Ann: Hickory-1 Operations Update, page-163

Hi All,

Just Posting for those interested my review of the ASX - Hickory-1 Operations Update 29-3-23 as well as a few back-up Slides.

I've followed 88E for a number of years but have only invested (recently) for this drill as IMO this project has a good chance of ultimate success.

I have an oil & gas explorationist geophysical background - so my comments may be of interest to some Posters.

Slides:
Slide 1 - My review of the ASX with what are IMO the key points - which I've commented on below:
1 - Comments potentially imply adequate / good porosity - as would be expected from geophysical data on AVO Fluid Factor & the RMS amplitude data (see Slides 2 & 3).
2 - Surprised they would use the term Pay with the current data set - could indicate a highish degree of confidence - would normally expect a more cautious qualifier i.e. zone of interest, etc.
3 - The velocity field is well defined for depth conversion & interpretation of the SMD A, B & C package tops (seismic events) is accurate.
4 - Critical issue - as these are low permeability plays - potentially a material de-risking of ability to flow.
5 - Elevated C3 to C5 mud gas reading observed - IMO strongly implies an oil charge rather than a gas with a high gas-oil-ratio. This would be expected from the Pipeline State-1 & Icewine-1 results.

As an aside, I have Posted in Slide 5 my review of a visual inspection of the Oil vs Water percentage differences between the Pipeline State-1 & Talitha-A wells. IMO, the key analogue well for Hickoy-1 for the SMD objectives is Pipeline State-1 rather than Talitha-A due to their geophysical similarities in AVO Fluid Factor, RMS amplitude and location. As can be seen in the Slide the Pipeline State-1 well has a significantly higher oil % vs water % that does Talitha-A. Which is not unexpected considering the AVO Fluid Factor map (Slide 2) clearly shows Talitha-A lying on the edge of the AVO high value area. An attempt to compare Talitha-A's SMD results to Hickory-1 on a depth basis could be problematical due to how different the reservoir quality may be. Also, a positive for the reservoir potential in the Pipeline State-1 area is that Pantheon are planning to drill Talitha-B close-by and due south of Pipeline State-1.

GLTAH
Cheers
VOGC