Highlights

  • The Augusta-1 well at South Prudhoe is targeted for a Q1 CY2027 winter drilling campaign, subject to funding.
  • Several bids have been received in a competitive farm-out process for South Prudhoe.
  • The PEL 93 licence in Namibia was renewed until 3 October 2028.
  • Cash stood at A$5.0 million at quarter end.

88 Energy Limited (ASX:88E) has released its quarterly activities report for the period ended 30 September 2026. The company progressed preparations for its Augusta-1 well in Alaska, advanced a farm-out process and secured the renewal of its PEL 93 licence in Namibia.

South Prudhoe and Augusta-1

88 Energy is targeting a Q1 CY2027 winter drilling campaign for the Augusta-1 exploration well at its 100%-owned South Prudhoe project, subject to funding and other conditions. The well is designed to test 133.7 million barrels of gross unrisked 2U Prospective Resources.

More than 80% of vendor services and long-lead items have been selected or secured, the well bond has been posted and key permitting is on track for completion in Q4 CY2026. A competitive farm-out process has attracted several bids, and the company is targeting key terms and documentation with a preferred counterparty by mid-Q4 2026.

Project Phoenix and Kad River East

At Project Phoenix, which hosts 378 million barrels of oil equivalent of gross 2C Contingent Resources, 88 Energy approved a final six-month extension for partner Burgundy Xploration. The Phase 1 longstop date moves to 30 March 2027, and the target spud date for the Franklin Bluffs-1H well is now Q3 CY2027.

As part of the extension, 88 Energy will receive a 10% working interest in about 25,583 gross acres of Burgundy's new North Slope leases, with Burgundy funding the related costs. At Kad River East, interpretation of new 3D seismic data is underway to rank prospects.

Namibia and Financial Position

In Namibia, the Ministry of Industries, Mines and Energy approved the Second Renewal Exploration Period for PEL 93, in which 88 Energy holds a 20% interest. The licence now runs to 3 October 2028, and the work program includes at least one exploration well, with Prospect 9 ranked as the top drilling target.

88 Energy held A$5.0 million in cash at 30 September 2026, down from A$8.2 million, after about A$1.9 million in Alaskan lease rentals. The company reported about 2.85 quarters of estimated funding. Daniel Coletta was appointed Company Secretary effective 21 October 2026.

Key Takeaways

  • Augusta-1 drilling preparations are well advanced, but the well depends on funding.
  • Completing a farm-out deal by mid-Q4 2026 is a key near-term milestone.
  • The PEL 93 renewal keeps 88 Energy's Namibian exposure in place until 2028.