88 Energy

📋 About: 88 Energy (ASX: 88E | LON: 88E | OTC: EEENF) is an early stage oil explorer that operates in the North Slope of Alaska.

Project Peregrine: 1.6 billion barrel gross mean unrisked recoverable prospective resource on the North Slope of Alaska.

Project Icewine: Operator on majority of ~260,000  contiguous acres (~200,000 net) onshore Alaska in prolific oil-rich province with multiple objectives

🌏 Macro Theme: Oil & Gas was unloved in 2020 during COVID-19 pandemic and a rebound is expected in 2021

Project Peregrine (Main Bet #1)

Project Overview
✅ Acquired Project Peregrine
✅ Farmout Agreement Secured
✅ Buy back of 100% of Project Peregrine from APDC
🔲 Farmout Peregrine to potential new partner
🔲 Planning for a possible in-fill 2D or 3D seismic

Merlin-1

✅ Drilling Permit Secured
✅ Drilling Commenced
✅ Drilling Complete
🟩 Lab Results 1: Evidence of Oil in Downhole Samples
🟩 Lab Results 2: Light Oil Detected

Merlin-2

🔄 Drill Rig Secured
🔄 Drilling Permits Secured
🔲 Drill Rig Mobilized to Site
🔲 Drilling Commenced [Q1 2022]
🔲 Drilling Complete
🔲 Lab Results 1
🔲 Lab Results 2
🔲 Lab Results 3

88 Energy Corporate Milestones

✅ Next Investors Portfolio Initiation
✅ Capital Raise $10M @0.6c
✅ Capital Raise $24M @2.8c
✅ ESG Reporting Adopted
🔲 Unexpected Announcement 1
🔲 Unexpected Announcement 2
🔲 Unexpected Announcement 3

Project Icewine (Side bet)

✅ Drilling Results (Charlie-1)
✅ Resource Upgrade
⚔️ Positive results from neighbour Pantheon Resources drilling
🔲 Farmout of acreage to fund an appraisal well
🔲 Commercialisation Opportunities (Charlie-1)

Umiat (Side Bet)

✅ Acquired Project
🔄 Assess development options
🔲 New Milestones Added

Yukon Leases (Side Bet)

🔄 Negotiations with Nearby Resource Owners
🔲 Projects Aggregated into Joint Development Area
🔲 New Milestones Added

Investment Milestones

1st Key Drilling Event - Feb 2021
✅ Initial Investment: @0.5c (≈9 months before key drilling event)
✅ Increase Investment: @0.6c (≈6 months before key drilling event)
✅ Price increases 500% from initial entry
✅ Price increases 1000% from initial entry
🔲 Price increases 2000% from initial entry
✅ Free Carry (days before key drilling event)
✅ Take Some Profit (days before key drilling event)
✅ Hold position for key drilling event
✅ Decide New Investment Plan after results of key drilling event

2nd Key Drilling Event - Q1 2022
✅ Increase Investment: @2.5c (≈9 months before key drilling event)
🔲 Increase Investment
🔲 Increase Investment
🔲 Price increases 200% from investment
🔲 Price increases 400% from investment
🔲 Price increases 600% from initial entry
🔲 Free Carry (days before key drilling event)
🔲 Take Some Profit (days before key drilling event)
🔲 Hold position for key drilling event
🔲 Decide New Investment Plan after results of key drilling event
"Expected Company Milestones" are based on the company's publicly available execution plan and some assumptions made by our team on potential announcements that should de-risk the investment. “Our investment milestones” show our current long-term investment plan. Early stage investments are risky and there is no guarantee that the expected events will occur. The lists are not in sequential order.

Key

🔲 Expected Milestone
✅ Achieved Milestone
🟩 Above Average Result
🟨 Average (Expected) Result
🟧 Below Average Result
🟥 Negative Result
🌎 Macro Event
🔄 In Progress
⚔️ Results from Other Company / Project
[UPA] Unexpected Positive Announcement
[NEW] New Milestone Added