30 March 2015

                               88 ENERGY LIMITED

                        ASX LODGEMENT OF ANNUAL REPORT

88 Energy Limited (ASX:88E; AIM:88E)("88 Energy" or the "Company")advises that
a copy of the Company's Annual Report for the year ended 31 December 2014 has
been lodged on the ASX and is also available on the Company's website at
www.88energy.com. The Annual Report was sent to shareholders today.

Set out below is the Chairman's Statement as included in the Company's Annual
Report.

Also set out below is a summary of the Company's audited financial information
for the year ended 31 December 2014 as extracted from the Annual Report, being:

Consolidated Statement of Comprehensive Income;

Consolidated Statement of Financial Position;

Consolidated Statement of Changes in Equity; and

Consolidated Statement of Cash Flows.

                             CHAIRMAN'S STATEMENT

Dear Shareholders

It has been a landmark year. The Moroccan project provided a significant
challenge for our new MD who rose to the occasion and steered the Company
through the ensuing turbulence.

Thanks to David's endeavours we have emerged with a new name, 88 Energy
Limited; a new project in Alaska and a recapitalised entity complimented by a
Board with in excess of 100 years of oil and gas experience. We look forward
with enthusiasm to the future that lies ahead.

The newly acquired Project Icewine on the North Slope of Alaska is a highly
leveraged opportunity into which 88 Energy has first mover advantage with
ground floor entry and operatorship. It's the type of opportunity a small
explorer should identify with if it desires to get on the front foot and make a
difference.

The North Slope of Alaska is a mature oil producing region, hosting the largest
onshore field in North America. Significant infrastructure is in place
including an all year round access road, the Dalton Highway, and the
TransAlaska Pipeline System (TAPS), both of which run through our newly
acquired Project Icewine.

Significantly, Project Icewine contains two play types that are considered
highly prospective with considerable upside. The conventional oil play is
ranked number 1 by the US Geological Survey for onshore exploration potential
in North America and the unconventional play has an independently estimated
gross unrisked mean prospective resource of 492 million barrels of recoverable
oil (being up to ~431 million barrels net to the Company based on an 87.5%
interest) from 8 billion barrels estimated oil in place. Project Icewine's
location on the only year round access road, adjacent to the TransAlaska
pipeline, means that any success we may have can be quickly monetised.

Frontier exploration by its very nature is characterised by high risk and high
rewards. There are no guarantees of success, however your Board is committed to
managing 88 Energy with competence and integrity in a way that maximises the
opportunity for shareholders to participate in the economic benefits of prudent
exploration and development.

On behalf of the Board, I welcome those new shareholders who participated in
the recent successful capital raising and thank our existing shareholders for
your continued support of the Company.

Yours faithfully,

Michael Evans
Non-Executive Chairman

CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME

FOR THE YEAR ENDED 31 DECEMBER 2014

                                          Note          2014          2013

                                                           $             $

Income                                    3(a)       175,848       505,937

Administrative expenses                   3(b)   (2,858,366)   (2,549,059)

Occupancy expenses                               (1,028,345)     (616,565)

Employee benefit expenses                 3(c)   (1,179,662)   (1,022,062)

Share-based payment expense                 17   (1,716,426)     (604,843)

Depreciation and amortisation expense               (25,654)      (24,933)

Exploration expenditure expensed as                (400,717)     (172,818)
incurred

Exploration expenditure written off         10  (20,229,361)   (2,112,508)

Impairment of available-for-sale                           -     (230,782)
investments

Loss on available-for-sale investments              (14,216)      (63,120)

Interest expense                                        (89)         (827)

Foreign exchange losses                            (436,117)             -

Loss before income tax                          (27,713,105)   (6,891,580)

Income tax expense                           4             -             -

Net loss attributable to members of the         (27,713,105)   (6,891,580)
parent

Other comprehensive income for the year

Other comprehensive to be recycled to
profit or loss in subsequent periods:

Change in fair value of                             (60,061)        60,061
available-for-sale investments (net of
tax)

Total comprehensive income for the year         (27,773,166)   (6,831,519)

Basic and diluted loss per share             5        (9.65)       (3.85)*
(cents)

* The loss per share calculations for all periods prior to 31 December 2014
have been adjusted by factors of 1.138 to reflect the bonus element of the 18
February 2015 share placement where placement participants received one free
attaching listed option for every two placement shares.

CONSOLIDATED STATEMENT OF FINANCIAL POSITION

AS AT 31 DECEMBER 2014

                                             Note        2014         2013

                                                            $            $

ASSETS

Current Assets

Cash and cash equivalents                       6      805,210    6,089,313

Other receivables                               7      266,284      121,212

Total Current Assets                                 1,071,494    6,210,525

Non-Current Assets

Plant and equipment                             8       23,590       49,243

Other financial assets                          9       42,726    3,566,500

Exploration and evaluation expenditure         10            -    7,742,856

Other assets                                   11      604,695            -

Total Non-Current Assets                               671,011   11,358,599

TOTAL ASSETS                                         1,742,505   17,569,124

LIABILITIES

Current Liabilities

Trade and other payables                       12      393,933      915,761

Total Current Liabilities                              393,933      915,761

TOTAL LIABILITIES                                      393,933      915,761

NET ASSETS                                           1,348,572   16,653,363

EQUITY

Contributed equity                          13(a)   67,985,300   55,889,563

Shares reserved for share plans             13(a)  (1,667,500)            -

Reserves                                    13(b)   12,741,333   10,761,256

Accumulated losses                                (77,710,561) (49,997,456)

TOTAL EQUITY                                         1,348,572   16,653,363


CONSOLIDATED STATEMENT OF CHANGES IN EQUITY

FOR THE YEAR ENDED 31 DECEMBER 2014

                           Issued      Shares      Share    Available-for-sale Accumulated     Total
                                      reserved     based       investments        losses
                           capital    for share   payment        reserve                       equity
                                        plans     reserve                           $
                              $                                     $                            $
                                          $          $

Balance at 1 January      49,196,225           - 10,096,102                  - (43,105,876)   16,186,451
2013

Loss for the year                  -           -          -                  -  (6,891,580)  (6,891,580)

Other comprehensive                -           -          -             60,061            -       60,061
income/(loss)

Total comprehensive                -           -          -             60,061  (6,891,580)  (6,831,519)
loss for the year, net
of tax

Shares issued during       7,063,943           -          -                  -            -    7,063,943
the year

Share-based payments               -           -    605,093                  -            -      605,093

Equity raising costs       (370,605)           -          -                  -            -    (370,605)

Balance at 31 December    55,889,563           - 10,701,195             60,061 (49,997,456)   16,653,363
2013

Balance at 1 January      55,889,563           - 10,701,195             60,061 (49,997,456)   16,653,363
2014

Loss for the year                  -           -          -                  - (27,713,105) (27,713,105)

Other comprehensive
income/(loss)                      -           -          -           (60,061)            -     (60,061)


Total comprehensive                -           -          -           (60,061) (27,713,105) (27,773,166)
loss for the year, net
of tax

Shares issued during      14,412,255 (1,751,600)          -                  -            -   12,660,655
the year

Shares cancelled            (84,100)      84,100          -                  -            -            -

Share-based payments               -           -  2,040,138                  -            -    2,040,138

Equity raising costs     (2,232,418)           -          -                  -            -  (2,232,418)

Balance at 31 December    67,985,300 (1,667,500) 12,741,333                  - (77,710,561)    1,348,572
2014


CONSOLIDATED STATEMENT OF CASH FLOWS

FOR THE YEAR ENDED 31 DECEMBER 2014

                                           Note         2014         2013

                                                           $            $

Cash flows from operating activities

Interest received                                    175,848       69,331

Payments to suppliers and employees              (6,386,643)  (3,686,428)

Net cash flows used in operating              6  (6,210,795)  (3,617,097)
activities

Cash flows from investing activities

Payments for exploration and evaluation          (9,300,344)    (707,045)
activities

Project Icewine deposit                            (604,695)            -

Payments for plant and equipment                           -     (30,467)

Loans to other entities                            (300,000)            -

Loans repaid by other entities                       300,000            -

Purchase of available-for-sale                             -    (609,402)
investments

Proceeds from sale of available-for-sale              79,248      221,495
investments

Net cash flows used in investing                 (9,825,791)  (1,125,419)
activities

Cash flows from financing activities

Proceeds from issue of shares                     11,100,374    7,063,943

Share issue costs                                  (347,891)    (370,605)

Net cash flows from financing activities          10,752,483    6,693,338

Net increase/(decrease) in cash and cash         (5,284,103)    1,950,822
equivalents

Effects of exchange rate changes on cash                   -     (36,419)
and cash equivalents

Cash and cash equivalents at beginning             6,089,313    4,174,910
of year

Cash and cash equivalents at end of year      6      805,210    6,089,313

The above consolidated statements should be read in conjunction with the
accompanying notes

END

David Wall
Managing Director

88 Energy Limited
Level 2, 5 Ord Street
West Perth WA 6005, Australia
Ph: +61 8 9485 0990
www.88energy.com

Contacts

RFC Ambrian Limited

As Nominated Adviser
Mr Oliver Morse
+61 8 9480 2500

Refer to the Independent Resource Report in the most recent Prospectus on the
Company website for details. Adjusting for the risk of geological success, this
equates to a gross mean prospective resource of 200 million barrels of
recoverable oil for Project Icewine (~175 million barrels net to the Company
based on an 87.5% working interest). The estimates of quantities of petroleum
that may potentially be recovered by the application of future development
project(s) relate to undiscovered accumulations. These estimates have both an
associated risk of discovery and a risk of development. Further exploration
appraisal and evaluation is required to determine the existence of a
significant quantity of potentially moveable hydrocarbons. Prospective resource
assessments were estimated using probabilistic methods in accordance with
SPE-PRMS standards.