88 Energy Limited provided the following update related to its operations in the NPR-A region of the North Slope of Alaska. Highlights: Permit to Drill for the Merlin-1 well approved; Field operations fully underway; Rig commissioning almost complete, mobilisation expected within days; Well spud expected in late February /early March 2021. 88 Energy confirmed that its Permit to Drill has been approved for the Merlin-1 well, located in the NPR-A region of the North Slope of Alaska. The permit was deemed complete by the Alaska Bureau of Land Management ("BLM") on the 28th January and was submitted to the Deputy Assistant Secretary for Land and Minerals Management for approval. That approval was granted on the 29th January (AK time) ­ ahead of the expected 12th February approval date. In anticipation of the approval, field operations recommenced last week with commissioning of Rig 111 nearing completion. Rig mobilisation is scheduled to commence later this week. A single lane snow road into the Merlin-1 location is expected to be finished in ~2 weeks. Spud of Merlin-1 is now expected in late February /early March 2021. Project Peregrine is located in the NPR-A region of the North Slope of Alaska and encompasses ~195,000 contiguous acres. It is situated on trend to recent discoveries in a newly successful play type in topset sands in the Nanushuk formation. 88 Energy has a 100% working interest in the project that will reduce to 50% post the completion of funding as part of a recent farm-in, whereby 88E is carried on the first USD 10 million (of an estimated USD 12.6 million total cost) for the Merlin-1 well. The Merlin-1 well is scheduled for spud in late February /early March 2021 and is targeting 645 million barrels of gross mean prospective resource. Flow testing of Merlin-1 is planned, if wireline logging confirms a discovery. A second well, Harrier-1, is planned to commence immediately following completion of operations at Merlin-1, subject to results from Merlin-1, schedule and permit approvals. Harrier-1 is targeting gross mean prospective resource of 417 million barrels. Harrier-1 is expected to cost USD 7 million.