Conventional Drills - Icewine

please note readers should be aware that not all statements may be factual or correct, please verify and research independently where possible

Stephen Staley:
Is this working? Can you hear me? It is working. Very good. I'm just going to go back a few slides, folks, to that one. I'm going to talk about the conventional. I'm the one who's got a tie on, so that's what you'd expect, I suppose. We're down here. Obviously, we've seen this slide before. Dave mentioned the green blobs here. Now, back in 2013, the US Geological Survey estimated that there was about 2.1 billion barrels to come out of what's called Brookian or the Brookian system, which is the conventional here. It extends into our acreage. Since then in those very few years with these three discoveries. Caelus there in the northwest, Armstrong and Repsol here, and ConocoPhillips earlier this year, they've already almost doubled that estimate. There's an awful lot of potential here. They haven't, by any means, found everything there is to find.

Way down here, the system extends down here. Tarm/Meltwater here. It's an existing field. That's one of our analogs for what we've got out here and across our acreage in terms of potential conventional play. Very exciting on the conventional side as well. I'll take it forward to where we were before. This now is a map of the acreage. The green blobs are, and you've probably seen these, they've been released. These are the conventional leads that we found. We can't call them prospects yet. We have more work to do on them before we can call them prospects. Very exciting.

You saw Alpha. If you came to the last one of these, we show you a little graphic of Alpha. We've moved further west. This is based on the 2D seismic that we acquired early last year, and processed and interpreted and we continued to work on. As you can probably see from this, we've got stacked plays. Here, we've got India/Juliet, et cetera. Over in the west, picked out just Bravo. We've also got Charlie. Charlie and Bravo overlap. Each of those is quite significant. We got well control over in the west here with Malbec, Smilodon, and Wolfbutton wells.

What do we think we've got? In broad terms, we've done an initial pass on this. Net to us, net to 88, probably about 1.14 billion, about one-and-a-half altogether billion barrels. Very significant. It's not quite as big as the unconventional, but by anybody's terms, that's a very large number to have sitting in your acreage. Now, this requires more work. We need to build in to our analysis, the data from the wells that we've got already over in the west there. We'll be working up what's the right way to approach this, where do we want to drill this.

If we have a look at this list here, then from east to west and we group them, you can see the size of what we've got. Alpha, we estimate in total about 118 million barrels. Then, through the centre, so pretty big ones as well. There's Golf and India. As we get to the west, if you look at Bravo and Charlie, the size of those both net to 88 Energy, over 200 million barrels each. There's a potential there to drill both with one well. Also in the west, one can keep going deeper with a single well and also get down to the HRZ. You got a lot of potential for getting a lot value out of a single well. We can start to do more things with the data. We can pull out seismic attributes and start to work on that, especially in the east where we've got access already to some of the 3D data. I think in summary, I'd say very exciting and watch the space. Dave?
London Presentation Feb, 2017

11/09/2020
Final Petrophysical Interpretation Substantially Upgrades Charlie-1 Net Pay
http://clients3.weblink.com.au/clients/_88energy/headline.aspx?headlineid=6995442

Charlie-1 well yields vital data, providing 88E with new opportunities
https://finfeed.com/small-caps/energy/charlie-1-well-yields-vital-data-providing-88e-new-opportunities/

https://next.voxmarkets.co.uk/articles/88-energy-strategic-minerals-paul-hill-russ-mould-94f68db/ from 1min,39secs

23/07/2020
Investor Presentation - July 2020
http://clients3.weblink.com.au/clients/_88energy/headline.aspx?headlineid=6987655

21/05/2020
Operations Update (Charlie-1 results)
http://clients3.weblink.com.au/clients/_88energy/headline.aspx?headlineid=6979678

20/04/2020
Petrophysical Interpretation Confirms Pay in Torok and Seabee
Highlights

• Preliminary petrophysical interpretation indicates hydrocarbon pay in Torok and Seabee Formations
• Initial lab results related to gas condensate analysis and core testing expected in weeks
clients3.weblink.com.au/pdf/88E/02226113.pdf

07/04/2020

Highlights
• Condensate discovery confirmed in Torok Formation
• Economic review underway to assess commerciality
http://clients3.weblink.com.au/pdf/88E/02223048.pdf

ORA https://www.slb.com/reservoir-characterization/surface-and-downhole-logging/wireline-openhole-logging/wireline-formation-testing/ora-intelligent-wireline-formation-testing-platform
see embedded video

31/03/2020
Highlights
• Total Depth of 11,112’ reached in the Kuparuk Formation
• Logging While Drilling results largely consistent with Malguk-1
• Wireline logging underway
https://www.slb.com/reservoir-characterization/surface-and-downhole-logging/wireline-openhole-logging/sidewall-coring/xl-rock

18/03/2020

Highlights
• Drilling of production hole to commence imminently

http://clients3.weblink.com.au/pdf/88E/02215989.pdf

10/03/2020

Highlights
• Surface hole complete to ~3,500’ depth
Detail
88 Energy confirms that the Charlie-1 appraisal well has reached 3,500’ depth and casing will now be run, as planned, in the 12.25” hole prior to commencing drilling the 8.5” production hole.

http://clients3.weblink.com.au/pdf/88E/02212622.pdf

03/03/2020

Highlights • Charlie-1 appraisal well drilling commenced
Detail 88 Energy confirms that the Charlie-1 appraisal well commenced drilling at 0600 on the 2nd March 2020, Alaska time.

http://clients3.weblink.com.au/pdf/88E/02209960.pdf

27/02/2020
Rig move down Dalton Highway
https://www.adn.com/business-economy/energy/2020/02/26/huge-drilling-rig-takes-an-unusual-drive-down-alaskas-dalton-highway/

23/02/2020
Investor Presentation 02/2020
http://clients3.weblink.com.au/pdf/88E/02205507.pdf

12/02/2020
Highlights
• Ice road now >80% complete
• Permit to Drill approved for Charlie-1 appraisal well
• Spud on track for late February

http://clients3.weblink.com.au/pdf/88E/02201755.pdf

15/01/2019
Highlights
• Ice road construction underway – base layer ~25% complete
• Permit to Drill submitted – approval expected in January 2020
• Operational activity for Charlie-1 progressing to plan for February 2020 spud

http://clients3.weblink.com.au/pdf/88E/02192904.pdf

23/11/2019

http://dog.dnr.alaska.gov/Document/6F83224EDE8942C5939C92C17DD6F83/11-22-2019_Newsroom_LONS_19-004_AEA_Charlie_#1_Exploration_Well_Lease_Plan_of_Operations_-_Approved

22/11/2019
https://sponsored.bloomberg.com/news/sponsors/features/the-next-oil-rush/88energy/?adv=25442&prx_t=FnYFAwbU-At_sQA
18/11/2019
New Corporate Presentation
http://clients3.weblink.com.au/clients/_88energy/headline.aspx?headlineid=6955431

24/10/2019
https://hotcopper.com.au/threads/petroleum-news.4478719/page-190?post_id=41054377 - as usual do own research.
http://dog.dnr.alaska.gov/Information/Studies

15/10/2019
Charlie-1 Update.
http://clients3.weblink.com.au/clients/_88energy/headline.aspx?headlineid=6949680

30/09/2019
Permit Application Charlie-1
http://dog.dnr.alaska.gov/Newsroom/Document/B5C68475BD564A29B8486875339DC2BE/9-30-2019_Newsroom_AEA_Charlie_#1_Exploration_Well_Application

By constructing an ice road, using approved prepacking and snow amendment techniques, the route can meet tundra opening standards (-5C at 30 cm depth, and snow depth requirements) prior to the general tundra opening. This is the main reason why the ice road season is longer than the general winter tundra travel season.

22/08/2019
http://clients3.weblink.com.au/clients/_88energy/headline.aspx?headlineid=6941962
Premier Oil PLC has signed a Sale and Purchase Agreement with 88 Energy and Burgundy Xploration LLC to farm-in for a 60 per cent interest in Area A of their conventional Project Icewine acreage in the proven Alaska North Slope basin. This acreage lies close to the Trans-Alaska Pipeline and the Dalton Highway. The transaction provides Premier with a cost effective entry point into an emerging play, following recent advances in drilling and completion techniques, within a proven oil province and one which has the potential to deliver significant organic growth opportunities for the Group.
http://www.premier-oil.com/

06/08/2019
http://clients3.weblink.com.au/clients/_88energy/headline.aspx?headlineid=6940059
Exclusivity agreement executed by 88 Energy and Burgundy Xploration, LLC (together, the “JV Parties”) with preferred bidder to facilitate near term operational activity whilst final terms are agreed on the proposed farmout agreement:
o Exclusivity granted by the JV Parties until 31st August 2019, with customary exclusivity undertakings;
o US$500,000 payment (the “Exclusivity Fee”) by the preferred bidder to the JV Parties to facilitate incurring of initial agreed costs associated with the 2020 drilling program;
o Exclusivity Fee non-refundable unless the farmout agreement is not finalised owing to an act or omission of the JV Parties.

26/06/2019
http://clients3.weblink.com.au/clients/_88energy/headline.aspx?headlineid=6934732
Highlights
• Farminee internal approvals complete, including Board sign-off
• Farm-out deal now subject to: o execution of closing documents o standard conditions precedent, mainly related to transfer of working interests
• Well planning and permitting required for 2020 drilling now ramping up

condition precedent
n. 1) in a contract, an event which must take place before a party to a contract must perform or do their part. 2) in a deed to real property, an event which has to occur before the title (or other right) to the property will actually be in the name (vest) of the party receiving title. Examples: if the ship makes it to port, the buyer agrees to pay for the freight on the ship and unload it; when daughter Gracella marries she shall then have full title to the property.
https://legal-dictionary.thefreedictionary.com/condition+precedent

06/04/2018

Project Icewine – Icewine 3D
The Icewine 3D seismic survey, approximately 450 km2 in area and covering several large leads identified on 2D seismic, was completed on the 28th March – on schedule and within budget. Infield quality control, overseen by head office, has ensured that the data acquired is as clean as possible to enable fast track processing. Processing of shipments of data from the initial areas of the acquisition has commenced and early products, namely post stack migration, will be available in June 2018. This will allow confirmatory mapping of the stratigraphic / structural elements of the leads already identified in the conventional prospectivity portfolio.
http://clients3.weblink.com.au/pdf/88E/01968718.pdf

14/02/2018

3D commenced on Icewine

https://www.asx.com.au/asxpdf/20180214/pdf/43rl6qtpnf0wfm.pdf

07/02/2018

Bravo Charlie Permit Approval http://dog.dnr.alaska.gov/Documents/Permitting/NorthSlope/OperationPlans/2018/20180205_Bravo1AndCharlie1ExplorationWells_Decision.pdf

12/01/18 3D Permit Approval http://dog.dnr.alaska.gov/Documents/Permitting/NorthSlope/MLUP/2018/MLUPNS_17-002_Geokinetics_Icewine_2018_3D_GeophysicalExplorationPermitApproval.pdf

15/12/2017 ICEWINE 3D Contract award
http://www.geokinetics.com/icewine3d2018
https://www.morningstar.com/news/pr-news-wire/PRNews_20171214DA70882/geokinetics-wins-acquisition-and-imaging-contract-for-88-energy-on-alaskas-north-slope.html

Iceroad Permit Application Oct, 2017
https://aws.state.ak.us/OnlinePublicNotices/Notices/Attachment.aspx?id=109751

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