88 Energy Limited — Capital/Financing Update 2021

Jan 4, 2021

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5 January 2021

Cleansing Notice

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

The Company hereby confirms that 11,666,667 fully paid ordinary shares were issued to Directors at an issue price of A$0.006 per Share in accordance with the capital raising announced by the Company on 27 November 2020, comprising:

• 8,333,333 Shares to David Wall;

• 1,666,667 Shares to Michael Evans; and

• 1,666,667 Shares to Stephen Staley.

The above shares are part of a class of securities already quoted on ASX and may be subject to a subsequent offer for sale.

The Company obtained the approval of its shareholders for the above shares at the general meeting held on 24 December 2020. Details of the above shares are contained within the attached Appendix 2A.

The Company issued the Shares above without a disclosure document to investors 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.

There is no excluded information, as defined in sections 708A(7) and 708A(8) of the Corporations Act, as at the date of this notice.

Yours faithfully

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Dave Wall Managing Director 88 Energy Ltd