88 Energy Limited · ASX:88E
88 Energy — Investor Presentation (November 2025)
23 slides from 88 Energy's investor presentation, Nov 27, 2025
Slide 1: Alaskan Oil Explorer with Prominent Acreage Adjacent to Proven Producers
For personal use only ALASKAN OIL EXPLORER WITH PROMINENT ACREAGE ADJACENT TO PROVEN PRODUCERS Investor Presentation November 2025 ASX: 88E | AIM: 88E | OTC: EEENF
Slide 2: Disclaimer and Resource Estimates
DISCLAIMER AND RESOURCE ESTIMATES This presentation (Presentation) has been prepared by 88 Energy Limited (ACN 072 964 179) (the Company or 88 Energy) in connection with Cautionary Statement: The estimated quantities of petroleum that may be potentially recovered by the application of a providing an
Slide 3: A Balanced Alaskan Portfolio
A BALANCED ALASKAN PORTFOLIO For personal use only LOW-RISK, NEAR HIGH-IMPACT STRATEGIC FARMOUTS TO INFRASTRUCTURE EXPLORATION AND REDUCE FUNDING AND EXPLORATION AND APPRAISAL PROVIDES ENHANCE TECHNICAL DEVELOPMENT MATERIAL UPSIDE CAPABILITY • Targeting Southern Prudhoe low capex, • Addition of unde
Slide 4: Strategic Acreage Position on Alaska's North Slope
STRATEGIC ACREAGE Pump Station 1 POSITION ON ALASKA’S NORTH SLOPE DEADHORSE For personal use only PROJECT LEONIS SOUTH PRUDHOE MULTI-ZONE EXPLORATION UPSIDE IVISHAK FOCUSED 100% WI | Operator | 35,629 gross acres 100% Working Interest • Prospective resource update underway; Ivishak, Canning and USB
Slide 5: Corporate and Strategic Roadmap
CORPORATE AND STRATEGIC ROADMAP Clear forward work-programs across multiple exploration and appraisal projects For personal use only RESET CAPITAL STRUCTURE SOUTH PRUDHOE Share price (on 26 November 2025) A$0.021 OPPORTUNITY Shares on issue (on 25 November 2025) 1,157.4M AND PROJECT Cash (at 30 Sept
Slide 6: Leadership Snapshot
LEADERSHIP SNAPSHOT Board and senior executive strongly supported by a new specialist team of technical experts MS JOANNE WILLIAMS MR ASHLEY GILBERT DR STEPHEN STALEY NON-EXECUTIVE CHAIR MANAGING DIRECTOR NON-EXECUTIVE DIRECTOR For personal use only Ms Williams is a petroleum engineer with Mr Gilber
Slide 7: Project Leonis and South Prudhoe
PROJECT LEONIS AND SOUTH PRUDHOE Significant prospectivity identified adjacent to supergiant Prudhoe Bay oil field MULTIPE LOW-RISK IVISHAK PROSPECTS IVISHAK IS THE MAIN EXPANDED NORTH SLOPE For personal use only PROVEN RESERVOIR IN FOOTPRINT FOCUSES ON PRUDHOE BAY WITH Pump Station 1 IVISHAK POTENT
Slide 8: The Opportunity Explained
THE OPPORTUNITY EXPLAINED A proven undeveloped opportunity with tremendous additional reservoir upside For personal use only WHY SO WHY UNDEVELOPED? NOW? • Major North Slope operators prioritised existing field • Critical shift in operatorship to independents and nimble development, newer shallow Br
Slide 9: The Prize the Others Left Behind: History
THE PRIZE THE OTHERS LEFT BEHIND A rare entry into a proven reservoir system secured A BRIEF HISTORY 1 P THE PRUDHOE BAY UNIT2 For personal use only Initial Discovery • Discovered in 1968 (Prudhoe Bay State #1 well) • Largest oil field in North America P PROJECT LEONIS HUB • Producing since 1977 pos
Slide 10: The Prize the Others Left Behind: Modern Exploration
THE PRIZE THE OTHERS LEFT BEHIND Ready for modern, cost-efficient and data driven exploration A HEMI SPRINGS ST-1 DISCOVERY1 D • Drilled by Arco Alaska Inc, spud in 1984 (on 88E lease) For personal use only • Kuparuk Formation and Ivishak Formation B • Discovery well, oil flowed in both zones E A B
Slide 11: South Prudhoe Primary Ivishak Prospects
SOUTH PRUDHOE | PRIMARY IVISHAK PROSPECTS Prospects well defined on 3D data and adjacent to discovery and production wells SOUTH PRUDHOE: DISCOVERY WELL LEONIS HUB: ADJACENT TO TAPS PROSPECT C: ADJACENT TO PRODUCER Prudhoe Bay Unit: P Pad For personal use only Prudhoe Bay Unit JV Boundary Production
Slide 12: South Prudhoe Ivishak Prospects: Development Concept Studies
SOUTH PRUDHOE IVISHAK PROSPECTS Development Concept Studies: Rapid development possible utilising existing infrastructure PRELIMINARY DEVELOPMENT STUDY DUAL-HUB STRATEGY For personal use only Southwest Prudhoe Hub • Targeting Prospect A and adjacent structures, with tie-back PRODUCTION PAD options t
Slide 13: Case Study: Prudhoe Bay Unit P-27 Production Well
CASE STUDY: PRUDHOE BAY UNIT P-27 PRODUCTION WELL High value of a single well on the southern fringes of the super-giant Prudhoe Bay Unit PRUDHOE BAY UNIT P-27 PRODUCTION WELL PRUDHOE BAY UNIT P PAD PRODUCTION HUB PRUDHOE BAY UNIT OVERVIEW1-9 For personal use only • Discovery Date: March 12, 1968, b
Slide 14: Leonis and South Prudhoe Multi-Reservoir Upside
LEONIS AND SOUTH PRUDHOE MULTI-RESERVOIR UPSIDE Ivishak prospectivity boosted by upside in Kuparuk, Canning and Schrader Bluff reservoirs KUPARUK UPSIDE: HEMI SPRINGS STATE-1: DISCOVERY PROJECT LEONIS: MULTI-ZONE POTENTIAL ENHANCED BY IVISHAK HEMI SPRINGS 3 PRUDHOE BAY UNIT OVERVIEW For personal use
Slide 15: New Under-Explored Kad River East Acreage
NEW UNDER-EXPLORED KAD RIVER EAST ACREAGE DEADHORSE Kad River 3D Survey KAD RIVER EAST For personal use only UNDER-EXPLORED 100% Working Interest HIGH POTENTIAL, UNDER-EXPLORED ACERAGE • Seven new leases acquired in North Slope Fall 2025 Bid Round. • Prospectivity identified on existing 2D and histo
Slide 16: South Prudhoe and Leonis Area Advancement Schedule
SOUTH PRUDHOE AND LEONIS AREA ADVANCEMENT SCHEDULE Clear project schedule leading to farm-out and exploration drilling Indicative Schedule Q1 26 Q2 26 Q3 26 Q4 26 Updated Prospective Resource estimates for Project Leonis and South Prudhoe For personal use only License Kad River 3D and Schrader Blu
Slide 17: Project Phoenix: Matured New Discovery
PROJECT PHOENIX MATURED NEW DISCOVERY WITH A PRODUCTION TEST PLANNED MID-2026 For personal use only HICKORY-1 Discovery well PROJECT PHOENIX OPERATOR | 74.3% WI1 | 59,942 NET ACRES SMD-B reservoir play fairway LOCATION OF PLANNED FRANKLIN BLUFFS-1H WELL • 2C Contingent Resource (SMD-B, Upper and Low
Slide 18: Project Phoenix: 2026 Production Test Well
PROJECT PHOENIX | 2026 PRODUCTION TEST WELL Clear funding pathway secured for Franklin Bluffs-1H production test program For personal use only FRANKLIN BLUFFS-1H PRODUCTION TEST WELL 2H-2026 BURGUNDY FARM-OUT HORIZONTAL WELL A TRANSFORMATIONAL PROGRAM PRELIMINARY MILESTONE1 DETAILS • Carry of up to
Slide 19: Project Phoenix: Journey Toward Development
PROJECT PHOENIX | JOURNEY TOWARD DEVELOPMENT From licensing 3D seismic to targeted future production and commercialisation 2022 2023 2024 2025 2026 2028 For personal use only LICENSE 3D HICKORY-1 DRILL MULTI-ZONE FARM-OUT TO FB-1H MODULAR SEISMIC AND LOGGING FLOW TEST FUND FB-1H PRODUCTION TEST DEVE
Slide 20: PEL 93, Onshore Namibia
PEL 93, ONSHORE NAMIBIA Owambo Basin is an emerging frontier opportunity being unlocked by peer drilling PEL93 For personal use only FRONTIER PEER DRILLING EXPAND JV EXPLORATION WELL EXPLORATION 88 ENERGY’S PARTNER NEAR-ACREAGE JV PARTNERSHIP TO SHARE TARGETING FUTURE 20% WI EXPLORATION DRILLING FUN
Slide 21: Opportunity Across the Portfolio
OPPORTUNITY ACROSS THE PORTFOLIO Alaskan portfolio with low-risk commercially attractive opportunities with material upside For personal use only LOW-RISK EXPANDED LEONIS MULTI- MULTIPLE NEW ALASKAN NAMIBIAN IVISHAK ALASKAN RESERVOIR PHOENIX VALUE PARTNERS ONSHORE BASIN ADVANCEMENT FOOTPRINT UPSIDE
Slide 22: Contact
CONTACT For personal use only MANAGING DIRECTOR BROKERS SHARE REGISTRY Ashley Gilbert Australia ASX | Computershare Euroz Hartleys Ltd As Corporate Advisor Investor Services Pty Ltd REGISTERED OFFICE Chelsey Kidner | +61 8 9268 2829 ASX: 88E Ground Floor, 516 Hay St, AIM | Computershare Subiaco WA 6
Slide 23: Appendix A: References
APPENDIX A References Slide 4 1. Refer to announcement dated 18 September 2024 and page 2. Slide 17 For personal use only Slide 5 1. Prior to completion of farm-out agreement 1. Refer to announcement dated 17 February 2025 for further details. 2. Refer to announcement dated 18 September 2024 and pag