88 Energy Ltd (AIM:88E, ASX:88E, OTC:EEENF) ended 2024 with a A$7.2 million cash balance, and, multiple active projects.
The dual-listed oil and gas junior, in its mandatory periodic ‘quarterly activities’ report, highlighted the recent developments across Project Phoenix (in Alaska), Project Leonis (Alaska), Project Longhorn (Texas) and Namibian assets.
It is advancing a number of exploration projects, some more advanced than others, supported by non-operated production in Texas.
The updates
At Project Phoenix, joint venture partner Burgundy Xploration settled US$1 million of the project’s costs, and, repeated its intention to fully fund the 2025/26 work programme, including horizontal well drilling, in exchange for increased working interest.
Design and planning work is progressing for an appraisal well, with considerations for using the Franklin Bluffs gravel pad to reduce costs.
At Project Leonis, the company expanded its acreage by successfully bidding for four additional lease blocks, bringing the total to 35,634 acres.
Permitting and planning are ongoing for the Tiri-1 exploration well, and, a farm-out process is underway to secure project funding.
In Namibia, seismic data interpretation has identified ten significant structural closures within PEL 93, highlighting promising hydrocarbon potential.
A maiden prospective resource estimate is expected in the first half of 2025.
At Project Longhorn, where 88 Energy holds non-operated production, output averaged 358 barrels of oil equivalent per day, generating a cash flow contribution of A$400,000.
Financially, the company reported a cash balance of A$7.2 million at quarter-end, while corporate costs decreased by 23% thanks to ongoing cost-control measures.