88 Energy Limited · ASX:88E
88 Energy — Corporate Update (October 2026)
23 slides from 88 Energy's corporate update, Oct 28, 2026
Slide 1: Augusta-1 Exploration Well: Farm-Out and Strategic Partnership with Westlawn Americas Offshore
rsonal use only AUGUSTA-1 EXPLORATION WELL SOUTH PRUDHOE PROJECT FARM-OUT AND STRATEGIC PARTNERSHIP SECURED WITH WESTLAWN AMERICAS OFFSHORE STRONGLY VALIDATES UPCOMING AUGUSTA-1 WELL PROGRAMME ASX: 88E | AIM: 88E | OTC: EEENF OCTOBER 2026 88energy.com
Slide 2: Disclaimer
DISCLAIMER This presentation (Presentation) has been prepared by 88 Energy Limited (the Company or 88 Energy) for information purposes only. The activities will continue in the future. These forward-looking statements are made as of the date hereof. Each of 88 Energy and its shareholders, Presentati
Slide 3: 88E Partners with Westlawn Americas Offshore
88E PARTNERS WITH WESTLAWN AMERICAS OFFSHORE 40% FARM-DOWN OF SOUTH PRUDHOE TO HIGH-QUALITY PARTNER 88 Energy Limited (88E) has agreed a 40% farm-down of the South Prudhoe Project, Alaska North Slope, to Westlawn Americas Offshore (WAO), a well-capitalised Houston-based private investment firm focus
Slide 4: South Prudhoe Acreage Position and Resource Estimates
88 ENERGY SOUTH PRUDHOE ACREAGE POSITION RESOURCES ESTIMATES AND DISCLOSURES SOUTH PRUDHOE PROSPECT RESOURCE ESTIMATE (MAY 2026) SOUTH PRUDHOE HUB RESERVOIR UNRISKED PROSPECTIVE OIL AND NGLS RESOURCES (MMBBLS)1,2,4 rsonal use only Large-scale, multi-reservoir oil opportunity immediately south of the
Slide 5: Large-Scale, Multi-Reservoir Potential in a Proven Fairway
LARGE-SCALE, MULTI- RESERVOIR POTENTIAL 1 2 IN A PROVEN FAIRWAY SOUTH PRUDHOE LEASES SOUTH PRUDHOE LEASES NORTH-WEST HUB SOUTH-EAST HUB OPERATOR 60% WI 52,136 GROSS ACRES rsonal use only 301 MMBLS 468 MMBLS (2U, GROSS UNRISKED) FROM IVISHAK, (2U, GROSS UNRISKED) FROM IVISHAK KUPARUK AND BROOKIAN RES
Slide 6: About Westlawn Americas Offshore
ABOUT WESTLAWN AMERICAS OFFSHORE WAO HAS ASSEMBLED A GROWTH-ORIENTED GLOBAL PORTFOLIO OF WORLD-CLASS ASSETS SIGNIFICANT EXISTING PRODUCTION GROWTH-ORIENTED WORLD-CLASS GLOBAL PORTFOLIO GLOBALLY EXPERIENCED TEAM rsonal use only >15,000 10 transactions 4 core regions 90+ YRS net boepd of production Cl
Slide 7: 88 Energy and WAO Strategically Aligned
88 ENERGY AND WAO STRATEGICALLY ALIGNED ARRANGEMENT PROVIDES STRONG SYNERGISTIC BENEFITS WESTLAWN AMERICAS OFFSHORE 88 ENERGY’s SOUTH PRUDHOE PROJECT “ rsonal use only Alaska has long been an attractive region for investment WAO’s STRATEGY IN ACTION TICKS ALL WAO’s BOXES for WAO and is one we’ve had
Slide 8: Augusta-1 Has Scale That Stands Out
AUGUSTA-1 HAS SCALE THAT STANDS OUT LARGEST COMMITTED WELL IN 2027 ON ASX IN THE SMALL TO MID-CAP LINE-UP GROSS BEST ESTIMATE (2U) PROSPECTIVE RESOURCES BY WELL, MMBOE, UNRISKED 1,2,3,6 RANKING #1of the five largest committed wells5 rsonal use only Augusta-1 (88E) AUGUSTA-1 133.7 51% bigger target t
Slide 9: Corporate Overview
88 ENERGY CORPORATE OVERVIEW FARMDOWN TO HIGH-QUALITY PARTNER DELIVERS A CRITICAL CATALYST CAPITAL STRUCTURE ASX PRICE AND VOLUME rsonal use only Volume (M shares) Price (A$) Share price (on 27 October 2026)2 A$0.020 A$0.050 150 1 20 Nov 2025: New North Slope acreage secured 4 18 May 2026: South Pru
Slide 10: Augusta-1: Technical Detail and Reservoir Targets
AUGUSTA-1 TECHNICAL DETAIL AND RESERVOIR TARGETS rsonal use only ASX: 88E | AIM: 88E | OTC: EEENF
Slide 11: Proposed Augusta-1 Well
BRINGING THE EXPLORATION OPPORTUNITY TOGETHER PROPOSED AUGUSTA-1 WELL Tuttu-1 ROCK FLOUR-1 AUGUSTA-1 ON TRACK TO SPUD Q1 CY2027 SECONDARY BROOKIAN USB M rsonal use only 2° USB M TARGETS IN THE M, N AND USB N 2° USB N WEST SAK SANDS West Sak 52.7 MMBBLS (GROSS UNRISKED, 2U)1,2 THREE TARGET INTERVALS
Slide 12: Primary Ivishak Reservoir Target
PRIMARY IVISHAK RESERVOIR TARGET WELL-DEFINED TARGET IN PROVEN PETROLEUM SYSTEM, CLOSE TO EXISTING INFRASTRUCTURE NORTH-WEST HUB IVISHAK PROSPECTIVITY INDEX MAP A PROVEN, REGIONALLY PRODUCTIVE RESERVOIR rsonal use only One of the main producing reservoirs within the Prudhoe Bay Lease / Project Bound
Slide 13: Primary Ivishak Reservoir Target
PRIMARY IVISHAK RESERVOIR TARGET WELL-DEFINED TARGET IN PROVEN PETROLEUM SYSTEM, CLOSE TO EXISTING INFRASTRUCTURE PRUDHOE BAY IVISHAK RESERVOIR MAPPED DIRECTLY TO NORTH-WEST HUB PRUDHOE BAY IS A NATIONALLY STRATEGIC ASSET rsonal use only A super-giant producing oil field, that set the economic found
Slide 14: Primary Kuparuk Reservoir Target
PRIMARY KUPARUK RESERVOIR TARGET DATA-SUPPORTED EXPLORATION PROSPECT UNDERPINNED BY OFFSET WELL RESULTS KUPARUK RESERVOIR TARGET NORTH-WEST HUB AND REGIONAL KUPARUK DEPTH MAP AND KEY WELLS rsonal use only KRU 1M-17 DISCOVERY WELL 23.5 MMbbl opportunity in the Kuparuk (gross unrisked, 2U)1,2. KRU D-P
Slide 15: Primary Kuparuk Reservoir Target
PRIMARY KUPARUK RESERVOIR TARGET ON TREND WITH KUPARUK PRODUCTION FAIRWAY TO THE NORTH KUPARUK FAIRWAY MODELLED TO EXTEND INTO NORTH-WEST HUB LEASE AREA PROVEN KUPARUK PRODUCTION HEMI SPRINGS STATE 1 rsonal use only KUPARUK FAIRWAY EXTENSION INTO NORTH-WEST LEASE AREA KRU D-PAD PRODUCTION WELLS KRU
Slide 16: Brookian Reservoir
BROOKIAN RESERVOIR PROVEN NEARBY PRODUCTION REINFORCES EXPLORATION POTENTIAL ADJACENT PRODUCING AREAS1 STRONG TECHNICAL SUPPORT PROVIDED FOR BROOKIAN UPSIDE ORION PARTICIPATING AREA BROOKIAN J-PAD PRODUCTION WELLS rsonal use only KRU WEST SAK 1J-115 6 MMBBLs OIL PRODUCED TO DATE1 WEST SAK PARTICIPAT
Slide 17: Material Progress Delivered
MATERIAL PROGRESS DELIVERED AUGUSTA-1 OPERATIONAL READINESS ACTIVITIES NOW ACCELERATING TOWARDS SPUD KEY WORKSTREAM Q3 CY2026 Q4 CY2026 Q1 CY2027 Q2 CY2027 rsonal use only CONCEPTUAL WELL DESIGN LOCATION PLANNING SECURE KEY LONG LEAD ITEMS FINALISE DETAILED WELL DESIGN AND AFE FARM-OUT AND A
Slide 18: Alaskan Crude Is in High Demand
ALASKAN CRUDE IS IN HIGH DEMAND NOW COMMANDING A SIGNIFICANT PREMIUM IN GLOBAL MARKETS ALASKAN FIELD PRODUCTION ALASKAN NORTH SLOPE PREMIUM TO BRENT rsonal use only CRUDE OIL (BPD, ‘000) SPREAD (US$/bbl) ANS West Coast Crude >US$125 /bbl 20 ALASKAN CRUDE OIL PRODUCTION HAS 2,000 ANS PREMIUM TO BRENT
Slide 19: Augusta-1 Highlights
AUGUSTA-1 HIGHLIGHTS HIGH-CALIBRE NEW PARTNER FOR A MULTI-RESERVOIR EXPLORATION OPPORTUNITY 133.7 60% Q1 CY2027 rsonal use only MMbbl GROSS 2U PROSPECTIVE RESOURCE W.I. AND 88E REMAINS OPERATOR, 88E SHARE TARGET SPUD ESTIMATE, UNRISKED (66.8 MMBBLS NET 88E)1 OF AUGUSTA-1 US$8.3M RIG AND CAMP FAR
Slide 20: Contact Details
88 ENERGY CONTACT DETAILS rsonal use only MANAGING DIRECTOR BROKERS SHARE REGISTRY Ashley Gilbert Australia ASX | Computershare Euroz Hartleys Ltd As Corporate Advisor Investor Services Pty Ltd REGISTERED OFFICE Chelsey Kidner | +61 8 9268 2829 ASX: 88E Ground Floor, 516 Hay St, AIM | Computershare
Slide 21: Upcoming Well Data
UPCOMING WELL DATA 2U PROSPECTIVE RESOURCES AS PUBLICLY REPORTED WELL HOLDER (WI) COUNTRY FLUID GROSS 2U (MMBOE) NET (MMBOE) GCOS STATUS EXPECTED SPUD ESTIMATE EVAL. DATE SOURCE rsonal use only Augusta-1 88E 60% USA (Alaska) Oil 133.7 66.8 48% Farm-out agreed Q1 2027 88E 18 May 2026 88E ASX, 18 May
Slide 22: Appendix A: Slide References
APPENDIX A SLIDE REFERENCES Slide 3 Sak and USB reservoirs). 1. Refer to the ASX Announcement dated 29 October 2026 for details of the farm-out to WAO and updates in relation to the Slide 12 rsonal use only Augusta-1 well. 2. Gross well cost for Augusta-1 US$17.5 million, of which WAO are paying US$
Slide 23: rsonal use only
rsonal use only ASX: 88E | AIM: 88E | OTC: EEENF