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88E / EEENF

Icewine East Drilling

Progress Tracker

Disclaimer: We are NOT geologists - this document is used by our team to internally to try and visualise the drilling progress made by 88E, it should not be relied upon by anyone to make any decisions. For all disclaimers and disclosures please visit our website.

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Our Big Bet:

“88E makes a large oil discovery that is acquired by a major for over A$1BN”

NOTE: our “Big Bet” is what we HOPE the ultimate success scenario looks like for this particular Investment over the long term (3+ years). There is a lot of work to be done, many risks involved - just some of which we list in our 88E Investment memo. Success will require a significant amount of luck. There is no guarantee that our Big Bet will ever come true.

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This tracker will follow 88E’s 2023 drilling program at its Icewine East project.

The context:

88E’s multi billion $ neighbour Pantheon Resources has drilled 3 out of 3 successful wells.

Pantheon is now drilling a horizontal well to run production flow testing.

88E is aiming to prove that the reservoirs that flow oil on Pantheon’s ground, extend south into 88E’s ground, and also flow oil.

The 2023 drilling program will be testing this theory.

If 88E is successful, we hope to see 88E’s valuation to re-rate closer to its neighbour Pantheon’s.

As of 23/08/2022, Pantheon’s market cap is $1.7 billion. 88E is capped at $164M.

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15 December 2016 - 88E is granted the now “Icewine East” ground.

88E is declared highest bidder for additional ~142,650 acres of ground near its existing Icewine West project.

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21 December 2018 - Pantheon acquires ground bordering 88E

Pantheon acquires the ground bordering 88E’s Project Icewine.

~250,000 acre landholding with a gross unrisked P50 prospective resource of 2 billion barrels of oil.

Close to US$300M of historical exploration over the projects.

Deal values the vendor “Great Bear” at US$49M.

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Some context on Pantheon’s project:

Key takeaways:

Close to USS$300M spent on the project up to 2019.

Existing discoveries already made over the acreage.

17 billion barrels of oil in place, 2.2 billion barrels of recoverable resource (as at January 2020).

Pantheon now just need to prove up the resource and show that it can be commercially produced.

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25 March 2019 - Pantheon flow tests Alkaid #1

Key takeaways:

Pantheon re-enters the previously suspended Alkaid #1 well.
Successful flow test:

Vertical well completed

Confirmed deliverability of light, sweet oil.
Flow test showed a production rate of ~108 barrels of oil per day.

Pantheon market cap went from ~$60M to ~$120M.

88E valued at ~$120M.

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September 2019 - Separated view of 88E’s ground (first look at “Icewine East”.

By 2019, 88E split Project Icewine into three different areas:

Area A: Western play fairway
Area B: Central fairway
Area C: Eastern Fairway.

Note:

Area C: Eastern Fairway is now “Icewine East”.

The Central Fairway acreage has been dropped from 88E’s asset portfolio.

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14 January 2021 - Pantheon starts drilling Talitha #A

Key takeaways:

Pantheon start drilling the Talitha #A well with intention to conduct a flow test.

Video of an operations update at the time:

https://www.youtube.com/watch?v=FtcuTMZRTx0&t=2s

Pantheon’s market cap went from ~$200M to ~$581M.

88E valued at ~$96M

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7th February 2022 - Pantheon flow tests Talitha #A

Key takeaways:

Pantheon flow tests Talitha #A
Successful flow test:

Vertical well completed
The well flowed high quality light oils.
Flow test showed a production rate of ~73 barrels of oil over a three day test period.

Pantheon market cap went from ~$581M to $1.3 billion.

88E valued at ~$592M

(during Merlin-2 drilling)

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24th March 2022 - Pantheon flow tests Theta West #1

Key takeaways:

Pantheon flow tests Theta West #1
Successful flow test:

Vertical well completed
Confirmed deliverability of high quality light oil.
Average production rate of ~57 barrels of oil per day with peak rates exceeding 100 barrels of oil per day over 2.5 days.

Pantheon Market cap went from ~$1.3 billion to $1.5 billion.

88E valued at ~$594M

(during Merlin-2 drilling)

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March 2022 - Pantheon “retro”

Pantheon now has 3/3 wells drilled and flow tested over its ground.

All three wells confirmed high quality light oils and successfully delivered flow rates.

What happens next?

Horizontal well (Alkaid #2) planned to follow up horizontal Alkaid #1.

Pantheon think the well could potentially produce ~1,600 to 2,200 barrels of oil per day.

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29th June 2022 - 88E acquires 3D seismic data over its ground

Key takeaways:

88E gain access to 3D seismic survey data over its Icewine East project - the ‘Franklin Bluffs 3D”.�
3D seismic data covers the same reservoir units that 88E’s neighbour Pantheon Resources has been drilling and which are interpreted to extend from Pantheon’s acreage onto 88E’s.

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7th July 2022 - Pantheon starts drilling first horizontal well - Alkaid #2

Pantheon start drilling Alkaid #2.

Pantheon mention the ultimate objective for the well is “to gain robust production test data to accurately assess the ultimate potential of the reservoir”.

Pantheon’s previous estimates for the project show a US$595M NPV across the prospect at an oil price of US$55/barrel.

Drone footage of the Alkaid #2 drill rig >>

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29th July 2022 - Pantheon strikes oil with Alkaid #2

Key takeaways:

Alkaid #2 drilled to a total depth of 8,950 feet.

Hit oil across all three targeted formations.

The Shelf Margin Deltaic - Net ~83m oil bearing reservoir.
The Alkaid anomaly - Net ~47m oil bearing reservoir encountered
The Alkaid Deep anomaly - Reservoir quality encountered was better than pre-drill expectations (reservoir thickness being analysed)

�What this means for 88E:�

All three of the reservoirs are interpreted to extend into 88E’s ground to the south.

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10th August 2022 - 88E puts out first ever prospective resource number for Icewine East.

Key takeaways:

Prospective resource estimate was put together using the newly acquired 3D seismic data and information from Pantheon’s drilling programs.
Estimate is independent of Icewine West.

Maiden prospective resource estimate:

1.03 billion barrels on a gross mean unrisked basis.

Net to 88E unrisked prospective resource

is ~647 million barrels of oil.

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12th August 2022 - 88E raises $14.9M at 0.9c per share

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18th August 2022 - Pantheon completes horizontal drilling section of its Alkaid #2 well.

Key takeaways:

Horizontal section of the well completed.

The next step for Pantheon is to stimulate the well and do a long term production test.

Pantheon management commentary (video):

https://www.youtube.com/watch?v=a7knDhbHzIk

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August 2022 - 88E retro:

What has 88E’s neighbour Pantheon done so far?

Pantheon now has 3/3 wells drilled and flow tested, confirming high quality light oils and producing flow rates (Talitha #A, Theta West #1 and Alkaid #1).

First ever horizontal well (Alkaid #2) currently drilled and ready for stimulation/production testing.

What’s next for Pantheon?

Stimulate and then do a long term production test of Alkaid #2.

What has 88E done so far?

3D seismic data acquired over its Icewine East ground.

3D seismic independently confirming that the reservoirs Pantheon have drilled into extend south into 88E’s ground.

Maiden prospective resource estimate announced net to 88E unrisked prospective resource is ~647 million barrels of oil.

What’s next for 88E?

Plan and optimise the ideal location for a 2023 drilling program, testing the same reservoir units Pantheon is drilling.

Good news for Pantheon means good news for 88E

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August 2022 - 88E retro (continued):

Pantheon’s technical director Bob Rosenthal said the company may be “on the path to unlocking an enormous basin play.”

We think there is a good chance that 88E’s ground forms part of this “enormous basin play”.

We want to see 88E drill its well in 2023 and replicate the success of its neighbour Pantheon Resources.

Schematic of 88E’s proposed 2023 well

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05 September 2022 - Drilling location finalised

3D Seismic data interpretation completed

Analysis identifies “sweet spots”

Six new untested conventional reservoir structures.

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07 December 2022 - Rig contract executed

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What’s next for 88E?

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06 February 2023 - 88E raises $17.5M at 0.95c per share

Hickory-1 well now fully funded.�($17.5M raised + $14.1M in cash at 31-December 2022.)

88E expected cost for the drilling program is ~US$10M

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06 February 2023 - Drill permit approved for the Hickory-1 well

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27 February 2023 - Ice pad nearing completion - drilling in coming weeks

What’s next for 88E?

🔄 Drilling of 88E’s Hickory-1 well

🔄 Well pad construction - Nearing completion�
🔄 Mobilisation of the drill rig - Drill rig is done with work at Pantheon Resources’ well site, should be about to start moving to 88E’s drill location. �
🔲 Drilling starts - 88E expects to be drilling within weeks of today.

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10 March 2023 - ⚠️ Hickory-1 well spudded ⚠️

Here is the expected timeline for 88E’s drilling:

Drilling started today - 10th March 2023. ✅
Drilling to 3,500 feet - two weeks.
Drilling to total depth of up to 12,500 feet - two more weeks
Wireline logging to target depth - straight after drilling is complete.

Our bull/bear case expectations for this well are relatively simple:

Bull case = Drill results are positive enough for 88E to commit to a flow test.
Bear case = 88E decides not to flow test the well.

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29 March 2023 - Hickory-1 operations update

Updated timeline for 88E’s Hickory-1 Well:

✅ Drilling started - 10th March 2023.�
✅ Drilling down to 8,820 feet - Today, primary reservoirs intersected. �
🔄Drilling to total depth of ~11,000 feet - ~3-5 days more drilling from today. �
🔲 Wireline logging program - 88E to start this right after drilling is completed with the program expected to take ~5-7 days to complete after this the well will be cased and suspended.

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3 April 2023 - Total Depth hit - Oil shows and new reservoir identified.

Updated timeline for 88E’s Hickory-1 Well:

✅ Drilling commencement - 10 March 2023.�
✅ Drilling to 10,650 feet Total Depth (TD) - Drilling completed 3 April 2023. �
🔄 Wireline logging program - program to start now and and is expected to take 5-7 days to complete.

Our key takeaways:

Oil shows across all reservoirs

New reservoir unit identified

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11 April 2023 - Wireline logging program completed

Our key takeaways:

“Average total porosity across all zones of 9-12%”.. “Upper and Lower SFS with between 11-16% total porosity”

“Multiple hydrocarbon bearing pay zones across all pre-drill targets, in addition to the new Upper SFS reservoir identified”

450 feet (~137m) of net pay across all pay zones.

Flow testing program planned for later this year/early 2024.

ConocoPhillips hit 72 feet & 42 feet of net pay at Willow:

Santos’ Pikka oil field had <225 feet.

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19 April 2023 - First results from Hickory-1

Drill results exceed pre-drill expectations

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23 June 2023 - Permitting and planning of flow test starts

Permitting and planning process for a flow test in late 2023/early 2024.

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1 August 2023 - What’s next for 88E?

Final analysis & results from Hickory-1 still pending

Flow test Q4-2023/Q1-2024

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5 September 2023 - Rig contracted for upcoming flow test

Flow test Q4 2023 / Q1 2024

The drill rig 88E will be using