88 Energy Ltd (AIM:88E, ASX:88E, OTC:EEENF) reported steady progress across its global oil and gas portfolio in the quarter to 30 June.
At Project Leonis in Alaska, the company expanded its resource base with new lease awards and updated seismic data, now estimating a combined net mean prospective resource of 664 million barrels of oil across the Canning and Upper Schrader Bluff prospects.
Planning advanced for the Tiri-1 exploration well, with farm-out discussions ongoing to secure a partner for drilling.
At Project Phoenix, joint venture partner Burgundy Xploration moved ahead with funding plans and met its financial commitments, targeting a 2026 horizontal well and flow test.
In Namibia, 88 Energy secured a 12-month licence extension for PEL 93 and approved a new work programme, including a high-resolution gravity survey over key targets.
In Texas, talks continued for the potential sale of Project Longhorn. The company ended the period with A$8.05 million in cash.