88 Energy Limited Project Icewine Conventional Farmout Update 88 Energy Limited (ASX: 88E) (88 Energy or the Company) provides the following update related to the farmout process for its conventional prospect portfolio at Project Icewine, located on the Central North Slope, Alaska. Highlights Exclusivity agreement executed by 88 Energy and Burgundy Xploration, LLC (together, the JV Parties) with preferred bidder to facilitate near term operational activity whilst final terms are agreed on the proposed farmout agreement: o Exclusivity granted by the JV Parties until 31st August 2019, with customary exclusivity undertakings; o US$500,000payment(theExclusivityFee)bythepreferredbiddertotheJVPartiesto facilitate incurring of initial agreed costs associated with the 2020 drilling program; o ExclusivityFeenon-refundableunlessthefarmoutagreementisnotfinalisedowingtoan act or omission of the JV Parties. Further details will be provided in due course. Yours faithfully Dave Wall Managing Director 88 Energy Ltd Media and Investor Relations: 88 Energy Ltd Dave Wall, Managing Director Finlay Thomson, Investor Relations Hartleys Ltd Dale Bryan Cenkos Securities Neil McDonald/Derrick Lee |