88 Energy Regulatory News (88E)

THIS ANNOUNCEMENT, INCLUDING THE APPENDIX AND THE INFORMATION CONTAINED HEREIN, IS RESTRICTED AND IS NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION, IN WHOLE OR IN PART, DIRECTLY OR INDIRECTLY, IN, INTO OR FROM THE UNITED STATES, CANADA, JAPAN, THE REPUBLIC OF SOUTH AFRICA OR ANY OTHER JURISDICTION WHERE TO DO SO WOULD CONSTITUTE A VIOLATION OF THE RELEVANT LAWS OR REGULATIONS OF THAT JURISDICTION. PLEASE SEE THE IMPORTANT NOTICES AT THE END OF THIS ANNOUNCEMENT.

THIS ANNOUNCEMENT IS FOR INFORMATION PURPOSES ONLY AND SHALL NOT CONSTITUTE AN OFFER TO SELL OR ISSUE OR THE SOLICITATION OF AN OFFER TO BUY, SUBSCRIBE FOR OR OTHERWISE ACQUIRE ANY NEW ORDINARY SHARES OF 88 ENERGY LIMITED IN THE UNITED STATES, CANADA, JAPAN, THE REPUBLIC OF SOUTH AFRICA OR ANY OTHER JURISDICTION IN WHICH SUCH RELEASE, PUBLICATION OR DISTRIBUTION WOULD BE UNLAWFUL

THIS ANNOUNCEMENT IS NOT FOR PUBLICATION OR DISTRIBUTION, DIRECTLY OR INDIRECTLY, IN OR INTO THE UNITED STATES OF AMERICA. THIS ANNOUNCEMENT IS NOT AN OFFER OF SECURITIES FOR SALE INTO THE UNITED STATES. THE SECURITIES REFERRED TO HEREIN HAVE NOT BEEN AND WILL NOT BE REGISTERED UNDER THE U.S. SECURITIES ACT OF 1933, AS AMENDED, AND MAY NOT BE OFFERED OR SOLD IN THE UNITED STATES, EXCEPT PURSUANT TO AN APPLICABLE EXEMPTION FROM REGISTRATION. NO PUBLIC OFFERING OF SECURITIES IS BEING MADE IN THE UNITED STATES.

THIS ANNOUNCEMENT CONTAINS INSIDE INFORMATION AS DEFINED IN ARTICLE 7 OF THE MARKET ABUSE REGULATION NO. 596/2014 ("MAR") WHICH IS PART OF ENGLISH LAW BY VIRTUE OF THE EUROPEAN UNION (WITHDRAWAL) ACT 2018, AS AMENDED. UPON THE PUBLICATION OF THIS ANNOUNCEMENT, THIS INSIDE INFORMATION IS NOW CONSIDERED TO BE IN THE PUBLIC DOMAIN.

88 Energy Limited

Result of Placing

88 Energy Limited ("88 Energy" or the "Company") (ASX, AIM: 88E) is pleased to announce that, further to the notification on 10 February 2021, the Company has successfully completed a bookbuild to domestic and international institutional and sophisticated investors to raise $A12 million before costs (the "Placing") through the issue of 1,500,000,000 ordinary shares of no par value (the "Placing Shares") at A$0.008 (equivalent to 0.45 pence) per Placing Share.

The Placing was conducted through a bookbuilding process, managed by Cenkos Securities plc in the UK and Euroz Hartleys Ltd in Australia.

The Placing Shares, which will rank pari passu with the existing ordinary shares in the Company, have been conditionally placed subject to admission to trading on both the ASX and AIM ("Admission"). Application will be made for the Placing Shares to be admitted to trading on both the ASX and AIM, with Admission expected to occur on 22 February 2021.

The Placing does not require shareholder approval and the issue and allotment of the Placing Shares will rely on the Company's placement capacity pursuant to ASX Listing Rule 7.1.

Following the issue of the Placing Shares, the Company will have 12,161,590,431 ordinary shares in issue, all of which have voting rights. The figure of 12,161,590,431 ordinary shares may be used by shareholders as the denominator for the calculations by which they will determine if they are required to notify their interest in, or change their interest in, the Company.

Commenting on the Placing and the recently announced Board Changes, Dave Wall, Managing Director of 88 Energy, stated:

"With the completion of this placement, the Company is now fully funded for all planned activity through to the end of the calendar year. While the path to spud of Merlin-1 has been challenging, the prize is more than worth it, and we look forward to commencement of drilling in around three weeks.

We now also have funding to drill the Harrier prospect, in addition to Merlin, which provides a combined gross aggregate target of over 1 billion barrels of recoverable oil, on trend to large existing discoveries immediately to both the north and south of the project area.

After seven years, my time at the Company is coming to an end but there is still much to do so it is business as usual."

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