88 Energy Limited · ASX:88E
88 Energy — Shareholder Meeting (April 2019)
17 slides from 88 Energy's shareholder meeting presentation, Apr 15, 2019
Slide 1: Diversified Explorer – North Slope of Alaska 2019 AGM
DIVERSIFIED EXPLORER NORTH SLOPE OF ALASKA 2019 ANNUAL GENERAL MEETING Nordic Rig #3 NORDIC CALISTA SERVICES
Slide 2: Disclaimer
Disclaimer 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 the Company and its bus
Slide 3: Disclaimer (cont.)
Disclaimer (cont.) 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. No offers of securitie
Slide 4: North Slope Oil & Gas: Recent Discoveries and Activity
North Slope Oil & Gas Recent Discoveries and Activity 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 100-350 MMBO ^5 Tarn /
Slide 5: 88 Energy Corporate Snapshot
88 Energy Company Snapshot Corporate Snapshot 88 Energy Limited Current 88E Board and Management Project List Working Net (ASX, AIM: 88E) Interest Acres Shares on Issue 6,332m David Wall Managing Director Project Icewine 67%, Options on Issue 286m Michael Evans Non-Exec Chairman (Conventional / Oper
Slide 6: Alaska North Slope Multiple World Class Assets
Alaska North Slope Multiple World Class Assets Strategy Re-cap • Pursue high reward oil projects on North Slope of Alaska requires taking calculated risks and, as a result, the path to success will have challenges • The rewards from success must outweigh the risks with only material projects conside
Slide 7: Conventional Prospective Resource: Multiple Large Appraisal / Exploration Targets
Conventional Prospective Resource Multiple Large Appraisal / Exploration Targets PROJECT ICEWINE CONVENTIONAL PORTFOLIO • Multiple stacked drillable Prospective Oil Resource MMBO (Unrisked) prospects identified on Icewine October 2018: Post 3D Inversion Results 3D interpretation Prospects and Leads
Slide 8: Project Icewine: Near Term Appraisal Drilling
Project Icewine: Near Term Appraisal Drilling Substantial Unevaluated Exploration Potential P R O J E C T I C E W I N E Western Play Fairway Central Play Fairway Eastern Play Fairway • 528,099 contiguous acres with access to transportation corridor/ TAPS • 75% of prospectivity supported by modern 3D
Slide 9: Project Icewine: Western Play Fairway Conventional Prospectivity
Project Icewine: Western Play Fairway Conventional Prospectivity Upper Lima Lower Lima Charlie ICEWINE 3D Middle POLYGON Stellar Heavenly Upper Stellar Whiskey B Bravo Middle Whiskey A Stellar Indigo Victor A Victor B Lower PROJECT ICEWINE Stellar • Western Play Fairway ~2.4 billion barrels of gross
Slide 10: New Alaskan Asset Yukon Leases Highlights
New Alaskan Asset Yukon Leases Highlights • 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 Canning F
Slide 11: Yukon Leases 3D Mapping Cascade Prospect Canning Fan Play
Yukon Leases 3D Mapping Cascade Prospect Canning Fan Play 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 channels and splay facies fan lobe facies Overban
Slide 12: Western Blocks: Winx Results and Forward Plan
Western Blocks Winx Results and Forward Plan 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 data, a wireline loggin
Slide 13: 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 • Data supports move to horizontal appraisal drilling and further fairway delineation • Re-evaluation project underway with recommended forward wo
Slide 14: Financial Overview & Capital Management
Financial Overview & Capital Management Strong Cash Position with Prudent Usage of Funds • Strong cash position with A$12.5M at the end of Q1’19 • Funds prudently managed and invested in Alaskan North Slope exploration activity • Fully funded 2019 Alaskan exploration program • Debt of US$15.4M fully
Slide 15: North Slope Projects Summary
North Slope Projects Summary Project Icewine: Conventional • Multiple stacked prospects identified on 2018 3D seismic: 2,211 MMBO net to 88E • Farm-out process at an advanced stage: preferred bidder selected, indicative terms agreed => final due diligence and approvals underway prior to documentatio
Slide 16: Board and Key Management
Board and Key Management 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 with Conoco and BP. Dr St
Slide 17: Contacts
Contacts 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 Broker: PO Box 1674, W