88 Energy has provided a summary of activities in Alaska, Namibia and Texas for the quarter ended 30 June 2025.
Highlights
Project Leonis Alaska (100% WI)
A Multi-Reservoir Opportunity of Scale:
- Combined internal gross mean Prospective Resource estimate across the Canning and USB Prospects of 798 MMbbls (664 MMbbls net mean to 88E)[1] [2]
- Combined net unrisked Resource range:
- 1U (low) of 303 MMbbls1,2
- 2U (best) of 597 MMbbls1,2
- 3U (high) of 1,140 MMbbls1,2
Future Potential Tiri-1 Exploration Well:
- Planning and permitting progressed for the proposed Tiri-1 exploration well, targeting both the Canning and USB Prospects, with potential deeper reservoir upside.
- Key vendors submitted operational proposals, contributing to updated well AFE.
- 88 Energy's 100% working interest positions the Company favourably to secure a material carry through its active farm-out process. Third party evaluation remains ongoing.
- Formal award of the four (4) additional leases totalling ~10k acres was received.
- Acquisition of the low-cost Great Bear 3D seismic survey (2014) completed, significantly expanding the regional 3D dataset. The new data overlaps the both the existing Leonis acerage and the Storms and Franklin Bluffs 3D data sets, enhancing prospect evaluation.
Project Phoenix Alaska (~75% WI)
Farm-Out Activity and Work Program Progress:
- Joint venture partner Burgundy Xploration LLC (Burgundy) advanced it's funding strategy to finance Phase 1 of the farmout, targeting US$29M (A$45M) to drill a horizontal well and conduct a long term production test[3].
- Burgundy reaffirmed its commitment by meeting its 2025 financial obligations, including 100% of lease cost payments in accordance with the farm-out agreement.
- Ongoing optimisation of the planned stimulation and extended horizontal flow test at the Franklin Bluffs gravel pad, with spud currently targeted for Q2/Q3 CY2026[4].
PEL93 Namibia (20% WI)
Licence Extension and Pre-Drill De-Risking Underway
- License extension secured: The Namibian Ministry of Mines and Energy granted a 12-month extension to the PEL 93 First Renewal Exploration Period, now expiring on 2 October 2026.
- Stage 1 Work Program approved: A new work program has been introduced under a revised Farmout Agreement with Operator Monitor Exploration Limited, designed to support pre-drill de-risking ahead of a potential Stage 2 drilling campaign.
- Airborne gravity survey set for H2 CY25: A high-resolution gravity survey will cover the southern area of PEL 93, where multiple structural leads have been identified.
- Lead 9 Prioritised as a key target: A ~100km2 anticlinal structure, Lead 9, was mapped from 2024 2D seismic data, with closure at all potential reservoir and source rock levels. Additional leads also emerged within the gravity survey area.
- Regional catalysts building: ReconAfrica is preparing to spud the Kavango West 1X exploration well in July 2025, which has striking similarities to Lead 9 located in the southern area of PEL 93.
Project Longhorn Texas (~65% WI)
Strategic Divestment Progressing:
- Q2 CY25 production averaged 309 BOE/day gross (~76% oil), down from 342 BOE per day in Q1 CY25, due to 30 days of third party gas facility downtime requiring gas venting and additional subsequent days of high line pressure as well as unscheduled maintenance on various wells.
- The Company has progressed negotiations with a third party regarding a sale of the asset. The divestment remains subject to final legal documentation and requisite internal and external approvals.
Corporate
- Cash balance of A$8.05 million at 30 June 2025.
- Strong treasury position supports planning for the Tiri-1 and new venture opportunities.
- Capital (Share) consolidation completed on a 1-for-25 basis, as approved by shareholders on 6 May 2025.
- Small Holding Share Sale Facility launched for share holders with parcels valued under A$500, to streamline registry management and reduce overheads.
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Source: 88 Energy
