Annual Report to shareholders

LOW-RISK IVISHAK ADVANCEMENT

SHORT CYCLE, LOW CAPEX OPPORTUNITY ADJACENT TO PROVEN PRODUCING RESERVOIRS

MULTIPLE PHOENIX VALUE PATHWAYS

HICK0RY-1 SUCCESS OPENED A RANGE OF MONETISATION SCENARIOS

EXPANDED ALASKAN FOOTPRNT

NEW ACREAGE ENHANCES OPPORTUNITY AND SCALE OF PORTFOLIO

NEW ALASKAN PARTNERS TARGETED

AIMED AT ADVANCING ACTIVITIES THROUGH COST-SHARING ARRANGEMENTS

SOUTH PRUDHOE MULTI-RESERVOIR UPSIDE

MULTI -RESERVOIR POTENTIAL WITH LOW-RISK IVISHAK PROSPECTS

NAMIBIAN ONSHORE BASIN POTENTIAL

REGIONAL RESULTS SUPPORT POTENTIAL NEW PETROLEUM PROVINCE

CONTENTs

Corporate directory 2

Chair's letter 3

Review of operations 5

Director's report 14

Auditor's independence declaration 30

Consolidated statement of profit or loss and other comprehensive income 31

Consolidated statement of financial position 32

Consolidated statement of changes in equity 33

Consolidated statement of cash flows 34

Notes to the consolidated financial statements 35

Consolidated entity disclosure statement 58

Directors' declaration 59

Independent auditor's report 60

ASX additional information 64

CORPORATE DIRECTORY

Ms Joanne Williams (Non-Executive Chair) Mr Ashley Gilbert (Managing Director)

Dr Stephen Staley (Non-Executive Director) Ms Sarah Smith

Capital Markets Limited

Ground Floor, 516 Hay Street Subiaco WA 6008

Australia

Telephone: +61 (8) 9485 0990

Facsimile: +61 (8) 9321 8990 Website: https://www.88energy.com

PO Box 352

Subiaco WA 6904 Australia

Computershare Investor Services Pty Ltd Level 11, 172 St Georges Terrace

PERTH WA 6000

Australia

Telephone: +61 (8) 9323 2000

Facsimile: +61 (8) 9323 2033

Computershare Investor Services PLC The Pavilions

Bridgewater Road Bristol BS99 6ZZ United Kingdom

ASX 88E

AIM 88E

OTC EEENF

BDO Audit Pty Ltd

Level 9, Mia Yellagonga Tower 2

5 Spring Street

Perth WA 6000

88 Energy Limited - Annual Report 2025 2 | P a g e

CHAIR'S LETTER

Dear Shareholders,

It is my pleasure to present 88 Energy's Annual Report for the year ended 31 December 2025. The year reflected a continued sharpening of our strategic focus and the disciplined expansion and advancement of a portfolio centred on Alaskan exploration and appraisal opportunities proximate to proven producers.

Without a doubt, the Alaskan North Slope is experiencing renewed oil and gas exploration and development momentum, supported by favourable policy settings, recent exploration success, and expanding infrastructure investment. Federal and State agencies continue to streamline permitting processes and actively encourage new domestic energy investment. During the year, notable exploration success was reported by APA Corporation, Armstrong Oil and Gas, and Santos Limited. Infrastructure development also progressed, with Santos' Pikka Phase 1 project nearing completion and first oil expected in 2026, while proposed gas pipeline and LNG initiatives further serve to highlight the long-term strategic relevance of the basin. In addition, the Fall 2025 North Slope Bid Round saw 271 leases awarded to nine companies, including 88 Energy, representing approximately 466,764 acres and total investment of around US$17 million.

Collectively, these developments underscore the growing strategic importance of the Alaskan North Slope and reinforce the commercial potential of our assets. The oil and gas sector remains integral to a well-functioning global economy amid volatile markets and evolving energy security priorities. Against this backdrop, the Board has remained focused on disciplined capital allocation, advancing a data-led approach to the progression of select assets with credible and clearly defined pathways towards future production.

During the year, 88 Energy meaningfully enhanced and evolved its Alaskan portfolio. At Project Leonis, recently renamed South Prudhoe, the Company reported a maiden internal Prospective Resource estimate for the Canning Prospect which was also recently updated in February 2026 with prospective

resource estimates covering the Ivashak, Kuparuk and also revised Canning and USB reservoirs (Schrader Bluff). This work confirmed significant prospectivity across the expanded South Prudhoe acreage with multiple drill ready prospects identified.

The expanded South Prudhoe acreage position includes fourteen new leases covering approximately 34,560 acres that were secured across two focus areas or as we see it strategic development hubs. These acquisitions reflect our infrastructure-led and data-driven strategy in action, with the new tenure supported by modern seismic interpretation and located near to established North Slope infrastructure. The expanded acreage provides us with exposure to lower-risk, near-infrastructure exploration and development opportunities, while maintaining a disciplined approach to capital deployment.

At Project Phoenix, 88 Energy achieved a significant milestone with the execution of binding terms for a farm-out participation arrangement with Burgundy Xploration LLC (Burgundy). Under the agreed structure, Burgundy is to fund up to US$39 million of the future gross work programme, providing a full carry through the planned horizontal well and extended production test. Burgundy progressed its funding strategy through the confidential submission of a draft Form S-1 registration statement with the United States Securities and Exchange Commission and in parallel, advanced operational readiness with the appointment of Fairweather LLC, the progression of Franklin Bluffs 3D seismic planning, and the strengthening of in-state capability. Together, these activities strongly position the joint venture to support the Franklin Bluffs drilling and production test programme currently scheduled for H1 CY2026.

Turning to Namibia, the Company secured a 12-month extension to the First Renewal Exploration Period at PEL 93 through to 2 October 2026. This was accompanied by approval of a refreshed Stage 1A work programme designed to support pre-drill de-risking. The programme includes a high-

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