Project Icewine - Field Trip Highlights

14 May 2015

                         Alaska Field Trip Highlights                          

  * Drilling permits are are on track post constructive meetings with State
    agencies
   
  * Exploration and appraisal success announced by regional peers in
    conventional plays enhances Project Icewine potential
   
  * Multiple rig options available for drilling prior to year end
   
  * Visual inspection indicates that drill site is in good condition / near rig
    ready
   
  * Good progress made on strategic funding / farmout process
   
The Board of 88 Energy Limited ("88 Energy" or the "Company") provides the
following update based on a recent visit to Alaska.

Permitting Progress

During the week beginning 27th April 2015, the Project Icewine Joint Venture
("PIJV") conducted meetings with representatives from seven State of Alaska
agencies and the North Slope Borough. All parties are engaging proactively in
regards to taking the steps required to meet the target for drilling of the
Icewine #1 well prior to year end.

88 Energy, through its local subsidiary, Accumulate Energy Alaska Inc.,
continues to work with all agencies to ensure that it operates in a culturally
and environmentally sensitive manner.

Figure 1: 2015 Winter Drilling Results by Peers (please refer to the pdf
version of this announcement available from the Company's website)

Drilling Success Reported on the Slope

Whilst in Alaska, there was excitement in the local oil community related to
unconfirmed reports of drilling success during the recently completed winter
season. Subsequently, Repsol confirmed, in its latest earnings report, that it
had completed two successful appraisal wells and one successful exploration
well - all with positive production tests. 88 Energy is encouraged by Repsol's
success and hopes to be able to provide more detail once it is made available.

Two of the conventional plays being pursued by Repsol are thought to exist
within the Project Icewine acreage. Whilst the Repsol results are promising,
the potential at Project Icewine will only be confirmed by 3D seismic and
drilling. Repsol's recent wells are located ~45 miles from the boundary of the
Project Icewine acreage.

There were also reports of delays experienced for other programs this winter
drilling season. It is understood that Great Bear was unable to meet its
schedule in regards to the drilling of the Talitha well, near to the Project
Icewine acreage. The results from Great Bear's Alkaid well have not been made
public at this stage.

Multiple Rig Options Confirmed

The Company engaged in discussions with several rig operators on the Slope and
confirmed rig availability over the Summer/Fall season. The Company looks
forward to committing to the use of one of these rigs in the near-term.

Figure 2: Photo of Pad (looking towards Dalton Highway from SE corner)(please
refer to the pdf version of this announcement available from the Company's
website)

Visit to Site Confirms Suitability of Location for Drilling Operations

Representatives of the Project Icewine Joint Venture made the short 90 minute
car journey from Prudhoe Bay to the Franklin Bluffs site. The Dalton Haul road
was in good condition despite a recent, one in twenty-year, flooding event from
the adjacent Sagavanirktok River that saw traffic halted for around two weeks
in early April. Road access for drilling of the Icewine #1 exploration well is
not expected to be affected by plans to refurbish a section of the road this
Summer.

Whilst all permits are not yet in place to drill at the existing gravel pad at
Franklin Bluffs, the Company is confident that the location is suitable for
drilling operations. Discussions with permitting agencies have also confirmed
that the location is ideal as a proposed drilling site, being within the
Transportation Corridor, on an existing pre-disturbed gravel pad, and adjacent
to the Dalton Highway.

Figure 3: Existing Gravel Pad LIDAR and Aerial View (please refer to the pdf
version of this announcement available from the Company's website)

Funding / Farmout Discussions Progress

The Company continues to make good progress on strategic funding / farmout
discussions and is currently engaged with multiple parties on this front. More
detail will become available in the coming weeks.

David Wall, 88 Energy's Managing Director, commented: "With the project moving
forward at a cracking pace on all fronts, combined with the recent success by
Repsol and the recovery in oil price, 88E and its shareholders could not be
much better positioned. Drilling remains on track for prior to year end spud as
strategic funding/farm-out talks progressing concurrently with operational
activity. We anticipate strong newsflow in the near term with several
significant milestones likely to be achieved."

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 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 99,360 gross contiguous acre position with 77,500 acres net to the Company.
The primary term for the State leases is 10 years with no mandatory
relinquishment and a low 16.5% royalty.

Figure 4: 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 2015 exploration expenditures refundable in cash, dropping to 75%
mid-2016, and 35% thereafter.

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.

Project Icewine has conventional play potential within the same Brookian
petroleum system and shallow to the HRZ shale, including 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.

Yours faithfully

Dave Wall

Managing Director

88 Energy Ltd

About 88 Energy: 88 Energy recently acquired an initial 87.5% working interest
and operatorship in 99,360 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]