Ann: Weekly Drilling Update, page-4

Forward Plan
The forward plan is to complete repairs on the rig and drill the remaining Brookian section.
The next casing point is at circa 10,450 before setting 7 casing and commencing coring
operations in the lower Hue / upper HRZ, which is the primary target for the Icewine #1
exploration well.
The well is planned to a Total Depth of 11,600 feet and is scheduled to take 30 days of drilling to
complete. The primary objective of the well is the HRZ shale formation, targeting a huge
unconventional resource prize.
Please refer to the presentation released 5th November 2015 for more details on the well,
look-forward operations and evaluation program.
Managing Director of 88 Energy Limited, Dave Wall commented: Excellent progress had been
made up until the issue with the drawworks and we are now within striking distance of the
primary, HRZ target. Fortunately, significant time was clawed back prior to the issues and we
remain within the Budget.
The presence of the heavy gases does not definitively prove the thermal maturity model but if
these had not been present, then it may have indicated that the HRZ was likely over mature at
this location. This encouragement is only partially offset by the ongoing mechanical issues with
the rig​