General Manager Alaskan Operations Appointed

20 May 2015

                 General Manager Alaskan Operations Appointed                  

  * High calibre in house drilling / project management capability secured for
    88 Energy's world class exploration asset in Alaska
   
The Board of 88 Energy Limited ("88 Energy" or the "Company") provide the
following update regarding the appointment of Mr Erik Opstad as General Manager
of Alaskan Operations.

In House Drilling Capability Attained

88 Energy is delighted to announce the appointment of Mr Erik Opstad as General
Manager of Alaskan Operations. Mr Opstad has managed successful drilling
campaigns on the North Slope in recent times, similar to that planned by the
Project Icewine Joint Venture. This is a key step for the Company, with Mr
Opstad's skillset complementing the significant geological, geophysical,
reservoir engineering and commercial expertise already in house.

Mr Opstad is a 35 year veteran of the oil and gas industry with a broad range
of experience throughout the value chain, making him an ideal candidate for a
small company where many hats must be worn. Mr Opstad brings drilling
engineering experience combined with a geological background and has a
demonstrated focus on project execution and cost control.

His most recent experience was as Principal and General Manager / Drilling &
Wells Manager for Savant Alaska LLC, a successful private organisation founded
in 2006. Mr Opstad negotiated the acquisition of the Badami field from BP as
well as managing subsequent operations (including managing the production
facility, permitting, drilling, HSE, compliance, AFE generation and
contracting) to bring the field back into production in 2010. This included the
drilling of two appraisal wells and two exploration wells, with a strong track
record of remaining within Budget.

Other relevant experience includes the design and build of a high tech
automated drilling rig for deployment on the North Slope in Joint Venture with
a large Japanese multinational, under contract to BP.

Managing Director of 88 Energy Ltd, Dave Wall commented: "Erik's appointment is
one of several key milestones expected to be announced over the coming weeks
and is a crucial step forward for the Company. Local experience cannot be
underestimated, particularly when operating in a unique environment such as
Alaska. Erik brings a wealth of knowledge and experience plus a deep local
network, which has already resulted in the identification of cost savings in
the order of several million dollars. 88 Energy and its shareholders are
extremely fortunate to have secured the services of an individual of Erik's
calibre."

Employment Package Designed for Alignment with Shareholders

As part of the employment contract, Mr Opstad has been incentivised to deliver
a safe and efficient drilling program on time through the issue of milestone
options as follows:

Milestone                             Payment                             
                                                                          
Completion of permitting for the      5m 88EO listed options              
Icewine #1 well by 15th October 2015                                      
                                                                          
Spud of Icewine #1 well by 15th       5m 88EO listed options              
October 2015                                                              
                                                                          
Safe execution of the Icewine #1 well 5m 88EO listed options              
with no major HSE events                                                  
                                                                          
Plug and abandonment of the Icewine # 5m 88EO listed options              
1 well without major incident                                             

The issue of the above 88EO listed options will, if required, be subject to the
Company obtaining prior shareholder approval in general meeting as necessary
under the ASX Listing Rules.

Yours faithfully

Dave Wall

Managing Director

88 Energy Ltd

Project Icewine Highlights

In November 2014, the Company entered into a binding agreement with Burgundy
Xploration (BEX) to acquire a significant working interest (87.5%, reducing to
78% on spud of the first well on the project) in a large acreage position on a
multiple objective, liquids rich exploration opportunity onshore Alaska, North
America, referred to as Project Icewine.

88 Energy, (through BEX their co-venture partner), was announced highest bidder
on 90,720 acres in the November State lease sale for the North Slope of Alaska
on 20 November 2014. Post award of the acreage in Q2 2015 88 Energy will secure
a 99,360 gross contiguous acre position with 77,500 acres net to the Company.
The primary term for the State leases is 10 years with no mandatory
relinquishment and a low 16.5% royalty.

Figure 1: Project Icewine Location (please refer to the pdf version of this
announcement available from the Company's website)

Generous exploration incentives are provided by the State of Alaska with up to
85% of exploration expenditure in 2015 cash refundable, dropping to 75% mid
2016 and thereafter 35%.

The primary objective is an untested, unconventional liquids-rich shale play in
a prolific source rock, the HRZ shale,(Brookian Sequence), that co-sourced the
largest oil field in North America; the giant Prudhoe Bay Oil Field Complex.
Internal modelling and analysis indicates that Project Icewine is located in a
high liquids vapour phase sweetspot analogous to those encountered in other
Tier 1 shale plays e.g. the Eagle Ford, Texas.

Conventional play potential can be found at Project Icewine within the same
Brookian petroleum system and shallow to the HRZ shale and includes high
porosity channel and deep water turbiditic sands. The Brookian conventional
play is proven on the North Slope; the USGS (2013) estimate the remaining oil
potential to be 2.1 billion barrels just within the Brookian sequence.
Additional conventional potential exists in the deeper Kuparuk sands and the
Ivashuk Formation.

Drilling, (2012), in the adjacent acreage to the north confirmed that the HRZ
shales, along with the underlying Kingak & Shublik shales, were all within the
oil window which is extremely encouraging for the unconventional potential at
Project Icewine. In addition a conventional oil discovery was reported in the
Kuparuk sandstones.

A Prospective Resources Report by DeGolyer and MacNaughton, was commissioned by
88 Energy to evaluate the unconventional resource potential of Project Icewine
in early December 2014 and was released to the market on 19 January 2015.

About 88 Energy: 88 Energy recently acquired an initial 87.5% working interest
and operatorship in 99,360 acres onshore the prolific North Slope of Alaska
("Project Icewine"). The North Slope is the host for the 15 billion barrel
Prudhoe Bay oilfield complex, the largest in North America. The Company, with
its Joint Venture partner Burgundy Xploration, has identified two highly
prospective play types that are likely to exist on the Project Icewine acreage
- one conventional and one unconventional. The large resource potential of the
Icewine Project was recently independently verified by leading international
petroleum resource consultant DeGolyer and MacNaughton. In addition to the
interpreted high prospectivity, the project is strategically located on a
year-round operational access road and only 35 miles south of Pump Station 1
where Prudhoe Bay feeds into the TransAlaska Pipeline System. The Company plans
to progress drilling and seismic in the near term to take advantage of the
globally unique fiscal system in Alaska, which allows for up to 85% of CY2015
exploration expenditure to be rebated in cash.

Media and Investor Relations:

Australia                   
                            
88 Energy Ltd               
[e-mail]          
[phone]             
                            
Hartleys Ltd                
                            
As Corporate Advisor        
Mr Dale Bryan               
[phone]             
                            
United Kingdom              
                            
RFC Ambrian Limited         
                            
As Nominated Adviser        
Mr Oliver Morse             
[phone]