Brookian sediments targeted by Charlie-1 were shed from the structural highs of the Chukchi Platform and ancestral Brooks Range – resulting in thick reservoir deposition • The topset and bottomset sands (Schrader and Torok) were dep
Slide 9: Post Charlie-1 Strategy – On Success
Post Charlie-1 Strategy – On Success For personal use only Fast Track Delineation to Enable Monetisation • Low capex strategy over 2-3 years to minimise dilution and maximise sale value per share • Success will result in a horizontal well being drilled from the Charlie-1 vertical well bore in 2021,
Slide 10: Project Icewine Brookian Play Analysis
Project Icewine Brookian Play Analysis For personal use only Brookian sandstones (Nanushuk / Torok) MACRO<------- POROSITY -------> MICRO characterised by significant level of clay WATER (MOBILE) coating of framework grains WATER (BOUND) OIL (ALL MOBILE) • Prevents quartz overgrowth(cementation) and
Slide 11: Charlie-1: Primary Target – Horizons, Torok Formation
Charlie-1: Primary Target – 3 Horizons Torok Formation For personal use only Torok Fan/Channel Play – Proven Oil to be Appraised by Charlie-1 in 1Q2020 • Malguk-1 and Heavenly-1 confirmed oil in Upper Stellar, Middle Stellar, Lower Stellar and Heavenly prospects – considered discoveries for appraisa
Slide 12: Stacked Torok Targets (Stellar)
Stacked Torok Targets (Stellar) Modern 3D Seismic and Petrophysics Petrophysical analysis indicates thick oil bearing section with multiple sand packages in the Torok For personal use only – Upper, Middle and Lower Stellar NW SE Upper Stellar Sandstones - Discovery OIL Middle Stellar Sandstones - Di
Slide 13: Charlie-1: Secondary Target – Schrader Bluffs Formation
Charlie-1: Secondary Target – 2 Horizons Schrader Bluffs Formation For personal use only Significant new potential supported by 3D seismic inversion data • Multiple prospects identified in Schrader Bluff Topsets Charlie ‐ Analogous play type, on younger clinoform, to recently successful Nanushuk dis
Slide 14: Charlie-1: Secondary Target – Seabee Formation
Charlie-1: Secondary Target – 2 Horizons Seabee Formation For personal use only Good Oil Saturation Interpreted in Seabee Formation on Icewine Acreage Successful Tarn Oil Field located on Trend to the North within the Seabee Fm • 220’ sand interval encountered in Malguk-1 (Lower Lima) with up to 60%
Slide 15: Charlie-1 Summary: Seven Stacked Targets
Charlie-1 Summary: Seven Stacked targets Charlie-1 Charlie-1 • 7 stacked targets – oil proven in 4 For personal use only • 3 play types • 1.6 BBO gross mean prospective resource • 480 MMBO net to 88E • February 2020 spud Indigo Charlie Schrader Bluff Fm. Upper Lima Seabee Fm. Lower Lima Upper Stella
Slide 16: Yukon Leases Highlights
Yukon Leases Highlights • Existing historic oil discovery on acreage - Yukon For personal use only Gold-1 (1993/ 94) • Oil saturations interpreted across two intervals in Cascade multiple sands within the Tertiary Canning Fm • Good effective porosity interpreted >18% • Mapped on modern 3D seismic (8
Slide 17: 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 • Insights into kerogen transformation
Slide 18: North Slope Projects Summary
North Slope Projects Summary For personal use only Project Icewine: Conventional • Multiple stacked prospects identified on 2018 3D seismic: 1,009 MMBO net to 88E (total Project Icewine) • Farm-out executed: Charlie-1 appraisal well to be drilled in 1Q2020 testing 7 stacked objectives totalling 1.6
Slide 19: Board and Key Management
Board and Key Management For personal use only Mr David Wall – Managing Director Erik Opstad – General Manager Alaska Operations 4 years experience in strategy and planning at Woodside 37 years of energy project management and technical Petroleum. 6 years experience in financial services industry as
Slide 20: Disclaimer
Disclaimer For personal use only This presentation (“Presentation”) has been prepared 88 Energy Limited (the “Company” or “88 Energy”) solely for informational meetings relating to it and is being delivered for information purposes only to a limited number of persons. By attending the meeting where
Slide 21: Disclaimer (cont.)
Disclaimer (cont.) For personal use only These statements are subject to certain risks and uncertainties and may be based on assumptions that could cause actual results to differ materially from those anticipated or implied in the forward-looking statements. New factors emerge from time to time and
Slide 22: Contacts
Contacts For personal use only Managing Director: David Wall Brokers: Share Registry: dwall@88energy.com Australia ASX: Computershare Registered Office: Hartleys Ltd As Corporate Advisor: Investor Services Pty Ltd Level 2, 5 Ord St, Mr Dale Bryan + 61 8 9268 2829 ASX: 88E West Perth WA 6005 United K