88 Energy Limited (ASX:AIM:88E) Merlin-2 Pre-Spud Operations On Track

88 Energy Limited (ASX:88E, AIM:88E, OTC:EEENF) ( 88 Energy or the Company ) is pleased to report that the mobilisation of the Arctic Fox rig to the Merlin-2 appraisal well drilling location is now complete.

Highlights

· Mobilisation of the Arctic Fox rig completed.

· Spud of Merlin-2 well scheduled for the week commencing 7 March 2022.

Pre-spud operations are continuing and now entering the final phase. The Merlin-2 spud date is scheduled for the week commencing 7 March 2022, with the well permitted to a Total Depth ( TD ) of 8,000 feet.

The well is planned to be initially drilled to 2,000 feet, with the surface casing then installed and the Blow Out Preventer system tested. This is anticipated to collectively take approximately one week. Drilling to TD is then expected to take a further four weeks, including wireline logging.

A production test program for the Merlin-2 well has been designed and equipment placed on standby during initial well site operations. Flow testing of Merlin-2 will be contingent upon the wireline results, in particular the MDT outcomes, as well as government approvals and weather window considerations.

88 Energy Managing Director and CEO, Ashley Gilbert, commented:

“We are now entering the final phase of pre-spud preparations and look forward with excitement to the next few weeks of drilling operations. Success at Merlin-2 has the clear potential to be transformational for our shareholders and we look forward to providing updates as the drilling of this appraisal well progresses.”

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

· Mobilisation of Arctic Fox rig modules to Merlin-2 drilling location

· Project Peregrine and Recent Nanushuk Discoveries (with approximate Merlin-2 appraisal well location)

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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