XCD Energy Limited announce the outcomes from the maiden Independent Prospective Resources Report recently completed by ERC Equipoise Pte Ltd. (ERCE), which has assessed a prospective resource associated with XCD's 100% owned Project Peregrine of over 1.6 billion barrels in the mean case (unrisked net entitlement). The Project Peregrine leases have a five to ten-year exploration period remaining and cover an area of 195,373 acres within the NPR-A. The leases are around 35km south of the Willow discoveries owned and operated by ConocoPhillips estimated to be between 450­800 MMBOE where ConocoPhillips have announced they are drilling five (5) further appraisal wells during this year's winter drilling season (between now and approximately end April 2020). XCD's Merlin Prospect is interpreted to be on the same sequence boundaries as the Willow Oil Field. In addition, ConocoPhillips announced its intention to drill up to three (3) exploration wells on its Harpoon Prospect which lies approximately 15km to the north west of XCD's Harrier Prospect. XCD interprets the Harpoon Prospect (based on USGS 2D seismic data) to be on the same sequence boundaries as the Harrier Prospect and success at Harpoon would likely materially upgrade XCD's Harrier Prospect. Both the Harrier and Merlin Prospect are targeting the shallow Nanushuk play (~4,300 and 3,400 ft respectively) and can potentially be drilled using a smaller drilling rig, something the Company is continuing to assess. The Harrier Deep Prospect would require a standard north slope drill rig to reach the Torok target (~10,000 ft) but would intersect both the shallow Nanushuk and the deeper Torok objectives in the same wellbore. XCD will shortly be initiating a farm-out campaign where the options available to farm-in partners will be to pursue either the two well low cost shallow Nanushuk drilling initiative, or use a standard north slope drilling rig to pursue all the targets in the Harrier and Merlin Prospects. The data used to compile the independent prospective resource report includes reprocessed 2D seismic data, basin modelling, petrophysical analysis of publicly available wells and historical geological records. The data was compiled and interpreted by XCD and was reviewed, validated and in some cases modified independently by ERCE.