88 Energy has provided a report on its activities for the quarter ended 30 June 2026.
ALASKA
- South Prudhoe total gross unrisked 2U Prospective Resources increased ~35% to 768.9 million barrels of oil (MMbbls), 640.7 MMbbls net to 88E1,2 confirming a significant-scale, multi-reservoir oil opportunity
- Nordic Rig-3 and a dedicated Arctic-rated camp secured for the planned Augusta-1 exploration well
- Augusta-1 defined as a stacked, three-reservoir exploration opportunity targeting the Ivishak, Kuparuk and Upper Schrader Bluff intervals
- South Prudhoe farm-out process advanced, with multiple parties actively engaged
- Project Phoenix Participation Agreement amended ahead of the planned Franklin Bluffs-1H horizontal well and production test
- Access secured to the Kad River 3D seismic dataset, covering the entire Kad River East lease position
- Formal award for the 2025 North Slope Fall lease bid round was received after quarter end on 15th July 2026 over the 14 leases covering 34,301 net acres, consisting of 16,507 acres at South Prudhoe and 17,794 acres at Kad River East
NAMIBIA
- PEL 93 farm-in terms amended, securing 88 Energy's 20% working interest on a fully earned and unconditional basis
- Integrated aerogravity, magnetic and radiometric interpretation completed, enhancing subsurface definition and advancing Lead 9
- Regional exploration activity continued at ReconAfrica's nearby Kavango West-1X well
CORPORATE
- Cash balance of A$8.2 million at 30 June 2026
Further information regarding 88 Energy's activities and announcements during the June 2026 quarter is available through the Company's Investor Centre.
(1) Cautionary Statement: Prospective Resources are estimated quantities of petroleum that may be potentially recovered by the application of a future development project and relate to undiscovered accumulations. These estimates have both an associated risk of discovery and a risk of development. Further exploration, appraisal and evaluation are required to determine the existence of a significant quantity of potentially recoverable hydrocarbons.
(2) Refer to ASX announcements dated 19 February 2026 and 18 May 2026 for full details
Source: 88 Energy
