RNS Number : 1894A 88 Energy Limited 11 March 2025 11 March 2025 88 ENERGY LIMITED LODGEMENT OF ANNUAL REPORT 88 Energy Limited (ASX:88E; AIM:88E) ("88 Energy" or "Company") advises that a copy of the Company's Annual Report for the year ended 31 December 2024 (the "Annual Report") has been lodged on the ASX along with the Company's 2024 year-end Corporate Governance Statement and Appendix 4G. The Annual Report, which was sent to shareholders today, is available on the Company's website at www.88energy.com along with copies of each of these other documents. Set out below is the Chairman's Statement as included in the Annual Report. Also, set out below is a summary of the Company's audited financial information for the year ended 31 December 2024 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. Media and Investor Relations: CHAIRMAN'S STATEMENT Dear Shareholders, It is my pleasure to present 88 Energy's Annual Report for the year ended 31 December 2024, a period defined by significant progress across our exploration, appraisal, and production portfolio. Against a backdrop of geopolitical change, fluctuating commodity prices, and new uncertainties associated with the global energy transition, 88 Energy has remained committed to growing value for shareholders while navigating an evolving energy landscape. The global energy sector continues to balance the challenges of meeting growing demand for reliable and affordable energy while the world advances towards decarbonisation. This dual focus underscores the critical importance of companies like 88 Energy. Throughout 2024, our efforts centred on advancing key projects, optimising our portfolio, and most importantly positioning the company to unlock future value. The successful flow test at the Hickory-1 well in Alaska marked a key moment for Project Phoenix. This milestone validated the potential of multiple primary and secondary reservoirs, confirming the presence of mobile hydrocarbons and successfully achieving oil flow to surface, a significant indicator of commercial potential. The year also saw significant progress at our Leonis Project, where the completion of an independent certified resource estimate highlighted the potential of the Upper Schrader Bluff reservoir. This paved the way for the launch a formal farm-out process aimed at accelerating exploration via a planned explorational well (Tiri -1). In December, 88 Energy was announced as the successful bidder on four additional leases, covering approximately 10,203 acres, growing the projects footprint to over 35,000 contiguous acres. These leases were targeted based on additional prospectivity mapped within the deeper Canning Formation reservoir interval, enhancing Leonis' position as a highly prospective, multi-zone opportunity. Our entry into Namibia represents a second exciting frontier growth opportunity for 88 Energy. The seismic program over PEL 93 is a critical step towards de-risking this vast and underexplored acreage, with ten significant structural closures already identified. Recent exploration successes in Namibia have reinforced its potential for world-class discoveries, and we are enthusiastic about the possibilities this emerging energy province holds for 88 Energy. In the Permian Basin, Project Longhorn continued to provide a stable production base and reliable cash flow, with multiple development opportunities being assessed to further enhance output. The project's consistent performance underscored the value of maintaining a balanced portfolio that spans the full spectrum of the oil and gas lifecycle. I am also mindful that the 88 Energy share price has not reflected the technical successes during this period. 88 Energy is not the only company among our peer group that is not getting this recognition. However, I can assure you that the board and management of the company is laser focussed on creating value for our shareholders. As we reflect on the year, it is evident that 88 Energy's achievmentsare driven not just by our assets but by the dedication and expertise of our team. Their ability to adapt to a constantly changing environment while delivering operational excellence and strategic foresight has been instrumental in achieving our goals for 2024. To our shareholders, I extend my deepest gratitude for your unwavering support and belief in 88 Energy's vision. The path to value creation often demands a combination of belief and patience, and our progress this year affirms the strength of our strategy and the quality of our portfolio. With a strong foundation in place and a pipeline of high-impact opportunities, I am confident that 88 Energy is well-positioned to deliver substantial value in the years ahead. On behalf of the entire team, I thank you for your trust and partnership and look forward to continuing this journey together. Wishing you a healthy and prosperous 2025. Yours faithfully, Philip Byrne Non-Executive Chairman CONSOLIDATED STATEMENT OF PROFIT OR LOSS AND OTHER COMPREHENSIVE INCOME FOR THE FINANCIAL YEAR ENDED 31 DECEMBER 2024 The notes to the financial Consolidated Statement of Profit or Loss and Other Comprehensive Income should be read in conjunction with the statements. CONSOLIDATED STATEMENT OF FINANCIAL POSITION AS AT 31 DECEMBER 2024 The Consolidated Statement of Financial Position should be read in conjunction with the notes to the financial statements. CONSOLIDATED STATEMENT OF CHANGES IN EQUITY FOR THE FINANCIAL YEAR ENDED 31 DECEMBER 2024 The Consolidated Statement of Changes in Equity should be read in conjunction with the notes to the financial statements. CONSOLIDATED STATEMENT OF CASH FLOWS FOR THE FINANCIAL YEAR ENDED 31 DECEMBER 2024 The Consolidated Statement of Cash Flows should be read in conjunction with the notes to the financial statements. This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact rns@lseg.com or visit www.rns.com. 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