88 Energy Ltd (AIM:88E, ASX:88E, OTC:EEENF) reported progress across its portfolio and said it ended the first quarter with A$10.60 million in cash.
The dual-listed exploration company, in its mandatory quarterly activities report, recapped its operations to the end of March.
At Project Leonis, in Alaska, the company declared a net mean prospective resource of 283 million barrels at the Canning Formation. Combined, the estimates of the Canning and Upper Schrader Bluff Prospects stands at 798 million barrels.
Planning is underway for the Tiri-1 exploration well, scheduled for the first quarter of 2026.
At Project Phoenix, joint venture partner Burgundy Xploration LLC paid a US$2.2 million cash call.
Burgundy will fully fund up to US$39 million of development costs in return for additional working interest, under a farmout agreement.
In Texas, at Project Longhorn the firm’s non-operated production averaged 342 barrels of oil equivalent per day in the quarter. Cash flow of A$300,000 was received in March
The company is currently reviewing its position in the asset and it has started exploring potential divestment.
Elsewhere, 88 Energy retains an interest in earlier stage exploration onshore Namibia, where a maiden resource estimate is anticipated in the first half of this year.