88 Energy Limited (88E) Icewine#2 Operations Update

88 Energy Limited (“88 Energy”, “the Company”, “Operator”) (ASX, AIM: 88E) is pleased to provide an update on Project Icewine, located onshore North Slope of Alaska.

Highlights

· Arctic Fox rig demobilisation complete

· Log interpretation for finalisation of stimulation deisgn completed

· Sundry application for stimulation submitted

· Logistic planning on schedule to perform stimulation ~17th June

· Production testing remains on schedule for late June / early July

Icewine#2 Operations Update

Following the successful completion of the initial drilling activities at Icewine#2, the Artic Fox drilling rig has been demobilised. The Company would like to thank Doyon Drilling Inc and the Arctic Fox crew for executing a safe and efficient operation.

The stimulation design for Icewine#2 has been completed, and the final application has been lodged with the State. The logging program in Icewine#2 was tailored to optimise the location of perforations for the stimulation design by identifying areas within the HRZ with:

· the same stress profile;

· the highest hydrocarbon saturation; and

· any pre-existing planes of weakness that may be exploited by artificial stimulation.

All three of the above goals were accomplished successfully and the Company is confident that the stimulation design has been optimised based on the best information currently at hand.

Additionally, insights have been gained into the stress profile and pore pressure of the HRZ, which appears higher than previously expected. This can have a direct effect on potentially higher flow rates. Consequently, the planned micro stimulation (DFIT) is no longer necessary and will be removed from the forward program.

The next phase of the program will comprise the planned artificial stimulation and production testing, which will aim to resolve a number of current uncertainties, including whether complex artificial fracture systems can be created within the HRZ via the proposed stimulation. These complex fracture systems are evident in the best performing shale plays as they result in maximised stimulation rock volume, which directly impacts potential flow rates. Similarly, whilst substantial work has been done on thermal maturity, the exact gas oil ratio is difficult to predict prior to a flow test. The Company interprets that the vast majority of the HRZ sweetspot has been captured irrespective of any uncertainty, due to the large acreage position.

Production testing remains on schedule for late June / early July.

Further updates will be made as and when appropriate throughout the drilling / testing program.

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