AGM, page-3

Ralli this may help of why we need changes imo, as most have been here for too many years and failed us imo. They are all accountable/responsible imo for our last well in 2022 and dragging this well out over 2 winters and she was a director during these decisions imo. She has experience yes, nothing personal and might even be better than proposition to our current MD imo. A board work together, plan together and ultimately decide together and are all accountable, she was unfortunately nominated this year, that's all. I will in fairness find out more as it gets closer to the AGM deadline later this week. I may even change my mind!

History of 88E (IMO) - 2015 to 2023 - Something to consider prior to AGM.

Not a very good history IMO - all but 2 drills were a complete waste of time/money, using poor 2D survey data, poor planning and running out of time, choosing wrong locations/mistakes made imo and resulting in most being noncommercial and P&A wells.

Now we have a massive SOI over 20+ Billion shares and growing, most directors who have been here all this time, paid well and own no ordinary shares, except 1 (only 12.5 Mil) considering all these years, is imo unacceptable and time for change/s I say! Remember our new MD was previously our CFO and CS prior to 2021 MD appointment, so isn't new to 88.

Just look at the waste of money and poor results from all our previous wells imo.

Hickory (2023-2024) Finally Found Oil – Will Flow Test

Finally, over all these failed years 88 used the essential quality 3D survey data. Ongoing and unfortunately over 2 winters to flow test this well, which will cost twice as much than doing this after completing the first drill, which also had a huge impact on SP and SH’s didn’t get rewarded in 2023 as a result from 88’s poor planning and bad decision imo. But looks like a commercial discovery, if can stimulate as looking like tight structures. SP failed to appreciate in fact went lower after the BOP RNS. Would we have drilled this well if NOT for PANR success??????????

Ashley MD – “We look forward to updating shareholders with post well analysis results and our plans for the flow test of the Hickory-1 well”

Merlin 2 (2022) Wrong Location imo

Both Merlin wells were drilled on sparse, vintage 2D seismic data, which provides a narrow field of view of the reservoir and limited optionality on drilling locations. 88 Energy will now assess the merits of a future 3D seismic acquisition program to better identify with modern processing of data future drilling locations to optimally test and determine the potential commerciality of the Peregrine acreage.

Ashley MD - “We appreciate that this result will be disappointing news for shareholders, in particular that we were again unable to obtain a fluid sample at surface or perform a flow test”.

Merlin 1 (2021) Damaged Well imo

The time the hole had been open and consequent potential formation damage may have contributed to this issue. A decision was made to move to the next shallowest prospective zone, which had exhibited good oil shows and petrophysical characteristics, but wellbore condition issues prevented a test as the tool became stuck. The tool was freed but the risk of returning to that zone was deemed too high. Not being able to sample these two most prospective zones does not preclude a discovery; It is now too late in the season to initiate flow testing operations and the forward program will consist of plugging the well.

Dave MD - “Despite the operational issues that prevented obtaining a hydrocarbon sample from the two most prospective zones. We appreciate that these early results may be difficult to interpret. That is because we do not yet have all the data required to allow interpretation. This means some uncertainty remains”

Charlie – (2020) Wrong Location imo

Lower Lima target, being the better of the two Lima targets. This attempt was unsuccessful due to insufficient reservoir quality; however, given that these targets were not intersected optimally, there still may be potential for higher quality reservoir at a different location.
Upper Stellar was not tested due to the sub optimal location that it was intersected by the well
Indigo target, which was found to be water bearing. The Charlie target was found to be poorly developed and was not sampled. Oil shows in this interval are deemed to be related to residual oil that is not trapped in the system
Optimum stimulation and test at this juncture is not possible in the timeframe required due to the different phase of the hydrocarbons encountered and the length of season remaining

Dave MD - "Charlie-1 has delivered a mixed result. On the one hand, we have confirmed the presence of mobile hydrocarbons in the primary targets of the well but, at the same time, there are challenges that need to be more fully understood related to whether these can be commercialised on the North Slope.

Winx – (2019) Wrong Location imo
Reservoir quality and fluid mobility at this location is insufficient to warrant production testing. Similarly exhibited low oil saturations and did not flow hydrocarbons during the Modular Formation Dynamics Test

Dave MD – “Winx has not been confirmed by the results from the wireline logging. Analysis of the data is ongoing; however, it is deemed unlikely to change the current view in a material fashion.

Icewine 2 - (2018) Flow Tested and Flooded well imo

Aggressive nitrogen lift flooded well with water. Increased nitrogen injection rate, 300 scf/m, which is deemed to have limited the flowback of both water and gas from the borehole.

Dave MD - Analysis of the data is ongoing; however, it is deemed unlikely to change the current view in a material fashion.

Icewine 2 – (2017) Flow Tested

Flowback operations have continued, with fluid composition comprising 100% water. Shut the well in for six weeks to allow for pressure build up and imbibition to occur, Imbibition (or soaking) has proven to be effective, displacing in-situ water that may be blocking hydrocarbon molecules from being able to flow through the reservoir

Dave MD – “Whilst it is frustrating to have to wait over the Winter season for the continued flow test of the HRZ. Given the early-stage nature of our appraisal program, we need to have patience and remain open minded as there is no benchmark against which to track the progress of this particular unconventional play.”

Icewine 1 (2015-2016) Oil Found - Not Flow Tested

Dave MD – “As expected, the permeability results from the ‘super highways’ are excellent and provide further support for a resource play that could yield production rates more akin to those normally experienced in conventional wells. An increasing body of evidence from Icewine#1 supports a case for potentially exceptional flow rates from the HRZ. The next step is to test this theory via the drilling of Icewine#2H, which will be a horizontal well with a multi-stage fracture stimulation.