Issue of Equity

17 March 2015 88 ENERGY LIMITED ISSUE OF SHARES AND OPTIONS 88 Energy limited (ASX:88E; AIM:88E, "88 Energy" or the "Company") is pleasedto announce that it has reached agreement with several consultants to takesmall portions of options and stock, at market price, in lieu of cash feesprovided for various services, including: legal, marketing and strategicintroductions. In the current capital constrained environment, it isencouraging that consultants are willing to back the Company's vision and takeexposure as optionholders / shareholders versus the certainty provided by cash.The Company is issuing 28,000,000 listed options and 2,000,000 ordinary sharesin relation to these agreements. The Company is also issuing 3,000,000 unlisted options, on the same terms asthe recent issue to Directors, under its Employee Option Scheme approved at itsGeneral Meeting on the 12th Feb 2014. These will be issued to key managementpersonnel to align the interests of 88E employees with its Directors andshareholders. The options and shares will be issued under the Company's placement capacityunder listing rule 7.1. The Company will apply for the new shares to be admitted to trading on both theASX and AIM markets. Trading in the new shares on AIM is expected to commenceon or around 17 March 2015. Following the above movements, the Company will have the following securitieson issue: Number Class 1,139,846,023 Fully paid ordinary shares 403,659,650 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 20183,000,000 Unlisted options at an exercise price of A$0.015 per option expiring 18 February 2018 Unlisted options at an exercise price of A$0.015 per option expiring 18 February 2018 Sarah Smith Joint Company Secretary 88 Energy Limited Level 2, 5 Ord Street West Perth WA 6005, Australia Ph: + 61 8 9485 0990 www.88energy.com Contacts RFC Ambrian Limited As Nominated Adviser Mr Oliver Morse

+61 8 9480 2500