88 Energy Ltd

We are pleased to share our latest investor presentation, highlighting key developments across our exploration and appraisal projects in Alaska, Texas and Namibia.   In Alaska, Project Phoenix has been significantly de-risked with successful oil flow at Hickory-1, and we are now planning a fully carried horizontal production test. Project Leonis is advancing towards the Tiri-1 exploration well, scheduled for Q1 2026, targeting multiple reservoir zones.   In Namibia, PEL 93 continues to show strong exploration potential, with seismic interpretation confirming multiple high impact leads. As we expand our presence in this emerging basin, we see exciting opportunities for future growth.   With a strong asset portfolio, strategic partnerships and a focus on technical de-risking, we remain well-positioned to deliver long-term value.   Read the full presentation here: https://bit.ly/3QkgS4f   #88Energy #88E #OilandGas #InvestorUpdate #Exploration #EnergyDevelopment

We are pleased to announce that 88 Energy has entered into a Farmout Participation Agreement (PA) with Burgundy Xploration LLC for Project Phoenix, located on the North Slope of Alaska.   Under this agreement, our wholly owned subsidiary, Accumulate Energy Alaska, Inc., will be fully carried for all costs associated with the upcoming horizontal well program, including an extended flow test scheduled for H1 CY26.   As part of the agreement, Burgundy will fully fund up to US$39 million (A$60 million) of Project Phoenix’s future work program costs in exchange for up to an additional 50% working interest. This transaction provides a clear funding pathway towards a final development decision through a two-phase farm-in arrangement.   In Phase 1, Burgundy will fund US$29 million (A$45 million) for the CY25/26 work program, which includes drilling a horizontal well and conducting production testing. Following this phase, 88 Energy will retain a 35% working interest in Project Phoenix. If Phase 1 is successful, Phase 2 will see Burgundy fund up to US$10 million (A$15 million) for an additional well or CAPEX program, with 88 Energy carried for up to US$7.5 million, reducing our working interest to 25% post-Phase 2.   Upon completion, Burgundy will assume operatorship of the project, allowing us to focus on advancing and further de-risking Project Leonis. The agreement remains subject to customary conditions precedent, including Burgundy securing the necessary capital during CY25.   Managing Director, Ashley Gilbert, commented: “Today’s announcement crystalises a funding pathway for the asset, enabling critical production testing at the Hickory-1 multi reservoir discovery - a key step in proving the project’s economics and potential future commerciality. To have achieved a work-programme carry in just two years of exploration and advancement since the drilling of Hickory-1, underscores the implied value of the asset and serves as a blueprint for our strategy moving forward. We look forward to our continued work with Burgundy as they progress towards assuming operatorship of the project ahead of the scheduled CY26 drilling programme.”   Read the full announcement here: https://bit.ly/4i2ZpJt   #88Energy #88E #OilAndGas #ASX #ProjectPhoenix #OilExploration #Alaska #Energy

We are pleased to announce a maiden internal Prospective Resource estimate of 283 million barrels of oil (MMbbls) (net mean, unrisked) for the Canning Prospect at Project Leonis in Alaska. This marks a milestone in our ongoing exploration efforts and highlights the considerable potential of the project.   The Canning Prospect holds a net 3U (high) estimate of 469 MMbbls, 2U (best) estimate of 259 MMbbls, and 1U (low) estimate of 136 MMbbls. Combined with the USB Prospect, the total internal gross mean Prospective Resource estimate for Project Leonis is 798 MMbbls, with 664 MMbbls net to 88 Energy.   We are in the advanced stages of planning for the Tiri-1 exploration well, scheduled for H1 2026, to test both the Canning and USB Prospects. Our 100% working interest strongly positions us to secure a substantial farm-out agreement to fund drilling activities.   With a strategic location near TAPS and the Dalton Highway, Project Leonis offers significant potential for future development.   Managing Director, Ashley Gilbert commented: “We are extremely pleased to announce the maiden, internally estimated Prospective Resource estimate for the Canning Prospect, which closely follows the successful bid for four new leases at Project Leonis in December 2024 with award expected in the 1st half of 2025. Looking ahead, our focus is firmly on advancing the Tiri-1 well at Project Leonis scheduled to drill in Q1 2026 in parallel with finalising funding to deliver a horizontal well test at Project Phoenix”   Read the full announcement here: https://bit.ly/4aBamiE   #88Energy #88E #OilAndGas #ASX #ProjectLeonis #OilExploration #Alaska #Energy

We are pleased to share key updates from the quarter ended 31 December 2024, highlighting progress across our projects and corporate activities.   At Project Phoenix, our Joint Venture Partner Burgundy Xploration LLC demonstrated its ongoing commitment by settling US$1 million of an outstanding cash call. Burgundy also reaffirmed its intention to fund the CY25/26 work program, including horizontal drilling and production testing, in exchange for an increased working interest. Our team continues to focus on planning and optimisation, with studies underway to reduce costs and improve efficiency for future operations.   At Project Leonis, we successfully expanded our acreage with the acquisition of four additional lease blocks, enhancing the project’s scale and exploration potential. The new Canning prospect, spanning 43km², is a key highlight, with a thick reservoir succession offering significant potential. Planning for the Tiri-1 exploration well, targeted for Q1 CY26, is advancing, alongside ongoing farm-out discussions to secure funding.   In Namibia, we achieved promising results from the initial interpretation of 2D seismic data at PEL 93, identifying 10 structural closures with strong hydrocarbon potential.   Production at Project Longhorn averaged 358 BOE per day gross, contributing A$0.4 million in cash flow for the quarter. We ended the period with a cash balance of A$7.2 million and continue to achieve year-on-year reductions in corporate and staff costs.   Read the full report here: https://bit.ly/4hpZuGS   #88Energy #88E #OilAndGas #ASX

88 Energy is pleased to announce the expansion of its highly prospective Project Leonis on Alaska’s North Slope. Our wholly owned subsidiary, Captivate Energy Alaska, Inc. has been declared the highest bidder on four lease blocks immediately adjacent to the existing Project Leonis leases. The new lease blocks cover approximately 10,203 acres, bringing the total acreage to 35,634.   This strategic move capitalises on the identified prospectivity within the Canning Formation turbidites, transforming Project Leonis into a multi-zone exploration opportunity.   Our Managing Director, Ashley Gilbert, commented, “The award of these new blocks meaningfully expands Project Leonis’ acreage position and reinforces our ongoing commitment to exploration on Alaska’s North Slope. The new leases were targeted following identification of additional prospectivity within the Canning Formation, transforming Project Leonis into a multi-zone exploration opportunity of considerable scale.   Our enhanced position benefits from access to data from historical wells that indicated oil shows and calculated pay in both the USB reservoir as well as the recently mapped Canning Formation reservoir accompanied by the existing Storms 3D data suite. We are extremely pleased to have secured this additional acreage and look forward to further de-risking the opportunity through continuing analysis ahead of selecting an optimal drilling location to access both reservoirs. The Company is targeting a partial farm-down before any future potential drill event currently targeted for 1H 2026.”   Read the full announcement here: https://bit.ly/4gpwezX   #88Energy #88E #OilAndGas #EnergyExploration #ASX

88 Energy is pleased to update shareholders on our exploration activities within Petroleum Exploration Licence 93 (PEL 93) in the Owambo Basin, Namibia. Initial processing and interpretation of the 2024 2D seismic data, conducted by Monitor Exploration Limited, has revealed 10 significant independent structural closures within the licence area.   Several of these leads, located in the southern portion of PEL 93, show large structural closures, with some covering up to 100 km². These prospects exhibit vertical relief and strong hydrocarbon charge potential from source rocks to the north.   We have received the seismic data from Monitor and are now validating these findings by integrating all available datasets. A prospective resource estimate for PEL 93 is expected to be completed in the first half of 2025.   88 Energy remains focused on advancing this exciting opportunity and will continue to provide updates as we progress.   Read the full announcement here: https://bit.ly/4gsduzb   #88Energy #88E #OilAndGas #EnergyExploration #ASX

88 Energy is pleased to share advancements at Namibia’s Owambo Basin with the completion of 2D seismic processing over Petroleum Exploration Licence 93 (PEL 93), with key structural formations confirmed in the newly processed data.   The seismic acquisition achieved high-quality data with an excellent signal-to-noise ratio across all nine acquired lines, reflecting effective acquisition parameters. This dataset will support detailed interpretation, which will be conducted in partnership with our Joint Venture partner, Monitor Exploration.   The next phase will focus on independently estimating a maiden Prospective Resource for PEL 93 and determining future drilling locations. Early indications suggest a promising volumetric potential within the Mulden (Upper and Lower) and Otavi reservoirs, reinforcing PEL 93 as a project with substantial scale and future opportunity. 88 Energy looks forward to progressing this exciting asset further.   Read the full ASX Announcement here: https://bit.ly/40rt7C5   #88Energy #88E #OilAndGas #EnergyExploration #ASX

We're pleased to share our Quartey Activities Report for the period ended 30 September 2024. At Project Phoenix, we achieved a 50% uplift in Contingent Resources, adding 128 MMBOE, further solidifying Phoenix’s potential. Positioned near the Trans-Alaskan Pipeline, this project is primed for commercial progress, with a formal farm-out process planned to attract strategic partners.   At Project Leonis, we’re advancing the Tiri-1 exploration well, designed to tap into significant new resources, while additional potential is being evaluated at depth. In Namibia PEL 93, seismic data processing is well underway, with results expected to validate several structural closures ahead of a planned maiden Contingent Resource estimate in H1 2025.   Project Longhorn saw steady production growth to 395 BOE/day, and despite minor operational downtime, cash flow remains strong. Our solid cash position of A$5.5 million, along with a forthcoming US$4 million payment from our partner Burgundy, ensures our projects are fully funded and ready for the next stages of exploration and development.   Read the full report here: https://bit.ly/4eZVaNH   #88Energy #88E #OilAndGas #EnergyExploration #ASX

We are pleased to share our latest investor update video where our Managing Director, Ashley Gilbert, provides an update on Project Phoenix.   Watch the video for an overview of our significant new multi-reservoir Contingent Resource at Hickory-1 and hear more about our forward strategy to unlock value as we move towards commercialisation.   Watch the full video here: https://bit.ly/4eTS4uh   #88Energy #88E #ProjectPhoenix #InvestorUpdate #OilAndGas #EnergyExploration #ASX

We have released our Project Phoenix Investor Update for October 2024, which provides key developments on the project’s progress.   The presentation includes details on the new Contingent Resource estimate confirming the multi-reservoir discovery at Phoenix. It highlights the significant re-disking achieved to date as we advance the oil field toward potential future commercialisation and monetisation for 88 Energy shareholders.   We encourage you to read the full update for more detailed information on these recent milestones and the ongoing work at Project Phoenix: https://bit.ly/3zIlDQv   #88Energy #88E #ProjectPhoenix #InvestorUpdate #OilAndGas #EnergyExploration #ASX