ABN 80 072 964 179 This announcement contains inside information 88 Energy Limited NAMIBIAN OIL AND GAS FARM-IN AGREEMENT 88 Energy Limited (ASX:88E, AIM:88E, OTC:EEENF) (88 Energy or the Company) is pleased to announce the execution of a three stage farm-in agreement (Farm-In Agreement) with a wholly-owned subsidiary of Monitor Exploration Limited (Monitor) to earn up to a 45% non-operated working interest in onshore Petroleum Exploration Licence 93 (PEL 93), located in the Owambo Basin, Republic of Namibia (Namibia). Farm-In Agreement Highlights • Farm-In Agreement provides a staged entry into PEL 93, a vast 18,500km2 onshore acreage position comprising blocks 1717 and 1817 in the Owambo Basin, Namibia (the Licence). • Namibia represents one of the last frontier oil and gas jurisdictions capable of delivering multi-billion barrel discoveries, as evidenced by the recent Venus-1X offshore light oil discovery. • Exposure to a first-class operating jurisdiction, with a highly competitive petroleum regime. • Farm-In Agreement provides an opportunity to earn a significant working interest with future potential to transition to project operator. • Farm-in to PEL 93 and forward work-program complementary to 88E’s existing Alaskan exploration and appraisal activities. • Partner and operator, Monitor, has deep technical experience with extensive in-country and regional knowledge. • The Licence includes an extensive lead portfolio, with ten significant independent structural closures identified from a range of geophysical and geochemical techniques. Considerable potential for more leads to be identified as dataset is expanded. • Pathway to potential commercialisation with logical staged work-program. • Forward program to include acquisition of ~200 line-kilometres of low-impact 2D seismic planned for mid-2024 and potential initial exploration well targeting the Damara play as early as H2 CY2025. • Farm-in Agreement remains subject to Namibian government and other regulatory approvals, which are expected to be received by Q1 2024. 88 Energy Managing Director, Ashley Gilbert, commented: “The execution of this farm-in agreement with Monitor provides 88 Energy and its shareholders with a fantastic opportunity to earn a significant working interest in a very large scale, highly prospective, under-explored acreage position on attractive and logically staged commercial terms. source: https://wcsecure.weblink.com.au/pdf/88E/02739242.pdf?bcsi_scan_b9c1724afa447587=rp7DDFzhQSa2owrR4ZesFYaGIdQPAAAABgQQbg==&bcsi_scan_filename=02739242.pdf __________________________________________________________________________________ __________________________________________________________________________________