88 Energy Limited — Capital/Financing Update 2021

Jul 11, 2021

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12 July 2021

Cleansing Notice

The Directors of the Company provide a notice for the purposes of section 708A(5)(e) of the Corporations Act 2001 (Cth) ( Corporations Act ).

The Company has today issued 42,230,000 fully paid ordinary shares at a deemed issue price of A$0.032 per Share pursuant to a Sale Agreement to acquire the 50% working interest of Alaska Peregrine Development Company (APDC) in Project Peregrine as announced to ASX on 7 June 2021. The shares issued are Tranche 4 of the consideration shares.

The Shares above were issued under the Company’s 15% Placement Capacity under Listing Rule 7.1. The Shares are part of a class of securities quoted on ASX and may be subject to a subsequent offer for sale.

The Company issued the above Shares without a disclosure document under Part 6D.2 of the Corporations Act.

The Company, as at the date of this notice, has complied with:

• (a) the provisions of Chapter 2M of the Corporations Act; and

• (b) section 674 of the Corporations Act.

As at the date of this notice, there is no excluded information, as defined in sections 708A(7) and 708A(8) of the Corporations Act, that is reasonable for investors and their professional advisers to expect to find in a disclosure document. An Appendix 2A in respect of the above securities was released on 12 July 2021.

Yours faithfully

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Ashley Gilbert Managing Director 88 Energy Ltd