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88 Energy Limited Icewine#2 Operations Update

88 Energy Limited (“88 Energy”, “the Company”, “Operator”) (ASX, AIM: 88E) is pleased to provide an update on Project Icewine, located onshore North Slope of Alaska.

Highlights

-          Icewine#2 4.5” production liner successfully cemented in place o Arctic Fox rig demobilisation to commence shortly

-          Preparations on track for execution of main stimulation in 3rd week of June

-          Production testing remains on schedule for late June / early July

Icewine#2 Operations Update

Cementing of the 4.5” liner in the production hole section (through the HRZ) was completed successfully over the weekend, without incident.

Final preparations for the main stimulation are underway, with execution expected in the 3rd week of June. Production testing remains on schedule for late June / early July.

Managing Director of 88 Energy Limited, Dave Wall commented:

“The Alaska team have successfully completed the Icewine#2 well on schedule, after an effective adjustment to the completion plan, post the initial unsuccessful attempt to set the production liner.

Everything is now lining up for execution of the main stimulation operation, with flow testing of the HRZ on target for late June.”

Further updates will be made as and when appropriate throughout the drilling / testing program.

Yours faithfully

Dave Wall

Managing Director

88 Energy Ltd

Pursuant to the requirements of the ASX Listing Rules Chapter 5 and the AIM Rules for Companies, the technical information and resource reporting contained in this announcement was prepared by, or under the supervision of, Mr Brent Villemarette, who is a Non-Executive Director of the Company. Mr Villemarette has more than 30 years' experience in the petroleum industry, is a member of the Society of Petroleum Engineers, and a qualified Reservoir Engineer who has sufficient experience that is relevant to the style and nature of the oil prospects under consideration and to the activities discussed in this document. Mr Villemarette has reviewed the information and supporting documentation referred to in this announcement and considers the prospective resource estimates to be fairly represented and consents to its release in the form and context in which it appears. His academic qualifications and industry memberships appear on the Company's website and both comply with the criteria for "Competence" under clause 3.1 of the Valmin Code 2015. Terminology and standards adopted by the Society of Petroleum Engineers "Petroleum Resources Management System" have been applied in producing this document.

Media and Investor Relations:

88 Energy Ltd

Dave Wall, Managing

Director

Tel: +61 8 9485 0990

Email: admin@88energy.com

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Tel: +44 7976 248471

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Dale Bryan

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Cenkos Securities

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