88 Energy Limited（简称“88 Energy”、“88E”或“公司”）提供截至 2025 年 3 月 31 日的季度活动摘要。

重点

项目 Leonis（100% WI）
• 规模化多油藏机会：
？Leonis 项目最近发现的 Canning 远景区宣布的远景资源量表明其具有巨大的资源潜力。预计 Canning 组可采净平均远景资源量为 2.83 亿桶1,2。无风险净资源量估计为 3U（高）4.69 亿桶、2U（最佳）2.59 亿桶和 1U（低）1.36 亿桶1,2。
？整个 Canning 和 Upper Schrader Bluff (USB) 勘探区的综合内部总平均预期资源量估计为 7.98 亿桶，净平均预期资源量为 6.64 亿桶，为 88E1,2（无风险综合净 3U（高）为 1,140 亿桶，2U（最佳）为 5.97 亿桶，1U（低）为 3.03 亿桶1,2）。

• 未来潜在的 Tiri-1 勘探井：
? 计划于 2026 年第一季度在阿拉斯加冬季作业窗口期间钻探 Tiri-1 井，目标是 Canning 和 USB 勘探区。
? 正在评估最佳 Tiri-1 井位置，利用定量解释研究的结果，同时进行许可和运营规划
。 88 Energy 拥有 100% 的工作权益，这为在任何钻井活动之前完成积极的租赁过程提供了强有力的保证。Phoenix

项目（~75% WI）

• 合资伙伴租赁得到保障：
？Burgundy Xploration LLC（Burgundy）结清了最后的 220 万美元现金催款，表明了其对项目的承诺以及其北美上市的进展。
？与 Burgundy 签署了租赁参与协议（PA），确保 CY25/26 工作计划的全部收益，包括租赁和水平井钻探和长期生产测试，以换取第一阶段完成后约 40% 的额外工作权益3。
? 提供总计 3900 万美元（6000 万澳元）的融资渠道，推动 Phoenix 项目做出最终开发决策。
? Burgundy 重申了其承诺，支付了 2025 年的现金，包括 100% 的租赁费用。 • 扩展水平井测试规划：
? 继续规划和设计，以优化 Franklin Bluffs 砾石场的计划刺激和扩展水平流动测试，目标是在 2026 年中期开钻4。Longhorn

项目（~65% WI）

• 生产绩效：
? 2025 年第一季度的平均日产量为 342 桶油当量（~69% 为石油），低于 2024 年第四季度的 358 桶油当量。
? 主要原因是恶劣的天气条件和天然气厂停工，产量较上一季度略有下降

• 现金流贡献：2025 年 3 月收到 2025 年第一季度的 30 万澳元。

• 战略评估：
本季度，公司对 Longhorn 项目作为长期勘探战略和资产组合的一部分的地位进行了内部评估，鉴于运营商将重点钻探新生产井作为下一阶段扩张的一部分，公司决定探索剥离资产权益的可能性，以减少持续资本支出的风险。

公司
• 本季度末的现金余额为 1060 万澳元，其中包括 Burgundy 支付的 510 万澳元未偿付的 Phoenix 项目现金催缴款、利息和罚款。
• 强劲的资金余额使 Tiri-1 勘探井的规划得以继续，包括确保长周期项目和推进正在进行的合同外包进程。

扩大多区开发机会，规模巨大
Leonis 项目区块位置5的扩大以及 Canning 组油藏的增加，创造了大规模多区开发机会。Upper Schrader Bluff (USB) 油藏提供了颇具吸引力的评估钻探机会，目标远景资源量为 3.81 亿桶石油（净平均值；无风险）；净 3U（高）为 6.71 亿桶，净 2U（最佳）为 3.38 亿桶，净 1U（低）为 1.67 亿桶1,2,4。USB 组与西北部附近的 Polaris、Orion 和 West Sak 油田属于同一已探明生产区。

增加 Canning 组作为次要油藏进一步增强了 Leonis 项目，并创造了多区钻探机会。Canning 油藏增加了 2.83 亿桶石油（净平均值）的新远景资源目标；无风险净储量：3U（高）4.69亿桶，2U（最佳）2.59亿桶，1U（低）1.36亿桶1,3,4。Canning

勘探区的确定是基于对大量数据（包括新近重新处理和解释的Storms三维地震数据）以及近期完成的定量解释研究（岩石物理、AVO和地震反演）结果的广泛审查。这项工作已证实两个储层层段均具有显著的勘探潜力。

与此同时，USB层段和Canning层段的AVO分析仍在继续，旨在确定最佳勘探点并优化钻井位置，以便在2026年上半年（H1 CY26）建造一口潜在勘探井——Tiri-1井将位于最佳位置，以测试Canning和USB勘探区。

在现代地震重新评估的指导下，并凭借其战略位置的优势，Leonis项目是88 Energy投资组合中的一项重要资产。

数据支持的勘探潜力
历史数据进一步印证了Leo​​nis项目令人瞩目的技术和商业潜力。1985年钻探的Hemi Springs 3号单元井，其目标储层深度比Canning组和USB组更深，且缺乏现代地震数据的支持，导致低电阻率油层被忽视。之后，对岩石物理数据的重新评估已确定了USB组和Canning组内的含油饱和度；Hemi Springs 3号单元泥浆测井中观察到的油显示与广阔的区域测绘潜力相关。现代对低电阻率油层认识的进步已在阿拉斯加北坡地区发现了大量储量，Willow和Pikka油田就是明证。同样，88E公司对遗留油井的重新评估，促成了Hickory-1井在23-24年度的成功钻探和测试。这种方法指导了Leonis项目的评估，利用历史和现代数据来识别和锁定尚未开发的资源。已完成一项全面的定量解释 (QI) 研究，包括岩石物理、AVO 和地震反演，其主要目标是识别 Canning 特征内的异常响应；次要目标是确定 USB 储层内的“甜点”。AVO 和反演分析的结果证实了两个层段都具有显著的勘探前景，为未来的钻井规划提供了可行的见解。Phoenix

项目（~75% WI）

合资伙伴签订了矿权转让参与协议。88
Energy Limited 于 2025 年 2 月 17 日宣布，已与 Burgundy Xploration LLC（简称“Burgundy”）就 Phoenix 项目签订了具有​​约束力的矿权转让参与协议 (PA)。根据该协议，88 Energy 的全资子公司 Accumulate Energy Alaska, Inc.（简称“Accumulate”）将全额承担与计划中的水平井项目相关的所有费用，包括目前计划于 2026 年中期进行的延长流量测试。

交易亮点：
• Burgundy 将全额资助凤凰项目未来工作计划总成本高达 3900 万美元（约合 6000 万澳元），以换取 88 Energy 额外提供的凤凰项目 50% 的工作权益 (WI)。•

通过两阶段的农场投资安排，提供清晰的融资渠道，推动凤凰项目朝着最终开发决策迈进：
? 第一阶段：Burgundy 为 CY25/26 工作计划提供 2900 万美元（约合 4500 万澳元）资金，包括计划于 CY26 上半年钻探水平井并进行生产测试（88E 全部完成，Accumulate WI 在阶段 1 后租赁 35%）
？第二阶段：第一阶段成功后，Burgundy 将为额外油井或其他资本支出计划提供高达 1000 万美元（约合 1500 万澳元）资金（88E 在当前 75% 的基础上最多承担 750 万美元，第二阶段后 Accumulate WI 租赁至 25%）。

最近宣布的 PA 是 88 Energy 的一个重要里程碑，有助于在财务上降低 Phoenix 项目的风险，同时为股东带来巨大价值。重要的是，该协议意味着交易价值比 88 Energy 自 2022 年度中期以来在 Phoenix 项目中的投资资本高出约 50%，同时使 88E 的投资者能够继续分享未来的成功。协议完成后，Burgundy 将成为 Phoenix 项目的运营商，这使 88 Energy 能够专注于推进 Leonis 项目并降低其风险。

公司还收到了 Burgundy 支付的 510 万澳元最终款项，包括罚款和利息，用于支付其与 Hickory-1 流动测试相关的未付现金催款。88

Energy 已开始与 Burgundy 合作，以推进计划于 2026 年度中期进行的水平测试井和回流作业的规划和许可。

邻近活动
公司正在监测邻近的租赁人 Pantheon Resources PLC (Pantheon)，此前其 Megrez-1 井于 2024 年 12 月成功开钻，并于 2025 年度上半年开始进行扩展多层井测试。

纳米比亚 PEL 93 (20% WI)
纳米比亚被公认为世界上最具前景、勘探程度最低的陆上前沿盆地之一，为大规模碳氢化合物发现提供了巨大的潜力。石油勘探许可证 93 (PEL 93) 位于奥万博盆地，占地面积是 88 Energy 阿拉斯加投资组合的十倍多，是 Phoenix 项目的 70 多倍。

历史勘探活动：
• 合资企业 (JV) 运营商 Monitor Exploration Limited (Monitor) 拥有 55% 的工作权益，利用地质和地球物理方法识别了奥万博盆地。
• PEL 93 于 2018 年授予，包含十 (10) 个独立的结构闭合，通过航空地球物理技术识别，并通过现有的 2D 地震数据进行部分验证。

最新进展：
2024年7月，北极星自然资源开发有限公司（Polaris）采集了203线公里的二维地震数据。2024年第四季度完成的数据处理发现了具有良好油气勘探潜力的重要构造闭合：
• 高质量地震数据：在所有九条地震线上都观察到了强大的信噪比。
• 监测员解读：在PEL 93区域南部确认了多条重要线索，单个封闭区域面积达约100平方公里，显示出良好的垂直起伏和明显的油气充注潜力。

后续活动：
• 独立验证监测员的发现，整合现有数据集，包括测井曲线、航空地球物理和土壤地球化学。
• 2025年上半年交付首个经独立认证的远景资源量估算。
• 确定达玛拉油气储层目标钻探位置。

区域背景：
Recon Africa公司于2024年7月在PEL 73区域开钻了Naingopo-1井，并于2024年11月达到4184米的钻井深度。我们热切期待包括电缆测井和取芯在内的广泛评估结果。

• 2024 年 8 月，BW Energy Limited 获得 PEL 73 的所有权（投资 1600 万美元，获得 20% 的工作权益），进一步表明业界对 Owambo 盆地潜力的信心。Longhorn

项目（~65% WI）
2025 年第一季度的平均产量为 342 桶油当量/天（~64% 为石油），低于 2024 年第四季度的 358 桶油当量/天，原因是恶劣天气和天然气厂停工。2025 年 3 月，收到约 30 万澳元的现金流分配。

本季度，公司对 Longhorn 项目作为长期勘探战略和资产组合的一部分的地位进行了内部审查，由于运营商专注于钻探新生产井作为下一阶段扩张的一部分，因此决定探索剥离资产权益的潜在机会，以减少持续资本支出的风险并实现资产的现有价值。已开始与外部各方就出售工作权益进行洽谈，但交易能否达成尚不确定。

财务状况
截至2025年3月31日，公司现金余额为1060万澳元。本季度报告随附的ASX附录5B包含公司本季度的现金流量表。

本期重要现金流包括：
• 与Hickory-1流量测试相关的Burgundy最终未偿现金催缴已收到510万澳元，其中包括利息和罚金。
• 勘探与评估支出：100万澳元（2024年12月季度为60万澳元），与Leonis许可和规划以及PEL 93 2025工作计划和预算成本有关。 • 员工及行政费用：90万澳元（2024年12月季度为90万澳元），与上一季度持平，其中包括支付给董事的费用和支付给董事的咨询费30万澳元。

公司
季度末之后，公司任命了领先的独立投资银行 Hannam & Partners（“H&P”），该银行与卡文迪什公司共同受聘，协助其在北半球的公开市场活动。

根据澳大利亚证券交易所上市规则第五章和另类投资市场（AIM）公司规则的要求，本公告中包含的技术信息和资源报告由公司非执行董事 Stephen Staley 博士编制或在其监督下编制。Staley 博士在石油行业拥有超过 40 年的经验，是伦敦地质学会会员，也是一名合格的地质学家/地球物理学家，拥有与所考虑的石油勘探类型和性质以及本文件中讨论的活动相关的丰富经验。Staley 博士已审阅本公告中提及的信息和支持文件，认为预期资源估算已得到公允表述，并同意以其目前的形式和内容发布。他的学历和行业会员资格已在公司网站上公布，且均符合《2015年瓦尔米恩准则》第3.1条规定的“能力”标准。本文件采用美国石油工程师协会“石油资源管理系统”采用的术语和标准。

本公告已获董事会批准。

88 Energy Limited ( 88 Energy, 88E or the Company) provides this summary of activities for the quarter ended 31 March 2025.

Highlights

Project Leonis (100% WI)
• Multi-Reservoir Opportunity of Scale:
? Prospective Resource declared at the recently identified Canning Prospect at Project Leonis indicates significant resource potential. Total estimated net mean Prospective Resource of 283 MMbbls1,2 recoverable from the Canning Formation. Unrisked net 3U (high) 469 MMbbls, 2U (best) 259 MMbbls, and 1U (low) 136 MMbbls estimated1,2.
? Combined internal gross mean Prospective Resource estimate across the Canning and Upper Schrader Bluff (USB) Prospects of 798 MMbbls, with 664 MMbbls net mean prospective resource to 88E1,2 (unrisked combined net 3U (high) of 1,140 MMbbls, 2U (best) of 597 MMbbls and 1U (low) of 303 MMbbls1,2).

• Future Potential Tiri-1 Exploration Well:
? Planning underway for Tiri-1 well scheduled for Q1 CY26 during the Alaskan winter operating window, targeting both the Canning and USB Prospects.
? Optimal Tiri-1 well location under assessment, leveraging results from the quantitative interpretation study, in parallel with ongoing permitting and operational planning.
? 88 Energy’s 100% working interest provides a strong position from which to secure a large proportionate carry on completion of the active farm-out process, ahead of any drilling event.

Project Phoenix (~75% WI)

• Joint Venture Partner Farmout Secured:
? Burgundy Xploration LLC (Burgundy) settled final US$2.2 million cash call, demonstrating its commitment to the project and progress towards its North American public listing.
? Executed a farmout Participation Agreement (PA) with Burgundy securing a full carry for the CY25/26 work program including lease rentals and horizontal well drilling and long term production test in exchange for ~40% additional working interest upon Phase 1 completion3.
? Provides a gross US$39M (A$60M) funding avenue to advance Project Phoenix towards a final development decision.
? Burgundy reaffirmed its commitment by paying 2025 cash calls, including 100% of lease costs. • Extended Horizontal Well Test Planning:
? Planning and design continued for the optimisation of the planned stimulation and extended horizontal flow test at the Franklin Bluffs gravel pad, targeting spud in mid-20264.

Project Longhorn (~65% WI)

• Production Performance:
? Q1 CY25 production averaged 342 BOE per day gross (~69% oil), down from 358 BOE per day in Q4 CY24.
? Production volumes were slightly down on the previous quarter primarily as a result of adverse weather conditions and gas plant downtime

• Cash Flow Contribution: A$0.3 million received in March 2025 for the Q1 CY25 period.

• Strategic Review:
? Internal Review of Project Longhorn’s position as part of the Company’s long-term exploration strategy and asset mix was undertaken during the quarter, with the Operator’s focus on drilling new production wells as part of the next phase of expansion, a decision was taken to explore the potential divestment of interests in the assets to reduce exposure to ongoing CAPEX.

Corporate
• Cash balance at the end of the quarter of A$10.6 million, inclusive of Burgundy’s A$5.1 million payment of outstanding Project Phoenix cash calls, interest and penalties.
• Strong treasury balance enables planning for the Tiri-1 exploration well to continue, including securing long lead items and progressing the ongoing farmout process.

Expanded Multi-Zone Opportunity of Significant Magnitude
The expansion of Project Leonis’ acreage position5 and the addition of the Canning Formation reservoir create a multi-reservoir opportunity of scale. The Upper Schrader Bluff (USB) reservoir provides an attractive appraisal drilling opportunity, targeting a Prospective Resource of 381 MMbbls of oil (net mean; unrisked); net 3U (high) of 671 MMbbls, 2U (best) of 338 MMbbls and 1U (low) of 167 MMbbls1,2,4. The USB formation is the same proven producing zone as found in nearby Polaris, Orion and West Sak oil fields to the north-west.

The addition of the Canning Formation as a secondary reservoir further enhances Project Leonis’ and creates a multi-zone drilling opportunity. The Canning reservoir added a new prospective resource target of 283 MMbbls of oil (net mean); unrisked net 3U (high) 469 MMbbls, 2U (best) 259 MMbbls, and 1U (low) 136 MMbbls1,3,4.

The identification of the Canning Prospect comes after an extensive review of data, including newly reprocessed and interpreted Storms 3D seismic data, and the outcome of the recently completed quantitative interpretation study (rock physics, AVO and seismic inversion). This work has confirmed significant prospectivity at both reservoir intervals.

In parallel, AVO analysis for both the USB and Canning intervals continues, aiming to identify sweet spots and refine drilling locations for a potential exploration well in H1 CY26 – the Tiri-1 well will be optimally located to test both the Canning and USB prospects.

Guided by modern seismic re-evaluation and aided by a strategic location, Project Leonis is a key asset in 88 Energy’s portfolio.

Prospectivity supported by data
Historical data reinforces the compelling technical and commercial potential of Project Leonis. The Hemi Springs Unit 3 well, drilled in 1985, targeted deeper reservoirs than the Canning and USB Formations and without the benefit of modern seismic data, leading to overlooked low-resistivity oil pay. Reevaluation of petrophysical data has since identified oil saturations within both the USB and Canning Formations; oil shows observed in the Hemi Springs Unit 3 mud log correlate with extensive areal mapped potential. Modern advances in understanding low-resistivity pay have unlocked substantial reserves across Alaska’s North Slope, as demonstrated by the Willow and Pikka fields. Similarly, 88E’s re-evaluation of legacy wells led to the successful drilling and testing of Hickory-1 in CY23-24. This approach has guided the evaluation of Project Leonis, leveraging both historical and modern data to identify and target untapped resources. A comprehensive Quantitative Interpretation (QI) study, including rock physics, AVO and seismic inversion, was completed with the primary objective of identifying anomalous responses within the Canning feature; the secondary aim was to pinpoint “sweet spots” within the USB reservoir. Results from the AVO and inversion analysis confirmed significant prospectivity at both intervals, providing actionable insights for future well planning

Project Phoenix (~75% WI)

Joint Venture Partner Farmout Participation Agreement Executed
88 Energy Limited announced on 17 February 2025, that it entered into binding terms for a Farmout Participation Agreement (PA) with Burgundy Xploration LLC (Burgundy) in relation to Project Phoenix. Under the agreement, 88 Energy’s wholly owned subsidiary, Accumulate Energy Alaska, Inc. (Accumulate), will be provided with a full carry for all costs associated with the planned horizontal well program, including an extended flow test currently scheduled for mid-2026.

Transaction highlights:
• Burgundy to fully fund up to US$39 million (approx. A$60 million) of Project Phoenix’s total gross future work program costs in exchange for up to an additional 50% Working Interest (WI) in Project Phoenix from 88 Energy.

• Provides a clear funding avenue to advance Project Phoenix towards a final development decision via a two-phase farm-in arrangement:
? Phase 1: Burgundy to fund US$29 million (approx. A$45 million) for CY25/26 work program, including drilling of a horizontal well and production testing scheduled for H1 CY26 (88E fully carried, Accumulate WI post Phase 1 farmout 35%)
? Phase 2: Upon Phase 1 Success; Burgundy to fund up to US$10 million (approx. A$15 million) for an additional well or other CAPEX program (88E carry up to US$7.5 million, based on the current 75%, with Accumulate WI post Phase 2 farmout to 25%).

The recently announced PA marks a key milestone for 88 Energy, serving to financially de-risk Project Phoenix while delivering significant value for shareholders. Importantly, the PA implies a transaction value approximately 50% higher than 88 Energy’s invested capital in Project Phoenix since mid-CY22, while enabling 88E’s investors to continue to participate in future success. Following completion of the PA, Burgundy will become the operator of Project Phoenix, enabling 88 Energy to focus on advancing and de-risking Project Leonis.

The Company also received final payments of A$5.1 million, including penalties and interest, from Burgundy for its outstanding cash call related to the Hickory-1 flow test.

88 Energy has commenced work with Burgundy to progress planning and permitting for the horizontal test well and flow back operation scheduled for mid-CY26.

Near Neighbour Activities
The Company is monitoring neighbouring leaseholder, Pantheon Resources PLC (Pantheon), following the successful spud of its Megrez-1 well in December 2024, and commencement of its extended multizone well test in H1 CY25.

Namibia PEL 93 (20% WI)
Namibia is recognised as one of the world’s most prospective, under-explored onshore frontier basins, offering significant potential for large-scale hydrocarbon discoveries. Petroleum Exploration Licence 93 (PEL 93) situated in the Owambo Basin, spans an area more than ten times the size of 88 Energy’s Alaskan portfolio and over 70 times larger than Project Phoenix.

Historical Exploration Activities:
• Joint Venture (JV) operator Monitor Exploration Limited (Monitor), which holds a 55% working interest, utilised geological and geophysical methods to identify the Owambo Basin.
• Awarded in 2018, PEL 93 contains ten (10) independent structural closures, identified through airborne geophysical techniques and partially verified by existing 2D seismic data.

Recent Developments:
In July 2024, Polaris Natural Resources Development Ltd (Polaris) acquired 203-line km of 2D seismic data. Data processing completed in Q4 CY24 identified significant structural closures with promising hydrocarbon potential:
• High-quality seismic data: Strong signal-to-noise ratios observed across all nine seismic lines.
• Interpretation by Monitor: Confirmed multiple significant leads in the southern PEL 93 area, with individual closures up to ~100 km² in size, showing good vertical relief, and clear hydrocarbon charge potential.

Forward Activities:
• Independent validation of Monitor’s findings, integrating available datasets, including well logs, airborne geophysics and soil geochemistry.
• Delivery of a maiden, independently certified Prospective Resource estimate in 1H CY25.
• Identification of drilling locations targeting the Damara Play.

Regional Context:
Recon Africa spudded the Naingopo-1 well in PEL 73 in July 2024, reaching TD of 4,184 metres in November 2024. Results from extensive evaluations, including wireline logging and coring, are eagerly anticipated.

• In August 2024, BW Energy Limited farmed into PEL 73 (20% working interest for US$16 million invested), further demonstrating industry confidence in the Owambo Basin’s potential.

Project Longhorn (~65% WI)
Production through Q1 CY25 averaged 342 BOE/day gross (~64% oil), down from 358 BOE/day gross in Q4 CY24 due to adverse weather and gas plant downtime. In March 2025, a cash flow distribution of approximately A$0.3 million was received.

An internal review of Project Longhorn’s position as part of the Company’s long-term exploration strategy and asset mix was undertaken during the quarter, with the Operator’s focus on drilling new production wells as part of the next phase of expansion, a decision was taken to explore the potential divestment opportunities of interests in the assets to reduce exposure to ongoing CAPEX as well as realise existing value in the asset. Discussions with external parties for the sale of working interest commenced and there is no guarantee that a transaction will take place.

Finance
At 31 March 2025, the Company’s cash balance was A$10.6 million. The ASX Appendix 5B attached to this quarterly report contains the Company’s cash flow statement for the quarter.

The material cash flows for the period include:
• Final Burgundy outstanding cash call related to Hickory-1 flow test of A$5.1 million received, including interest and penalties.
• Exploration and Evaluation Expenditure: A$1.0 million (December 2024 quarter A$0.6 million) related to Leonis permitting and planning and PEL 93 2025 work program and budget costs. • Staff and Administration Costs: A$0.9 million (December 2024 quarter A$0.9 million) in line with previous quarter, and includes fees paid to Directors and consulting fees paid to Directors of A$0.3 million.

Corporate
Subsequent to quarter-end, the Company appointed leading independent investment bank Hannam & Partners (‘H&P’) who have been engaged alongside Cavendish to assist with its North Hemishphere public market engagements.

Pursuant to the requirements of the ASX Listing Rules Chapter 5 and the AIM Rules for Companies, the technical information and resource reporting contained in this announcement was prepared by, or under the supervision of, Dr Stephen Staley, who is a Non-Executive Director of the Company. Dr Staley has more than 40 years' experience in the petroleum industry, is a Fellow of the Geological Society of London, and a qualified Geologist / Geophysicist who has sufficient experience that is relevant to the style and nature of the oil prospects under consideration and to the activities discussed in this document. Dr Staley has reviewed the information and supporting documentation referred to in this announcement and considers the prospective resource estimates to be fairly represented and consents to its release in the form and context in which it appears. His academic qualifications and industry memberships appear on the Company's website, and both comply with the criteria for "Competence" under clause 3.1 of the Valmin Code 2015. Terminology and standards adopted by the Society of Petroleum Engineers "Petroleum Resources Management System" have been applied in producing this document.

This announcement has been authorised by the Board.