12 May 2025
88 Energy Limited
Completion of Consolidation of Capital
88 Energy Limited (ASX:88E, AIM:88E, OTC:EEENF) ("88 Energy" or the "Company") wishes to advise, that following the completion of the consolidation of capital on a one (1) share for every twenty-five (25) shares held basis as approved by shareholders on 6 May 2025 (the "Consolidation"), the issued share capital of the Company is now as follows:
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| Shares | Listed Options | Unlisted Options | Performance Rights | Warrants |
| Pre-Consolidation | 28,933,811,952 | 538,888,890 | 240,000,000 | 155,740,000 | 269,444,442 |
| Post-Consolidation | 1,157,350,417 | 21,555,519 | 9,599,999 | 6,229,600 | 10,777,770 |
The following table sets out the effect of the Consolidation on the Options currently on issue:
| Options | Pre-Consolidation | Post-Consolidation | Exercise Price post-Consolidation |
| Listed Options exercisable at $0.0075 per share and expire 15 December 2026 | 538,888,890 | 21,555,519 | $0.1875 |
| Unlisted Options with an exercise price of $0.02 and an expiry of 28 October 2025 | 90,000,000 | 3,600,000 | $0.50 |
| Unlisted Options with an exercise price of $0.02 and an expiry of 16 February 2026 | 75,000,000 | 3,000,000 | $0.50 |
| Unlisted Options with an exercise price of $0.0055 and an expiry of 6 May 2028 | 75,000,000 | 2,999,999 | $0.1375 |
The following table summarises the effect of the Consolidation on the Warrants:
| Warrants | Pre-Consolidation | Post-Consolidation | Conversion Price post-Consolidation |
| Unlisted Warrants exercise price of £0.0039 and expiring 15 December 2026. | 269,444,442 | 10,777,770 | £0.0975 |
Further details on the Consolidation were announced on 4 April 2025.
Admission and Total Voting Rights:
An application has been made to the London Stock Exchange for the Post Consolidation Shares to be admitted to trading on AIM. Admission is expected to become effective in respect of, and dealings on AIM are expected to commence in, all of the Post Consolidation Shares, at 8:00 a.m. on 13 May 2025.
Following the Consolidation, the Company has a total of 1,157,350,417 ordinary shares on issue, all of which have voting rights. The figure of 1,157,350,417 ordinary shares may be used by shareholders as the denominator for the calculations by which they will determine if they are required to notify their interest in, or a change of their interest in, the Company.
This announcement has been authorised by the Board.
Media and Investor Relations:
| 88 Energy Ltd Ashley Gilbert, Managing Director Tel: +61 (0)8 9485 0990 Email:investor-relations@88energy.com | |
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| Fivemark Partners, Investor and Media Relations |
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| Michael Vaughan | Tel: +61 (0)422 602 720 |
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| EurozHartleys Ltd | |
| Dale Bryan | Tel: +61 (0)8 9268 2829 |
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| Cavendish Capital Markets Limited | Tel: +44 (0)20 7397 8900 |
| Derrick Lee Pearl Kellie | Tel: +44 (0)131 220 6939 Tel: +44 (0)131 220 9775 |
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| Hannam & Partners | |
| Leif Powis / Neil Passmore | Tel: +44 (0) 207 907 8500 |
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