Issue of Equity

17 March 2015

                               88 ENERGY LIMITED                               

                          ISSUE OF SHARES AND OPTIONS                          

88 Energy limited (ASX:88E; AIM:88E, "88 Energy" or the "Company") is pleased
to announce that it has reached agreement with several consultants to take
small portions of options and stock, at market price, in lieu of cash fees
provided for various services, including: legal, marketing and strategic
introductions. In the current capital constrained environment, it is
encouraging that consultants are willing to back the Company's vision and take
exposure as optionholders / shareholders versus the certainty provided by cash.
The Company is issuing 28,000,000 listed options and 2,000,000 ordinary shares
in relation to these agreements.

The Company is also issuing 3,000,000 unlisted options, on the same terms as
the recent issue to Directors, under its Employee Option Scheme approved at its
General Meeting on the 12th Feb 2014. These will be issued to key management
personnel to align the interests of 88E employees with its Directors and
shareholders.

The options and shares will be issued under the Company's placement capacity
under listing rule 7.1.

The Company will apply for the new shares to be admitted to trading on both the
ASX and AIM markets. Trading in the new shares on AIM is expected to commence
on or around 17 March 2015.

Following the above movements, the Company will have the following securities
on issue:

Number         Class                                                           
                                                                               
1,139,846,023  Fully paid ordinary shares                                      
                                                                               
403,659,650    Listed Options exercisable at $0.02; expiring 3 years from date 
               of issue                                                        
                                                                               
500,000        Unlisted options exercisable at $0.50 on or before 2 April 2015 
                                                                               
3,274,124      Unlisted options exercisable at $0.60 on or before 2 April 2015 
                                                                               
3,500,000      Unlisted options exercisable at $0.70 on or before 2 April 2015 
                                                                               
300,000        Unlisted options exercisable at $0.70 on or before 10 April 2016
                                                                               
213,733        Unlisted options exercisable at GBP£0.256 (A$0.393) on or before
               19 November 2015                                                
                                                                               
487,230        Unlisted options exercisable at GBP£0.242 (A$0.383) on or before
               19 November 2015                                                
                                                                               
2,000,000      Unlisted options exercisable at $0.28 on or before 26 November  
               2015                                                            
                                                                               
3,000,000      Unlisted options exercisable at $0.28 on or before 26 November  
               2015                                                            
                                                                               
2,500,000      Unlisted options exercisable at $0.45 on or before 31 March 2016
                                                                               
2,500,000      Unlisted options exercisable at $0.45 on or before 31 March 2016
               (voluntary escrow for 12 months)                                
                                                                               
1,000,000      Unlisted options exercisable at $0.42 on or before 12 June 2017 
               (vesting conditions apply)                                      
                                                                               
2,000,000      Unlisted options exercisable at $0.28 on or before 12 June 2017 
                                                                               
1,000,000      Unlisted options exercisable at $0.30 on or before 22 April 2016
                                                                               
250,000        Unlisted options exercisable at $0.16 on or before 12 June 2017 
                                                                               
12,000,000     Unlisted options exercisable at $0.01 on or before 22 October   
                                                                               
20,000,000     2017                                                            
                                                                               
45,000,000     Unlisted options at an exercise price of A$0.014 per option     
               expiring 2 March 2018                                           
3,000,000                                                                      
               Unlisted options at an exercise price of A$0.015 per option     
               expiring 18 February 2018                                       
                                                                               
               Unlisted options at an exercise price of A$0.015 per option     
               expiring 18 February 2018                                       

Sarah Smith

Joint Company Secretary

88 Energy Limited

Level 2, 5 Ord Street

West Perth WA 6005, Australia

Ph: + 61 8 9485 0990 

www.88energy.com


Contacts

RFC Ambrian Limited

As Nominated Adviser

Mr Oliver Morse

[phone]