Ann: Wireline Logging Results and Forward Program at Merlin-2, page-65

My last point I wish to make is to address the important technicals and why we continually fail. I do have serious concerns regarding 88E regarding their ability to manage further exploration wells.

Past wells like IW2 riddled with mistakes, Winx same and in wrong location, etc etc for other wells don't need to rehash all the previous wells.

But Merlin 1 and Merlin 2 after planning a year each, spending over $50+ Mil and choosing their locations by only using vintage 2D survey's is totally unacceptable in the modern times as technology is so critically important, so imo it's really poor management these crude techniques resulted in another 2 failed wells and unable to obtain fluid samples from these target zones.

Both Merlin wells were drilled on sparse, vintage 2D seismic data, which provides a narrow field of view of the reservoir and limited optionality on drilling locations.

My point is why didn't they use the best 3D survey's, seriously this company is living in the past with old techniques, no wonder they continue to fail and waste valuable time, dilute register and waste holders money. It's becoming an absolute joke in the O/G industry from who I have spoken to.

Just look at other O/G coys they use best practices and latest 3D survey's, no excuse for this company continually doing the same old thing. Then after the event, say maybe we should have spent the money and did 3D surveys to at least get the targeted zones in the right location. How many times must we see this.

88 Energy will now assess the merits of a future 3D seismic acquisition program to better identify with modern processing of data future drilling locations to optimally test and determine the potential commerciality of the Peregrine acreage.

Seriously how else can one sum up both these 2 FAILED wells.. (Corrected my language here, apologies)

“We appreciate that this result will be disappointing news for shareholders, in particular that we were again unable to obtain a fluid sample at surface or perform a flow test. However, we will now take the necessary time to fully analyse the data from the Merlin-2 well.

Seriously what ever happened to analysing all this at the beginning, this company imo looks very amaturish. Always going backwards after the costly events, yep a joke indeed imo...

This company has to start at the beginning, as imo they don't have a clue of what they are seriously doing imo without PB and a complete overhaul is needed. I seriously don't believe that they really understand our other locations either.

Unbelievable that this happens especially when they are drilling in the worlds most remote locations and with the smallest of windows, one would think they would have all the best technology and data prior to drilling, but not 88E...... Said all I need to say, bye all and GL for your other investments, might see a few of you with IXR..