Ann: Investor Presentation - September 2018, page-78

Kiss Me thanks for posting those LSE posts. I tend to disagree with most of what they had to say. Like the company will fail to get farmin if share incentive doesn't get up, or management might leave, load of absolute rubbish. Most of what I read was kiss ass poetry posting!! Probably some of those over the top positive poets have enjoyed the odd cap raises to SI's or 3 lol.

Dave would be the first to acknowledge 88's performance hasn't been great, however great upside is possible with farmins and cash. We have neither atm for our prospects past Q1 2019, (no plan is there). So much more funds required and work to do before back slapping happen's.

Even DW commented that the timing of the incentive is probably not a good time and look, after the 2 failed HRZ results. Company cash balance not healthy enough to do alot and finally the low SP. DW said it's not a concern to him if this performance issue doesn't get up. I agree with DW comments at this time. This noise is just noise and shouldn't be on our agenda. Deliver results then get rewarded, simple as that.

I am not going to rant daily on this issue. You all can make your own decisions. DW going again to London serves to 2 official purposes as I said weeks ago and that is to instill confident to over 60% of our register, especially the Nom's and SI's and to continue the PR wagon prior to AGM and next years plan (not plans as only 1 well). Oh lol,the non offical oneto get out of Perth's cold, lol.

The chair doesn't work in isolation and set the rules as some here and LSE think. All boards talk daily and work out the best approach to pay bonuses, shares, incentives etc, every company does this every year prior to AGM's.

IMO most failing companies boards should be immediately sacked then alone receive incentives. Dave is not one of them, he is a bloody hard worker and has integrity. His focus is rewarding holders and delivering company success, then flog it. But does he have the right team going forward, that's my concern for the minute since Paul passed, hope for our sake he has. If not more failures and ever increasing admin costs for consultants is going to be the future for us. Enough of that!

What really get's me is this, we are a junior exploration company, we have wonderful leading prospects but continue with HRZ and reading some on the LSE posts say it's not Daves fault, 88 did everything right, it's mother nature blah, blah. "Absolute rubbish IMO".

IW2 is and has been a right stuff up and continues to be a basket case imo, of course the board have to take responsibility, they signed off where to put the drill and to what depth after spending heaps on consultants etc. Seriously spare me after 2 attempts.

My point is this, 88 has to focus priority 1 on drilling more conventionals, stop the HRZ for a year or 2 (my bet just wait and see what type of farmin is announced or not re IW2, my bet not one tier 1 company), This lower zone is stuffed, upper zone possible, but at a risk of failure for 3rd time where does that leave us then, much worse than where we are now. We have better areas to look at first, than this regurritated nighmare of a well.

We have to prove further reserves with multiple proven oil plays and holders finally rewarded, then ONLY then do boards get incentives over and above their salaries etc imo. So tired of this constant issue surfacing on underperforming company's every single year prior to AGM's. All they have to do is their job, in our case find oil. If don't like that then move on plenty of O/G people to spin a company and spend holders funds isn't there. Over and out!!!

Our vote remains NO and that's that!!!