Ann: Operations Update - Total Depth Reached, page-2

6th March 201988 Energy LimitedOperations Update – Total Depth Reached88 Energy Limited ("88 Energy" or the “Company", ASX:88E, AIM 88E) advises the following inrelation to its oil and gas operations on the North Slope of Alaska.Highlights: Winx-1• Total Depth of 6,800’ reached on 3rd March, all pre-drill targets successfully intersected• Multiple potential pay zones identified, including in primary target zone (Nanushuk topsets)• Wireline logging program is scheduled to commence imminently to confirm prospectivity aheadof possible production testingWestern Leases – Winx-1 Exploration WellThe Winx-1 exploration well intersected all of the pre-drill targets safely and efficiently. Total Depthof 6,800’ was reached on the 3rd March 2019, with multiple potential pay zones identified in theNanushuk Formation Topset Play (primary targets) and Torok Formation (secondary targets).A comprehensive wireline logging program is due to commence 6th March (AK time) to verify theprospectivity of the zones of interest. This program, including first pass interpretation, is expectedto take ~10 days to complete. Based on the results of the interpretation, a decision will be madeon whether to proceed with production testing of the most prospective zone within the NanushukFormation.88E Managing Director, Dave Wall, commented: “The operational performance by the team inAlaska during drilling has been outstanding, with a safe and efficient execution of the program.Encouragingly, we have also encountered multiple potential pay zones in the primary target as wellas one of the secondary targets. Whilst it is still early days, we are well placed and look to thewireline program with measured optimism.”Winx-1 Drilling and Testing Schedule (base case)www. 88energy.com103 Level 2, 5 Ord Street, West Perth WA 6005 PO Box 1674, West Perth WA 6872 Australia Phone +61 8 9485 0990ABN 80 072 964 179Winx-1 is located ~4 miles east of the Horseshoe-1/1A well that significantly extended the highlysuccessful Nanushuk topset play fairway to the south. Winx-1 will target gross best estimateprospective oil resource of 400 million barrels of oil (144 million barrels net to 88E) across multiplestacked objectives, including the Nanushuk Formation, which is the primary target of the well.Cautionary Statement: The estimated quantities of petroleum that may be potentially recovered bythe application of a future development project relate to undiscovered accumulations. Theseestimates 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 ofpotentially movable hydrocarbons.Winx-1 Well Location and Regional Nanushuk/Torok Discovery WellsYours faithfullyDave WallManaging Director88 Energy LtdMedia and Investor Relations:88 Energy LtdDave Wall, Managing Director Tel: +61 8 9485 0990 Email: [email protected] Thomson, Investor Relations Tel: +44 797 624 8471Hartleys LtdDale Bryan Tel: + 61 8 9268 2829Cenkos SecuritiesNeil McDonald/Derrick Lee Tel: +44 131 220 6939