Ann: Borba Gas Shows Continue in Key Target Formations, page-213

About Project Peregrine – Imminent Drilling
Project Peregrine is located in the NPR-A region of the North Slope of Alaska and encompasses
~195,000 contiguous acres. It is situated on trend to recent discoveries in a newly successful play
type in topset sands in the Nanushuk formation. 88 Energy has a 100% working interest in the project
that will reduce to 50% post the completion of funding as part of a recent farm-in, whereby 88E is
carried on the first US$10m (of an estimated US$12.6m total cost) for the Merlin-1 well.