88 Energy Ltd (AIM:88E, ASX:88E, OTCQB:EEENF, FRA:POQ), in Wednesday's release of its Quarterly Activities report, noted that it had moved its Augusta-1 exploration well closer to a targeted first-quarter 2027 spud after securing Nordic Rig-3 and an Arctic-rated camp, alongside a 35% increase in South Prudhoe prospective resources.
Gross unrisked 2U prospective resources at the Alaska project rose to 768.9 million barrels of oil, of which 640.7 million barrels are net to 88 Energy. Augusta-1 is designed to test up to 133.7 million barrels gross across the Ivishak, Kuparuk and Upper Schrader Bluff reservoirs.
The company highlighted that farm-out discussions were progressing with multiple parties. Drilling remains conditional on an appropriate funding structure, permitting, contracting and other operational preparations.
At Project Phoenix, the target spud date for the Franklin Bluffs-1H horizontal well was revised to 30 March 2027. Partner Burgundy Xploration remains responsible for the agreed US$29 million Phase 1 carry, although the well depends on Burgundy completing its funding and proposed US listing.
88 Energy ended June with A$8.2 million in cash. Its 20% interest in Namibia’s PEL 93 was also made fully earned and unconditional, cancelling obligations that would have represented around US$15 million of minimum future expenditure.
