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88 Energy
(ASX:88E, AIM:88E)


Oil Exploration

Our Entry Price $ Current Price $ Current Return Highest Price $ Highest Return
$ 0.006 $ 0.024 380% $ 0.096 1820%

Overview

88 Energy (ASX: 88E | LON: 88E | OTC: EEENF) operates ~310,000 net acres at Project Icewine and 195,000 net acres at Project Peregrine, both targeting oil on the world class North Slope of Alaska.

88E’s Project Peregrine has a 1.6 billion barrel gross mean unrisked recoverable prospective resource, located on trend to recent discoveries, including one by oil super major ConocoPhillips (NYSE: COP).

88E’s Merlin-1 well is the first to drill test this billion barrel plus gross prospective resource.

This well delivered a decent result compared to the vast majority of other exploration results we have seen in our time, however the market reacted negatively.

While the Merlin-1 drilling program experienced some challenges, there was an unexpected development that could prove to be highly material when targeting the Project Peregrine acreage.

One of the zones tested during the Merlin-1 program is considered to be a new prospective horizon within the Nanushuk Formation that may be wholly within the Project Peregrine acreage and was not one of the pre-drill targets.

The other zone is interpreted to be shared with one of the zones in the Harrier prospect to the north of Merlin.

88E will continue to deliver news from this drilling event.

We hold a long term position in 88E and always stick to the same investment strategy when investing in any exploration stock. The plan is to invest early (many months before the drilling), patiently hold and then take some profit in the lead up to the drilling results so we can be free carried into the actual results announcement.

There will be a lot of lab analysis over the coming weeks which is going to help 88E understand what it hit in recent weeks and the company will start to reveal what the plan will be to figure out exactly what is down there….

We expect to see several catalysts and news events in the coming weeks and months.

Why we have invested...

  • North slope portfolio
    • The north slopes is one of the oiliest places on earth with multiple billion-barrel discoveries made, include one by oil super major ConocoPhilips (NYSE: COP)
  • Project Peregrine
    • Project Peregrine has a 1.6 billion barrel gross mean unrisked recoverable prospective resource
  • Project Icewine
    • 88 Energy operates ~310,000 net acres at Project Icewine
  • Merlin-1 well
    • The Merlin-1 well is the first to drill test the 1.6 billion barrel plus gross prospective resource. The drilling program will target 645 million barrels of gross mean prospective resource
  • Drilling funded
    • 8E is carried for the first US$10 million (of an estimated US$12.6 million total cost) fir the Merlin-1 well through a farm-in partner.
  • Harrier-1
    • 88E’s second well Harrier-1, is targeting a gross mean prospective resource of 417 million barrels and is expected to cost approximately US$7 million/
  • Macro outlook
    • The oil price recently hit a 12 month high as a big freeze in the US, suffocates supply



most recent catalysts for 88 Energy

88E to Drill 1.6BN Barrel Project in the Coming Days
88 Energy Weeks Away from Drilling One of 2020’s Biggest Oil Wells
$11BN Energy Giant Sets up Shop Near 88E in Alaska: M&A Activity Sparked?
Oil Drilling in Weeks: Multi-Hundred Million Barrel Potential

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