Ann: Operations Update, page-4

19 June 2017
88 Energy Limited
Icewine#2 Operations Update 88 Energy Limited (“88 Energy”, “the Company”, “Operator”) (ASX, AIM: 88E) is pleased to provide an update on Project Icewine, located onshore North Slope of Alaska. Highlights • Stage 1 stimulation operations completed successfully o Stage 1 executed as per plan with all proppant placed in reservoir Icewine#2 Operations Update The first stage (lower HRZ) of the planned two stage artificial stimulation of the HRZ shale was completed successfully over the weekend, as per the plan. Preparations for the execution of the second stage (upper HRZ) are nearing completion and the job is expected to be completed over the next twelve hours. Flowback is then planned from the upper zone until a representative sample can be obtained. The lower zone will then be comingled with the upper zone and additional samples acquired. Subsequent to the sample acquisition, the choke will then be gradually opened up to ascertain the maximum potential flow rate from both zones over the coming weeks. Sample analysis will take place in a lab over the next four to six weeks to allow for detailed characterisation of the hydrocarbon composition and phase in the reservoir. Further updates will be made as and when appropriate throughout the drilling / testing program.