88 Energy (ASX:88E) Progresses Global Oil Assets and Farm-Out Talks | All Ordinaries

2 min read | July 23, 2025 07:06 PM AEST | By Team Kalkine Media

88 Energy (ASX:88E) Progresses Global Oil Assets and Farm-Out Talks | All Ordinaries — Image source: Shutterstock

Project Leonis Delivers Expanded Seismic Insights

In Alaska, 88 Energy progressed work on its Project Leonis acreage, which includes the Canning and Upper Schrader Bluff prospects. Updated seismic data and additional lease awards contributed to an expanded resource estimate. Planning for the upcoming Tiri-1 exploration well also advanced, while the company maintained ongoing farm-out discussions aimed at securing a drilling partner.

The developments form part of the company’s broader strategy to optimise exploration outcomes across its North Slope holdings.

Joint Venture Momentum at Project Phoenix

Project Phoenix also saw forward movement as joint venture partner Burgundy Xploration fulfilled funding obligations tied to the asset. Current plans focus on preparing for a future horizontal well and flow test, scheduled for next year.

The project is located in proximity to producing assets, with infrastructure and development pathways that could streamline future operations.

Namibian Licence Secured and Survey Work Approved

In Southern Africa, 88 Energy obtained a twelve-month extension on its Petroleum Exploration Licence (PEL 93) in Namibia. The extended timeline enables the implementation of an approved work programme, which includes a high-resolution gravity survey aimed at refining subsurface understanding of target zones.

This move reinforces the company’s commitment to advancing exploration beyond North America, as part of a diversified portfolio strategy.

Texas Divestment Negotiations Continue

Meanwhile, discussions remain active around a possible sale of Project Longhorn in Texas. The company has not disclosed a timeline but noted that talks are ongoing as it evaluates strategic options for this asset.

Financial Position and Outlook

The quarter closed with 88 Energy reporting steady cash reserves. These resources are expected to support continued progress across exploration assets and upcoming project milestones.

88 Energy’s activity pipeline spans multiple continents, highlighting its role within the global oil and gas exploration landscape. The company’s engagement in both frontier and mature markets forms a key aspect of its operational structure.

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