Deep Yellow (ASX:DYL), DevEx Resources (ASX:DEV) and 88 Energy (ASX:88E): Tumas Delay, Nabarlek Drilling and an Alaska Farm-Out

Sonal Goyal

28 October 2026 01:09 PM AEDT

Deep Yellow (ASX:DYL), DevEx Resources (ASX:DEV) and 88 Energy (ASX:88E): Tumas Delay, Nabarlek Drilling and an Alaska Farm-Out

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Key Highlights

Deep Yellow reported 85% complete detailed engineering at Tumas, deferred its Q4 2026 FID and held A$144.7 million in cash.
DevEx completed 40 holes for 11,050 metres at Nabarlek, including 2.3m at 920ppm eU3O8 and 0.8m at 1,361ppm eU3O8 at Nabarlek North.
88 Energy agreed to farm out 40% of South Prudhoe to Westlawn Americas Offshore, which will fund US$9.2 million of the Augusta-1 well.
DevEx held A$21.7 million in cash and a Lachlan Star stake worth A$8.8 million, while Augusta-1 targets 133.7 million barrels of prospective resources.

Three ASX-listed explorers and developers released updates on 28 October 2026: Deep Yellow Limited (ASX:DYL) on its uranium development in Namibia, DevEx Resources Limited (ASX:DEV) on drilling in the Northern Territory, and 88 Energy Limited (ASX:88E) on a farm-out of its Alaskan oil exploration project. Each report carried distinct figures, from engineering progress and drill intercepts to a partner funding commitment.

Deep Yellow Defers the Tumas FID

Deep Yellow determined that current equity market conditions do not support a final decision on Tumas in the fourth quarter of 2026, the date it had targeted. Work continued regardless: detailed engineering reached 85% completion, more than 85% of major process plant equipment has been tendered, and two civil and concrete contracts were awarded to Namibian contractors who have mobilised to site. Supply agreements with NamWater and NamPower were executed, and debt financing discussions with Nedbank Limited are progressing toward credit approvals.

The company spent A$7.6 million on development and A$4.6 million on exploration in the quarter. Cash and cash equivalents were A$144.7 million at 30 September 2026, against A$160.0 million at the end of June. It also completed the Cooper Creek joint venture acquisition, which brought its Alligator Rivers tenure and prospective tenure to 4,820 km2, and began drilling at Alligator River in October. At Mulga Rock, the revised Feasibility Study continued, with first product targeted about two years after Tumas begins production.

DevEx Completes the 2026 Nabarlek Campaign

DevEx finished first-pass RC and diamond drilling at Big Radon, KP, Sandfire and Nabarlek North, totalling 40 holes for 11,050 metres. At Nabarlek North, hole NAR26012 returned 2.3m at 920ppm eU3O8 from 184m, including 0.8m at 1,361ppm, and hole NAR26013 returned 1.7m at 1,116ppm from 168.8m. Big Radon hole NAR26002 intersected 1.6m at 680ppm eU3O8 from 26m next to a fault zone about 20 metres wide. These are down-hole gamma results, with laboratory assays pending.

KP drilling met intense chlorite-haematite alteration beneath about 100 metres of sandstone, while Sandfire, drilled along strike from Deep Yellow's Angularli deposit, found the unconformity eroded and was downgraded. An August hyperspectral survey mapped illite alteration along the north-west projection of the Nabarlek Fault Corridor. Cash was A$21,698,189, alongside a 21.63% holding in Lachlan Star valued at A$8.8 million. Relogging at Caramal identified a 14-metre-wide breccia that may be the northern continuation of the deposit host, and the Tin Camp Creek access agreement renewal released A$1.75 million from escrow.

88 Energy Farms Out South Prudhoe

88 Energy signed a binding farm-out with Westlawn Americas Offshore LLC giving the Houston-based company a 40% working interest in South Prudhoe, while 88 Energy keeps 60% and operatorship. Westlawn will fund US$9.2 million (A$13.1 million) of the Augusta-1 exploration well, about 52% of a US$17.5 million gross well budget, and its total approved contribution is US$10.87 million (A$15.53 million).

Augusta-1 targets 133.7 million barrels of gross unrisked prospective resources across the Ivishak, Kuparuk and Brookian intervals, and is scheduled to spud in the first quarter of calendar 2027. The lease position covers about 52,269 acres next to the Prudhoe Bay and Kuparuk River Units. 88 Energy remains responsible for US$8.3 million of well costs and is assessing strategic initiatives alongside existing cash to fund them. Westlawn was founded in 2022 and holds assets in the US Gulf of Mexico, Brazil, Peru and Alaska.

How the Three Updates Compare

Each company reported concrete milestones. Deep Yellow held the largest cash balance at A$144.7 million and kept Tumas work moving without a funding decision. DevEx closed a drilling campaign of 11,050 metres and reported its cash and listed holdings. 88 Energy secured a partner for 40% of its Alaskan project, with Augusta-1 scheduled for the first quarter of 2027.

FAQs

Q: Why did Deep Yellow defer the Tumas FID?

A: The company determined that current equity market conditions do not support a final decision in Q4 2026. Approved work continues, with engineering at 85% completion.

Q: What did DevEx drill at Nabarlek in 2026?

A: It drilled 40 RC and diamond holes for 11,050 metres at the Big Radon, KP, Sandfire and Nabarlek North prospects, completing the campaign.

Q: How much will Westlawn fund at South Prudhoe?

A: Westlawn will fund US$9.2 million (A$13.1 million) of Augusta-1, with a total approved contribution of US$10.87 million (A$15.53 million) for a 40% working interest.

Q: What cash balances did Deep Yellow and DevEx report?

A: Deep Yellow held A$144.7 million in cash and cash equivalents, while DevEx held A$21,698,189 in cash, both at 30 September 2026.

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