88 Energy Limited · ASX:88E
88 Energy — Investor Presentation (December 2022)
24 slides from 88 Energy's investor presentation, Dec 15, 2022
Slide 1: Project Phoenix: 2023 High Impact Exploration Well Hickory-1
Hickory-1 PROPOSED Location HICKORY-1 Deadhorse DRILLING services hub (25 miles) LOCATION For personal use only PROJECT PHOENIX 2023 High IMPACT Exploration WELL HICKORY-1 DECEMBER 2022 Trans Alaskan Pipeline and Dalton Highway
Slide 2: Disclaimer
disclaimer 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 this Presentation is m
Slide 3: Alaska - Resources and reserves estimates & Disclosures
Alaska - Resources and reserves estimates & Disclosures phoenix Umiat Oil Field 1. Net entitlement to 88E. Refer to the ASX release dated 23 August 2022 for full details with respect 3. Refer to ASX Announcement on 11 January 2021 for further detail in relation to pricing For personal use only to th
Slide 4: Corporate overview
Corporate overview High impact PROJECT PHOENIX: previously the Icewine East acreage Alaskan For personal use only ALASKA Hickory-1 exploration well to spud in 2023 exploration targeting 647 MMBO unrisked net mean prospective oil SUPPORTED BY resources1 conventional U.S.A. TEXAN production Texas Texa
Slide 5: Investment Highlights
INVESTMENT HIGHLIGHTS Quality portfolio of Alaskan exploration projects supported by conventional Texan production For personal use only EXTENSIVE ALASKAN Project phoenix: Increasing DIRECT ACREAGE POSITION High Impact well, PRODUCTION INFRASTRUCTURE-LED exposure EXPLORATION 5
Slide 6: Corporate Snapshot
Corporate SNAPSHOT ASX:88E | AIM:88E | OTC:EEENF For personal use only CAPITAL STRUCTURE PLANNED ACTIVITY Q1 2023 Share price1 A$0.010 Planning, Permitting and Spud of the Hickory-1 exploration well at Project Phoenix Shares on issue2 18,266M Project Leonis acreage final adjudication / lease pay
Slide 7: Extensive Alaskan Acreage Position
1. Extensive ALASKAN ACREAGE POSITION Premium quality oil exploration assets For personal use only Project Phoenix Operator, ~75% working interest and ~62K net acres I Project Icewine West Operator, ~75% working interest and ~122K net acres P Project Peregrine * Operator, 100% working interest and ~
Slide 8: Corporate overview: Hickory-1 well
Corporate overview Hickory-1 well “Hickory−1 well location is selected to test significant fluid factor anomalies in the scheduled to spud SMD−C to SMD−A interval.” For personal use only – Independent geophysical consultants QEYE in 2023 targeting 647 MMBO 1,2 Hickory-1 Icewine-1 “Importantly, the H
Slide 9: Project Phoenix
PROJECT For personal use only PHOENIX A. INFRASTRUCTURE LED EXPLORATION Alkaid-2 horizontal B. Benefiting FROM historic ON-BLoCK well location drilling AND logging data C. OFFSET DRILLING RESULTS ASSIST IN LOWERING RISK ASSESSMENT D. informed by AN extensive suite of data analysis, including 3D seis
Slide 10: Infrastructure led exploration
A. INFRASTRUCTURE LED EXPLORATION For fast-tracked, cost-effective future commercialisation For personal use only Hickory-1 is adjacent to the Trans- Alaska Pipeline System (TAPS) and Dalton Highway Adjacent to the 414 mile Dalton Highway, running from Deadhorse in the north to the Elliot Highway
Slide 11: Benefiting from historic on-block wells and logging
b. Benefiting FROM historic ON-BLoCK wells and logging Re-focus on shallow, proven oil-bearing conventional reservoirs For personal use only Icewine 1 and 2 (88 Energy) were designed and drilled to test a deep unconventional exploration play 1 Positive drilling results within the 2 shallower Bro
Slide 12: Offset drilling results assist in lowering risk assessment
c. OFFSET DRILLING RESULTS ASSIST IN LOWERING RISK ASSESSMENT Multi-billion barrels of resource potential within conventional Brookian reservoirs Alkaid 1 (2015) For personal use only Oil-bearing reservoir encountered in SMD-B and Alkaid Sand (SFS equivalent) Alkaid Sand primary zone of interest
Slide 13: Informed by analysis of an extensive data suite
d. informed by ANALYSIS OF AN EXTENSIVE DATA SUITE High quality 2D and 3D seismic data interpretation supported by AVO analysis1 For personal use only Access to an extensive 2D seismic database facilitated initial determination of prospective volumes The 225 km2 Franklin Bluffs 3D seismic data s
Slide 14: Shelf Margin Delta is the primary target of Hickory-1 drilling
d. informed by ANALYSIS OF AN EXTENSIVE DATA SUITE Shelf Margin Delta (SMD) deposit is the primary target of Hickory-1 drilling For personal use only PROJECT PHOENIX UNRISKED NET ENTITLEMENT TO 88E2 PROSPECTIVE OIL RESOURCES (MMSTB)3,4 AVO Oil recovery from Proximity to tested Strength of seismic Pr
Slide 15: Laterally extensive SMD reservoirs
d. informed by ANALYSIS OF AN EXTENSIVE DATA SUITE Laterally extensive SMD reservoirs (Mid Schrader Bluff Formation) For personal use only Laterally extensive shelf margin delta deposit consisting of three progradational-aggradational stacked reservoirs: SMD-C,B and A Oil-bearing reservoir encou
Slide 16: Phased, scalable development approach
e. Phased, SCALABLE DEVELOPMENT approach Positive exploration drilling to expedite extended horizontal well test For personal use only Phased future Planned multi-frac Scalable model enables development strategy to long horizontal greater flexibility in minimise upfront well development development
Slide 17: SMD phased development study completed
e. Phased, SCALABLE DEVELOPMENT approach SMD phased development study completed A preliminary development study has been commissioned by Accumulate Energy and carried out by NANA For personal use only Worley in Anchorage Multi-phase development considered, with Phase 1 development targeted as a
Slide 18: Producing analogue - Codell Sandstone, Northern DJ Basin
e. Phased, SCALABLE DEVELOPMENT approach Producing analogue – Codell Sandstone, Northern DJ Basin, Wyoming and Colorado For personal use only A search was conducted to find real world examples of producing fields with similar properties – to calibrate theoretical models Many analogs exist, howev
Slide 19: Codell analogue
e. Phased, SCALABLE DEVELOPMENT approach Codell analogue1 Unit CODELL SANDSTONE, PROJECT PHOENIX, For personal use only While the Codell has several DJ BASIN NORTH SLOPE similarities to Phoenix, it is lower in Reservoir Properties permeability and thickness Self-Sourced No No Despite this the Co
Slide 20: Optimal drilling location
F. OPTIMAL DRILLING LOCATION Hickory-1 vertical well to test SMD, SFS, BFF and KUP formations reservoir units1 DRILLING LOCATION For personal use only Theta West-1 PROPOSED Deadhorse approx. 25 miles INFORMED BY AN ANAYSIS OF HICKORY-1 AN EXTENSIVE DATA SUITE DRILLING Designed to appraise 6 stacke
Slide 21: Work Program
WORK PROGRAM future Hickory-1 Hickory-1 program Drilling and logging Q1 23 Q2 23 Q3 23 Q4 23 Q1 24 EXPLORATION For personal use only Analyse well results Flow test design SUCCESS SET TO Permitting and mobilisation Flow testing Future program (subject to Hickory-1 success) unlock FU
Slide 22: Premium exploration and development exposure
PREMIUM EXPLORATION AND DEVELOPMENT EXPOSURE High impact Alaskan exploration supported by conventional Texan production assets For personal use only TAPS High impact ALASKAN INFRASTRUCTURE-LED MODERN HIGH QUALITY 2d acreage position EXPLORATION and 3D DATA ANALYSIS Contiguous TO MULTI-BILLION PRODUC
Slide 23: Contacts
Corporate overview CONTACTS COMPANY: Share Registry: ASX: Computershare Managing Director: Investor Services Pty Ltd Ashley Gilbert ASX: 88E For personal use only Registered Office: AIM: Computershare Ground Floor, 516 Hay St, Investor Services Pty Ltd Subiaco WA 6008 AIM: 88E Postal Address: PO Box
Slide 24: Appendix A: Project Phoenix Resources and Reserves
APPENDIX A: PROJECT PHOENIX RESOURCES AND RESERVES Formerly referred to as Icewine East For personal use only PROJECT PHOENIX6,7 Unrisked Net Entitlement to 88E1 Prospective Oil Resources (MMstb)4,5 Prospects (Probabilistic) Low (1U) Best (2U) High (3U) Mean COS 3 Shelf Margin Delta (SMD A, B & C) 4