Operations Update - Rig Mobilisation Under Way

5^th February 2019

88 Energy Limited

Operations Update - Rig Mobilisation Under Way

88 Energy Limited ("88 Energy" or the "Company", ASX:88E, AIM 88E) is pleased to advise the following in relation to its oil and gas operations on the North Slope of Alaska.

Highlights: Winx-1

·     Rig mobilisation commences

·     Ice road and ice pad construction complete

·     Cellar installation complete

·     Spud scheduled for ~15^th February 2019

Western Leases - Winx-1 Exploration Well

Mobilisation of the Nordic Rig#3 commenced at 0845 1^st February (AK time) from Deadhorse, Alaska. The mono body rig structure will now travel ~90 miles to the Winx-1 well site, travelling at ~1mph. Additional equipment required for the commencement of drilling is being mobilised to site concurrently in order to meet the scheduled spud date of ~15^th February.

An image of the Nordic Rig#3 and the Winx-1 Well Location and Regional Nanushuk/Torok Discovery Wells can be viewed at the link below:

http://www.rns-pdf.londonstockexchange.com/rns/0849P_1-2019-2-5.pdf

Winx-1 is located ~4 miles east of the Horseshoe-1/1A well that significantly extended the highly successful Nanushuk play fairway to the south. Winx-1 will target gross best estimate prospective oil resource of 400 million barrels of oil (144 million barrels net to 88E) across multiple stacked 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 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.

Media and Investor Relations:

88 Energy Ltd

Dave Wall, Managing Director                                                 Tel: +61 8 9485 0990

  Email: [email protected] 

Finlay Thomson, Investor Relations                                       Tel: +44 797 624 8471

Hartleys Ltd

Dale Bryan                                                                                Tel: + 61 8 9268 2829

Cenkos Securities                                                                

Neil McDonald/Derrick Lee                                                       Tel: +44 131 220 6939