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Highlights
- Strong cash reserves support future exploration
- Major resource estimate upgrade at Alaska project
- Strategic review underway for Texas asset
88 Energy (ASX:88E) has reaffirmed its strong financial and operational position as it continues to advance its exploration programs across key global assets. In its quarterly update for the period ending March 31, the energy explorer reported a healthy cash balance of A$10.60 million, providing a stable platform to support its ongoing and planned exploration activities.
A key highlight from the quarter was progress at Project Leonis in Alaska, where the company announced a significant net mean prospective resource estimate of 283 million barrels at the Canning Formation. When combined with the nearby Upper Schrader Bluff prospects, the total estimated potential increases to an impressive 798 million barrels. This marks a substantial resource base and strengthens the case for the region’s exploration potential.
Looking ahead, planning is actively underway for the Tiri-1 exploration well, which is targeted for spudding in the first quarter of 2026. This future drilling activity will serve to test and potentially unlock further value within 88 Energy's Alaskan acreage.
Meanwhile, at Project Phoenix, a notable milestone was reached with joint venture partner Burgundy Xploration committing to fund up to US$39 million in development costs. This commitment follows a US$2.2 million cash call that was met during the quarter. Under the terms of the farmout agreement, Burgundy Xploration will earn additional working interest as it shoulders a significant share of the development investment—providing 88 Energy (ASX:88E) with financial flexibility and lower capital exposure.
In Texas, Project Longhorn continued to generate cash flow, with average non-operated production reaching 342 barrels of oil equivalent per day. In March alone, the project delivered A$300,000 in cash flow. However, the company has initiated a review of its position in this asset and is evaluating potential strategic options, including divestment.
Beyond North America, 88 Energy also maintains a foothold in Namibia, where it holds early-stage exploration interests. A maiden resource estimate for this region is expected to be released in the first half of this year, potentially adding another layer of opportunity to the company's diversified exploration portfolio.
With strong cash reserves, continued progress in exploration, and strategic partnerships helping to advance development, 88 Energy (88E) appears well-positioned to unlock further value across its portfolio.
