88 Energy Limited · ASX:88E
88 Energy — Investor Presentation (August 2021)
28 slides from 88 Energy's investor presentation, Sep 2, 2021
Slide 1: Investor presentation August 2021
For personal use only Investor presentation August 2021
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: Oil and gas company focused on North Slope of Alaska
For personal use only 88 Energy IS AN oil and gas company FOCUSED ON unlocking value from a portfolio of world class assets on the North Slope OF ALASKA Merlin-1 Merlin-2 the merlin-2 appraisal well planned for Q1 2022 is targeting 652 N14 N18 N19 N20 million barrels1,2 1. Mean unrisked resource - N
Slide 4: Investment highlights
* Cautionary Statement: The estimated quantities of petroleum INVESTMENT HIGHLIGHTS that may be potentially recovered by the application of a future development project relate to undiscovered accumulations. 1 World class portfolio of Alaskan acreage For personal use only These estimates have both an
Slide 5: North Slope, Alaska: major discoveries and acreage map
NORTH SLOPE, Alaska Bn BBL Major discoveries and 88 Energy acreage map For personal use only RECENT Local DISCOVERIES Brookian sequence 1.40 BBO 0.75 BBO Pikka, 20162 Willow, 20183 88 Energy acreage Conventional prospective resource 1.62 BBO 1.77 BBO Project Peregrine1,4,5 Project Icewine1,4,5 2* Ap
Slide 6: Corporate overview
Corporate overview Code: 88E | ASX and AIM For personal use only CAPITAL STRUCTURE BALANCE SHEET POSITION NORTH SLOPE, ALASKA PROJECTS Shares on issue 13,545 M Cash (30 June 2021) A$14.8 M Name Working Interest Net size (Acre) Share price (30 August 2021) A$0.032 Debt (fully repaid) NIL Peregrine 10
Slide 7: Board of Directors
Board of Directors Strengthened Board with extensive oil and gas experience For personal use only MR Philip Byrne Mr Ashley Gilbert Non-Executive Chairman Managing Director A petroleum geologist with over 40 years’ A Chartered Accountant with more than 20 experience in the international oil and gas
Slide 8: A socially responsible company
A SOCIALLY RESPONSIBLE company Adopting the global standard in ESG reporting: WEF For personal use only Governance PEOPLE • Setting purpose • Diversity & inclusion “88 Energy is proud to be • Governance body composition • Pay equality • Material issues impacting • Wage level introducing the global s
Slide 9: Quality assets in a world class location
For personal use only Quality Assets IN A WORLD CLASS LOCATION
Slide 10: World class location
World class location A well-established, prolific oil province with an attractive fiscal regime For personal use only Prolific Oil ProvInce North Slope contains some of ACCESS to INFRASTRUCTURE Attractive fiscal Regime the largest oil fields in the Existing road systems and Relatively low royalty ra
Slide 11: A quality portfolio
A QUALITY PORTFOLIO Within the North Slope, Alaska For personal use only ALASKA P Project PEREGRINE Operator, 100% working interest and ~195K acres U Umiat oil field Operator, 100% working interest and ~18K acres I Project ICEWINE Operator, ~75% working interest and ~193K net acres Y YUKON LEASES Op
Slide 12: Significant activity across the asset lifecycle
SIGNIFICANT ACTIVITY ACROSS THE ASSET LIFECYCLE Delivering through the phases For personal use only P Project PEREGRINE I Project icewine ● Acquired Q2 2020 ● Acquired 2D and 3D seismic ● Farmed-out Q4 2020 ● Drilled 2 unconventional wells ● Drilled Merlin-1 Q1 2021 ● Drilled Charlie-1 conventional
Slide 13: Project Peregrine
P PROJECT PEREGRINE Operator with 100% working interest For personal use only • The project area encompasses 195,373 acres with multiple large drillable prospects • On trend to successful discovered field to the north in same play type, Willow (COP 2013) • The Merlin-1 well drilled in Q1 2021, demon
Slide 14: Project Peregrine: Merlin-1 results
P PROJECT PEREGRINE Merlin-1 results For personal use only • Merlin -1 testing demonstrated the presence of oil in multiple stacked targets in N20 and N18 intervals • A new target, the N19 sand was intersected returning a hydrocarbon signature “ We are thrilled with the • 41 feet of net log pay acro
Slide 15: Project Peregrine: Merlin-2 appraisal well
P PROJECT PEREGRINE Merlin-2 appraisal well A B Merlin-1 Merlin-2 For personal use only • Merlin-2 appraisal well planned for upcoming winter field season, Q1 2022 • 3 potential future appraisal well locations selected to the east of Merlin-1, closer to the N20 shelf break, where enhanced reservoir
Slide 16: Project Peregrine: additional drilling locations
P PROJECT PEREGRINE Additional drilling locations A B Merlin-2 For personal use only • Merlin-1 did not penetrate the deeper N14 horizon which is anticipated to be a further ~600 feet deeper than drilled • Potential to drill a Merlin-1A well to a depth of N20 ~6,000 feet to intersect the N14 horizon
Slide 17: Umiat oil field
U UMIAT OIL FIELD Operator with 100% working interest For personal use only • 88 Energy is the operator of Umiat and holds a 100% working interest in the acreage • Located immediately adjacent to Project Peregrine • Historic flow testing demonstrated a sustained rate of 200 barrels per day with no w
Slide 18: Project Icewine
I PROJECT ICEWINE Operator with ~75% working interest For personal use only • Independent resource of 1.77 billion BOE2 • A reassessment of the potential across the acreage is planned ahead of an expected strategic farm-out • Results from the nearby Talitha-A well1 are encouraging and have the poten
Slide 19: Yukon leases
Y YUKON LEASES Operator with 100% working interest For personal use only • A historic oil discovery is located in the acreage Tract 29 • Increased acreage position in January 2021 with the acquisition of Tract 29 • Discussions continue with nearby lease owners for joint development area • Future exp
Slide 20: Strong investment case
For personal use only Strong INVESTMENT CASE
Slide 21: Short term catalysts
SHORT term catalysts A strong newsflow pipeline For personal use only • Drilling of Merlin-2 appraisal well in Q1 2022 targeting 652 million barrels1 ,2 in the N20, N19 and N18 horizons • Potential farm-out of Peregrine acreage to secure strategic partner “88 Energy is at AN incredibly exciting • Un
Slide 22: Compelling investment case
Compelling P PEREGRINE: follow up appraisal well investment For personal use only • Merlin-2 appraisal well planned for Q1 2022 targeting gross case mean prospective resource of 652 million barrels1, 2 U UMIAT: commercialisation potential • Additional upside at the Umiat oil field identified • Revie
Slide 23: Contact
For personal use only Contact: Brokers: Share Registry: Australia ASX: Computershare Managing Director: Euroz Hartleys Ltd As Corporate Advisor: Investor Services Pty Ltd Ashley Gilbert Mr Dale Bryan + 61 8 9268 2829 ASX: 88E Registered Office: United Kingdom AIM: Computershare Ground Floor, 516 Hay
Slide 24: For personal use only
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Slide 25: Appendix
For personal use only Appendix
Slide 26: Robust environmental credentials
ROBUST ENVIRONMENTAL CREDENTIALS Minimising our footprint For personal use only • Targeting net zero Scope 1 and 2 emissions for all current and future 88 Energy operations • Environmental compliance, analysis and permitting continues across “88 Energy is committed Project Peregrine and all North Sl
Slide 27: Simple strategy
Simple strategy To grow and realise shareholder value For personal use only identify Highly prospective, world class assets ● Of large scale, proximate to existing infrastructure ● Where 88 Energy can leverage existing expertise Identify add add Significant value to our assets ● Strategic drilling p
Slide 28: Capital management framework
simple strategy Capital management framework For personal use only PLAN exploration and Cost of funding appraisal PROGRAM Assess the cost of “As a result of the equity in the To add value to our CONSIDER prevailing market transaction, the Company assets execute The balance sheet and Optimal is now s