88 Energy Limited Announces Quarterly Activities Report For The Quarter Ended 31 March 2025

88 Energy Limited ( 88 Energy, 88E or the Company) provides this

summary of activities for the quarter ended 31 March 2025.

Highlights

Project Leonis (100% WI)

• Multi-Reservoir Opportunity of Scale:

? Prospective Resource declared at the recently identified Canning Prospect at Project Leonis

indicates significant resource potential. Total estimated net mean Prospective Resource of

283 MMbbls1,2 recoverable from the Canning Formation. Unrisked net 3U (high) 469 MMbbls,

2U (best) 259 MMbbls, and 1U (low) 136 MMbbls estimated1,2.

? Combined internal gross mean Prospective Resource estimate across the Canning and

Upper Schrader Bluff (USB) Prospects of 798 MMbbls, with 664 MMbbls net mean prospective

resource to 88E1,2 (unrisked combined net 3U (high) of 1,140 MMbbls, 2U (best) of 597 MMbbls

and 1U (low) of 303 MMbbls1,2).

• Future Potential Tiri-1 Exploration Well:

? Planning underway for Tiri-1 well scheduled for Q1 CY26 during the Alaskan winter operating

window, targeting both the Canning and USB Prospects.

? Optimal Tiri-1 well location under assessment, leveraging results from the quantitative

interpretation study, in parallel with ongoing permitting and operational planning.

? 88 Energy’s 100% working interest provides a strong position from which to secure a large

proportionate carry on completion of the active farm-out process, ahead of any drilling event.

Project Phoenix (~75% WI)

• Joint Venture Partner Farmout Secured:

? Burgundy Xploration LLC (Burgundy) settled final US$2.2 million cash call, demonstrating

its commitment to the project and progress towards its North American public listing.

? Executed a farmout Participation Agreement (PA) with Burgundy securing a full carry for the

CY25/26 work program including lease rentals and horizontal well drilling and long term

production test in exchange for ~40% additional working interest upon Phase 1 completion3.

? Provides a gross US$39M (A$60M) funding avenue to advance Project Phoenix towards a final

development decision.

? Burgundy reaffirmed its commitment by paying 2025 cash calls, including 100% of lease costs.

• Extended Horizontal Well Test Planning:

? Planning and design continued for the optimisation of the planned stimulation and extended

horizontal flow test at the Franklin Bluffs gravel pad, targeting spud in mid-20264.

Project Longhorn (~65% WI)

• Production Performance:

? Q1 CY25 production averaged 342 BOE per day gross (~69% oil), down from 358 BOE per

day in Q4 CY24.

? Production volumes were slightly down on the previous quarter primarily as a result of adverse

weather conditions and gas plant downtime

• Cash Flow Contribution: A$0.3 million received in March 2025 for the Q1 CY25 period.

• Strategic Review:

? Internal Review of Project Longhorn’s position as part of the Company’s long-term exploration

strategy and asset mix was undertaken during the quarter, with the Operator’s focus on drilling

new production wells as part of the next phase of expansion, a decision was taken to explore

the potential divestment of interests in the assets to reduce exposure to ongoing CAPEX.

Corporate

• Cash balance at the end of the quarter of A$10.6 million, inclusive of Burgundy’s A$5.1 million

payment of outstanding Project Phoenix cash calls, interest and penalties.

• Strong treasury balance enables planning for the Tiri-1 exploration well to continue, including

securing long lead items and progressing the ongoing farmout process.

Expanded Multi-Zone Opportunity of Significant Magnitude

The expansion of Project Leonis’ acreage

position5 and the addition of the Canning

Formation reservoir create a multi-reservoir

opportunity of scale. The Upper Schrader

Bluff (USB) reservoir provides an attractive

appraisal drilling opportunity, targeting a

Prospective Resource of 381 MMbbls of oil

(net mean; unrisked); net 3U (high) of 671

MMbbls, 2U (best) of 338 MMbbls and 1U

(low) of 167 MMbbls1,2,4. The USB formation

is the same proven producing zone as found

in nearby Polaris, Orion and West Sak oil

fields to the north-west.

The addition of the Canning Formation as a

secondary reservoir further enhances

Project Leonis’ and creates a multi-zone

drilling opportunity. The Canning reservoir

added a new prospective resource target of

283 MMbbls of oil (net mean); unrisked net

3U (high) 469 MMbbls, 2U (best) 259

MMbbls, and 1U (low) 136 MMbbls1,3,4.

The identification of the Canning Prospect

comes after an extensive review of data,

including newly reprocessed and

interpreted Storms 3D seismic data, and the

outcome of the recently completed

quantitative interpretation study (rock

physics, AVO and seismic inversion). This

work has confirmed significant prospectivity

at both reservoir intervals.

In parallel, AVO analysis for both the USB and Canning intervals continues, aiming to identify sweet

spots and refine drilling locations for a potential exploration well in H1 CY26 – the Tiri-1 well will be

optimally located to test both the Canning and USB prospects.

Guided by modern seismic re-evaluation and aided by a strategic location, Project Leonis is a

key asset in 88 Energy’s portfolio.

Prospectivity supported by data

Historical data reinforces the compelling technical and commercial potential of Project Leonis. The Hemi

Springs Unit 3 well, drilled in 1985, targeted deeper reservoirs than the Canning and USB Formations

and without the benefit of modern seismic data, leading to overlooked low-resistivity oil pay. Reevaluation of petrophysical data has since identified oil saturations within both the USB and Canning

Formations; oil shows observed in the Hemi Springs Unit 3 mud log correlate with extensive areal

mapped potential. Modern advances in understanding low-resistivity pay have unlocked substantial

reserves across Alaska’s North Slope, as demonstrated by the Willow and Pikka fields. Similarly, 88E’s

re-evaluation of legacy wells led to the successful drilling and testing of Hickory-1 in CY23-24. This

approach has guided the evaluation of Project Leonis, leveraging both historical and modern data to

identify and target untapped resources. A comprehensive Quantitative Interpretation (QI) study,

including rock physics, AVO and seismic inversion, was completed with the primary objective of

identifying anomalous responses within the Canning feature; the secondary aim was to pinpoint “sweet

spots” within the USB reservoir. Results from the AVO and inversion analysis confirmed significant

prospectivity at both intervals, providing actionable insights for future well planning

Project Phoenix (~75% WI)

Joint Venture Partner Farmout Participation Agreement Executed

88 Energy Limited announced on 17 February 2025, that it entered into binding terms for a Farmout

Participation Agreement (PA) with Burgundy Xploration LLC (Burgundy) in relation to Project Phoenix.

Under the agreement, 88 Energy’s wholly owned subsidiary, Accumulate Energy Alaska, Inc.

(Accumulate), will be provided with a full carry for all costs associated with the planned horizontal well

program, including an extended flow test currently scheduled for mid-2026.

Transaction highlights:

• Burgundy to fully fund up to US$39 million (approx. A$60 million) of Project Phoenix’s total gross

future work program costs in exchange for up to an additional 50% Working Interest (WI) in Project

Phoenix from 88 Energy.

• Provides a clear funding avenue to advance Project Phoenix towards a final development decision

via a two-phase farm-in arrangement:

? Phase 1: Burgundy to fund US$29 million (approx. A$45 million) for CY25/26 work program,

including drilling of a horizontal well and production testing scheduled for H1 CY26 (88E fully

carried, Accumulate WI post Phase 1 farmout 35%)

? Phase 2: Upon Phase 1 Success; Burgundy to fund up to US$10 million (approx. A$15 million)

for an additional well or other CAPEX program (88E carry up to US$7.5 million, based on the

current 75%, with Accumulate WI post Phase 2 farmout to 25%).

The recently announced PA marks a key milestone for 88 Energy, serving to financially de-risk Project

Phoenix while delivering significant value for shareholders. Importantly, the PA implies a transaction

value approximately 50% higher than 88 Energy’s invested capital in Project Phoenix since mid-CY22,

while enabling 88E’s investors to continue to participate in future success. Following completion of the

PA, Burgundy will become the operator of Project Phoenix, enabling 88 Energy to focus on advancing

and de-risking Project Leonis.

The Company also received final payments of A$5.1 million, including penalties and interest,

from Burgundy for its outstanding cash call related to the Hickory-1 flow test.

88 Energy has commenced work with Burgundy to progress planning and permitting for the horizontal

test well and flow back operation scheduled for mid-CY26.

Near Neighbour Activities

The Company is monitoring neighbouring leaseholder, Pantheon Resources PLC (Pantheon), following

the successful spud of its Megrez-1 well in December 2024, and commencement of its extended multizone well test in H1 CY25.

Namibia PEL 93 (20% WI)

Namibia is recognised as one of the world’s most prospective, under-explored onshore frontier basins,

offering significant potential for large-scale hydrocarbon discoveries. Petroleum Exploration Licence 93

(PEL 93) situated in the Owambo Basin, spans an area more than ten times the size of 88 Energy’s

Alaskan portfolio and over 70 times larger than Project Phoenix.

Historical Exploration Activities:

• Joint Venture (JV) operator Monitor Exploration Limited (Monitor), which holds a 55% working

interest, utilised geological and geophysical methods to identify the Owambo Basin.

• Awarded in 2018, PEL 93 contains ten (10) independent structural closures, identified through

airborne geophysical techniques and partially verified by existing 2D seismic data.

Recent Developments:

In July 2024, Polaris Natural Resources Development Ltd (Polaris) acquired 203-line km of 2D

seismic data. Data processing completed in Q4 CY24 identified significant structural closures with

promising hydrocarbon potential:

• High-quality seismic data: Strong signal-to-noise ratios observed across all nine seismic lines.

• Interpretation by Monitor: Confirmed multiple significant leads in the southern PEL 93 area, with

individual closures up to ~100 km² in size, showing good vertical relief, and clear hydrocarbon

charge potential.

Forward Activities:

• Independent validation of Monitor’s findings, integrating available datasets, including well logs,

airborne geophysics and soil geochemistry.

• Delivery of a maiden, independently certified Prospective Resource estimate in 1H CY25.

• Identification of drilling locations targeting the Damara Play.

Regional Context:

Recon Africa spudded the Naingopo-1 well in PEL 73 in July 2024, reaching TD

of 4,184 metres in November 2024. Results from extensive evaluations, including wireline logging

and coring, are eagerly anticipated.

• In August 2024, BW Energy Limited farmed into PEL 73 (20% working interest for US$16 million

invested), further demonstrating industry confidence in the Owambo Basin’s potential.

Project Longhorn (~65% WI)

Production through Q1 CY25 averaged 342 BOE/day gross (~64% oil), down from 358 BOE/day gross

in Q4 CY24 due to adverse weather and gas plant downtime. In March 2025, a cash flow distribution of

approximately A$0.3 million was received.

An internal review of Project Longhorn’s position as part of the Company’s long-term exploration

strategy and asset mix was undertaken during the quarter, with the Operator’s focus on drilling new

production wells as part of the next phase of expansion, a decision was taken to explore the potential

divestment opportunities of interests in the assets to reduce exposure to ongoing CAPEX as well as

realise existing value in the asset. Discussions with external parties for the sale of working interest

commenced and there is no guarantee that a transaction will take place.

Finance

At 31 March 2025, the Company’s cash balance was A$10.6 million. The ASX Appendix 5B attached

to this quarterly report contains the Company’s cash flow statement for the quarter.

The material cash flows for the period include:

• Final Burgundy outstanding cash call related to Hickory-1 flow test of A$5.1 million received,

including interest and penalties.

• Exploration and Evaluation Expenditure: A$1.0 million (December 2024 quarter A$0.6 million)

related to Leonis permitting and planning and PEL 93 2025 work program and budget costs.

• Staff and Administration Costs: A$0.9 million (December 2024 quarter A$0.9 million) in line with

previous quarter, and includes fees paid to Directors and consulting fees paid to Directors of A$0.3

million.

Corporate

Subsequent to quarter-end, the Company appointed leading independent investment bank Hannam &

Partners (‘H&P’) who have been engaged alongside Cavendish to assist with its North Hemishphere

public market engagements.

Pursuant to the requirements of the ASX Listing Rules Chapter 5 and the AIM Rules for Companies,

the technical information and resource reporting contained in this announcement was prepared by, or

under the supervision of, Dr Stephen Staley, who is a Non-Executive Director of the Company. Dr

Staley has more than 40 years' experience in the petroleum industry, is a Fellow of the Geological

Society of London, and a qualified Geologist / Geophysicist who has sufficient experience that is

relevant to the style and nature of the oil prospects under consideration and to the activities discussed

in this document. Dr Staley has reviewed the information and supporting documentation referred to in

this announcement and considers the prospective resource estimates to be fairly represented and

consents to its release in the form and context in which it appears. His academic qualifications and

industry memberships appear on the Company's website, and both comply with the criteria for

"Competence" under clause 3.1 of the Valmin Code 2015. Terminology and standards adopted by the

Society of Petroleum Engineers "Petroleum Resources Management System" have been applied in

producing this document.

This announcement has been authorised by the Board.