Project Longhorn Draft

THE ACQUISITION OF PROJECT LONGHORN

The acquisition of Project Longhorn represents 88 Energy’s first move into producing oil and gas assets and is in line with the Company’s strategy to build a successful exploration and production company.

This step has been undertaken in a measured fashion via the purchase of a non-operated working interest with a single basin focus. Project Longhorn contains well understood geology with low technical risk and provides near-term upside via low-cost field development opportunities.

PROJECT LONGHORN

Non-operator with ~73% ownership interest¹

Appox. 1,300 net acres in West Andrews and Ector Countries
Current production of 300 BOE per day gross from 32 producing wells
Seven low-cost work-overs planned in 2022, target (2P) doubling of current output by end of CY2022
Target further eleven work-overs or new drills anticipated to increase production to circa 1,300 BOE per day (2P) at program completion
Strong results from recent wells

The oil and gas production assets, collectively known as Project Longhorn, are located in the attractive Permian Basin and contain independently certified net 2P reserves of 2.1MMBOE.

"Delivering immediate output and near-term production drilling upside”

Ashley Gilbert, Managing Director

TRANSACTION HIGHLIGHTS

Diversifying Portfolio with Production
Low-cost Entry with NET 2P Reserves of 2.1 MMBOE
Attractive Location in Texas, USA
Solid PDP Production with Low-Risk Upside

TOTAL RESERVES	MMBOE	2.78	3.46	4.00	1.64	2.05	2.33
LONGHORN RESERVES – PHASE 2			GROSS¹			NET ENTITLEMENT¹
		1P	2P	3P	1P	2P	3P
OIL	MMBO	1.44	1.71	2.05	0.85	1.01	1.20
GAS	BCF	4.97	6.16	6.96	2.93	3.64	4.06
NGL	MMBO	0.51	0.72	0.79	0.30	0.43	0.46

Note – 1. Please refer to the ASX release dated 18 February 2022 for full details with respect to the independent Reserves Estimates, associated risking and applicable Cautionary Statement on page 2.