Monday 9 November 2020

88 Energy Limited ("88 Energy" or the “Company", ASX:88E, AIM 88E) is pleased to provide the following update related to the farm-out at its Project Peregrine, on the North Slope of Alaska.

Highlights

• Multiple bids received

• Preferred bidder selected and preparation of final documentation underway

• Transaction close and execution of documents expected within weeks

Detail

The farm-out process at Project Peregrine has progressed to the final phase and is subject only to finalisation of standard documentation as the preferred bidder has now been selected. Strong interest was shown in the opportunity and the bids received were competitive. Execution of the final documents is expected in the next few weeks, at which point more detail on the transaction will be made public. Planning and permitting remains on schedule for a late February 2021 spud of the first well at Project Peregrine.

Managing Director of 88 Energy, Dave Wall, stated: "The strong interest shown in the imminent drilling program at Project Peregrine is both a testament to the quality of the opportunity and the hard work done by the 88E team over the last few months. We look forward to working with the preferred bidder to close the transaction and get going on the drill program.”