ROADSHOW PRESENTATION SEPTEMBER 2015 Project Icewine, Onshore - PowerPoint PPT Presentation

ROADSHOW PRESENTATION SEPTEMBER 2015

Project Icewine, Onshore Alaska World Class Location, World Class Prize Alaskan Explorers: Alpine Pool (Colville River) > 500 MMBBL REC RESOURCES REPSOL Tarn ALKAID 1 PHECDA 1 WOLFBUTTON 25-6-9 TALITHA 2 X * ICEWINE #1 ICEWINE #1 98,182 Spud Oct 15 Spud 4Q 2015 2.

Investment Overview  Focused solely on a world class oil asset on the Central North Slope of Alaska with dual conventional and unconventional liquids-rich objectives  High working interest (78% post spud of first well) and Operatorship on very material 98,182 gross contiguous acre position onshore Alaska  Two world class oil exploration opportunities:  Unconventional  492 MMBO estimated prospective resource* (gross mean unrisked at Project Icewine)  To be drilled in October 2015  Conventional  4.0 BBO estimated remaining recoverable** on the Central North Slope  Recent nearby exploration success validates world class prospectivity  Multiple wells in adjacent acreage have potential to re-rate Project Icewine conventional play  Fully funded for upcoming Icewine #1 exploration well  A$10.5 million cash at bank  88E cash component of Icewine #1 well cost US$5.7m, ~US$4.8m remaining to be paid  US$50 million funding facility secured with Bank of America  Remainder of US$16.9m Icewine #1 well to be funded via facility  Globally unique risk/reward with State of Alaska cash rebates on exploration (85% in CY15; 75% 1H16; 35% thereafter)  Significant activity over the coming months will test the world class unconventional and conventional potential of Project Icewine, and provide ongoing regular newsflow for 88 Energy shareholders 3. *Source: DeGolyer & MacNaughton, Independent Prospective Resources Report as of December 31, 2014 ** USGS 2013

Company Snapshot 88 Energy Limited (ASX, AIM 88E) Board and Management Shares on Issue 2,339m Michael Evans Non-Executive Chairman Options on Issue 567m David Wall Managing Director Market Capitalisation (@ A$0.011) A$25.7m Brent Villemarette Non-Executive Director Cash A$10.5m Dr Stephen Staley Non-Executive Director Enterprise Value A$15.2m Elizabeth Pattillo Exploration Manager Av. Daily Value Traded ( 30 days – ASX and AIM) A$481k Erik Opstad General Manager Alaska Operations Board and Top 20 36% Planned for 2016: $0.020 ASX: 88E Share Price • Secure JV / Funding Partner Oversubscribed Excellent • Commence 3D seismic shoot Placement to Raise Drilling Results • Spud Icewine #2 Horizontal $0.018 Large $12m (includes Reported by or Conventional Well Planned: Unconventional equity component North Slope Resource Spud Icewine of drilling) $0.016 Explorers Identified at #1 Well 88E wins bid for Project Icewine $0.014 Project Icewine, Alaska $0.012 $0.010 88E executes US$50m Credit Facility with Drilling Rig $0.008 Bank of America Contracted - (State of Alaska Kuukpik 5 $0.006 cash rebate up to 85%) Average Daily Value Traded A$220k (30 days ASX only) $0.004 Oct-14 Nov-14 Dec-14 Jan-15 Feb-15 Mar-15 Apr-15 May-15 Jun-15 Jul-15 Aug-15 Sep-15 Oct-15 Nov-15 Dec-15 Jan-16 4. ‘Planned’ are forward looking and subject to change

Project Icewine Highlights PREMIER ACREAGE POSITION IN STRATEGIC LOCATION Strategic, Tier-1 location • Prolific oil region: 35 miles south of largest conventional oilfield in North America (Prudhoe Bay 15B barrels) • Operational year-round access: acreage position on Dalton Highway • Access to export pricing: Trans-Alaska Pipeline (~1.5MMbopd spare capacity) runs through acreage • Brent or better pricing available • Efficient path to market: Pump Station 1 is 35 miles north; Pump Station 2 is 10 miles south • Initially accessible via simple trucking operation via Dalton Highway • High Impact Drilling on track: existing gravel pad provides location for first well in Oct 2015, Icewine #1 Favorable fiscal terms • 10-year primary lease term with no mandatory relinquishment • Globally unique risk/reward due to 75-85% E&D cash rebates from the State of Alaska • 12.5% State royalty (16.5% including ORRI) Significant recent exploration success nearby • Repsol – large conventional discovery 45 miles northwest testing, potential for similar play at Icewine • 25,000 acre, 650ft gross / 150ft net pay, 22% porosity – > likely multi-hundred million barrel discovery • Alkaid #1 (Q1, 2015) – implied discovery, results reported to be imminent 5.

Icewine #1 High Impact Well • N Icewine #1 well near term spud mid October, 2015 DALTON HIGHWAY • Primary objective: TRANS ALASKA PIPELINE • De-risk and mature HRZ liquids rich shale play • Experienced local Drilling Manager contracted in Alaska • Permitting and bonding on schedule FRANKLIN BLUFFS #1 * • ICEWINE #1 Icewine #1 to be drilled on existing Franklin Bluffs gravel pad delivering cost savings to the JV Icewine #1 S.P. Alaska Zone 4 NAD27 X: 664695.800376 Y: 5747745.82057 GCS NAD27 Lat: 69.717228 Long: -148.702817 • Groundwork prep & cellar installation underway Franklin Bluffs #1 S.P. Alaska Zone 4 NAD27 X: 665116.688894 Y: 5747989.67526 GCS NAD27 Lat: 69.717287 Long: -148.699462 • Targeting October 1 for rig mobilisation – Kuukpik 5 • Vertical pilot hole - 60 day program including mob/demob, ~ 30 day drill – proposed TD 11,600’ • Coring program HRZ shale & Upper Pebble Shale Unit (base seal) • Sophisticated ‘logging while drilling’ suite planned throughout • Additional coring to evaluate younger Brookian sandstones contingent on significant oil & gas shows 6.

Icewine #1 Seismic Cross Section HRZ liquids rich shale test Icewine #1 Primary Objective: • Evaluate & de-risk unconventional HRZ/ Hue liquids rich shale play with coring/ logging program 5,000ft • HRZ shale laterally continuous • Presence, thickness, TOC and maturity of HRZ confirmed by 10,000ft neighbouring well results approx. 17 miles to the north (Alcor #1, Merak #1, 2012- offmap) Kuparuk potential above & below the LCU Clinoform • Drilling of Icewine #1 opportunity to prove up reservoir sand Hue/ HRZ Source Rocks potential of conventional plays across the Icewine leases • Unconventional • Hue Shale: including the: • includes HRZ primary target Clinoform • Hue/ HRZ Kingak Shales Hue/HRZ • Shublik Shales • Brookian Clinoform and Topset HRZ HRZ • Conventional • Brookian/ Beaufortian: • Kuparuk ‘C’ reservoir sands above the Lower Cretaceous Unconformity • Potential Kuparuk reservoir sands underlying the LCU • Oil & gas shows recorded in several adjacent wells including Alkaid #1 (2015), reportedly a Brookian discovery, 14 miles PETROLEUM north of Project Icewine - results imminent SYSTEMS 7.

Icewine #1 Unconventional Objective: HRZ/ Hue Shale: Liquids Rich Play HRZ characteristics indicative of tier-1 unconventional ALCOR #1 oil potential HRZ Matrix Porosity adjusted for Kerogen Related Porosity • Thick condensed marine shale Depth (feet) TOC Matrix Kerogen - • Laterally extensive, average thickness 195 ft (55m) (Wt %) porosity modified porosity • Exceptional porosity indicated from log analysis 8643 2.078 13.2 18.4 • Liquids rich vapour phase predicted at Icewine #1 8654 2.445 9.6 16.0 • Well data in adjacent acreage confirmed: 8664 2.323 11.4 17.3 • TOC levels up to 8% Tran, (2014) • HRZ within oil window ‘Shale Plays’ Occur in a Wide Variety • Brittle lithology Ternary Diagram: Shale classification of notable shale plays including of Petrologic Settings Alcor #1 XRD HRZ core plug data – limited dataset Recently published XRD core data from Alcor #1 looks to de-risk HRZ shale play: Carbonate • Fraccability: • Hall, 4 th Unconventional Gas HRZ classified as a Siliceous Shale similar to Technical Forum, April 2010 Bakken, Barnett etc. Vernick & Landis, 1996 • AAPG Bulletin 80, 531-544 Low smectite content • Reservoir - high porosities published Pettijohn, 1975 Sedimentary Rocks • Modified porosity peaks at 18.4% Tran, (2014), after Allix et al (2010) • Consistent with log derived porosities calculated by 88E JV Icewine #1 well designed to test significant liquids rich HRZ shale prize – October 2015 spud Clay Quartz + Minerals HUE/ HRZ Feldspar 8.

HRZ Liquids Rich Play Post Drill Evaluation • Different to conventional plays where discovery of hydrocarbons can normally be determined immediately from log analysis • Post drill core evaluation in stages - critical to validate key productivity factors in shale plays • Three parameters have been identified as Evaluation Stage 1 Key Analyses vital to any future commercial success of the Critical Parameters HRZ shale play • Brinell hardness test Bottom seal & • Triaxial compressive strength frackability • Stage 1 of the evaluation program will • Closure stress - calibrated dipole sonic address these key risks • Wet gas thermal RockEval pyrolysis • Visual kerogen analysis & VR maturity window • Stage 2 advanced analyses contingent on • Hydrocarbon chromatography positive results from Stage 1 • Matrix permeability Pulse Decay Permeametry • Nano-Perm analysis • Results form basis for future drilling decision; • GRI crushed shale analysis well and frac design 9.