88 Energy has provided a report on its activities for the quarter ended 30 September 2026.
ALASKA
- Operational preparations for the Augusta-1 exploration well continued to advance ahead of the targeted Q1 CY2027 drilling campaign. Augusta-1 is designed to test 133.7 MMbbls gross unrisked 2U Prospective Resources across the Ivishak, Kuparuk and Brookian reservoir intervals[1],[2],[3]
- Augusta-1 well planning, procurement and permitting activities advanced, with more than 80% of vendor services and long-lead items selected or secured and the Augusta-1 well bond was posted.
- Competitive South Prudhoe farm-out process progressed with detailed technical diligence completed by multiple counterparties and several bids received with discussions and negotiations ongoing. The Company is targeting finalising of key commercial terms and completion of definitive transaction documentation with a preferred counterparty, and receipt of any required approvals to facilitate completion of the proposed project farm-out by mid-Q4 2026.
- Continued engagement with project Phoenix JV partner (Burgundy Xploration) and advancement of activities associated with the planned Franklin Bluffs horizontal appraisal well (FB-1H). The Company approved Burgundy’s final extension allowed under the participation agreement which moved the funding longstop date to 30 March 2027, with the target spud date for FB-1H subsequently revised to Q3 CY2027.
- As part of the approved final extension, a 10% working interest will be transferred to 88 Energy in ~25,583 gross acres of Burgundy’s newly awarded North Slope leases, representing 2,558 net acres to 88 Energy.
NAMIBIA
- The JV formally applied to enter the Second Renewal Exploration Period commencing October 2026. The proposed renewal work programme includes preparation for, and drilling of, at least one exploration well during the two-year renewal period.
- Positive regional results from ReconAfrica's Kavango West-1X well, located approximately 100km east of PEL 93, demonstrated hydrocarbons flowing to surface from both the Elandshoek and Huttenberg formations.
CORPORATE
- Cash balance of A$5.0 million at 30 September 2026
- Further information regarding 88 Energy's activities and announcements during the September 2026 quarter is available through the Company's Investor Centre.
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Source: 88 Energy
