Key facts about 88 Energy's Project Leonis announcement

88 Energy Limited (ASX: $88E) has completed a maiden internal Prospective Resource estimate at Project Leonis, estimating a total net mean Prospective Resource of 381 million barrels (MMbbls) of oil recoverable from the Upper Schrader Bluff Formation. The company is pleased to report this significant resource and development opportunity, with permitting and planning underway for the Tiri-1 exploration well designed to test the Tiri prospect in the USB Formation.

Executive commentary on Project Leonis

Following the recent success at Project Phoenix, we are pleased to announce the completion of a maiden Prospective Resource estimate at Project Leonis. Being strategically located on the North Slope of Alaska, with TAPS running through the acreage and Deadhorse just six miles to the North, Project Leonis represents a significant resource and development opportunity. We have commenced permitting and planning processes for the Tiri-1 exploration well ahead of a future potential drilling event, to target the USB zone. Timing for the drilling of the Tiri-1 exploration well is dependent on securing a successful farm-out partner, and with our 100% working interest in Project Leonis, we believe there is significant potential to secure a large proportionate carry on any future well. However, despite there being multiple parties assessing the farm-out opportunity, there is much work to be done and no guarantees a partner will be secured on our desired terms. In terms of our Alaskan acreage position, we are now fully focused on Project Leonis and Project Phoenix, where we expect meaningful advancement with key milestones set to be achieved in the coming 6 to 12 month period.

Summary of Project Leonis and outlook

88 Energy's Project Leonis has estimated a total net mean Prospective Resource of 381 MMbbls of oil recoverable from the Upper Schrader Bluff Formation, with unrisked net 3U of 671 MMbbls. The company has commenced permitting and planning for the Tiri-1 exploration well to test the Tiri prospect in the USB Formation. The Tiri prospect has exceptional estimated porosity, averaging almost 30% over the 175 feet of interpreted pay. 88 Energy is focused on advancing both Project Phoenix and Project Leonis, with key milestones expected to be achieved in the coming 6 to 12 month period. The company also intends to divest its interest in the Umiat oil field and rationalize the Project Icewine West acreage. The estimated quantities of petroleum have both an associated risk of discovery and a risk of development, and further exploration, appraisal, and evaluation are required to determine the existence of a significant quantity of potentially recoverable hydrocarbons.