REG - 88 Energy Limited - South Prudhoe Prospective Resource Update
19/02/2026 07:00
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RNS Number : 5525T 88 Energy Limited 19 February 2026
This announcement contains inside information
19 February 2026
88 Energy Limited
SOUTH PRUDHOE Prospective RESOURCE UPDATE
MAJOR NEW AND UPDATED ESTIMATES ACROSS MULTIPLE RESERVOIRS
88 Energy Limited (ASX: 88E, AIM: 88E, OTC: EEENF) (88 Energy or the Company)
is pleased to announce the results of its internal Prospective Resource
assessment across its consolidated South Prudhoe acreage on Alaska's North
Slope (100% working interest, 16.7% royalty).
The South Prudhoe lease position covers approximately 52,269 acres within one
of the most prolific hydrocarbon fairways on the North Slope, immediately
south of the Prudhoe Bay Unit and Kuparuk River Unit. This acreage
incorporates newly secured leases together with the former Project Leonis
area, consolidating a highly strategic corridor of stacked reservoirs with
direct access to existing infrastructure.
Highlights
· The update confirms material multi‑million‑barrel potential
across multiple mapped prospects within five independent reservoir intervals,
including maiden estimates for the Ivishak and Kuparuk reservoirs.
· All prospects are covered by modern 3D seismic data.
· The combined internal Prospective Resource estimate Gross (2U)
Best Estimate of 507 million barrels (MMbbls) of oil and natural gas liquids
(NGLs) (422 MMbbls net) 1 (#_ftn1) 2 (#_ftn2)
· Additional Brookian Resource upside expected to be defined within
the North-West Hub, with multiple targets identified on the newly purchased
Schrader Bluff 3D seismic data.
· Farm-out discussions and well planning underway targeting the
multi-zone Augusta Prospect, which is adjacent to the Hemi Springs State-1
discovery well.
· Resources estimated for the N-W and S-E hubs support satellite
development potential through existing third-party infrastructure.
South Prudhoe Total Hub Reservoir (2) Unrisked Prospective Oil and NGLs Resources (MMbbls) (1 2)
Probabilistic Method Low (1U) Best (2U) High (3U) MEAN GCOS
Augusta N-W Iv, Kup 45.2 64.4 91.3 66.7 48%
Augusta North Cluster N-W Iv, Kup 16.4 23.1 32.4 23.9 62%
Lasso N-W Iv, Kup 7.8 11.0 15.2 11.3 39%
Greater Spurr Cluster S-E Iv 11.5 23.6 49.9 28.0 43%
Eaglecrest S-E Iv, SB 4.9 9.1 17.2 10.3 47%
Donoho O and N sands S-E SB 68.4 160.7 370.2 196.8 22%
Tressler S-E SB 44.9 106.0 251.2 132.2 23%
Hunter S-E SB 6.4 17.4 45.8 22.8 24%
Cooper Canyon S-E SB 39.6 91.3 211.3 112.6 26%
Total (100% Gross) 245.1 506.6 1,084.5 604.6
Total (83.33% Net Entitlement) 204.2 422.2 903.7 503.8
Managing Director, Ashley Gilbert, commented:
"This updated internal Prospective Resource assessment highlights the
significant scale and quality of our South Prudhoe acreage position, with
material multi-million-barrel potential now defined across seventeen mapped
prospects and five independent reservoir intervals. We can now clearly see a
multi-zone, multi-million-barrel opportunity with additional potential growth
to come.
The Ivishak and Kuparuk prospects are positioned immediately adjacent to two
of North America's largest oil fields which have been producing since 1977.
This creates low-risk potential for a fast-track and low-cost development upon
success through existing, third-party infrastructure.
Importantly, we see further upside ahead. The refined Brookian Formation
update, incorporating the Canning and Schrader Bluff reservoirs, is just the
beginning with additional upside in our North-West Hub area expected from
within the West Sak and Price Creek reservoirs.
Our focus is now firmly on upgrading these current resource estimates while at
the same time advancing farm-out discussions and well planning to unlock the
full value of this exciting asset."
South Prudhoe Overview
Unlocking Low-Risk Barrels in a World-Class Petroleum System
88 Energy's South Prudhoe acreage lies immediately south of the giant Prudhoe
Bay and Kuparuk River Units, representing two of North America's largest and
most productive oil fields. This strategic position directly overlies a proven
petroleum system anchored by the Ivishak and Kuparuk reservoirs, with
additional upside expected to be delineated within the Brookian sequence.
Mapping of historical Storms and Schrader Bluff 3D seismic data, integrated
with petrophysical analysis and offset well data, has confirmed multiple
fault-block closures. Oil shows, flow tests and production in offset wells
such as Hemi Springs State-1 and PBU P-27 demonstrate commercial reservoir
properties and strong charge potential.
This combination of proven deep conventional reservoirs and shallower plays
provides stacked-pay potential with near-term drilling objectives and
long-term growth upside.
Ivishak Formation
Maiden Prospective Resource Declared
The Ivishak Formation is one of the world's most prolific conventional
reservoirs, having produced more than 13 billion barrels of oil from the
Prudhoe Bay Unit (PBU) (Source: DNR and AOGCC). At South Prudhoe, multiple
independent, well-defined Ivishak prospects (see Figure 2 and refer to Table
1) have been delineated using modern 3D seismic interpretation, supported by
petrophysical analysis and oil shows in key regional wells.
Collectively, these prospects contain an Estimated Best (2U) Gross Prospective
Resource of approximately 77.2 MMbbls 3 (#_ftn3) 4 (#_ftn4) 5 (#_ftn5) of
oil and NGLs (unrisked). Reservoir quality is consistent with producing
Ivishak analogues, characterised by clean sandstones with average porosity of
~20% and permeability typically in the range of 50-100 millidarcies.
Hydrocarbon presence and deliverability are further validated by offset well
control. Hemi Springs State-1 and Hurl St 5-10-13 successfully recovered oil
from the Ivishak, while the adjacent PBU P-27 production well, located
immediately adjacent to South Prudhoe's Eaglecrest Prospect, has produced more
than 4.1 MMbbls to date (Source: DNR Alaska and AOGCC), confirming long-term
productivity from the reservoir.
Table 1: Ivishak Formation Prospective Resources Estimate by Prospect Area
South Prudhoe: Ivishak Prospects Unrisked Prospective Oil and NGL's Resources (MMbbls)(3, 4, 5, 6 (#_ftn6) )
Probabilistic Method Estimation Hub Low (1U) Best (2U) High (3U) MEAN GCOS
Augusta N-W 27.5 40.9 60.1 42.6 48%
Augusta North Cluster N-W 3.6 5.7 8.9 6.0 62%
Lasso N-W 1.1 2.0 3.2 2.1 39%
Greater Spurr Cluster S-E 11.5 23.6 49.9 28.0 43%
Eaglecrest S-E 3.1 5.0 7.9 5.3 53%
Total (100% Gross) 46.8 77.2 130.0 84.0
Total (83.3% Net Entitlement) 39.0 64.3 108.3 70.0
Kuparuk Formation
Maiden Prospective Resource Declared
The Kuparuk Formation is one of Alaska's most significant conventional oil
reservoirs, forming the backbone of the Kuparuk River Unit, which has produced
over 2.5 billion barrels of oil (Source: DNR Alaska and AOGCC). At South
Prudhoe, three (3) independent Kuparuk prospects have been mapped on 3D
seismic and are supported by oil shows and flow tests in offset wells
including Hemi Springs State-1 and KRU 1M-17. These prospects represent a
combined Estimated Best (2U) Gross Prospective Resource of 49.9 MMbbls(3, 4,
5,) 7 (#_ftn7) oil and NGL's (unrisked) offering stacked pay potential
alongside Ivishak and Brookian intervals.
Primary Kuparuk Prospects: The Kuparuk reservoir at the Augusta Prospect is a
robust, low‑risk appraisal target supported by strong nearby well
performance, proven high‑quality reservoir sands, and clear evidence of
reservoir continuity between offset producers.
The Augusta North prospect was intersected by the Hemi Springs State‑1 well,
drilled in 1984 by Arco Alaska, Inc. The Company is assessing the opportunity
to reclassify the Augusta North prospective resources as a discovered
Contingent Resource, supported by the successful flow test of Hemi Springs
State‑1 well. Importantly, the Hemi Springs State‑1 discovery has been
formally recognised by the State of Alaska as capable of producing in paying
quantities, providing regulatory confirmation of the commercial hydrocarbon
potential within both the Augusta and Augusta North areas
Table 2: Kuparuk Formation Prospective Resources Estimates by Prospect Area
South Prudhoe: Kuparuk Prospects Unrisked Prospective Oil and NGL's Resources (MMbbls)(3 4 5 7)
Probabilistic Method Estimation Hub Low (1U) Best (2U) High (3U) MEAN GCOS
Augusta N-W 17.7 23.5 31.2 24.1 39%
Augusta North N-W 12.8 17.4 23.5 17.9 51%
Lasso N-W 6.7 9.0 12.0 9.2 31%
Total (100% Gross) 37.2 49.9 66.7 51.2
Total (83.33% Net Entitlement) 31.0 41.6 55.6 42.7
Brookian Formation (Schrader Bluff Reservoirs)
88 Energy has completed a comprehensive review of the Brookian sequence within
its South Prudhoe acreage, resulting in a significant refinement of
prospective resource estimates previously published in ASX releases dated 4
June 2024 and 30 January 2025. The updated interpretation, leveraging the
reassessment of the Storms 3D seismic and advanced structural mapping, has
consolidated the Brookian potential into six (6) structurally defined
prospects, primarily within the South-East Hub. The former Canning interval is
now classified as Lower Schrader Bluff, alongside Upper and Mid Schrader Bluff
targets.
Collectively, these prospects carry an Estimated Best (2U) Gross Prospective
Resource of 439.0 MMbbls (3, 4, 5,) 8 (#_ftn8) of oil (unrisked), adding to
the primary exploration opportunity. While Ivishak and Kuparuk remain the
near-term focus, the Brookian sequence provides material secondary upside and
reinforces the long-term growth potential of the South Prudhoe acreage
position.
The South-East Hub now hosts the majority of the clearly defined Brookian
prospects however, upside remains in the North-West Hub, where significant
potential is yet to be fully delineated within the West Sak and Price Creek
reservoirs. This ongoing work underscores the multi-zone nature of South
Prudhoe and positions Brookian targets as valuable secondary opportunities
complementing the near-term focus on Ivishak and Kuparuk.
Table 3: Schrader Bluff (SB) Prospective Resources Estimates by Prospect Area
(South-East Hub only)
South Prudhoe: SB Prospects Unrisked Prospective Oil and NGLs Resources (MMbbls)(3 4 5 8)
Probabilistic Method Estimation Low (1U) Best (2U) High (3U) MEAN GCOS
Donoho O and N sands (USB) 68.4 160.7 370.2 196.8 22%
Tressler (MSB) 5.3 14.7 39.9 19.6 23%
Hunter (MSB) 6.4 17.4 45.8 22.8 24%
Eaglecrest (MSB) 1.8 4.1 9.3 5.0 23%
Cooper Canyon (Canning - LSB) 83.3 150.8 269.3 166.8 26%
Tressler (Canning - LSB) 39.6 91.3 211.3 112.6 21%
Total (100% Gross) 204.8 439.0 945.8 523.6
Total (83.33% Net Entitlement - 88E) 170.7 365.8 788.2 436.3
South Prudhoe Advancement Schedule
Workstreams Set to Further Build Value
88 Energy's near-term focus is on progressing the planning for drilling of the
Augusta-1 Prospect. Targeting a spud in Q1 2027, Augusta-1 is a priority
multi-zone exploration and appraisal opportunity, providing the most direct
pathway to establishing a discovered resource base capable of underpinning a
future satellite development.
Key next steps include:
· Fast-track remaining resource estimation: Having only recently
purchasing the Schrader Bluff 3D, the Company focused on the deeper Ivishak
and Kuparuk reservoirs. However, 88 Energy has identified further potential
prospects in the Brookian formation within the North-west hub and will
prioritise fully-defining the remaining prospectivity and resource estimation
in Q2 2026. In addition, the Company will investigate resources within the
North-West Hub which are associated with the Hemi Springs State-1 discovery
well and determine whether reclassification to Contingent Resources is
appropriate. This will provide the foundation for definition of a formal
development concept and economic assessment.
· Augusta Prospect well planning and appraisal focus: Progress
detailed well design and planning for a multi-zone exploration and appraisal
well at the priority Augusta Prospect, targeting stacked Ivishak, Kuparuk, and
Brookian reservoirs.
· Integrated economic and development screening: Undertake
early-stage development concept studies to assess potential tie-back options,
capital intensity, and commercial thresholds, leveraging proximity to existing
infrastructure and proven producing systems across both South Prudhoe areas.
· Farm-out and strategic partnering: Continue to progress farm-out
discussions with the objective of securing funding support for drilling and
appraisal activity while retaining meaningful exposure to upside across a
potentially material development opportunity.
· Portfolio-wide opportunity ranking: Continue to apply a
disciplined screening process across all mapped prospects to prioritise
follow-up opportunities based on size, risk profile, development optionality,
and alignment with near-infrastructure monetisation pathways.
Estimation Methodology - Prospective Resources Estimate
88 Energy estimated Prospective Resources using a probabilistic Monte Carlo
simulation approach. Gross Rock Volumes (GRV) for each prospect were derived
from detailed structural and stratigraphic mapping of the available 3D seismic
data and associated geophysical attributes.
Key reservoir parameters-including porosity (ϕ), hydrocarbon saturation (HS),
net-to-gross ratio (NTG), recovery factor (RF), and oil formation volume
factor (Bo)-were defined based on comprehensive petrophysical evaluation of
nearby offset well logs (porosity and NTG) and analysis of production data and
performance from geologically analogous fields (HS, RF, and Bo).
Each input parameter was represented by an appropriate statistical
distribution to reflect the inherent uncertainty associated with subsurface
reservoir characterisation. The Prospective Resources estimates are reported
on a gross basis and have not been risked for geological chance of success,
phase risk, or chance of development. A qualitative assessment indicates a
probable development outcome following geological success, supported by the
project's proximity to existing infrastructure.
All Prospective Resource estimates included in this announcement adhere to the
definitions and guidelines set forth in the Petroleum Resources Management
System (PRMS) as revised in June 2018 by the Society of Petroleum Engineers.
The PRMS cautions that Prospective Resources are estimated quantities of
petroleum that may be potentially recovered by the application of a future
development project and relate to undiscovered accumulations. These estimates
have both an associated risk of discovery and a risk of development. Further
exploration, appraisal and evaluation are required to determine the existence
of a significant quantity of potentially recoverable hydrocarbons.
The evaluation date for the Prospective Resources stated within this document
is 19 February 2026. Further details are available in the disclaimers attached
as Schedule 1 of this ASX release.
South Prudhoe: Prospects Total Hub Reservoir 9 (#_ftn9) Unrisked Prospective Oil and NGLs Resources (MMbbls)(3) 10 (#_ftn10) 11
(#_ftn11) 12 (#_ftn12) 13 (#_ftn13)
Probabilistic Method Low (1U) Best (2U) High (3U) MEAN GCOS
Augusta N-W Iv, Kup 45.2 64.4 91.3 66.7 48%
Augusta North Cluster N-W Iv, Kup 16.4 23.1 32.4 23.9 62%
Lasso N-W Iv, Kup 7.8 11.0 15.2 11.3 39%
Greater Spurr Cluster S-E Iv 11.5 23.6 49.9 28.0 43%
Eaglecrest S-E Iv, SB 4.9 9.1 17.2 10.3 47%
Donoho O and N sands S-E SB 68.4 160.7 370.2 196.8 22%
Tressler S-E SB 44.9 106.0 251.2 132.2 23%
Hunter S-E SB 6.4 17.4 45.8 22.8 24%
Cooper Canyon S-E SB 39.6 91.3 211.3 112.6 26%
Total (100% Gross) 245.1 506.6 1,084.5 604.6
Total (83.33% Net Entitlement) 204.2 422.2 903.7 503.8
This announcement has been authorised by the Board.
Media and Investor Relations:
88 Energy Ltd
Ashley Gilbert, Managing Director
Tel: +61 (0)8 9485 0990
Email: investor-relations@88energy.com
Fivemark Partners, Investor and Media Relations
Michael Vaughan Tel: +61 (0)422 602 720
Euroz Hartleys Ltd
Chelsey Kidner Tel: +61 (0)8 9268 2829
Cavendish Capital Markets Limited
Derrick Lee / Pearl Kellie Tel: +44 (0)131 220 6939
Hannam & Partners
Leif Powis / Neil Passmore Tel: +44 (0) 207 907 8500
SCHEDULE 1
Disclaimers:
Cautionary Statement for Prospective Resource Estimates - With respect to the
Prospective Resource estimates contained within this report, it should be
noted that the estimated quantities of gas that may potentially be recovered
by the future application of a development project relate to undiscovered
accumulations. These estimates have an associated risk of discovery and risk
of development. Further exploration, appraisal and evaluation is required to
determine the existence of a significant quantity of potentially recoverable
hydrocarbons.
Hydrocarbon Resource Estimates - The Prospective Resource estimates for South
Prudhoe (inclusive of the formerly named Project Leonis) presented in this
report are prepared as at 19 February 2026. The Prospective Resource
estimates are quoted on an unrisked basis together with the geological chance
of success for the Ivishak, Kuparuk and Schrader Bluff prospects. 88
Energy has considered the chance of discovering oil over gas to be 100%.
Chance of development has not been estimated. Quantifying the chance of
development (COD) requires consideration of both economic contingencies and
other contingencies, such as legal, regulatory, market access, political,
social license, internal and external approvals and commitment to project
finance and development timing. As many of these factors are outside the
knowledge of 88 Energy they must be used with caution.
Government Royalty and Overriding Royalty Interests - The South Prudhoe leases
("Leases") are situated in the State Lands of the North Slope of Alaska and
are administered by the Alaskan Department of Natural Resources - Oil and Gas
Division (DNR). All leases issued by DNR are subject to a royalty and 88
Energy's Leases are subject to a 16.67% government royalty. The net
economic interest to 88 Energy has therefore been calculated as 83.33% and the
Net Entitlement Prospective Resources have been adjusted to reflect this.
Competent Person Statement Information - In this report information relating
to hydrocarbon resource estimates have been prepared by Matt Fittal, Principal
Subsurface Advisor at 88 Energy Limited, and reviewed by Dr Stephen Staley,
who is a Non-Executive Director of the Company. This information is based on,
and fairly represents, information and supporting documentation compiled by
Matt Fittal, and the company has stated in the Report that it has been
prepared in accordance with the definitions and guidelines set forth in the
Petroleum Resources Management System, 2018, approved by the Society of
Petroleum Engineers and have been prepared using probabilistic methods.
Dr Stephen Staley, has more than 40 years' experience in the petroleum
industry, is a Fellow of the Geological Society of London, and a qualified
Geologist/Geophysicist who has sufficient experience that is relevant to the
style and nature of the oil prospects under consideration and to the
activities discussed in this document. Dr Staley has reviewed the information
and supporting documentation referred to in this announcement and considers
the prospective resource estimates to be fairly represented and consents to
its release in the form and context in which it appears. His academic
qualifications and industry memberships appear on the Company's website and
both comply with the criteria for "Competence" under clause 3.1 of the Valmin
Code 2015. Terminology and standards adopted by the Society of Petroleum
Engineers "Petroleum Resources Management System" have been applied in
producing this document.
Forward looking statements - This document may include forward looking
statements. Forward looking statements include, are not necessarily limited
to, statements concerning 88 Energy's planned operation program and other
statements that are not historic facts. When used in this document, the words
such as "could," "plan," "estimate," "expect," "intend," "may," "potential,"
"should" and similar expressions are forward looking statements. Although 88
Energy believes the expectations reflected in these are reasonable, such
statements involve risks and uncertainties, and no assurance can be given that
actual results will be consistent with these forward-looking statements. The
entity confirms that it is not aware of any new information or data that
materially affects the information included in this announcement and that all
material assumptions and technical parameters underpinning this announcement
continue to apply and have not materially changed.
SCHEDULE 2
Definitions and Glossary of Key Terms:
PRMS/SPE definition: Prospective Resource
Prospective resources are estimated volumes associated with undiscovered
accumulations. These represent quantities of petroleum which are estimated, as
of a given date, to be potentially recoverable from oil and gas deposits
identified on the basis of indirect evidence, but which have not yet been
drilled. This class represents a higher risk than contingent resources since
the risk of discovery is also added. For prospective resources to become
classified as contingent resources, hydrocarbons must be discovered, the
accumulations must be further evaluated and an estimate of quantities that
would be recoverable under appropriate development project(s) prepared.
Glossary of Key Terms
1U Denotes the unrisked low estimate qualifying as Prospective Resources.
2U Denotes the unrisked best estimate qualifying as Prospective Resources
3U Denotes the unrisked high estimate qualifying as Prospective Resources
BOE Barrels of oil equivalent
Chance Chance equals 1-risk. Generally synonymous with likelihood.
Chance of Development The estimated probability that a known accumulation, once discovered, will be
commercially developed.
Entitlement That portion of future production (and thus resources) legally accruing to an
entity under the terms of the development and production contract or license.
Mean The sum of a set of numerical values divided by the number of values in the
set.
MMbbl Million barrels of oil
Prospect A project associated with a potential accumulation that is sufficiently well
defined to represent a viable drilling target.
Prospective Resources Those quantities of petroleum that are estimated, as of a given date, to be
potentially recoverable from undiscovered accumulations.
Reservoir A subsurface rock formation that contains an individual and separate natural
accumulation of petroleum that is confined by impermeable barriers, pressure
systems, or fluid regimes (conventional reservoirs), or is confined by
hydraulic fracture barriers or fluid regimes (unconventional reservoirs).
Royalty A type of entitlement interest in a resource that is free and clear of the
costs and expenses of development and production to the royalty interest
owner. A royalty is commonly retained by a resource's owner (lessor/host) when
granting rights to a producer (lessee/contractor) to develop and produce that
resource. Depending on the specific terms defining the royalty, the payment
obligation may be expressed in monetary terms as a portion of the proceeds of
production or as a right to take a portion of production in-kind. The royalty
terms may also provide the option to switch between forms of payment at
discretion of the royalty owner
Working Interest An entity's equity interest in a project before reduction for royalties or
production share owed to others under the applicable fiscal terms.
SCHEDULE 3
South Prudhoe - lease information:
Former Project Leonis acreage, now included within South Prudhoe comprises 14
leases covering approximately 35,629 contiguous acres and a further 7 leases
covering approximately 16,640 acres:
On 10 November 2022, the Company announced Captivate Energy Alaska, Inc.
Captivate (a wholly-owned subsidiary of the Company) had been declared the
successful bidder on ten leases covering 25,430 contiguous acres as part of
the North Slope Areawide 2022 Oil and Gas lease sale. On 20 April 2023 the
Company announced that the Alaskan Department of Natural Resources (DNR), Oil
and Gas Division, had completed its adjudication process and formally issued
award notices to Captivate Energy Alaska, Inc.
On 12 December 2024, Captivate was declared the successful bidder on four
additional lease blocks immediately adjacent to the existing 2023 acquired
leases. The new leases cover 10,203 acres, expanding the lease footprint of
Project Leonis to fourteen (14) leases covering approximately 35,634
contiguous acres. The DNR formally awarded the leases on 27 June 2025.
On 20 November 2025, Captivate was declared the successful bidder on seven
additional lease blocks adjacent to the 14 existing owned leases covering
16,640 acres. Final lease issuance follows the State's standard adjudication
and administrative process, which includes routine interest and title reviews
conducted by the Alaska Department of Natural Resources. This process is
expected to conclude in 1H 2026 with the final award is pending this standard
procedure. Based on the company's established qualification history and the
leasing history of these tracts, management views the likelihood of any non
issuance or material acreage adjustment as very low. Prospective resources
have been estimated within the South Prudhoe leases on the basis that
Management expects the issuance to occur without complication.
The leases have an annual rental of $10/acre each year, and a royalty of
16.6667% payable to the State of Alaska. The Project Leonis leases have a
ten-year term. The initial 10 leases expire on 1 May 2033, the four 2025
awarded leases expire on 1 June 2035.
1 (#_ftnref1) Cautionary Statement: Prospective Resources are estimated
quantities of petroleum that may be potentially recovered by the application
of a future development project and relate to undiscovered accumulations.
These estimates have both an associated risk of discovery and a risk of
development. Further exploration, appraisal and evaluation are required to
determine the existence of a significant quantity of potentially recoverable
hydrocarbons.
2 (#_ftnref2) Refer to pages 4, 5, 7 and 8 and Schedule 1,2 and 3 for
further details. Summary table includes arithmetic totals for Ivishak (Iv),
Kuparuk (Kup) and Schrader Bluff (SB) which includes Upper, Mid and Lower
Schrader Bluff (USB, MSB & LSB respectively).
3 (#_ftnref3) Refer to Cautionary Statement on page 1 and 10.
4 (#_ftnref4) Refer to pages 8 and 9, and Schedules 1,2 and 3 for further
information and disclosures required by ASX Listing Rules
5 (#_ftnref5) Gross unrisked Oil and NGL Prospective Resource. 88 Energy net
resources have been calculated using a 100% working interest and a 16.6667%
royalty. NGLs are converted to oil equivalent volumes on a constant ratio
basis of 1:1
6 (#_ftnref6) Reported totals for each prospect and totals are an arithmetic
sum of both Oil and NGL hydrocarbon types within the Ivishak reservoir.
7 (#_ftnref7) Reported totals for each prospect and totals are an arithmetic
sum of both Oil and NGL hydrocarbon types within the Kuparuk reservoir.
Kuparuk recovery factors assume a waterflood.
8 (#_ftnref8) Reported totals for each prospect and totals are an arithmetic
sum of both Oil and NGL hydrocarbon types within the Schrader Bluff
reservoirs.
9 (#_ftnref9) Summary table includes arithmetic totals for Ivishak (Iv),
Kuparuk (Kup) and Schrader Bluff (SB) which includes Upper, Mid and Lower
Schrader Bluff (USB, MSB & LSB respectively).
10 (#_ftnref10) 88 Energy net resources have been calculated using a 100%
working interest and a 16.6667% royalty
11 (#_ftnref11) GCOS represents the geological chance of success as assessed
by 88 Energy and relates to the primary objective, taking into account and
risking of such factors as source, timing/migration, estimated reservoir and
quality, mapped closures and seal effectiveness. The GCOS has been assessed as
an average of the primary prospects identified within each formation.
Individual prospect GCOS are noted on page 4 for the Ivishak, page 5 for the
Kuparuk and page 7 for the Schrader Bluff.
12 (#_ftnref12) Prospects are subject to a phase risk (oil vs gas) with the
chance of oil assessed as 100% in these prospects
13 (#_ftnref13) The Prospective Resources have not been adjusted for the
chance of development. Quantifying the chance of development (COD) requires
consideration of both economic and other contingencies, such as legal,
regulatory, market access, political, social license, internal and external
approvals and commitment to project finance and development timing. As many of
these factors are not yet known, 88 Energy has qualitatively assessed the
chance of development as "probable" upon geological success given the
strategic location of the acreage position adjacent to TAPS and key
infrastructure.
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