Latest 88e News

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• Farminee internal approvals complete, including Board sign-off
• Farm-out deal now subject to: o execution of closing documents o standard conditions precedent, mainly related to transfer of working interests
• Well planning and permitting required for 2020 drilling now ramping up

condition precedent
n. 1) in a contract, an event which must take place before a party to a contract must perform or do their part. 2) in a deed to real property, an event which has to occur before the title (or other right) to the property will actually be in the name (vest) of the party receiving title. Examples: if the ship makes it to port, the buyer agrees to pay for the freight on the ship and unload it; when daughter Gracella marries she shall then have full title to the property.


Project Icewine Conventional: farm-out process continues to progress with preferred bidder

Third party due diligence process now largely complete

Final decision on approval scheduled for June

Project Icewine Unconventional: advanced FIB-SEM* and HAWK** analysis significantly advances understanding of HRZ shale play

Majority of acreage remains within revised prospectivity fairway

Additional application of FIB-SEM underway to validate fairway revision

Franklin Bluffs (Icewine#2 location) considered to be marginally outside revised fairway

Formal farm-out process deferred to 2H 2019 - soft farm-out underway with continued third party interest

Yukon Leases: discussions underway with nearby resource owners to optimise monetisation strategy

Monetization is the process of converting or establishing something into legal tender. While it usually refers to the coining of currency or the printing of banknotes by central banks, it may also take the form of a promissory currency."

Western Blocks: aggregation of additional data ongoing, with tender for reprocessing work to occur 3Q 2019

Focused ion beam scanning electron microscope, **hydrocarbon analyser with kinetics

Q1, 2019 report

AGM Presentation

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