Ann: Large Prospect to be Drilled in Alaska - 1Q 2019 (Revised), page-2

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88 Energy Ltd Managing Director, Dave Wall, commented:

"The Western Blocks transaction represents a significant opportunity for 88E shareholders to gain exposure to one of the most prospective oil plays available globally, complementing our existing conventional portfolio on the North Slope.

Preparations for drilling are now underway and commencement of drilling of the exploration well is scheduled in less than 9 months.

We would like to thank Otto’s technical team for generating the prospect and Great Bear for moving quickly to reach an agreement. 88E also look forward to working with Red Emperor and welcome them to the Slope.

Our Alaskan Operations team, led by Erik Opstad, will be working closely with Great Bear and the regulatory agencies in Alaska to ensure that the well is permitted and drilled on time in a safe and environmentally conscious manner."