88 Energy Limited (ASX:AIM:88E) Project Icewine Update

88 Energy Limited (ASX:88E, AIM:88E, OTC:EEENF) (“88 Energy” or the “Company”) notes that light oil was recovered during two separate production tests at Pantheon Resources’ (AIM:PANR) (“Pantheon”) Talitha-A well (as announced by Pantheon on 7 and 21 February 2022).

Highlights

· Light oil recovered at Talitha-A, 2.8 miles north of 88E’s Project Icewine acreage.

· Preliminary mapping shows highly correlatable reservoir sequences between Talitha and Icewine.

· Independent prospective resource update for Icewine planned for completion in H1 CY2022.

Pantheon drilled the Talitha-A well, which is located just 2.8 miles north of the Project Icewine (88E 75% WI) permit boundary, in Q1 CY2021. The well was suspended following a production test of the Kuparuk, with Pantheon announcing its intention to return to test additional targets, namely the Basin Floor Fan (BFF), the Slope Fan System (SFS) and the Shelf Margin Deltaic (SMD), during the CY2022 drilling season. Earlier this year, Pantheon re-entered the Talitha-A well and individually flow tested the BFF target and the SFS target which resulted in the sustained recovery of light oil over a three-day period from each test. All targets are interpreted by the Company to extend into 88 Energy’s Project Icewine acreage.

The Seabee Formation, of which Pantheon’s BFF is a member, is the same formation that host’s 88 Energy’s Lima complex. The Lima complex was a secondary target in the Charlie-1 discovery well drilled at Project Icewine in Q1 CY2020.

The results of Pantheon’s Talitha-A well, combined with its earlier Alkaid-1 (2019) well, have been considered as part of a re-evaluation of 88 Energy’s Icewine-1 well data. Subsequent and independent comparisons of the sequence that was tested and flowed light oil in Alkaid-1 against its equivalent in the Icewine-1 well have revealed the porosity and resistivity of the Icewine-1 well to be significantly. 88 Energy notes that just a small 6 ft zone in Alkaid-1 tested at “80-100 BOPD of 40° API gravity oil” from an “estimated 240 ft of net pay” in Alkaid-1 (as announced by Pantheon on 25 March 2019).

Following the results from Talitha-A in 2021 and further recent testing results by Pantheon in 2022, 88 Energy will incorporate these results into an independent prospective resource report for Project Icewine focusing on the eastern leases in the first half of 2022.

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

· Map showing Pantheon’s Talitha-A well.

· Image showing the seismic cross section from Pantheon’s acreage in the north through 88 Energy’s Project Icewine.

· 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


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