88 Energy Ltd (AIM:88E, ASX:88E, OTCQB:EEENF, FRA:POQ) confirmed a cash position of some A$6.8 million at the end of December as it today released its quarterly activities report.
The obligatory report for Australian-listed companies, as is customary, gave investors a rundown of the portfilio, and as such noted that 88 Energy had secured fourteen new Alaska North Slope leases covering 34,560 acres in the North Slope Fall 2025 bid round. It highlighted that seven of the leases are at South Prudhoe and cover about 16,640 acres.
It said the South Prudhoe acreage was consolidated with its existing Project Leonis position to form a contiguous 52,269-acre position, and the acreage is held at 100% working interest.
88 Energy, meanwhile, also said the South Prudhoe work is targeting the Ivishak Formation. It reported predicted porosity of 20% and permeability of 50–100 mD, supported by offset well and core data.
The company also outlined development options. These include a potential tie-back to Pump Station 1 or a direct hot-tap connection into the Trans Alaska Pipeline System.
It also secured seven leases at Kad River East. These cover about 17,920 acres at 100% working interest and sit east of TAPS. 88 Energy said Kad River 3D seismic data is expected to provide technical insights and opportunities in 2026. It also plans to license and reprocess the Kad River and Schrader Bluff 3D seismic datasets in the second half of 2026.
At Project Phoenix, where 88 Energy holds 75% of the project alongside partner Burgundy Xploration. The company said Burgundy advanced its funding strategy and commenced operational spend to support a 2026 drilling program. It added that Burgundy confidentially submitted a draft S-1 registration statement to the SEC for a proposed IPO. 88 Energy said
A prolonged US government shutdown in the second half of 2025 delayed usual SEC review timelines, it noted, and as a result, 88 Energy granted Burgundy an extension under the participation agreement until 30 April.
88 Energy also noted that Burgundy was the successful bidder for a further 82,080 acres adjacent to the Toolik River Unit. 88 Energy, meanwhile, has the right to participate up to a 25% working interest until 1 October 2026 at cost, covering bid bonus and rentals only.
The company added that Burgundy is required to pay US$2.40 million for access to the Icewine 3D seismic data - US$0.15 million was paid on 1 December and the balance is due within 60 days of a successful Burgundy IPO.
In Namibia, 88 Energy noted that the Ministry of Mines and Energy granted a 12-month extension to PEL 93’s First Renewal Exploration Period. It said the licence now expires in October 2026. The company said a high-resolution gravity survey is planned for Q1 2026 across the southern area of PEL 93. It said multiple structural leads have been identified there.