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October 04, 2015 10:45 PM ET

Oil, Gas and Consumable Fuels

Company Overview of 88 Energy Limited

Company Overview

88 Energy Limited engages in the oil and gas exploration activities in Morocco and the United States. It holds 87.5% working interest in Project Icewine with 99,360 contiguous acres located onshore on the North Slope of Alaska, the United States. The company was formerly known as Tangiers Petroleum Limited and changed its name to 88 Energy Limited in February 2015. 88 Energy Limited is based in West Perth, Australia.

83 Havelock Street

Level 1

West Perth, WA 6005



61 8 9485 0990


61 8 9117 2012

Key Executives for 88 Energy Limited

Managing Director and Director
Total Annual Compensation: $283.4K
Compensation as of Fiscal Year 2014.

88 Energy Limited Key Developments

88 Energy Limited Announces Kuukpik Rig 5 Commences Mobilisation from Prudhoe Bay (Deadhorse) to the Franklin Bluffs Pad

88 Energy Limited announced that Kuukpik Rig 5 has commenced mobilisation from Prudhoe Bay (Deadhorse) to the Franklin Bluffs pad. Mobilisation and rig up is scheduled to be complete ahead of the planned mid October spud date for the Icewine #1 exploration well. The primary goal of the Icewine #1 exploration well is to derisk a potentially world class unconventional oil exploration play in the HRZ shale horizon that, if successful, could yield over a billion barrels of recoverable oil across the Project Icewine acreage, based on internal modelling. Further details on the drilling and evaluation schedule will be released on spud. The Icewine #1 exploration well has also been designed to evaluate, and test if appropriate, conventional reservoir potential at Project Icewine. However, due to the lack of 3D seismic at the project, the conventional potential of this well is considered secondary with a lower chance of success at this time. Given the high level of activity over the coming weeks and months, the Company will be keeping investors well appraised as and when milestones are achieved, through regular announcements.

88 Energy Limited Announces Receives Approval from Alaskan Department of Natural Resources for Lease Plan of Operations for Drilling of Icewine #1 Exploration

88 Energy Limited announced that the lease plan of operations for the drilling of the Icewine #1 Exploration well has been approved by the Alaskan Department of Natural Resources, Division of Oil and Gas. From a regulatory perspective, the approval denotes that project Icewine has now formally entered the exploration phase. The plan of operations was one of three pivotal permits required prior to the commencement of the Icewine #1 exploration well. The DNR has sought the permission of Accumulate Energy Alaska Inc. as operator, that the Icewine plan of operations be posted on their Alaskan Government website as an exemplar submission of the recently revised DNR permit application process. The company is confident that these remaining permits will be granted within ample time for the scheduled spud of the Icewine #1 exploration well in mid-October 2015.

Tangiers Petroleum Limited Announces Unaudited Consolidated Earnings Results for the Six Months Ended June 30, 2015

Tangiers Petroleum Limited announced unaudited consolidated earnings results for the six months ended June 30, 2015. For the period, the company reported interest revenue of AUD 29,674 compared to AUD 108,050 a year ago. Loss before income tax was AUD 3,046,770 compared to AUD 4,929,163 a year ago. Net loss attributable to members of the parent was AUD 3,046,770 or AUD 0.336 per basic and diluted share compared to AUD 4,929,163 or AUD 1.64 per basic and diluted share a year ago. Net cash flow used in operating activities was AUD 1,158,931 compared to AUD 3,654,991 a year ago. Payments for exploration and evaluation activities was AUD 4,832,818 against AUD 53,629 a year ago.

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