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88 Energy - Operations Update

88 Energy Limited ("88 Energy" or the "Company", ASX:88E, AIM 88E) is pleased to provide the following update related to operations for the Charlie-1 appraisal well, which is currently being drilled on the North Slope of Alaska. Highlights · Total Depth of 11,112' reached in the Kuparuk Formation · Logging While Drilling results largely consistent with Malguk-1 · Wireline logging underway Detail The Charlie-1 well reached its Total Depth of 11,112' (TVD) on 30th March 2020 at 0659 (AEST), having drilled through and logged all of the targets in the well, including the HRZ. Results from the Logging While Drilling program are largely consistent with those seen in the nearby Malguk-1 well, drilled by BP in 1991, with shows and elevated log response recorded over several horizons. The significance of the similarities, and differences, to Malguk-1 will not be known until after the more detailed wireline logging program has been executed and analysis completed. Wireline logging has commenced and is expected to take approximately 7 days, including initial analysis. The Company can confirm that COVID-19 continues to have no impact on the program to date and appropriate measures have been put in place to ensure that any potential impacts are being proactively addressed.

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