Ann: Hickory-1 Flow Test Operations Update, page-103

88E’s current flow test is from a vertical well, which means flow rates will naturally be lower than what we typically see from horizontal wells, where flow rates can be >1,000 barrels of oil per day…

Horizontal wells have the potential to increase flow rates by ~6-12x.So in theory 88E’s Upper SFS reservoir could potentially flow at ~420 to 840 barrels of oil per day from a horizontal well.

Results sit right in the middle of our base case expectation at 70 BOPD.

The results also sit in line with other vertical wells drilled by 88E’s much larger neighbour Pantheon Resources.…

Pantheon across its three tests produced between 45 and 108 barrels of oil per day...

During the ~4 year period when Pantheon was delivering those flow test results, its market cap was at one point was almost ~A$2BN...

The SMD-B reservoir that Pantheon tested produced a flow rate of ~40 barrels per day, if 88e produced the same or greater volume it would be a better find than Pantheon’s…

So even though 88E has managed to deliver results as strong as Pantheon from a vertical well flow test - its market cap is much less...

(not to mention 88E’s Namibian assets... which are similar to the TSX listed Recon Africa

Right now Pantheon is capped at ~A$524M - whereas 88E is capped at ~A$150M.