88 Energy Limited · ASX:88E
88 Energy — Investor Presentation (July 2020)
20 slides from 88 Energy's investor presentation, Jul 23, 2020
Slide 1: Expanded Portfolio Update
EXPANDED PORTFOLIO UPDATE CRITICAL MASS ON THE NORTH SLOPE OF ALASKA JULY 2020 UPDATE www.88energy.com Nordic Rig #3 NORDIC CALISTA SERVICES
Slide 2: North Slope Oil & Gas: Major Discoveries and Acreage Map
North Slope Oil & Gas Major Discoveries and Acreage Map Alpine^3 Pikka^4 0.5BN 1.4BN Kuparuk^3 Prudhoe Bay^3 Willow^5 barrels barrels 7BN barrels 15BN barrels 0.75BN Greater barrels Mooses Pt Thomson Tooth Oil Search ASX November 2017 PROJECT ICEWINE US$850m transaction HRZ Shale Play: Harpoon-2 0.8
Slide 3: 88 Energy Corporate Snapshot
88 Energy Corporate Snapshot 88 Energy Ltd 88E Board Project List Working Net (ASX, AIM: 88E) Current and Management Interest Acres Shares on Issue 8,712m David Wall Managing Director Operator Options on Issue 181m Michael Evans Non-Exec Chairman Project Icewine ~310,000 64-100% Market Cap. Dr Steph
Slide 4: XCD Takeover - Clear Strategic Rationale
XCD Takeover - Clear Strategic Rationale: Critical Mass on the North Slope of Alaska Merger of 88 Energy and XCD Energy creates a substantially enhanced Alaska focussed oil exploration and appraisal company Delivers an enhanced asset portfolio and project pipeline across three highly prospective 1 p
Slide 5: Alaska North Slope: Four Farm-outs Underway
Alaska North Slope: Four Farm-outs Underway Operator on Multiple World Class Assets Alaska Central North Slope / NPR-A: Multiple High-Quality Assets in Portfolio • 88E Operator on several exploration/appraisal projects across ~525,000 net acres Project Peregrine: Recent addition – drilling planned e
Slide 6: Charlie-1 Sidewall Core Analysis
Charlie-1 Sidewall Core Analysis: Excellent Oil Saturations in Seabee and Torok Fm • Saturations were measured from Dean Stark Measurement sidewall cores taken whilst drilling Measured Saturations Sample Depth Porosity the Charlie-1 well ID Formation Oil Water Total (%) 26 8759.96 8.03 Seabee 48% 50
Slide 7: Sidewall Core Analysis (cont.)
Sidewall Core Analysis (cont.) • Reservoir quality in the Seabee Fm interpreted to improve away from the Charlie-1 location • Oil likely sourced from the underlying HUE shale with low gas / oil ratio • Less gas likely in the Torok Fm updip from Charlie-1 due to lower thermal maturity of the HRZ shal
Slide 8: Inversion – First Look
Inversion – First Look: Seabee Sands Oil Saturated and Extensive • Following the integration of Inversion match: seismic => oil saturations in wells state-of-the-art modern log data Heavenly-1 from Charlie-1, oil saturated, reservoir quality sands in the Seabee Fm can now be resolved Charlie-1 with
Slide 9: Project Icewine: Preferred Drilling Location
Project Icewine: Preferred Drilling Location Re-launch of Farm-out Underway • Preferred drilling location validated by early Charlie-1 interpretation => basis of re- launch of farm-out • Evidence for oil (with less gas) in the Seabee and Torok at this location compelling – based on well data and reg
Slide 10: Preferred Drilling Location: More Oil and Better Reservoir
Preferred Drilling Location: More Oil and Better Reservoir Interpreted Near Heavenly-1 • Heavenly-1: Torok Formation • Hydrocarbon saturations in core up to 39% from Dean Stark (note: because Heavenly-1 was drilled with water based mud, Dean Stark method estimates the minimum hydrocarbon saturation
Slide 11: Project Peregrine: Aggressively Pursuing Drilling
Project Peregrine: Aggressively Pursuing Drilling of Multiple Wells in 2021 • Project located between major oil 88 Energy discoveries at Willow to the North (Conoco:COP) and Umiat to the South • 1.6 billion barrels mean prospective resource across 3 prospects (see next slide) • 2 prospects (Merlin a
Slide 12: Project Peregrine (continued)
Project Peregrine (continued) • Both Harrier and Merlin HARRIER – ON TREND TO HARPOON DISCOVERY prospects in Nanushuk Fm interpreted to be on trend with similar seismic signatures to COP’s Harpoon and Willow discoveries, respectively, to the North • Consequently, chance of success is considered rela
Slide 13: Yukon Leases Highlights
Yukon Leases Highlights • Existing historic oil discovery on acreage - Yukon Gold-1 (1993/ 94) • Oil saturations interpreted across two intervals in multiple sands within the Tertiary Canning Fm • Good effective porosity interpreted >18% Cascade • Mapped on modern 3D seismic (88E, 2018) • Yukon leas
Slide 14: 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 • Insights into kerogen transformation gained from advanced
Slide 15: North Slope Projects Summary
North Slope Projects Summary Project Icewine: Encouraging Charlie-1 Results to Facilitate Relaunch of Farm-out • Charlie-1 condensate discovery in Torok Fm and oil pay interpreted in Seabee Fm to form basis of farm-out • Excellent oil saturations measured in core from Charlie-1 in Seabee and Torok F
Slide 16: Corporate Outlook
Corporate Outlook XCD Takeover – Project Peregrine: Permit, Farm-out 2H2020 => Drill 1H2021 • Now in compulsory acquisition phase – effectively complete • Multiple locations being permitted for a planned two well drilling campaign, commencing 1H2021 • Drilling to be funded via farm-out • Low cost re
Slide 17: Board and Key Management
Board and Key Management 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 Petroleum. 6 years experience in financial services industry as experience including
Slide 18: 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 19: Disclaimer (cont.)
Disclaimer (cont.) These statements are subject to certain risks and uncertainties and may be based on assumptions that could cause actual results to differ materially from those anticipated or implied in the forward-looking statements. New factors emerge from time to time and 88 Energy cannot asses
Slide 20: Contacts
Contacts Managing Director: David Wall Brokers: Share Registry: dwall@88energy.com Australia ASX: Computershare Registered Office: Hartleys Ltd As Corporate Advisor: Investor Services Pty Ltd Level 2, 5 Ord St, Mr Dale Bryan + 61 8 9268 2829 ASX: 88E West Perth WA 6005 United Kingdom AIM: Computersh