Ann: Icewine 2 - Operations Update, page-2

Highlights •
Wireline logs acquired successfully throughout the production interval
, Data quality excellent , Processing and interpretation underway
• Icewine#2 4.5” production liner completion to be re-run o Finalisation of completion expected prior to end of week
• Production testing remains on schedule for late June / early July

Icewine#2 Operations Update Wireline logging throughout the production interval at Icewine#2 was completed over the weekend, with great success. The quality of the data acquired is excellent and complements the core and logs retrieved at Icewine#1. The enhanced data suite will ensure that optimal design of the planned stimulation is achieved at Icewine#2. During cementing of the 4.5” production liner, hole conditions in the Pebble Shale Unit (beneath the HRZ production interval) prevented successful completion. The liner was retrieved to surface and will undergo minor repair whilst the hole is reconditioned to minimise the chance of recurrence. Post repair the liner will be run back in the hole and re-cemented. This operation is expected to be finalised during the week. Production testing remains on schedule. Managing Director of 88 Energy Limited, Dave Wall commented: “The data quality from the wireline logs recently completed is excellent and, at this early stage in the processing and interpretation, is confirmatory to the data obtained from Icewine#1 – as expected. Additional insights are expected from the log interpretation and completion of the micro stimulations over the coming days as we finalise the design to the stimulation program. The minor setback related to completing the production liner installation has not altered the schedule for production testing, as prior to this we were running several days ahead of plan.” Further updates will be made as and when appropriate throughout the drilling / testing program.

Laters..