News Articles for 88 Energy

88 Energy has secured a 12-month extension for the company's onshore Owambo Basin petroleum exploration licence in Namibia that will extend its first renewal exploration period until October 2026. The company has introduced a new stage 1 works program targeting pre-drill de-risking. The program includes an airborne gravity and magnetic survey to run later this year.

88 Energy has sealed a deal with US partner Burgundy Xploration, signing a two-phase farmout participation agreement for its Phoenix oil and gas project in Alaska. The Texas-based Burgundy will tip US$39m (A$61.3 million) into the kitty to fully fund future works programs, including drilling a horizontal well and production testing in return for a 75 per cent stake.

88 Energy could be sitting on an estimated 283 million barrels of oil recoverable from its Canning prospect at the company's Project Leonis in Alaska, according to its just released maiden, total net mean, unrisked prospective resource estimate. The unrisked net entitlement to the estimated prospective oil resource comprises 3U (High) 469MMbbls, 2U (Best) 259MMbbls and 1U (Low) 136MMbbls.

88 Energy has banked a US$1 million payment from its joint venture partner, Texas-based Burgundy Xploration, as part of an outstanding US$4 million cash call, now due in February. The funding is supporting the ongoing development of the company's massive Phoenix petroleum development in Alaska. Burgundy has reiterated its intention to provide full carry costs to earn an additional working interest in the project.

88 Energy has reinforced its position on Alaska's North Slope after securing four new, highly promising petroleum leases adjoining the existing 10 blocks it already holds at the company's Project Leonis grounds. Seismic data revealed the discovery of significant oil potential at the new prospect, which covers 43 square kilometres and contains a sizable target up to 102m thick.

88 Energy has pinpointed no less than 10 independent hydrocarbon leads after doing the initial interpretation of newly acquired 2D seismic data across its PEL93 exploration licence in the Owambo Basin, Namibia. The findings, conducted by exploration program operator Monitor Exploration has reconfirmed substantial closed-in structures right across the southern area of the lease, previously picked up in geophysical survey.

88 Energy has wrapped up a successful 2D seismic program across its petroleum exploration licence in Namibia's Owambo Basin with initial analysis picking up significant subsurface structures. The company will soon begin crunching the processed data in collaboration with joint venture partner Monitor Exploration and look to produce an independent prospective resource estimate by April next year.

88 Energy has today reported a significant increase in the oil and gas resources in two of the six key reservoirs at its Phoenix project in northern Alaska following an independent assessment of the operation. The company says respected energy consultant ERCE Australia has verified the 50 per cent resource jump to 378 million equivalent barrels of oil at the project.

Oil and gas explorer 88 Energy is expecting imminent results on oil samples from the Hickory-1 discovery well at its flagship Phoenix project in Alaska, with a contingent resource estimate expected before year's end. The oil sample tests are expected to help the company's commercialisation planning at Phoenix and results are expected to be returned this financial quarter.

88 Energy's bid to validate new oil targets in the recently-revived Owambo Basin in Namibia has taken a significant step with the completion of a major 203km 2D seismic acquisition program – on time and on budget. The company is now expecting to outline the prospective resource size and quality of the fold structures through data processing before the end of the year.

In a bold bid to unveil Namibia's onshore resource treasures, 88 Energy has launched a major 2D seismic acquisition program for its petroleum exploration licence 93 (“PEL 93”) within the Owambo Basin's uncharted Damara system. The ambitious initiative that covers 18,500 square kilometres of largely-unexplored territory, represents a pivotal milestone for both the company and the region, with an eye to unlocking new oil discoveries.

88 Energy says its maiden net mean prospective resource estimate for its Leonis project on the North Slope of Alaska shows 381 million barrels (MMbbls) of recoverable oil from the Upper Schrader Bluff formation. The prospective estimate indicates an unrisked (3U) net high of 671MMbbls, a 2U best estimate of 338MMbbls and a 1U low of 167MMbbls.

88 Energy has earmarked the middle of this year to begin shooting a 200-line-kilometre 2D seismic survey over 10 prospective oil and gas closures picked up by airborne gravity data in Namibia's Owambo Basin. Management says the closures are also supported in part by existing 2D seismic data, in addition to soil gas sampling that validates the existence of a hydrocarbon-producing source rock.

88 Energy has delivered a second light oil surface flow discovery peak of 50 barrels per day from the SMD-B reservoir within the Hickory-1 well at its Phoenix project in Alaska – importantly, with little to no measurable associated gas flow. The SMD-B discovery follows hot on the heels of a deeper reservoir in Hickory-1 that previously surface flow-tested 70 barrels per day of light oil.

Oil and gas explorer 88 Energy has recorded the first successful oil flow to surface from its Alaskan projects with testing at the Upper Slope Fan System of its Hickory-1 well confirming the discovery of light oil. Testing produced a peak gauge flow rate of more than 70 barrels per day of light oil at the well which forms part of the company's greater Phoenix project within the onshore oil section of Alaska's north slope.

Oil explorer 88 Energy has officially kicked off operations at its Hickory-1 well in Alaska, with bore preparations complete ahead of perforation and flow-testing, which is expected to be completed this month. Management says that data will provide the crucial first steps on the path to development for its greater Phoenix project that sits on the onshore oil section of Alaska's north slope.

88 Energy is poised to start flow-testing two reservoir zones in its Hickory-1 well in Alaska as it takes aim at upgrading its prospective resources to the higher-confidence contingent category. The company says both zones showed strong hydrocarbon indicators during drilling and have a combined gross, unrisked best technical prospective resource estimate of 358 million stock tank barrels of oil.

88 Energy has completed the first stage of its farm-in to a massive 18,500 square kilometres of ground in Namibia's Owambo Basin – one of the globe's last remaining onshore frontier petroleum basins. It now has a 20 per cent interest in the ground and can up its share to 37.5 per cent in phase two and 45 per cent in phase three of the farm-in.

88 Energy is poised to launch into the critical flow-testing phase for the Hickory-1 well at its Phoenix project in Alaska after commissioning its rig and finishing off the construction of its ice pad. With joint venture partner Burgundy Xploration contributing its share of the costs, testing is expected to start within the next 10 days once the rig mobilisation is completed.

88 Energy is eyeing up contingent resources in Alaska as it prepares to flow test two reservoir intervals in its Hickory-1 well, both of which showed strong hydrocarbon indicators during drilling. If the tests are successful, the company hopes the results will lead to the conversion of some of the prospective resource to the higher-confidence contingent category.

88 Energy has expanded its footprint in Texas after agreeing to pick up an interest in Permian Basin production and development assets with best-estimate reserves of 0.68 million barrels of oil equivalent (BOE). The ground has nine producing wells that pumped out 6200BOE gross in 2022 – with an estimated net profit for the project of about $300,000.

88 Energy has revealed it will earn a 45 per cent interest in 18,500 square kilometres of onshore petroleum acreage in Namibia's Owambo Basin as the final part of a three-stage farm-in agreement. The company's staged entry into one of the globe's final frontiers of petroleum jurisdictions represents a diversification from its Phoenix operation in Alaska and the chance to transition to project operator.

88 Energy has certified an additional 250 million barrels of oil equivalent in its best estimate of gross contingent reserves within the basin floor fan reservoir at its Phoenix project in Alaska. The maiden resource for the reservoir interval – the deepest hit by the Hickory-1 well in March – provides a project boost ahead of flow testing shallower reservoirs in the well early next year.

88 Energy hopes to bolster its Phoenix project in Alaska this month by certifying a maiden contingent resource for the lower basin floor fan reservoir intersected by the Hickory-1well in March this year. The pay zone was drilled and flow tested successfully by neighbouring company Patheon Resources on its ground to the north, resulting in a significant 962.5 million barrels of total marketable liquid as a best estimate contingent resource for the reservoir.

88 Energy has boosted its Phoenix project in Alaska by mapping the Upper Slope Fan System reservoir an additional 7km further south than had previously been modelled. The Upper SFS reservoir boasted abundant oil shows and fifteen times background gas levels when drilled by the Hickory-1 well in March this year, causing the mud tanks to bubble. The Upper SFS represents a new resource addition for the project.

88 Energy will flow test four reservoir zones in its Hickory-1 oil well in Alaska's north during the coming winter operational season. Hickory-1 – part of the company's project Phoenix, which was previously known as Icewine East – is cased and suspended awaiting the arrival of Rig-111, which is expected to start re-entry of the well from next month.

Perth-based 88 Energy has bolstered its 100 per cent-owned Peregrine oil project in Alaska, adding two new reservoir intervals to its Harrier prospect, with 180.1 million barrels of oil as a best-case estimate. Basin modelling has also revealed that Harrier sits in an area of good reservoir quality and will be tested by the drillbit as a priority.

Oil explorer 88 Energy has bought into more West Texas oil acreage, further expanding its Longhorn project footprint. The company's new oil-producing fields will be further drilled to bring its Longhorn production to 500 barrels of oil equivalent per day by the end of the year. The company's non-operating interest in Longhorn will support its exploration activities further north in Alaska.

Oil explorer 88 Energy has confirmed it has multiple targets waiting to be tested at Project Phoenix once the Alaskan winter operation season begins in October. While the company waits to get boots on the ground, it plans to comb over scores of mud gas isotubes and wireline data in a bid to get a better understanding of the project's composition.

Alaskan authorities have awarded 88 Energy the entire 10,291-square-kilometre Project Leonis lease area, south of the giant Prudhoe Bay oil field and north of its existing Phoenix operation and Hickory-1 well. Leonis sits near oil fields that successfully exploit the USB oil reservoir. In the project area, more than 60m of prospective oil zones were found in the Hemi Springs Unit 3 well.

88 Energy will proceed to flow testing after confirming multiple hydrocarbon bearing pay zones at its Alaskan Hickory-1 oil well. The company's wireline program discovered a new zone in addition to verifying hydrocarbon bearing pay zones across all pre-drill targets. Estimated net pay was calculated from wireline data and totalled 137.1m. Pre-drill expectations were all met or exceeded on reservoir quality, thickness, size and total net pay.

ASX-listed oiler 88 Energy has hit the pay zone after successfully drilling at its Alaskan Hickory-1 oil well. After reaching a total depth of 3,246 metres and through all levels, the explorer discovered a new oil reservoir as it hunts for a potential billion-barrel resource. The news sent the share price 33 per cent higher by the close of day's trading.

ASX-listed 88 Energy has quickly escalated its chase for a lucrative 647 million barrels of oil by tapping into the giant Alaska North Slope basin with drills intersecting three primary reservoirs at its Hickory-1 well. Early interpretations allude to a hydrocarbon pay that will be further assessed by wireline logging and a coring program, as drilling continues to target two deeper secondary reservoirs.

North American explorer 88 Energy has revealed deep-diving plans to chase up to 647 million barrels of Alaskan oil in six target zones after successfully drilling its Hickory-1 surface hole to a depth of 1088m. The company has installed casing and a blow-out prevention system at Hickory-1 and will now proceed to the full depth of 3810m.

88 Energy has spudded its Hickory-1 well at the company's Phoenix project in Alaska, testing a sweet spot of seismic anomalies in a region that has enjoyed recent drilling success. The Hickory-1 well is permitted to a total depth 3.81 km and designed to appraise up to six conventional oil reservoir targets with a net entitlement prospective resource of 647 mean million barrels of oil.

ASX-listed explorer 88 Energy has reached another milestone in a major Alaskan oil basin. The company has received formal approval over the formation of its Toolik River Unit which comprises leases within the western and central area of Project Phoenix. Grouping the leases together allows 88 Energy to push ahead with further exploration in the Alaska North Slope oil field and investigate pathways to development.

ASX-listed Alaskan oil explorer 88 Energy is one step closer to tapping into the massive Alaska North Slope oil basin. As ice pad construction nears completion, the company remains on track for the Hickory-1 well to spud in early March, testing over the next month its six targets in the company's Phoenix acreage that is estimated to hold 647 million barrels of oil.

Oil explorer 88 Energy is set to get the drill bit spinning at its Hickory-1 well target on Alaska's North Slope after the state's Oil and Gas Conservation Commission handed the company an all-important Permit to Drill. The bore is now on track to be spudded early next month and is tipped by the enterprise to hold 647 million barrels of oil within six key reservoir targets.

Perth-based 88 Energy is set to raise $17.5 million to fund several of its oil exploration projects in Alaska.

ASX-listed 88 Energy has sealed a rig contract agreement with Nordic-Calista to use one of the company's rigs to launch drilling operations at its Hickory-1 oil exploration well on Alaska's North Slope next year. The well is on course to be spudded by March and has been devised to test half a dozen key reservoir targets which could yield 647 million barrels of oil.