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Improvement for Project Peregrine and Takeover Update

Source: www.gulfoilandgas.com 5/20/2020, Location: Europe

XCD Energy Limited is pleased to announce the outcome of an update to the Independent Prospective Resources Report completed by ERC Equipoise Pte Ltd (ERCE) in January 2020. The update was commissioned by the Company following an agreement with the ORRI owners to reduce the royalty from 1.5% to 1.3% and following the successful encountering of hydrocarbons at the Harpoon exploration well, operated and drilled by ConocoPhillips during the recent Alaskan winter drilling season.

ERCE has determined that the encountering of hydrocarbons at Harpoon warranted a review of the risking and it has increased the containment chance of success for the reservoir intervals in the Merlin and Harrier Prospects. All other methodology and individual reservoir interval volumes remain unchanged.

This has resulted in an increase in each of the Merlin and Harrier Prospects COS and the aggregated success case volumes. At a prospect level, both the COS and volumes have increased as an exploration well is more likely to encounter hydrocarbons, but also more likely to encounter multiple reservoir layers, and as a result the total success case numbers have increased.

The net entitlement to XCD numbers have also increased by 0.2% as a direct result of the reduction in the ORRI following an agreement to expand the area of mutual interest (AMI). The expanded AMI now contains all the Company’s leases (previously it included only 15 of 17) and includes additional unleased areas to the west of the previous AMI boundary. At this stage, the Company has no intention of acquiring any additional leases within the AMI.

Update on Recommended Off Market Takeover Bid by 88 Energy
As announced on 27 April 2020, the Company is subject to an off market takeover bid by 88 Energy Limited which the Board of the Company has subsequently recommended to shareholders to accept, in the absence of a Superior Proposal, following an increase in the offer being made to the Company’s shareholders as announced on 7 May 2020.

88 Energy lodged its Bidder’s Statement with ASIC and the Company on 11 May 2020 and the Company understands this will be dispatched to XCD Energy shareholders and listed option holders this week. The Company is currently in the process of preparing its Target Statement and expects to dispatch it to XCD Energy security holders early next week following lodgment with ASX.

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