Announcment, page-12

From Prior post today...

Focus on what is happening in the near-term...and long-term
From 29/02/2016 Announcement
Core and Petrophysics Data Indicate World Class Resource Potential at Icewine#1


//Project Icewine Seismic On Schedule for March 2016 Start

 Seismic contractor selected and design completed

 Bank of America final funding approval underway

 Acquisition scheduled to commence mid-March 2016 //


//Forward Evaluation Program

Integrated core and petrophysical analysis continue with results expected on key variables over the coming weeks, including:

 Additional rock mechanical properties – basis for integrated well stimulation design

 Characterisation of “super highway” permeability zones

 Independent Resource Report commissioned to incorporate Icewine#1 HRZ results


Project Icewine Seismic On Schedule for March 2016 Start

 Seismic contractor selected and design completed

 Bank of America final funding approval underway

 Acquisition scheduled to commence mid-March 2016

 Seismic program adjusted to reflect external market conditions and prudent fiscal management, with focus shifted to prioritise HRZ liquids-rich shale play:

o Lower cost 2D survey designed to mitigate drilling risk for Icewine#2H

o Design also tailored to delineate large conventional features over broader acquisition area


Managing Director of 88 Energy Limited, Dave Wall commented:

“Results from analysis of core and petrophysical data from the Icewine#1 well continue to deliver at or above predrill expectations for the HRZ shale play at Project Icewine.

As a consequence of these continued good results, we have tailored our seismic acquisition to focus on mitigating drilling risk for the next well, Icewine#2H, for which planning has commenced. Given the current oil price, it did not make sense to attempt to delineate the more subtle, and typically smaller, conventional features at this point in time. The revised 2D seismic program will give a broader regional picture across a larger aerial extent on our expanded acreage position and should still identify those larger conventional features that would be economic at today’s prices.

Costs for the Icewine#1 well have now been finalised, with our Operations Team in Alaska, headed up by Erik Opstad, delivering an outstanding outcome. The well not only achieved all of its primary objectives, including exceptional core recovery in the primary HRZ target, but it was also delivered on Budget.”

Yours faithfully
Dave Wall Managing
Director 88 Energy Ltd

https://onlineinvesting.westpac.com...CSYSTEM=CORETXIIS&CAT=2016-03-15+14:36:59,988