88 Energy Limited (“88 Energy”, “the Company”, “Operator”) (ASX,...

88 Energy Limited (“88 Energy”, “the Company”, “Operator”) (ASX, AIM: 88E) is pleased to provide
an update on Project Icewine, located onshore North Slope of Alaska.
Highlights
• Flowback continues with ~13% of stimulation fluid recovered

Icewine#2 Operations Update

Flowback commenced on the 19th June from stage 2 (upper zone). Approximately 8% of total
stimulation fluid volume was recovered until it became apparent, due to rate and pressure
observations, that the upper zone was likely in communication with the lower zone. Consequently, a
decision was made to drill out the plug between the upper and lower zones. No increase in pressure
was observed, confirming that the two zones are in effective communication. Trace hydrocarbons
were encountered whilst flowing back the upper zone prior to drilling out the plug and, as expected,
the flow rate returned to 100% stimulation fluid once the two zones were flowed back together.
Flowback, currently comprising 100% stimulation fluid, is continuing. Percentage of fluid recovered
to date is ~13% of the total fluid pumped. It is estimated that up to 30% of the stimulation fluid will
need to be recovered before hydrocarbons will be released from the reservoir.