Issue of Shares and Performance Rights

88 Energy Limited

Issue of Shares and Performance Rights

88 Energy Limited ("88E" or the "Company") announces that it has issued a total of 11,666,667 fully paid ordinary shares ("Subscription Shares") to certain Directors of the Company at an issue price of A$0.006 per Share, in accordance with the announcement 18 November 2020.

In addition, the Company announces that it has issued a total of 143,868,000 performance rights under the Company's employee incentive scheme (the "Performance Rights"), including 64,500,000 to David Wall, Managing Director of the Company.

The issue of the Subscription Shares and the Performance Rights was approved by shareholders at the General Meeting of the Company held on 24 December 2020. Further details of the terms of the Performance Rights are set out in the Company's notification released on 24 November 2020.

Further details are included in the following table:

Finally, the Company has issued 47,619,048 fully paid ordinary shares (the "Fee Shares") in lieu of cash fees for services provided as part of the farm-out of the Peregrine acreage in November 2020 at a deemed issue price of A$0.007 per Fee Share.

 
The Subscription Shares and the Fee Shares will rank pari passu with the existing ordinary shares in the Company. Application will be made for the Subscription Shares and the Fee Shares to be admitted to trading on both the ASX and AIM, with Admission to trading on AIM expected to occur on 11 January 2021.

Following the issue of the Subscription Shares and the Fee Shares the Company will have 10,661,590,431 ordinary shares in issue, all of which have voting rights. The figure of 10,661,590,431 ordinary shares may be used by shareholders as the denominator for the calculations by which they will determine if they are required to notify their interest in, or change their interest in, the Company.

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