88 Energy : Large Independently Assessed Resource at Project Icewine

10th November 2020

This announcement contains inside information

88 Energy Limited

Large Independently Assessed Resource at Project Icewine

88 Energy Limited ("88 Energy" or the "Company", ASX:88E, AIM 88E) is pleased to provide the following update related to its Project Icewine on the North Slope of Alaska.

Highlights

• Total Prospective Resources of 1.77 billion barrels of oil equivalent*
• Substantial oil volume in the Seabee formation - 1.4 billion barrels*
• Farm-outprocess for 2022 drilling at Project Icewine to commence immediately

*Gross mean unrisked prospective resource

Detail

Independent Prospective Resources estimates were prepared at Project Icewine for prospects in the vicinity of the recently drilled Charlie-1 well by ERCE Equipoise Pte Ltd (ERCE) and are tabulated below. Significantly, the majority of the resource has been estimated within the Seabee formation, which has been interpreted as part of one large stratigraphic accumulation over multiple, potentially connected, sand bodies in the Lima Fan System. Excellent oil saturations were observed in cores taken from this horizon during the drilling of Charlie-1. There was no flow test at this horizon in Charlie- 1 and, consequently, reservoir deliverability remains to be established. However, given the significant size of the estimated resource, 88 Energy is confident that it will be able to attract a partner to fund drilling of additional wells to evaluate the flow potential in the Seabee. The Company is also optimistic about the potential for light oil in the Torok, which could enhance value substantially.

Prospect		Expected		Unrisked Net Entitlement to 88E		Geological			Chance of
(Reservoir)		Phase /		Prospective Resources (MMboe)1,2,3		Chance of			Development
			(Chance of		1U	2U	3U	Mean		Success			(COD)6
			Phase)4							(COS)
Lima	Fan		Oil (100%)	134.1	612.6	1755.9	888.6	40%		30%
(Seabee)
Stellar	F1		Oil (60%)		4.7	17.0	50.6	25.3		70%			30%
(Torok)
Stellar F3-1		Oil (60%)	1.9	6.8	23.3	11.0	60%		30%
(Torok)
Stellar	F4		Oil (60%)		6.2	22.1	76.7	36.9		60%			30%
(Torok)
Stellar	F5/6		Oil (60%)	7.2	27.2	102.0	46.0	20%		30%
(Torok)
Stellar	F2		Gas (60%)		13.2	35.8	83.9	44.1		80%			10%
(Torok)
Stellar F3-2		Gas (60%)	16.0	46.3	115.7	59.0	80%		10%
(Torok)
Total								1,110.95

1. 88 Energy net resources have been calculated using a 75% working interest and 16.5% royalty
2. Prospective Resources have been assessed on the basis that they are unconventional in nature
3. MMboe estimates include condensate but exclude associated gas and assume a conversion of 6,000scf equivalent to 1bbl
4. Prospects are subject to a phase risk (oil vs gas). ERCE has volumetrically assessed most likely phase only. Phase risk has not been applied to the unrisked numbers.

www. 88energy.com	ABN 80 072 964 179
Level 2, 5 Ord Street, West Perth WA 6005	PO Box 1674, West Perth WA 6872 Australia Phone [phone]

1. The unrisked means, which have been arithmetically summed, are not representative of the expected total from the prospects and implies a success case in all reservoir intervals
2. Quantifying the chance of development (COD) requires consideration of both economic contingencies and other contingencies, such as legal, regulatory, market access, political, social license, internal and external approvals and commitment to project finance and development timing. As many of these factors are outside the knowledge of ERCE they must be used with caution.

Cautionary Statement: The estimated quantities of petroleum that may be potentially recovered by the application of a future development project relate to undiscovered accumulations. These estimates have both an associated risk of discovery and a risk of development. Further exploration, appraisal and evaluation are required to determine the existence of a significant quantity of potentially movable hydrocarbons.

Figure 1. Lima Fan Complex

Managing Director of 88 Energy, Dave Wall, stated: "The net potential to 88E in the Lima Fan System was estimated internally by 88E at around 100 million barrels prior to the drilling of Charlie-1.With this large independent upgrade and the recent increase in working interest in the leases, this potential has now improved to almost 900 million barrels net to 88E - an outstanding result for our shareholders. Resources of this size are why we are operating in Alaska and we are on the cusp of drilling at another similarly sized opportunity at one of our other projects, Project Peregrine."

This announcement has been authorised by the Board.

Yours faithfully

www. 88energy.com

ABN 80 072 964 179

Level 2, 5 Ord Street, West Perth WA 6005

PO Box 1674, West Perth WA 6872 Australia

Phone [phone]

Dave Wall

Managing Director

88 Energy Ltd

Media and Investor Relations:
88 Energy Ltd
Dave Wall, Managing Director	Tel: [phone]
	Email:[e-mail]
Finlay Thomson, Investor Relations	Tel: [phone]
Hartleys Ltd
Dale Bryan	Tel: + 61 8 9268 2829
Cenkos Securities	Tel: + 44 131 220 6939
Neil McDonald/Derrick Lee

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, Dr Stephen Staley, who is a Non-Executive Director of the Company. Dr Staley has more than 35 years' experience in the petroleum industry, is a Fellow of the Geological Society of London, and a qualified Geologist/Geophysicist 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. Dr Staley 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.

Glossary of Key Terms

1U	Denotes the unrisked low estimate qualifying as Prospective
	Resources.
2U	Denotes the unrisked best estimate qualifying as Prospective
	Resources
3U	Denotes the unrisked high estimate qualifying as Prospective
	Resources
Barrel of Oil Equivalent (BOE)	The term allows for a single value to represent the sum of all the
	hydrocarbon products that are forecast as resources. Typically,
	condensate, oil, bitumen, and synthetic crude barrels are taken to
	be equal (1 bbl = 1 BOE). Gas and NGL quantities are converted
	to an oil equivalent based on a conversion factor that is
	recommended to be based on a nominal heating content or
	calorific value equivalent to a barrel of oil.
Chance	Chance equals 1-risk. Generally synonymous with likelihood.
Chance of Development	The estimated probability that a known accumulation, once
	discovered, will be commercially developed.
Entitlement	That portion of future production (and thus resources) legally
	accruing to an entity under the terms of the development and
	production contract or license.
Mean	The sum of a set of numerical values divided by the number of
	values in the set.
MMboe	Million barrels of oil equivalent

www. 88energy.com

ABN 80 072 964 179

Level 2, 5 Ord Street, West Perth WA 6005

PO Box 1674, West Perth WA 6872 Australia

Phone [phone]

Prospect	A project associated with a potential accumulation that is
	sufficiently well defined to represent a viable drilling target.
Prospective Resources	Those quantities of petroleum that are estimated, as of a given
	date, to be potentially recoverable from undiscovered
	accumulations.
Reservoir	A subsurface rock formation that contains an individual and
	separate natural accumulation of petroleum that is confined by
	impermeable barriers, pressure systems, or fluid regimes
	(conventional reservoirs), or is confined by hydraulic fracture
	barriers or fluid regimes (unconventional reservoirs).
Royalty	A type of entitlement interest in a resource that is free and clear
	of the costs and expenses of development and production to the
	royalty interest owner. A royalty is commonly retained by a
	resources owner (lessor/host) when granting rights to a producer
	(lessee/contractor) to develop and produce that resource.
	Depending on the specific terms defining the royalty, the payment
	obligation may be expressed in monetary terms as a portion of
	the proceeds of production or as a right to take a portion of
	production in-kind. The royalty terms may also provide the option
	to switch between forms of payment at discretion of the royalty
	owner
Working Interest	An entity's equity interest in a project before reduction for royalties
	or production share owed to others under the applicable fiscal
	terms.

www. 88energy.com

ABN 80 072 964 179

Level 2, 5 Ord Street, West Perth WA 6005

PO Box 1674, West Perth WA 6872 Australia

Phone [phone]