88 Energy Limited (ASX:AIM:88E) Merlin-2 Well Reaches Total Depth

Highlights

· Merlin-2 has successfully reached Total Depth of 7,334 feet and drilling has now ceased.

· All three (3) target reservoirs in the Merlin-2 well were penetrated with elevated gas readings.

· Observations of cuttings samples have revealed oil shows (under both white and ultraviolet light) over all target intervals.

· Wireline logging is set to commence shortly to confirm whether mobile hydrocarbons are present as well as to evaluate the reservoir quality and flow potential of target zones.

88 Energy Limited (ASX:88E, AIM:88E, OTC:EEENF) ( 88 Energy or the Company ) is pleased to report that the Merlin-2 appraisal well has reached Total Depth ( TD ) of 7,334 feet on 22 March 2022 (Alaskan time) and drilling has now ceased. The Arctic Fox rig has exceeded expectations in terms of drilling performance, with the well reaching TD safely and efficiently.

All three Nanushuk targets (N20, N19 and N18) were penetrated during drilling, with Logging While Drilling ( LWD ) data and physical cuttings collected throughout the Merlin-2 program.

Initial observations of LWD logs and drill cuttings collected throughout the drilling operations revealed target intervals are thicker than those encountered in Merlin-1 as anticipated pre-drill, with oil shows noted under white light in the three target Nanushuk reservoirs. Fluorescence has also been observed in numerous samples when placed under an ultraviolet light, an indication of oil presence. Additionally, when solvent was applied to the fluorescing samples, “moderately fast” to “immediate and blooming” “cuts” were noted, the speed of which is often a proxy for sample permeability.

Finally, significant mud gas peaks were detected across all target sequences in the Nanushuk, with marked increases in the heavier carbon compounds (C2-C5) observed in each. Further and more detailed analysis will be conducted on the mud gas samples upon the mud gas isotube delivery to 88 Energy’s preferred lab.

A sophisticated wireline logging program will now be run which is designed to confirm reservoir quality and to establish if mobile hydrocarbons are present. The wireline logging program will consist of multiple runs that will include MDT for fluid sampling and flow potential measurements, side wall cores and image logs, and is expected to take approximately seven to ten days to complete.

A further update on the evaluation of the Merlin-2 results will be provided following completion of the wireline logging program, including with respect to further evaluation activities planning.

Managing Director, Ashley Gilbert, commented:

“The results to date from the Merlin-2 well are encouraging. Initial indications are that all three target reservoirs in the Merlin-2 well were penetrated, demonstrated elevated gas readings, and observation of cuttings samples have revealed oil shows over the target intervals. We look forward to results from the pending wireline program, which is set to be conducted over the next 7 to 10 days. Following completion of this program, we hope to be able to confirm the presence of mobile hydrocarbons, and a discovery, at Merlin-2.”

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. Merlin-2 Oil Shows: Fluorescence and cut observed in N20, N19 and N18

· 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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