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NEWS BULLETIN

May 21, 2018 --- Vol. 24, No.14May 2018

Icewine testing begins June 11

A May 21 operations update from 88 Energy Ltd. said the company would begin testing its Icewine No. 2 well on Alaska's North Slope on June 11. The company operating arm in Alaska is Accumulate Energy Alaska, headed by Erik Opstad.

Site work (clearing snow and ice) has already started at the Franklin Bluffs gravel pad from which the Icewine well was drilled in 2017.

The West Perth, Australia-based company holds and is operator of some 475,000 contiguous acres (301,000 acres net) in its Icewine leases, which are about 35 miles south of Pump Station 1 where Prudhoe Bay feeds into the trans-Alaska oil pipeline. 88 Energy also has and operates the Yukon Gold prospect, some 32,800 gross acres south of the Point Thomson field and west of the Arctic National Wildlife Refuge.

88 Energy (ASX, AIM) recently raised A$17 million to fund its Alaska exploration program, a placing that was "significantly oversubscribed," the company said.

The placing was conducted in the UK through a bookbuilding process, managed by Cenkos Securities plc in the UK and Hartleys Limited in Australia.

88 Energy also reported that its 3-D seismic processing is on schedule, referring to two 3-D seismic surveys it completed during this past winter. One, the Icewine survey, to the west of the Dalton Highway, was designed to confirm leads identified in existing 2-D seismic on the western margin of the company's North Slope acreage. The second survey was on the company's Yukon Gold acreage that it acquired last year and which includes the existing Yukon Gold discovery oil well drilled by BP in 1993-94.

- KAY CASHMAN

See story in May 27 issue, available online Friday, May 25 at www.PetroleumNews.com

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