88 Energy Ltd

We're pleased to share our Quartey Activities Report for the period ended 30 September 2024. At Project Phoenix, we achieved a 50% uplift in Contingent Resources, adding 128 MMBOE, further solidifying Phoenix’s potential. Positioned near the Trans-Alaskan Pipeline, this project is primed for commercial progress, with a formal farm-out process planned to attract strategic partners.   At Project Leonis, we’re advancing the Tiri-1 exploration well, designed to tap into significant new resources, while additional potential is being evaluated at depth. In Namibia PEL 93, seismic data processing is well underway, with results expected to validate several structural closures ahead of a planned maiden Contingent Resource estimate in H1 2025.   Project Longhorn saw steady production growth to 395 BOE/day, and despite minor operational downtime, cash flow remains strong. Our solid cash position of A$5.5 million, along with a forthcoming US$4 million payment from our partner Burgundy, ensures our projects are fully funded and ready for the next stages of exploration and development.   Read the full report here: https://bit.ly/4eZVaNH   #88Energy #88E #OilAndGas #EnergyExploration #ASX

We are pleased to share our latest investor update video where our Managing Director, Ashley Gilbert, provides an update on Project Phoenix.   Watch the video for an overview of our significant new multi-reservoir Contingent Resource at Hickory-1 and hear more about our forward strategy to unlock value as we move towards commercialisation.   Watch the full video here: https://bit.ly/4eTS4uh   #88Energy #88E #ProjectPhoenix #InvestorUpdate #OilAndGas #EnergyExploration #ASX

We have released our Project Phoenix Investor Update for October 2024, which provides key developments on the project’s progress.   The presentation includes details on the new Contingent Resource estimate confirming the multi-reservoir discovery at Phoenix. It highlights the significant re-disking achieved to date as we advance the oil field toward potential future commercialisation and monetisation for 88 Energy shareholders.   We encourage you to read the full update for more detailed information on these recent milestones and the ongoing work at Project Phoenix: https://bit.ly/3zIlDQv   #88Energy #88E #ProjectPhoenix #InvestorUpdate #OilAndGas #EnergyExploration #ASX

Read more about our recently reported significant increase in the oil and gas resources in two of the six key reservoirs at our Phoenix project in northern Alaska following an independent assessment of the operation in the below Bulls N' Bears article as featured in The West Australian: https://bit.ly/3Zr4Rjf #88Energy #88E

We are pleased to share a significant Contingent Resource update for Project Phoenix. New estimates for the SMD-B and SFS grow the total gross Contingent Resource (2C) to 378 million barrels of oil equivalent (MMBOE) for 239 MMBOE net entitlement to 88 Energy. Key highlights include: 🔹Resource Increase: Over a 50% increase in total Contingent Resources, including with an additional 128 MMBOE gross (2C) added from the SMD-B and SFS reservoirs, comprising; -      251 MMbbl (2C) gross hydrocarbon liquids (oil and NGLs) -      159 MMbbl (2C) net to 88 Energy. 🔹Multi-Reservoir Discovery: Project Phoenix is now confirmed as a robust multi-reservoir discovery, with estimates independently verified by global petroleum reserve and resource auditing authorities,  ERCE Australia and Netherland, Sewell & Associates. 🔹Strategic Location and Future Upside: Located on Alaskan State lands, adjacent to the Trans-Alaskan Pipeline and the Dalton Highway, the project is in prime position for future development. 🔹Premium Product: With 37-40° API gravity oil, the Resource includes a highly marketable light oil product, with significant potential for additional barrels from the other reservoirs, such as the Kuparuk, SMD-A, and SMD-C. 🔹 Advancement and Commercialisation : Planning for an extended horizontal well flow test for the SMD reservoir is in advanced stages and will leverage existing infrastructure at the Franklin Bluffs gravel pad. Concurrently, discussions with joint venture partner Burgundy Xploration could see Burgundy carrying 88 Energy’s share of the 2025/2026 work program. Our Managing Director, Ashley Gilbert, commented: “This additional Contingent Resource estimate reaffirms the substantial potential of Project Phoenix, with four independent reservoirs now confirmed as discoveries. The confirmation of a multi-hundred-million-barrel discovered oil and NGL resource is a major milestone for 88 Energy and its shareholders. Shareholders can look forward to more updates on our progress as we continue to mature and de-risk Project Phoenix towards a future potential commercialisation event.” Read the full announcement here: https://bit.ly/3Ba6XtJ #88Energy #ProjectPhoenix #Alaska #OilAndGas #EnergyDevelopment #ASX

Yesterday we released a half year report for the six months ended 30 June 2024.    Check out the full document here: https://bit.ly/3zaJl7p   #88Energy #88E #Namibia #EnergyExploration #OilAndGas #ProjectPhoenix #ProjectLeonis

We are pleased to share the latest developments from Project Phoenix, recapping flow test results from the Hickory-1 discovery well and providing a strategic update from our Joint Venture Partner, Burgundy Xploration LLC.   Key Achievements at Hickory-1: 🔹 The Upper SFS reservoir achieved a peak flow rate of ~70 bopd with a 15% oil cut, naturally flowing to the surface - a significant milestone given that nearby wells required nitrogen lift. 🔹 The SMD-B reservoir demonstrated a peak flow rate of ~50 bopd with a 10% oil cut and low gas-to-oil ratio.   Next Steps: 🔹 Pressurised oil samples from both tests are undergoing analysis, with results expected in Q3 CY24. 🔹 We anticipate an Independent Contingent Resource assessment in Q4 CY24 to guide the next phase, including planning a potential horizontal well production test.   Joint Venture Partner Update: Burgundy Xploration is advancing toward a potential public listing, while continuing discussions with us for a potential future horizontal well carry.    Read the full announcement here ➡️ https://bit.ly/4dscwBR   #88Energy #88E #ProjectPhoenix #Exploration #Alaska #EnergyUpdates

88 Energy Quarterly Activities Report - Q2 2024 ➡️ We're excited to share progress over the last three months at 88 Energy. Here’s a snapshot of our key highlights for the quarter ending June 30, 2024:   🔹 Project Phoenix (~75% WI) - Dual Success at Hickory-1: Both Upper Slope Fan System (USFS) and Shelf Margin Deltaic (SMD) reservoirs flowed light oil:  - USFS: Peak flow rate of over 70 bopd  - SMD: Peak flow rate of ~50 bopd - Next Steps: Post-well analysis, independent resource assessment, farm-out process, and potential horizontal flow test planning. - Monetisation Potential: Capital-light modular Early Production System and multi-reservoir production capability.   🔹 Project Leonis (100% WI) - Maiden Resource Estimate: Net mean of 381 million barrels of oil in Upper Schrader Bluff (USB). - Next Steps: Permitting and planning for the Tiri-1 exploration well, with farm-out underway for 2026 drilling.   🔹 Namibia PEL 93 (20% WI) - 2D Seismic Program: Successfully completed with 203-line km acquired. - Upcoming: Final data interpretation, resource estimate, and drilling location identification.   🔹 Project Longhorn (~65% WI) - Production Boost: Increased to 456 BOE per day in June, up from 328 BOE per day in Q1. - Cash Flow: Received A$0.5M distribution in June.   🔹 Corporate Highlights - Cash Balance: A$7.9 million with ongoing payments and a successful A$9 million share placement. - Fully Funded: Budget secured for the next twelve months.   We’re on track and poised for significant advancements in our projects. Stay tuned for more updates as we continue to drive our growth and exploration forward! 🌍💡   Read the full announcement here ➡️https://bit.ly/4cXLli5   #88Energy #88E #EnergyInnovation #QuarterlyReport #ProjectUpdates

Read more about the completion of our 2D seismic acquisition program for PEL 93 over the Owambo Basin - on time and within budget with no recordable safety incidents ➡️ Bulls N' Bears with Matt Birney The West Australian #88Energy #88E

We are pleased to announce the successful completion of our 2D seismic acquisition program for Petroleum Exploration Licence 93 in the Owambo Basin, Namibia 🌍   🔹 203-line km of 2D seismic data acquired using Polaris' vibroseis crew. 🔹 Completed on time and within budget, with zero safety incidents. 🔹 Data processing is ongoing, with final interpretation expected by Q4 2024. 🔹 New seismic data will help validate ten independent structural closures. 🔹 Program outcomes include estimation of a maiden Prospective Resource and identification of future drilling locations.   Read the full announcement here ➡️ https://bit.ly/4f9EDqZ   #88Energy #88E #OwamboBasin #Namibia #EnergyExploration #SeismicData #EnergySector