88 Energy Limited
88E.L
London Stock Exchange1.05
GBp
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88 Energy Limited
88E.L
(London Stock Exchange)
Recent
price
1.05
P/E
ratio
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div
yld
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ROIC.AI
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- Business
- 88 Energy Limited (ASX:88E, AIM:88E, OTC:EEENF) is an oil and gas exploration and production company focused on high-impact assets in Alaska, United States, and Namibia. Founded in 1996 and headquartered in Subiaco, Australia, the company holds extensive acreage positions exceeding 440,000 net acres on the Alaskan Central North Slope and National Petroleum Reserve-Alaska (NPR-A) regions, along with non-operated interests in onshore Namibia's Owambo Basin and residual production assets in the Permian Basin, Texas. It operates through key projects including Project Phoenix (Central North Slope, Alaska), featuring Shelf Margin Delta (SMD-B), Upper Slope Fan System (USFS), Lower Slope Fan System (LSFS), and Basin Floor Fan (BFF) reservoirs with certified contingent resources; Project Leonis (Alaska North Slope), targeting Upper Schrader Bluff and Canning formations; Project Icewine (Central North Slope, Alaska), encompassing Shelf Margin Delta, Slope Fan, and Basin Floor Fan play fairways; Project Peregrine (NPR-A, Alaska), with Merlin, Harrier, and Harrier Deep prospects in Nanushuk and Torok formations; Umiat oil field (NPR-A, Alaska), holding proved plus probable reserves of 94 MMBOE net to 88 Energy; Yukon Leases (Alaska); and Project Longhorn (Permian Basin, Texas), providing oil and gas production cash flows. The company's primary activities center on exploration and appraisal drilling, seismic acquisition, resource certification, and strategic farm-outs to fund development, targeting conventional oil plays in proximity to world-class infrastructure like Prudhoe Bay. It serves energy markets through potential large-scale oil developments, leveraging Alaska's attractive fiscal regime, infrastructure access, and pricing premiums, while pursuing frontier exploration in Namibia's PEL 93 licence. Operations span the United States (Alaska and Texas) and Namibia, with a portfolio balancing pre-development, appraisal, exploration, and producing assets supported by stable cash flows. Recent developments include a binding farm-out agreement in February 2025 with Burgundy Xploration LLC for Project Phoenix, securing up to approximately $39-60 million in funding for a horizontal test well and extended flow test of the SMD-B reservoir scheduled for the first half of 2026, in exchange for additional working interest; Burgundy's partial cash call payments and ongoing negotiations for a full carry on the CY25/26 program; acquisition of 14 new North Slope leases covering 34,560 acres and four additional lease blocks to expand Project Leonis; a 50% increase in Project Phoenix contingent resources to 239 MMBOE (best 2C net) and prospective resources as of September 2024; confirmation of 10 hydrocarbon leads in Namibia's PEL 93 following 2D seismic analysis, with a 12-month licence extension to July 2026; sale of non-core 75% interest in Permian Basin assets in August 2025 to streamline focus on Alaska; and updated prospective resource estimates for Project Leonis at 664 MMbbls mean unrisked net entitlement in January 2025.