88 Energy Ltd (AIM:88E, ASX:88E, OTC:EEENF) confirmed it has filed its half-year financial report, for the six months ended 30 June, highlighting continued progress across its Alaskan oil exploration assets and international portfolio.
The company also advanced exploration at its Project Phoenix site on the North Slope of Alaska, where it holds contingent resources of 239 million barrels of oil equivalent.
88 Energy noted a farm-out agreement in February with Burgundy Xploration LLC, under which Burgundy will fund up to US$39 million across two phases. The first phase includes full funding of a horizontal well and flow test in 2026. Following this, a second phase could see Burgundy fund an additional well or capital program. “We are progressing collaborative work with Burgundy to advance planning and permitting for the horizontal test well and flowback operation scheduled for mid-CY26,” the company said.
During the reporting period, 88 Energy also advanced Project Leonis with new lease blocks and added the Canning Formation as a target. Planning and permitting for the Tiri-1 exploration well are underway, and the company is actively pursuing a farm-out partner to fund the drill.
In Namibia, the company secured a 12-month extension for its PEL 93 licence and introduced a new Stage 1A work program, jointly funded with Monitor.
Since the period's end, in August, 88 Energy divested its non-operated interest in Project Longhorn in Texas, with the decision following a strategic review that determined to focus on high-impact exploration.
In terms of the financials, it confirmed a solid cash position - standing at some A$8 million at the end of June - and, reported a A$20.47 million loss (including A$16.56 million of impairment to prior investments).