88 Energy Limited · ASX:88E
88 Energy — Investor Presentation (September 2019)
22 slides from 88 Energy's investor presentation, Sep 2, 2019
Slide 1: Diversified Explorer North Slope of Alaska – September 2019 Update
DIVERSIFIED EXPLORER NORTH SLOPE OF ALASKA For personal use only SEPTEMBER 2019 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 Recent Discoveries and Activity
North Slope Oil & Gas 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 Discovery 1
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 Acres (ASX, AIM: 88E) Interest Shares on Issue 6,332m David Wall Managing Director Project Icewine: Operator ~225,000 / Options on Issue 286m Michael Evans
Slide 6: 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 4 active Exploration Projects across >250,000 net acres Project Icewine Conventional Farm-out Executed – Drilling within 6 months • Ch
Slide 7: Project Icewine: Near Term Appraisal Drilling
Project Icewine: Near Term Appraisal Drilling Multiple Stacked Targets to be Drilled 1Q2020 For personal use only WESTERN PLAY FAIRWAY (AREA A) CENTRAL FAIRWAY (AREA B) EASTERN FAIRWAY (AREA C) Smilodon-9-4-9 Charlie-1 Malguk-1 • 486,000 contiguous acres with access to transportation corridor / Tran
Slide 8: Conventional Prospective Resource
Conventional Prospective Resource Multiple Large Appraisal / Exploration Targets PROJECT ICEWINE CONVENTIONAL PORTFOLIO For personal use only Prospective Oil Resource MMBO (Unrisked) • Multiple stacked drillable August 2019: Post Farm-Out prospects identified on Icewine Prospects and Leads Horizon /
Slide 9: Western Play Fairway: Torok (Primary Target)
Western Play Fairway Torok (Primary Target – 3 Horizons) Torok Fan Play – Proven Oil at Icewine to be Appraised by Charlie-1 in 1Q2020 For personal use only • Malguk-1 and Heavenly-1 confirmed oil in Upper Stellar, Middle Stellar and Heavenly prospects – considered discoveries for appraisal • Lower
Slide 10: 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 For personal use only the Torok – Upper, Middle and Lower Stellar NW SE Upper Stellar Sandstones - Discovery 10410’ MD Middle Stellar Sandstone
Slide 11: Project Icewine Brookian Reservoir Quality
Project Icewine Brookian Reservoir Quality • For personal use only Porosity on Icewine acreage ranges up to 21% in the Torok Fm (Albian) at 10,500 ft bucking regional porosity compaction trend • Potential primary porosity preservation e.g. due to subtle overpressure, early hydrocarbon charge • Enhan
Slide 12: Western Play Fairway: Schrader (Primary Target)
Western Play Fairway Schrader (Primary Target – 2 Horizons) Significant new potential supported by 3D seismic inversion data For personal use only • Multiple prospects identified in Schrader Bluff Topsets Charlie • Analogous play type, on younger clinothem, to recently successful Nanushuk discoverie
Slide 13: Indigo Oil Discovery – Topset
Western Play Fairway Mid Schrader Bluff Indigo Oil Discovery – Topset Indigo Prospect For personal use only Smilodon 9-4-9 Malguk 1 NW Ratty Mid Schrader SE Bluff sandstones with good shows and up to 50% oil saturation Updip pinch-out of reservoir 49ft Mid Schrader Bluff sandstones Better developed
Slide 14: Charlie Prospect - Untested Topset
Western Play Fairway Mid - Schrader Bluff Charlie Prospect - Untested Topset For personal use only • Gross mean prospective resource 210 MBO (63 MMBO net to 88E) • Charlie prospect not intersected by historic wells • 3D seismic inversion predicts good quality, oil filled sands • Stratigraphic pincho
Slide 15: Western Play Fairway: Seabee (Secondary Target)
Western Play Fairway Seabee (Secondary Target – 2 Horizons) Good Oil Saturation 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 • 220’ sand interval encountered in Malguk-1 (Lower Lima) with up to 6
Slide 16: Yukon Leases Highlights
Yukon Leases Highlights For personal use only • Existing vintage oil discovery on acreage - Yukon YUKON YUKON Gold-1 (1993/ 94) LEASES LEASES 14,194 acres 14,194 acres PROJECT ICEWINE • Oil saturations interpreted across two intervals in 88E: 88E WI:100% 100% multiple sands within the Tertiary Canni
Slide 17: Yukon Leases 3D Mapping
Yukon Leases 3D Mapping Cascade Prospect Canning Fan Play For personal use only Final results from modern 3D processing (2018) • Cascade: channelised fan feature mapped updip of Yukon Gold-1, historic oil discovery Distributary • Yukon Gold-1 located in interpreted distal fan channels and lobe facie
Slide 18: Western Blocks: Winx Results and Forward Plan
Western Blocks Winx Results and Forward Plan For personal use only Winx-1 Drilling Results Area of focus for post Winx-1 evaluation • Topset sequences intersected as expected in primary target Nanushuk Fm • Moderate quality oil and gas shows observed throughout the Nanushuk Fm • In addition to LWD d
Slide 19: 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 20: North Slope Projects Summary
North Slope Projects Summary Project Icewine: Conventional For personal use only • Multiple stacked prospects identified on 2018 3D seismic: 1,009 MMBO net to 88E • Farm-out executed: Charlie-1 appraisal well to be drilled in 1Q2020 testing 7 stacked objectives totalling 1.6 BBO* (480 MMBO net to 88
Slide 21: 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 experience Petroleum. 6 years experience in financial services
Slide 22: Contacts
Contacts For personal use only Managing Director: David Wall Brokers: dwall@88energy.com Australia Hartleys Ltd Registered Office: As Corporate Advisor: Level 2, 5 Ord St, West Perth Mr Dale Bryan + 61 8 9268 2829 WA 6005 United Kingdom Postal Address: Cenkos Securities Plc As Nominated Adviser and