The Company is pursuing the highly prospective Nanushuk trend on the North Slope of Alaska (“Project Peregrine”), with the Willow discoveries to the north of Project Peregrine currently being appraised and developed by ConocoPhillips (see map below).

Seismic

The Company has completed the reprocessing of approximately 600km (365 miles) of 2D seismic data originally acquired by the United States Geological Survey (USGS) in the 1970’s and 1980’s.  The reprocessed lines cover both the XCD Energy Leases and the Conoco operated Willow field and show a significant improvement in data quality as depicted in the pre and post reprocessing images below.

Seismic

The reprocessed data, along with other regional seismic and well data, is now being integrated into a more detailed study, named the Integrated Nanushuk Technical Regional Overview or INTRO Project using experts in the fields of sequence stratigraphy, basin modelling, geochemistry, petrophysics and core scanning technology that will provide the Company a significantly improved understanding of the still emerging Nanushuk play.

The INTRO Project is expected to be completed by late September 2019 which is expected to lead to the Company’s maiden Independent Prospective Resource Report for the area.  With the receipt of the new reprocessed dataset, XCD Energy is now remapping the area and is in the process of finalising its own internal estimate of the prospective resource associated with one of the largest leads in the current exploration portfolio.