88 Energy Ltd (AIM:88E, ASX:88E, OTCQB:EEENF) has outlined the 2026 production test program for Project Phoenix in Alaska, confirming that the Franklin Bluffs-1H horizontal well is planned for the third quarter of 2026.
The company said a pilot hole will first test the SMD, SFS and BFF zones before wireline logging and suspension ahead of designing the horizontal section.
Preparations for field operations are already progressing, with Fairweather LLC appointed for execution support and Burgundy beginning operational spending toward a 2026 spud.
Burgundy Xploration, 88 Energy's partner in Project Phoenix, is to pay $2.4 million for access to Icewine 3D seismic data, including $150,000 by 1 December and the balance within 60 days of a successful initial public offering.
The partner has, meanwhile, submitted a draft registration statement for its planned US listing, but noted the prolonged United States government shutdown has extended normal Securities and Exchange Commission review timelines.
88 Energy has, as such, granted Burgundy an extension to 30 April 2026 to meet its farm-out obligations.
Today's statement also noted that Burgundy was declared the successful bidder for 82,080 acres in the North Slope Fall 2025 bid round, with 88 Energy holding the right to participate up to a 25% working interest.
it has As a result,
The company stated: “The prolonged United States government shutdown in 2H 2025 has delayed SEC review timelines”.
Operational preparation is
Burgundy will also pay