88 Energy Limited — Capital/Financing Update 2021

Mar 21, 2021

Proposed issue of securities

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Announcement Summary

Entity name

88 ENERGY LIMITED

Announcement Type

New announcement

Date of this announcement

Monday March 22, 2021

The Proposed issue is:

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A placement or other type of issue

Total number of +securities proposed to be issued for a placement or other type of issue

Maximum Number of ASX +security code +Security description +securities to be issued 88E ORDINARY FULLY PAID 360,000,000

Proposed +issue date

Monday March 22, 2021

Refer to next page for full details of the announcement

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Proposed issue of securities

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Part 1 - Entity and announcement details

1.1 Name of +Entity

88 ENERGY LIMITED

We (the entity named above) give ASX the following information about a proposed issue of +securities and, if ASX agrees to +quote any of the +securities (including any rights) on a +deferred settlement basis, we agree to the matters set out in Appendix 3B of the ASX Listing Rules.

1.2 Registered Number Type

ABN

Registration Number

80072974179

1.3 ASX issuer code

88E

1.4 The announcement is

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New announcement

1.5 Date of this announcement

Monday March 22, 2021

1.6 The Proposed issue is:

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A placement or other type of issue

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Part 7 - Details of proposed placement or other issue

Part 7A - Conditions

7A.1 - Are any of the following approvals required for the placement or other type of issue? +Security holder approval Court approval Lodgement of court order with +ASIC ACCC approval FIRB approval Another approval/condition external to the entity

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No

Part 7B - Issue details

Is the proposed security a 'New class' (+securities in a class that is not yet quoted or recorded by ASX) or an 'Existing class' (additional securities in a class that is already quoted or recorded by ASX)? Existing class

Will the proposed issue of this +security include an offer of attaching +securities? No

Details of +securities proposed to be issued

ASX +security code and description

88E : ORDINARY FULLY PAID

Number of +securities proposed to be issued

360,000,000

Offer price details

Are the +securities proposed to be issued being issued for a cash consideration? Yes

In what currency is the cash What is the issue price per consideration being paid? +security? USD - US Dollar USD 0.01404

AUD equivalent to issue price amount per +security

0.018000

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	Proposed issue of securities
	FX rate (in format AUD 1.00 / primary	FX rate (in format AUD rate/primary
	currency rate):	currency rate) Primary Currency rate
		USD 0.78000000
	AUD 1.00
	Will these +securities rank equally in all respects from their issue date with
	the existing issued +securities in that class?
	Yes
Part	7C - Timetable
	7C.1 Proposed +issue date
	Monday March 22, 2021
Part	7D - Listing Rule requirements

7D.1 Has the entity obtained, or is it obtaining, +security holder approval for the entire issue under listing rule 7.1? No 7D.1b Are any of the +securities proposed to be issued without +security holder approval using the entity's 15% placement capacity under listing rule 7.1? No 7D.1c Are any of the +securities proposed to be issued without +security holder approval using the entity's additional 10% placement capacity under listing rule 7.1A (if applicable)? Yes 7D.1c ( i ) How many +securities are proposed to be issued without +security holder approval using the entity's additional 10% placement capacity under listing rule 7.1A? 360,000,000 7D.1c ( ii ) Please explain why the entity has chosen to do a placement rather than a +pro rata issue or an offer under a +security purchase plan in which existing ordinary +security holders would have been eligible to participate With the current drilling of the Merlin-1 well the timing of a security purchase plan or pro rata issue would have likely closed after current drilling operations, potentially when drilling results have become known.

7D.2 Is a party referred to in listing rule 10.11 participating in the proposed issue? No 7D.3 Will any of the +securities to be issued be +restricted securities for the purposes of the listing rules? No 7D.4 Will any of the +securities to be issued be subject to +voluntary escrow? No

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Part 7E - Fees and expenses

7E.1 Will there be a lead manager or broker to the proposed issue? No

7E.2 Is the proposed issue to be underwritten? No

7E.4 Details of any other material fees or costs to be incurred by the entity in connection with the proposed issue There are no fees and minor expenses associated with the placement of an estimated A$2,000. Part 7F - Further Information

7F.01 The purpose(s) for which the entity is issuing the securities

Funds raised will used towards the recently announced cost overruns associated with the Merlin-1 well currently being drilled in Alaska.

7F.1 Will the entity be changing its dividend/distribution policy if the proposed issue proceeds? No

7F.2 Any other information the entity wishes to provide about the proposed issue

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