88 Energy Provides Further Update on Project Icewine

88 Energy Limited (88 Energy, Operator) is pleased to provide an update on Project Icewine, located onshore North Slope of Alaska.

Highlights

· Stage 2 stimulation operations completed successfully

Icewine#2 Operations Update

Both stages of the planned two stage fracture stimulation operation have now been executed successfully as per the stimulation design. Over ninety eight percent of the intended total proppant volume was able to be injected into the HRZ reservoir.

Flowback will now commence from the upper zone until a representative sample can be obtained. The lower zone will then be comingled with the upper zone and additional samples acquired. Subsequent to the sample acquisition, the choke will then be gradually opened up to ascertain the maximum potential flow rate from both zones over the coming weeks. Sample analysis will take place in a lab over the next four to six weeks to allow for detailed characterisation of the hydrocarbon composition and phase in the reservoir.

Further updates will be made as and when appropriate throughout the drilling / testing program.