88 Energy : PROJECT PEREGRINE UPDATE

PROJECT

PEREGRINE

UPDATE

IMMINENT DRILLING ON NORTH SLOPE OF ALASKA

DECEMBER 2020 UPDATE

www.88energy.com	Nordic Rig #3
	NORDIC CALISTA SERVICES

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
	Tooth

Pt Thomson

Harpoon-2

PROJECT PEREGRINE

Conventional: 1.6^1 BBOE*

Farm-out executed Dec '20

Drilling Feb '21

Harrier-1

Oil Search ASX	PROJECT ICEWINE
November 2017
US$850m transaction	Conventional:
US$3.10 per bbl	1.1^1 BBOE*
	HRZ Shale Play:	Talitha-A
	0.8^1 - 2.0^2
	Drilling Jan '21

O J E C T I C E W I N E

YUKON LEASES

90 MMBO*

Merlin-1	HEAVENLY #1		CHARLIE #1	ICEWINE #1 & #2
	Large oil
APPRAISAL
		accumulation in	HRZ shale wells
	Farm-out underway
		Seabee / condensate
	post successful
		discovery in Torok
	Charlie#1 results
* Net mean prospective resource					88E Central North Slope - 245,000 net acres WI: 64-100%
^1 Independent Est., ^2 Internal Est., ^3 Source USGS 2005, ^4 Armstrong 2016,			88E NPR-A - ~195,000 acres WI:100%
^5 Conoco 2018

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88 Energy Corporate Snapshot

88 Energy Ltd			88E Board				Project List	Working	Net
(ASX, AIM: 88E)	Current		and Management					Interest	Acres
Shares on Issue	10,602m		David Wall		Managing Director
Project Icewine	Operator	~230,000
Options on Issue	204m		Michael Evans		Non-Exec Chairman
				64-100%
Market Cap.	A$90m		Dr Stephen Staley		Non-Exec Director
		Operator
(A$0.08)							Project Peregrine	~195,000
							100%
Cash (Dec '20	A$17.2m		Ashley Gilbert		Chief Financial Officer
unaudited)								Operator
							Yukon Leases	15,235
Board and Top 20	58%		Erik Opstad		General Manager,			100%
					Alaska Operations

ASX: 88E Share Price

							Peregrine	3.00c	Planned Activity
		Charlie-1 oil /				Farmout
A$5m					Executed
	condensate					• Drill Project Peregrine
equity raise
	discovery			Preferred bidder		2.50c
@2.1c					selected for Peregrine
					farm-out / 1.8bboe			• Merlin-1 Spud
					independent resource at
						2.00c	Feb '21
						Icewine
Charlie-1				Charlie-1 final		1.50c	• Farm-out Icewine
			petrophysics
Permit to Drill						conventional
	88E
Approved
	recommended
						1.00c
			takeover of XCD				• Aggregate nearby
								0.50c	resources and farm-out
								Yukon Leases
						A$10m equity raise
						@0.6c
								0.00c	• Farm-out Icewine HRZ
30-Dec-19	12-Feb-20	25-Mar-20	8-May-20	22-Jun-20	3-Aug-20	14-Sep-20	26-Oct-20	7-Dec-20

'Planned' are forward looking and subject to change	3

Alaska North Slope: Drilling Imminent

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 ~440,000 net acres

Project Peregrine: Drilling planned early 2021 - preferred bidder for farm-out selected

• Independent prospective resource of 1.6 billion boe*, located on trend to recent discoveries
• Farm-outclosed Dec '21: farminee to contribute US$11.3m of US$12.6m for first well to earn 50%
• • Farminee (Alaska Peregrine Development Company) is special purpose vehicle largely comprised of private US based oil and gas professionals
• Permitting and planning on track for drilling of two wells in 1H2021
• First well, Merlin-1, to spud in February 2021 (rig contract executed) - targeting 645 million barrels*

Project Icewine: Large Independent Resource post Charlie-1 well => 1.77 billion boe*

• 1.4 billion barrels of oil* estimated in Seabee Fm - farmout process underway

Yukon Leases: Existing Discovery - Interpretation Complete on 3D seismic (2018)

• ~90 million barrels mean prospective oil resource (100% 88E)
• Negotiations underway with nearby resource owners to aggregate and farm-out

Icewine: HRZ Liquids Rich Resource Play

• De-riskedby three wells: Icewine-1,Icewine-2 and Charlie-1
• Results from Charlie-1 analysis of HRZ expected to facilitate farm-out process

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*gross mean unrisked prospective resource