88 Energy Regulatory News (88E)

28th April 2020

88 ENERGY LIMITED

Pre-bid Acceptance Deeds

Off-market Takeover Bid for XCD Energy Limited

On 27 April 2020, 88 Energy Limited (ASX: 88E; AIM: 88E) ("88 Energy") announced its intention to make an off-market takeover offer (the "Offer") to acquire all of the fully paid ordinary shares and listed options on issue in XCD Energy Limited (ASX: XCD) ("XCD Energy"), an oil exploration and appraisal company in the USA with a 100% working interest in 195,373 acres in the highly prospective Alaskan North Slope.

Further to the announcement of the Offer, the Company confirms that it has entered into pre-bid acceptance deeds with certain shareholders of XCD Energy with respect to 129,416,142 shares held by those XCD Energy shareholders, representing 18.50 per cent. of the total voting rights of XCD Energy.

Further information is set out in Form 603 (Notice of initial substantial shareholder) and Annexure A, which can be viewed at the link below:

http://www.rns-pdf.londonstockexchange.com/rns/1242L_1-2020-4-28.pdf

Media and Investor Relations:

88 Energy Ltd

Dave Wall, Managing Director Tel: +61 8 9485 0990

Email: admin@88energy.com

Finlay Thomson, Investor Relations Tel: +44 7976 248471

Longreach Capital (Advisor to 88E in relation to the Proposed Offers)

Darren Martin Tel: +61 412 144 719

Hartleys Ltd

Dale Bryan Tel: + 61 8 9268 2829

Cenkos Securities Cenkos Securities Tel: + 44 131 220 6939

Neil McDonald/Derrick Lee