88 Energy Limited — Capital/Financing Update 2021

Jun 30, 2021

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1 July 2021

88 Energy Limited

Full Repayment of Debt

Highlights

• Completion of sale transaction for 88 Energy’s Alaskan Oil and Gas Tax Credits.

• US$16.1 million of US$18.7 million sale proceeds applied to full repayment of outstanding debt.

• 88 Energy now debt free with cash holdings of A$14.8 million (unaudited) as at 30 June 2021.

88 Energy Limited (" 88 Energy " or the “ Company ", ASX:88E, AIM:88E, OTC:EEENF) is pleased to advise that it has completed the sale of the Alaskan Oil and Gas Tax Credits (“ Tax Credits ”) held by its 100%-owned subsidiary, Accumulate Energy Alaska, Inc (see 88 Energy ASX release dated 21 June 2021 for further details with respect to the sale agreement).

The sale price of the Tax Credits was US$18.7 million cash. US$16.1 million of the sale proceeds were applied to the full repayment of 88 Energy’s outstanding debt with FCS Advisors, LLC (d/b/a Brevet Capital Advisors). The balance of the sale proceeds will be applied towards the Company’s future working capital requirements.

88 Energy is now debt free (other than typical trade creditors) and holds cash of A$14.8 million (unaudited) as at 30 June 2021.

This announcement has been authorised by the Board.

Yours faithfully

Ashley Gilbert Managing Director 88 Energy Ltd

Media and Investor Relations:

88 Energy Ltd

Ashley Gilbert, Managing Director

Tel: +61 8 9485 0990 Email: investor-relations@88energy.com

Finlay Thomson , Investor Relations

Tel: +44 7976 248471

Fivemark Partners , Investor and Media Relations Andrew Edge / Michael Vaughan

Tel: +61 410 276 744 Tel: +61 422 602 720

EurozHartleys Ltd

Dale Bryan

Tel: + 61 8 9268 2829

Cenkos Securities

Tel: + 44 131 220 6939

Neil McDonald / Derrick Lee

www. 88energy.com

ABN 80 072 964 179

PO Box 352, Subiaco WA 6904 Australia Phone +61 8 9485 0990

Ground Floor, 516 Hay Street Subiaco WA 6008