Acreage Award Update

28 May 2015

                       Acreage Award Documents Submitted                       

Award Documents Submitted

88 Energy is pleased to announce that its Joint Venture Partner, Burgundy
Xploration LLC, has received, signed and returned to the State of Alaska, the
award documentation for 63 tracts of land totalling approximately 89,542 acres.
Burgundy bid on these tracts on behalf of the Joint Venture and was announced
high bidder in November 2014. Once these documents have been processed and the
leases issued, Burgundy will assign to Accumulate Energy Alaska, Inc (100%
owned subsidiary of 88 Energy Ltd) an 87.5% working interest in these 63 new
tracts as well as 6 tracts that Burgundy had previously been awarded in 2013
and 2014. Burgundy will retain a 4% Overriding Royalty Interest over all 69
tracts. 88 Energy has remitted US$2.98m in acreage costs and first year rentals
to the State of Alaska.

The difference between the 90,720 acres originally bid on and the 89,542 acres
awarded is the result of survey work completed by the State. Consequently, the
gross acreage position leased by the Joint Venture will now total 98,182 acres
vs the previous estimate of 99,360 acres.

To facilitate timely permitting, transfer of operatorship and other regulatory
requirements associated with the drilling of the Icewine #1 exploration well,
Burgundy has agreed to assign the 87.5% working interest and operatorship over
ADL392301, which contains the site for the well, prior to formal issuance of
the other leases. The documentation for this assignment has been submitted to
the State of Alaska for approval.

88 Energy anticipates that its subsidiary, Accumulate Energy Alaska, Inc, will
be officially "on title" within weeks (rather than contractually entitled to
the acres as it currently is). Additional updates in relation to the process
will be made as they occur.

Managing Director of 88 Energy Ltd, Dave Wall commented: "Whilst the award and
assignment process is largely administrative in nature, it is a crucial piece
of the puzzle and another meaningful step forward for the Company and its
shareholders. 88 Energy would like to thank its JV Partner, Burgundy, for its
timely and flexible approach to the process as well as the State of Alaska for
the opportunity to operate on the North Slope. We look forward with great
anticipation to the upcoming drilling of the Icewine #1 well prior to year
end."

Yours faithfully

Dave Wall

Managing Director

88 Energy Ltd

Project Icewine Highlights

In November 2014, the Company entered into a binding agreement with Burgundy
Xploration (BEX) to acquire a significant working interest (87.5%, reducing to
78% on spud of the first well on the project) in a large acreage position on a
multiple objective, liquids rich exploration opportunity onshore Alaska, North
America, referred to as Project Icewine.

88 Energy, (through BEX their co-venture partner), was announced highest bidder
on 90,720 acres (revised to 89,542 post survey) in the November State lease
sale for the North Slope of Alaska on 20 November 2014. Post award of the
acreage in Q2 2015 88 Energy will secure a 98,182 gross contiguous acre
position with 85,900 acres net to the Company (76,582 net acres post spud). The
primary term for the State leases is 10 years with no mandatory relinquishment
and a low 16.5% royalty.

Figure 1: Project Icewine Location (please refer to the pdf version of this
announcement available from the Company's website)

Generous exploration incentives are provided by the State of Alaska with up to
85% of exploration expenditure in 2015 cash refundable, dropping to 75% mid
2016 and thereafter 35%.

The  primary objective is an untested, unconventional liquids-rich shale play
in a prolific source rock, the HRZ shale,(Brookian Sequence), that co-sourced
the largest oil field in North America; the giant Prudhoe Bay Oil Field
Complex. Internal modelling and analysis indicates that Project Icewine is
located in a high liquids vapour phase sweetspot analogous to those encountered
in other Tier 1 shale plays e.g. the Eagle Ford, Texas.

Conventional play potential can be found at Project Icewine within the same
Brookian petroleum system and shallow to the HRZ shale and includes high
porosity channel and deep water turbiditic sands. The Brookian conventional
play is proven on the North Slope; the USGS (2013) estimate the remaining oil
potential to be 2.1 billion barrels just within the Brookian sequence.
Additional conventional potential exists in the deeper Kuparuk sands and the
Ivashuk Formation.

Drilling, (2012), in the adjacent acreage to the north confirmed that the HRZ
shales, along with the underlying Kingak & Shublik shales, were all within the
oil window which is extremely encouraging for the unconventional potential at
Project Icewine. In addition a conventional oil discovery was reported in the
Kuparuk sandstones.

A Prospective Resources Report by DeGolyer and MacNaughton, was commissioned by
88 Energy to evaluate the unconventional resource potential of Project Icewine
in early December 2014 and was released to the market on 19 January 2015.

About 88 Energy: 88 Energy recently acquired an initial 87.5% working interest
and operatorship in 98,182 acres onshore the prolific North Slope of Alaska
("Project Icewine"). The North Slope is the host for the 15 billion barrel
Prudhoe Bay oilfield complex, the largest in North America. The Company, with
its Joint Venture partner Burgundy Xploration, has identified two highly
prospective play types that are likely to exist on the Project Icewine acreage
- one conventional and one unconventional. The large resource potential of the
Icewine Project was recently independently verified by leading international
petroleum resource consultant DeGolyer and MacNaughton. In addition to the
interpreted high prospectivity, the project is strategically located on a
year-round operational access road and only 35 miles south of Pump Station 1
where Prudhoe Bay feeds into the TransAlaska Pipeline System. The Company plans
to progress drilling and seismic in the near term to take advantage of the
globally unique fiscal system in Alaska, which allows for up to 85% of CY2015
exploration expenditure to be rebated in cash.

Media and Investor Relations:

Australia                             
                                      
88 Energy Ltd                         
[e-mail]                    
[phone]                       
                                      
Hartleys Ltd                          
As Corporate Advisor                  
Mr Dale Bryan                         
[phone]                       
                                      
                                      
United Kingdom                        
RFC Ambrian Limited                   
                                      
As Nominated Adviser                  
Mr Oliver Morse                       
[phone]