Ann: Project Icewine - Phase I Successfully Completed, page-2

Phase I Complete – Icewine#1 “Achilles’ Heels” Mitigated
88 Energy Limited (“88 Energy”, “the Company”, “Operator”) (ASX, AIM: 88E) is pleased to
provide the successful completion of Phase I for Project Icewine, resulting in substantial derisking
of the HRZ play based on results from the Icewine#1 exploration well. Phase II has now
been initiated with planning and design underway for Icewine#2H, a horizontal appraisal well with
a multi-stage fracture stimulation.
Phase I: Highlights – All Three “Achilles’ Heels” Substantially Mitigated
 Brittleness:
o Analogous to Haynesville and Marcellus plays
o Highly amenable to fracture stimulation operations
 Hydrocarbon Phase / Thermal Maturity:
o Volatile oil vapour phase with higher liquids content than forecast
 Bottom Seal / Overpressure:
o Elevated pore pressure materially above hydrostatic gradient
 Matrix Permeability:
o Analogous to Haynesville & substantially higher than Eagle Ford
 Porosity
o Excellent by comparison to other successful shale plays, including Eagle Ford
The Company believes that Icewine #1 cored a new kind of hybrid resource play that appears to
have numerous similarities to reservoirs known as Low-Contrast Low-Resistivity (LCLR), or Low
Contrast Pay (LCP). These reservoirs are characterised by production metrics and peformance
more commonly associated with conventional resources (Bodnar, 2015).
Phase II: Appraisal Program for HRZ Play Initiated
 Appraisal: Icewine#2H (Horizontal with Multi-Stage Frac) HRZ Production Test
o Preliminary AFE and drilling design launched
o Detailed core-based fraccing, completion, and production profile design in
progress
 2D Seismic Program:
o Funding approved by Bank of America
o Mobilisation complete - acquisition to commence in near term