88 Energy

88 Energy increased the prospective gross resources at South Prudhoe by 35% to 768.9 million barrels (640.7 million barrels net) and plans the Augusta-1 exploration well in early 2027, although the start depends on financing and approvals. For Augusta-1 the company secured the Nordic Rig-3 and an arctic-capable 58-person camp; the well could prove up to 133.7 million barrels across three horizons. 88 Energy amended the agreement with Burgundy Xploration (carry of US$29 million) and moved the start of the Franklin Bluffs-1H horizontal well to 30 March 2027. As of 30 June 2026 cash stood at A$8.2 million, a private placement raised about A$5.0 million; the company also received 14 licences in Alaska (34,301 acres) and secured a 20% interest in PEL 93 in Namibia. » More on de.investing.com

88 Energy announces a share placement to raise up to AUD 5.03 million at AUD 0.029 per share (a 2.7% decline versus the AIM closing price) and may issue up to 173,602,563 new shares under ASX rule 7.1. Trading on the ASX is suspended until completion; the transaction is being managed by Cavendish Capital, H&P Advisory and Euroz Hartleys. Subject to approval at a general meeting in May, investors will receive options instruments (UK warrant exercise price GBP 0.02262, Australian options AUD 0.0435, three‑year term). Net proceeds will be used for planning and procurement for the Augusta-1 exploration well and related approvals, drilling and lease costs; the company reports cash of AUD 5.9 million as of 28.02.2026 and expects post-placement liquidity for at least 12 months. » More on de.investing.com

88 Energy reports an internal estimate for the 100% company‑owned South Prudhoe licence area (approx. 52,269 acres) with a combined gross best estimate of 507 million barrels of oil and liquid gas products. The breakdown includes 77.2 million barrels in Ivishak, 49.9 million barrels in Kuparuk and 439 million barrels in the Brookian‑Schrader‑Bluff reservoirs; after accounting for a royalty of 16.7% the net share is about 422 million barrels. All prospects are covered by 3D seismic, farm‑out talks are underway and a possible drilling programme for Q1 2027 (multi‑zone prospect Augusta) is planned; the volumes are classified as prospective resources and are unconfirmed by drilling. » More on de.investing.com