NAMIBIA: 88 Energy Raises Funds Towards Exploration Activities at PEL 93

88 Energy Limitedhas advised that it has successfully completed a bookbuild to domestic and international institutional and sophisticated investors to raise A$9.9 million (approx. £5.23 million) before costs. Placement proceeds will be directed towards costs associated with the recent successful flow test
at the Hickory-1 discovery well located at Project Phoenix but also be directed towards exploration activities across the Company’s acreage in Namibia and Alaska.

Based on the forecast activity schedule the Company is now funded for at least the next 12 months,
with net proceeds of the Placement, together with the Company’s existing cash reserves.

PEL 93, Namibia: Completion of 2D Seismic program, generation of a maiden prospective resource report and other studies associated with the Owambo Basin.

88 Energy Managing Director and CEO, Ashley Gilbert, commented:

“We are enthusiastic about our initial exploration activities on the Namibian farmin acreage at PEL 93. The Owambo Basin offers substantial hydrocarbon exploration potential across a highly prospective and underexplored region.”