Exercise of Options

88 Energy Limited

Exercise of Options

88 Energy Limited ("88E" or the "Company") confirms that it has issued a total of 13,224,952 fully paid ordinary shares in the Company (the "New Ordinary Shares") pursuant to the exercise of options (the "Options").

Application will be made for admission of the New Ordinary Shares to trading on AIM ("Admission"), with Admission expected to occur on 7 September 2018. Following the issue of the New Ordinary Shares, which rank pari passu to the existing ordinary shares in the Company, the Company has 5,571,189,646 ordinary shares in issue, all of which have voting rights.

Media and Investor Relations:

88 Energy Ltd

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

Email: [email protected]

Finlay Thomson, Investor Relations Tel: +44 7976 248471

Hartleys Ltd

Dale Bryan Tel: + 61 8 9268 2829

Cenkos Securities Tel: + 44 131 220 6939

Neil McDonald/Derrick Lee