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88 Energy Provides Operations Update

Source: 1/21/2021, Location: Europe

88 Energy Limited is pleased to provide the following update related to its operations on the North Slope of Alaska.

- Mobilisation of snow road construction equipment to the Merlin-1 drill site has commenced
- Spud of Merlin-1 remains on schedule for mid-late February 2021 o Targeting independently assessed gross mean prospective resource of 645 million barrels*
- Lease AA095899 in the recent Coastal Plain lease sale formally awarded

Peregrine Drilling Imminent - Mobilisation Underway
Permitting and planning associated with the drilling of Merlin-1 at 88 Energy's Peregrine Project, located in the NPR-A region of the North Slope of Alaska, remains on schedule for a mid to late February spud. Schedule permitting, the Harrier-1 well will commence drilling once operations have completed at Merlin-1.

Mobilisation of snow road construction equipment to the Merlin-1 location has commenced. To date 34 miles of a total ~90 miles of the snow road to Merlin-1 have been constructed.

88 Energy is carried for the first US$10m of an estimated US$12.6m total expenditure, in exchange for a 50% working interest in the project, as part of a farm-out agreement (see announcement dated 4th December 2020).

Coastal Plain Lease Award
Lease AA095899 was formally awarded, effective 1 January 2021. The lease is considered highly prospective for oil and gas as several prospects on the Central North Slope side of the boundary are interpreted to extend into this area. It is considered likely that a significant portion of these oil pools may be accessed without surface access within the Coastal Plain area.

About Project Peregrine - Imminent Drilling
Project Peregrine is located in the NPR-A region of the North Slope of Alaska and encompasses ~195,000 contiguous acres. It is situated on trend to recent discoveries in a newly successful play type in topset sands in the Nanushuk formation. 88 Energy has a 100% working interest in the project that will reduce to 50% post the completion of funding as part of a recent farm-in, whereby 88E is carried on the first US$10m (of an estimated US$12.6m total cost) for the Merlin-1 well.

Project Peregrine and Recent Nanushuk Discoveries
The Merlin-1 well is scheduled for spud in mid-late February 2021 and is targeting 645 million barrels of gross mean prospective resource* to commence immediately following completion of operations at Merlin-1, subject to results from Merlin-1 and weather. Harrier-1 is targeting gross mean prospective resource of 417 million barrels*. Harrier-1 is expected to cost ~US$7m.

Each of the Merlin and Harrier prospects is located on trend to an existing discovery, in the same play type (Nanushuk topsets). This has de-risked the prospects considerably and resulted in a relatively high independently estimated geologic chance of success.

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