Ann: Project Icewine - Phase I Successfully Completed, page-73

Managing Director of 88 Energy Limited, Dave Wall commented:

“The substantial de-risking of our three main Achilles’ Heels is a major milestone for Project Icewine. The HRZ has been proven to share many characteristics that are similar to the rocks in the Marcellus and Haynesville that give rise to exceptional flow rates, albeit we are expecting liquids as opposed to gas.

Additionally, our view of the nature of the HRZ play, based on these characteristics, is pushing the needle towards a possible production profile that is more akin to conventional reservoir performance. Further work to fine tune frac design is now underway and we also expect seismic acquisition to commence imminently.

The hard work within the 88E/Burgundy partnership and by our expert consultants, leveraged off Burgundy’s intellectual property, continues to yield Tier 1 outcomes for the prospectivity of Project Icewine. These focused efforts are ongoing, and we look forward to sharing additional results in the near future.”