88 Energy Limited (ASX,AIM:88E) Project Icewine – Independent Third-Party Mapping Complete

Highlights

· Third-party evaluation of the Icewine East mapping is now complete (75% 88 Energy WI).

· All Pantheon reservoir units (SMD, SFS and BFF) independently interpreted to extend onto 88 Energy’s Icewine acreage.

· Pantheon wells – Alkaid-1, Talitha-A and Theta West-1 – have flowed 35⁰ to 40⁰ API oil from multiple Brookian reservoirs. Pantheon testing has confirmed reservoir deliverability of light, sweet oil (see Pantheon releases of 7 and 21 February 2022), which 88 Energy believes is positive for the prospectivity of the adjacent Project Icewine acreage.

· In-depth petrophysical re-evaluation of Icewine-1 and broader Icewine East acreage has been completed, with the results indicating comparable, or better, reservoir quality in some reservoir units relative to those of Pantheon’s tested intervals which flowed oil.

88 Energy Limited (ASX:88E, AIM:88E, OTC:EEENF) ( 88 Energy or the Company ) is pleased to report that the third-party (Jordan & Pay) evaluation of the Shelf Margin Delta ( SMD ), Slope Fan Set ( SFS ) and Basin Floor Fan ( BFF ) play fairways on its Project Icewine acreage is now complete. The independent third-party mapping, which utilised available well information from presentations publicly released by neighbouring acreage holder, Pantheon Resources (AIM:PANR, GBP 975M market capitalisation ) ( Pantheon ), plus internal 88E data, shows that all Pantheon reservoir units extend onto the Project Icewine acreage.

An in-depth petrophysical re-evaluation of Icewine-1 and the broader Icewine East area has also been completed by independent petrophysical consultants (Stimulation Petrophysics Consulting, LLC and Snowfall Energy LLC). The consultants focussed on assessing Icewine-1 logs against intervals that flowed oil in Pantheon’s acreage to the north. Pleasingly, a comparison of the tested interval in Alkaid-1 against a similar interval in Icewine-1, called the SMD-B reservoir unit, indicated the favourable potential for a flow test of the same zone in the Icewine acreage.

Table 1 contains a summary of the petrophysical data from these intervals. It reveals similar porosity and clay content in Icewine-1 with, importantly, higher oil saturation and productivity estimates in Icewine-1. These studies have confirmed 88 Energy’s preliminary analysis as previously announced on 8 April 2022, and accordingly, along with recent mapping efforts will form the basis of an independent volumetric and risking certification, which is expected to be completed in mid-2022.

Table 1: Petrophysical comparison of zones of interest in Icewine-1 and Alkaid-1.

Pantheon’s wells – Alkaid-1, Talitha-A and Theta West-1 flowed 35 to 40⁰ API oil from multiple Brookian reservoirs. Pantheon’s testing has confirmed reservoir deliverability of light, sweet oil (see Pantheon releases of 7 February and 21 February 2022), which 88 Energy believes is positive for the prospectivity of the adjacent Project Icewine acreage. This data is not yet publicly available and as a result only a qualitative comparison of these logs against Icewine-1 logs could be carried out at this time.

Given the favourable petrophysical comparison between Icewine-1 and Alkaid-1, the Company is optimistic that a production test in the Icewine East acreage could potentially yield a similar or better result than seen during the testing of Alkaid-1. The Company also notes Pantheon’s plans to drill a horizontal production well in mid-2022 in Alkaid, called Alkaid#2, to prove up the development concept (see Pantheon release of 24 January 2022 and Figure 2 available on the Company’s website).

The below graphics can be viewed at the following link http://www.rns-pdf.londonstockexchange.com/rns/8214K_1-2022-5-9.pdf

· Figure 1: Third-party mapping indicates extension of all PANR prospect play fairways into Project Icewine.

· Figure 2: Pantheon plans for a horizontal production well in Alkaid.

· Figure 3: Sweet-spot identification across the SMD-B and SMD-C play fairways.

· Figure 4: Shelf Margin Delta Sequence Correlation Panel.

· Figure 5: Map of Project Icewine and Near Lease Discoveries.

Media and Investor Relations:

88 Energy Ltd

Ashley Gilbert, Managing Director

Tel: +61 8 9485 0990

Email:investor-relations@88energy.com

Finlay Thomson, Investor Relations

Tel: +44 7976 248471


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