88E – Rig Contract Executed for Western Blocks Drilling 1Q2019

88 Energy Limited (ASX: 88E) (“88 Energy” or the “Company”) provides the following update related to its operations, located on the North Slope of Alaska. 

Highlights

·     Rig Contract Executed for Western Blocks Drilling 1Q2019

·     Winx Prospect located in the proven Nanushuk Play Fairway

Permitting Progressing on Schedule

Western Blocks – Rig Contract Executed

88E, via its 100% owned subsidiary Captivate Energy Alaska, Inc., has executed a rig contract for the drilling of the Winx Prospect, located on the Western Blocks, North Slope of Alaska.

The Winx -1 well will test a 3D seismically defined oil prospect in the successful Nanushuk play fairway comprising multiple stacked objectives with a gross mean unrisked prospective resource of 400MMbbls (144MMbbls net to 88E) and a geological chance of success in the range of 25-30%.

For further details related to the transaction, please refer to the announcement dated 25th June 2018.

Cautionary Statement: The estimated quantities of petroleum that may be potentially recovered by the application of a future development project relate to undiscovered accumulations. These estimates have both an associated risk of discovery and a risk of development. Further exploration, appraisal and evaluation are required to determine the existence of a significant quantity of potentially moveable hydrocarbons.

88 Energy Ltd Managing Director, Dave Wall, commented: “The execution of a rig contract is an important milestone for the Consortium as plans progress to drill the large Winx prospect in the first quarter of 2019.”