88 Energy Limited (ASX:AIM:88E) Merlin-2 Drilling Ahead

88 Energy Limited (ASX:88E, AIM:88E, OTC:EEENF) ( 88 Energy or the Company ) is pleased to report that the Merlin-2 surface hole was successfully drilled to 2,005 feet, the surface casing installed and cemented, and the Blow Out Preventer ( BOP ) system tested.

Highlights

· Merlin-2 surface hole successfully drilled to 2,005 feet, cased and BOP system tested.

· Operations progressing as planned with the Arctic Fox rig scheduled to commence drilling ahead to the reservoir targets imminently.

Operations are progressing as planned with the Arctic Fox rig scheduled to commence drilling ahead to the reservoir targets imminently. The Company anticipates all target zones to be intersected prior to reaching the permitted Total Depth ( TD ) of approximately 8,000 feet, with drilling to TD at Merlin-2 expected to take up to two weeks from this point.

The Merlin-2 well is designed to appraise the N18, N19 and N20 primary targets located in the Nanushuk Formation, which were encountered in Merlin-1 and returned compelling evidence of hydrocarbons across these three separate zones. Given the suboptimal placement of the Merlin-1 well, with respect to reservoir development (a necessary trade-off to maximise the number of stacked targets), the Merlin-2 well represents a move east from Merlin-1 towards the shelf edge where thicker and higher porosity/permeability formations are anticipated.

During the current drilling phase, logging while drilling and mudlogging are set to provide initial indications as to the prospectivity of the target zones at the Merlin-2 location. After reaching TD, a sophisticated wireline logging program is planned to be run, which includes collection of down hole samples and side wall cores. The wireline logging program is expected to take approximately five to seven days to be completed.

The Company will provide further updates subsequent to Merlin-2 achieving TD.

The graphics below can be viewed in the pdf version of this announcement, which is available on the Company’s website www.88energy.com:

· Figure 1. Wireframe image showing respective Merlin-1 and Merlin-2 well locations, facing east and overlain with predicted reservoir sands profile.

· Figure 2: Article Fox drill rig at the Merlin-2 drilling location

· Map of Project Peregrine and Recent Nanushuk Discoveries

Media and Investor Relations:

88 Energy Ltd

Ashley Gilbert, Managing Director

Tel: +61 8 9485 0990

Email:investor-relations@88energy.com


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