Shares in 88 Energy Ltd (AIM:88E, ASX:88E, OTCQB:EEENF) gained about 5% to 1.1p after the company mapped out its 2026 production testing plans for Project Phoenix on Alaska’s North Slope.
The key step will be the Franklin Bluffs-1H horizontal well, scheduled for the third quarter of 2026. Before drilling the horizontal leg, 88 Energy will sink a pilot hole to evaluate three target zones (the SMD, SFS and BFF) followed by wireline logging and suspension while engineers design the lateral section.
Preparations for fieldwork are already underway. Fairweather LLC has been appointed to provide execution support, while partner Burgundy Xploration has started spending ahead of a 2026 spud.
Burgundy has also agreed to pay $2.4 million for access to the Icewine 3D seismic dataset, with an initial $150,000 due by 1 December and the remainder tied to its planned US initial public offering.
Because a lengthy US government shutdown has slowed regulatory reviews, 88 Energy has extended Burgundy’s farm-out deadline to 30 April 2026.
Burgundy has also been named the winning bidder for 82,080 acres in the latest North Slope lease sale, where 88 Energy can take up to a 25% interest.