Issue of Equity

3 March 2015 88 ENERGY LIMITED PLACEMENT 88 Energy limited (Formerly Tangiers Petroleum Limited) (ASX:TPT; AIM:TPET, "88Energy" or the "Company") announces that it has issued 691,319,300 fully paidordinary shares as a result of the Capital Raising approved by Shareholders atthe General Meeting held 12 February 2015. Further, the Company has also issued 345,659,650 free attaching Listed Optionsat an exercise price of A$0.02 per option expiring 2 March 2018. In addition, the Company has issued: * 30,000,000 Listed Options at an exercise price of A$0.02 per option expiring 2 March 2018 to Energy Capital Partners for facilitation of the acquisition of the Icewine Project; * 20,000,000 unlisted options at an exercise price of A$0.014 per option expiring 2 March 2018 to brokers and advisors for capital raising services provided; * 45,000,000 unlisted options at an exercise price of A$0.015 per option expiring 18 February 2018 to Directors under the Company's Employee Incentive Scheme. The issues referred to above were approved by Shareholders at the GeneralMeeting held 12 February 2015. The Company will apply for the new shares and options to be admitted to tradingon both the ASX and AIM markets. Trading in the new shares on AIM is expectedto commence on or around 3 March 2015. Following the above movements, the Company will have the following securitieson issue: Number Class 1,137,846,023 Fully paid ordinary shares 375,659,650 Listed Options exercisable at $0.02; expiring 3 years from date of issue 500,000 Unlisted options exercisable at $0.50 on or before 2 April 2015 3,274,124 Unlisted options exercisable at $0.60 on or before 2 April 2015 3,500,000 Unlisted options exercisable at $0.70 on or before 2 April 2015 300,000 Unlisted options exercisable at $0.70 on or before 10 April 2016 213,733 Unlisted options exercisable at GBP£0.256 (A$0.393) on or before 19 November 2015 487,230 Unlisted options exercisable at GBP£0.242 (A$0.383) on or before 19 November 2015 2,000,000 Unlisted options exercisable at $0.28 on or before 26 November 2015 3,000,000 Unlisted options exercisable at $0.28 on or before 26 November 2015 2,500,000 Unlisted options exercisable at $0.45 on or before 31 March 2016 2,500,000 Unlisted options exercisable at $0.45 on or before 31 March 2016 (voluntary escrow for 12 months) 1,000,000 Unlisted options exercisable at $0.42 on or before 12 June 2017 (vesting conditions apply) 2,000,000 Unlisted options exercisable at $0.28 on or before 12 June 2017 1,000,000 Unlisted options exercisable at $0.30 on or before 22 April 2016 250,000 Unlisted options exercisable at $0.16 on or before 12 June 2017 12,000,000 Unlisted options exercisable at $0.01 on or before 22 October 20,000,000 2017 45,000,000 Unlisted options at an exercise price of A$0.014 per option expiring 2 March 2018 Unlisted options at an exercise price of A$0.015 per option expiring 18 February 2018 Sarah SmithJoint Company Secretary 88 Energy LimitedLevel 2, 5 Ord StreetWest Perth WA 6005, AustraliaPh: + 61 8 9485 0990www.88energy.com.au Contacts RFC Ambrian Limited As Nominated AdviserMr Oliver Morse+61 8 9480 2500 As Corporate BrokerMr Charlie Cryer+44 20 3440 6800