Ann: Operations Update, page-2

4 July 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 • Stimulation fluid continues to flowback naturally • ~15.3% of total stimulation fluid recovered to date Icewine#2 Operations Update Flowback operations continue, with fluid composition comprising 100% water. A recent increase in salinity of the recovered fluid possibly indicates that some in-situ reservoir fluid is starting to flowback. The forward plan remains unchanged and may include shut in for pressure build-up and soak and/or artificial lift to increase the rate of stimulation fluid recovery. Further updates will be made as and when appropriate throughout the testing program.