88 Energy Limited — Share Issue/Capital Change 2021

Nov 7, 2021

Notification of Issue, Conversion or Payment up of Unquoted Equity Securities

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Announcement Summary

Entity name

88 ENERGY LIMITED

Date of this announcement

Monday November 08, 2021

The +securities the subject of this notification are:

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+Other securities issued under an +employee incentive scheme that are not intended to be quoted on ASX

Total number of +securities to be issued/transferred

		Total number of
ASX +security		+securities to be
code	Security description	issued/transferred	Issue date
88EAK	OPTION EXPIRING VARIOUS DATES EX	50,000,000	08/11/2021
	VARIOUS PRICES
88EAA	PERFORMANCE RIGHTS	40,000,000	08/11/2021

Refer to next page for full details of the announcement

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Notification of Issue, Conversion or Payment up of Unquoted Equity 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 notice of the issue, conversion or payment up of the following unquoted +securities.

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

8/11/2021

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Part 2 - Issue details

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2.1 The +securities the subject of this notification are:

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+Other securities issued under an +employee incentive scheme that are not intended to be quoted on ASX

2.2a This notification is given in relation to an issue of +securities in a class which is not quoted on ASX and which:

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has an existing ASX security code ("existing class")

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Part 3B - number and type of +securities the subject of this notification (existing class) where issue has not previously been notified to ASX in an Appendix 3B

ASX +security code and description

88EAA : PERFORMANCE RIGHTS

Date the +securities the subject of this notification were issued

8/11/2021

Will these +securities rank equally in all respects from their issue date with the existing issued +securities in that class Yes

Were any of the +securities issued to +key management personnel (KMP) or an +associate? Yes

Provide details of the KMP or +associates being issued +securities.

Name of KMP	Name of registered holder	Number of +securities
Ashley Gilbert	Mr Ashley Philip Gilbert	10,000,000
Joanne Kendrick	Ms Joanne Kendrick	10,000,000
Stephen Staley	Dr George Henry Stephen Staley	10,000,000
Philip Byrne	Mr Philip Byrne	10,000,000

Please provide a URL link for a document lodged with ASX detailing the terms of the +employee incentive scheme or a summary of the terms

https://www.asx.com.au/asxpdf/20211007/pdf/451dzw9f523840.pdf

Any other information the entity wishes to provide about the +securities the subject of this notification

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Issue details

Number of +securities

40,000,000

ASX +security code and description

88EAK : OPTION EXPIRING VARIOUS DATES EX VARIOUS PRICES

Date the +securities the subject of this notification were issued 8/11/2021 Will these +securities rank equally in all respects from their issue date with the existing issued +securities in that class No If some of the issued +securities do not rank equally: Is the actual date from which the +securities will rank equally (non-ranking end date) known? No Provide the estimated non-ranking end period 8 November 2024 (expiry date) Please state the extent to which the +securities do not rank equally: In relation to the next dividend, distribution or interest payment; or For any other reason Upon exercise and conversion of the Unlisted Options into ordinary shares, the securities will rank equally with the existing class of fully paid ordinary shares on issue Were any of the +securities issued to +key management personnel (KMP) or an +associate? No Please provide a URL link for a document lodged with ASX detailing the terms of the +employee incentive scheme or a summary of the terms https://www.asx.com.au/asxpdf/20211007/pdf/451dzw9f523840.pdf Any other information the entity wishes to provide about the +securities the subject of this notification The 50,000,000 Unlisted Options were detailed in the Appendix 3B lodged with ASX on 2 September 2021

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Notification of Issue, Conversion or Payment up of Unquoted Equity Securities

Issue details

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Number of +securities

50,000,000

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Part 4 - +Securities on issue

Following the issue, conversion or payment up of the +securities the subject of this application, the +securities of the entity will comprise:

(A discrepancy in these figures compared to your own may be due to a matter of timing if there is more than one application for quotation/issuance currently with ASX for processing.)

4.1 Quoted +Securities (Total number of each +class of +securities quoted)

	Total number of
ASX +security code and description	+securities on issue
88E : ORDINARY FULLY PAID	14,400,403,996

4.2 Unquoted +Securities (Total number of each +class of +securities issued but not quoted on ASX)

	Total number of
ASX +security code and description	+securities on issue
88EAK : OPTION EXPIRING VARIOUS DATES EX VARIOUS PRICES	203,000,000
88EAA : PERFORMANCE RIGHTS	239,413,966

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Part 5 - Other Listing Rule requirements

5.1 Were the +securities issued under an exception in Listing Rule 7.2 and therefore the issue did not need any security holder approval under Listing Rule 7.1? No

5.2 Has the entity obtained, or is it obtaining, +security holder approval for the issue under listing rule 7.1? Yes

5.2a Date of meeting or proposed meeting to approve the issue under listing rule 7.1

8/11/2021

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