REG - 88 Energy Limited - Quarterly Report and Appendix 5B
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RNS Number : 9905Q 88 Energy Limited 30 January 2026
30 January 2026
QUARTERLY ACTIVITIES REPORT
For the quarter ended 31 December 2025
88 Energy Limited (ASX: 88E, AIM: 88E, OTC: EEENF) (88 Energy, 88E or the
Company) provides the following summary of activities for the quarter ended 31
December 2025.
Alaskan Portfolio Highlights
Expanded North Slope Footprint at 100% WI
Fourteen new leases covering 34,560 acres with existing 3D seismic coverage
secured in the North Slope Fall 2025 Bid Round, materially expanding the
Company's operated footprint across two high-potential areas 1 :
Ø South Prudhoe: Seven leases covering approximately 16,640 acres immediately
south of the Prudhoe Bay Unit, the largest oilfield in North America,
leveraging proximity to the existing 88E leases, formally known as Project
Leonis and existing North Slope infrastructure.
Ø Kad River East: Seven leases covering approximately 17,920 acres east of
the Trans Alaska Pipeline System (TAPS)
South Prudhoe (100% WI)
South Prudhoe acreage consolidated with Project Leonis to form a contiguous
52,269-acre position covering one of the most prolific hydrocarbon fairways on
the Alaskan North Slope.
Ø Targeting the Ivishak Formation, a high-quality, clean sandstone reservoir,
with predicted porosity of 20% and 50-100 mD permeability supported by offset
well and core data.
Ø Multiple low-capital intensity development pathways, including potential
tie-back to Pump Station 1 or direct hot-tap connection into TAPS.
Ø Farm-out discussions and planning underway for a multi-zone exploration
well, with identified Ivishak potential providing greater scope for additional
drilling locations.
Kad River East (100% WI)
Provides longer term optionality in an under-explored region east of TAPS
Ø Soon to be released Kad River 3D seismic data, together with historical
well logs are expected to provide significant technical insights and
opportunities in 2026.
Ø Kad River East leases introduce longer-term upside across an underexplored
position to the east of TAPS, further adding to the growth pipeline and
regional optionality
Project Phoenix (~75% WI)
Farm-Out Activity and Work Program Progressing:
Ø JV partner Burgundy Xploration LLC (Burgundy) advanced its funding strategy
and commenced operational spend to support a 2026 drilling program.
Ø Draft registration statement for Burgundy's proposed initial public
offering (IPO) confidentially lodged with the U.S. Securities and Exchange
Commission (SEC).
Ø The prolonged U.S. government shutdown in 2H 2025 has delayed SEC review
timelines. 88 Energy granted Burgundy an extension under the Participation
Agreement until 30 April 2026 to complete its obligations in the farm-out
agreement.
Ø Burgundy declared successful bidder in the recent North Slope Fall 2025 Bid
Round for a further 82,080 acres adjacent to the Toolik River Unit. 88 Energy
has secured the right to participate up to a 25% working interest until 1
October 2026 at cost (bid bonus and rentals only).
Ø In conjunction with the extension of the Participation Agreement, 88 Energy
executed an agreement in November 2025, whereby Burgundy is required to pay a
total of US$2,400,000 to 88 Energy for access to the Icewine 3D seismic data
which covers a portion of the new leases recently secured by Burgundy, with
US$150,000 paid on 1 December 2025, and the balance due within 60 days of a
successful IPO.
Namibian Portfolio
PEL93 (20% WI)
Licence Extension and Pre-Drill De-Risking Underway:
Ø Namibian Ministry of Mines and Energy granted a 12-month extension to the
PEL 93 First Renewal Exploration Period, now expiring in October 2026.
Ø A high-resolution gravity survey is planned for Q1 CY26, covering the
southern area of PEL 93 where multiple structural leads have been identified.
Ø Regional activity continues to build, with positive results announced by
nearby operator ReconAfrica for its Kavango West-1X exploration well in
December 2025, a well that shares similar geological characteristics with Lead
9 in southern PEL 93 2 .
·
Corporate Activity
Ø Cash balance of A$6.8 million as at 31 December 2025.
· The Small Holding Share Sale Facility closed on 1 August 2025.
Sales of parcels valued at less than A$500 remained in progress at quarter
end, with proceeds to be distributed upon completion of all sales. Subject to
market liquidity, completion is anticipated in Q1 2026.
Ø The Company relinquished its historical Peregrine and Umiat leases during
the quarter as part of its ongoing portfolio optimisation strategy. The
relinquishment removes the requirement to lift the two-year suspension due to
expire at the end of 2025.
This action reduces future annual lease holding costs by approximately A$0.7
million and ensures capital and technical effort remain focused on assets with
superior subsurface characteristics, proximity to infrastructure and strong
near-term value potential.
Alaskan Portfolio Detail
Acquisition of New Alaskan Leases
In November 2025, through its wholly owned subsidiary Captivate Energy Alaska,
Inc., 88 Energy secured fourteen additional leases as part of the North Slope
Areawide 2025W Oil and Gas Lease Sale. These newly acquired leases expand 88
Energy's strategic landholding by 34,560 acres across two high-potential areas
to the east and west of the Trans Alaskan Pipeline System (TAPS), complemented
by the existing fourteen leases formally known as Project Leonis (see Figure 1
and refer to the ASX announcement on 19 November 2025 for full details).
South Prudhoe Project
Strategic Expansion Adjacent to World Class Producers
The expanded South Prudhoe leases cover 52,269 acres and positions 88 Energy
within one of the most prolific hydrocarbon fairways on the North Slope,
immediately south of the Prudhoe Bay Unit and Kuparuk River Unit. The new
acreage secured in November 2025 complements the existing leases formally
known as Project Leonis to create a dual-hub development concept with a strong
strategic position across a corridor of proven reservoirs complemented by
ready access to existing infrastructure.
A Proven Reservoir with Strong Technical Support
· The Ivishak reservoir has produced over 13 billion barrels of oil from
the Prudhoe Bay Unit and is considered one of the world's premier conventional
reservoirs 3 .
· Multiple fault-block closures have been mapped on the modern Storms 3D
seismic within 88 Energy's South Prudhoe acreage, supported by petrophysical
analysis and oil shows in key regional wells including 4 :
- Hemi Springs State-1: Oil recovered from Ivishak and Kuparuk; DST
flowed 101-385 BOPD (26°-34° API) from Kuparuk, together with 450-1770 MCF/D
gas and 12-143 BWPD.
- Hailstorm-1: Confirmed Ivishak pay with 19.4% porosity and 13 ft oil
column.
- Hurl St 5-10-13: Maximum oil flow rate from the Ivishak of 2,060 BOPD,
with 24° API oil and 226cu ft/bbl GOR.
· The Ivishak reservoir offers high-quality, clean sandstone reservoir
across the entire prospective area, with predicted 20% porosity and 50-100 mD
permeability supported by offset well and core data 5 ; unlike the shallower
and typically more shaley Brookian reservoirs such as the USB.
· Together with data from nearby producing fields 6 , this confirms
high-quality reservoir characteristics and robust charge potential across the
newly acquired acreage.
Kad River East Project
Expanding into a High-Potential, Under-Explored Region
The new leases covering 17,920 acres east of TAPS provide a new entry into an
exploration frontier area where historical wells and modern seismic data
indicate a multi-reservoir petroleum system.
Technical Indicators of Prospectivity
The Kad River 3D seismic survey, scheduled for licensing and reprocessing in
Q1 2026, together with historical well data, identifies multiple reservoir
targets:
· Jacobs Ladder C and Lake Fed 79-1 (within leases): Mud logs show
fluorescence, petroleum odour, and hydrocarbon shows across Ivishak, Seabee
and Canning intervals.
· Kadler St 15-09-11 and Toolik Fed 1 (adjacent): Oil shows recorded in
Mikkelsen, Lower Sag, USB, Kuparuk equivalent, and Ivishak/Lisburne
reservoirs.
These datasets confirm the presence of an active, multi-reservoir petroleum
system across the Kad River East area.
Forward Work Program:
· License, evaluate and reprocess the Kad River and Schrader Bluff 3D
seismic datasets in H2 2026.
· Integrate historical well data and update Prospective Resource
estimates
Project Phoenix (~75% WI)
Burgundy Joint Venture Update
Burgundy continued to progress its funding program for the Franklin Bluffs-1H
horizontal well and extended production test during the fourth quarter.
Supported by sophisticated energy investors, Burgundy has invested more than
US$26 million into Project Phoenix and has met all cash call requirements
since the Farmout Participation Agreement was executed in February 2025.
On 15 October 2025 Burgundy announced that it had confidentially submitted a
draft registration statement on Form S-1 with the SEC relating to the proposed
initial public offering (IPO) of common stock. The IPO is expected to occur
after the SEC completes its review process, subject to market and other
conditions. Unfortunately, the prolonged United States government shutdown in
2H 2025 extended usual SEC review timelines. Consequently, in November 2025,
88 Energy granted Burgundy an extension under the Participation Agreement
until 30 April 2026 to complete its obligations in the farm-out agreement.
Burgundy's operational readiness to drill also advanced during the fourth
quarter. Fairweather LLC was appointed to support project execution, and
planning is underway to secure the Franklin Bluffs 3D seismic dataset. In
addition, Burgundy strengthened its "in-state" presence through the
appointment of a dedicated Alaska-based company engineer. During the fourth
quarter, the Burgundy team undertook meetings in Alaska with government
agencies, key vendors and other stakeholders to advance permitting and
logistical preparations.
In the November 2025 North Slope Bid Round, Burgundy was declared the
successful bidder for a further 82,080 acres adjacent to the Toolik River
Unit, with 88E securing the right to participate up to 25% working interest
until 1 October 2026 at cost (bid bonus and rentals paid only).
In conjunction with the extension of the Participation Agreement, 88 Energy
executed an agreement in November 2025, whereby Burgundy is required to pay a
total of US$2,400,000 to 88 Energy for access to the Icewine 3D seismic data
which covers a portion of the new leases recently secured by Burgundy, with
US$150,000 paid on 1 December 2025, and the balance due within 60 days of a
successful IPO.
Namibia PEL 93 (20% WI)
JV partner and Operator, Monitor Exploration will conduct an airborne
geophysical survey over PEL 93 in 2026. The program will acquire
high-resolution magnetic and gravity data to enhance subsurface imaging,
better define basin geometry and identify structural features critical to
hydrocarbon prospectivity. This work is expected to materially improve
prospect mapping and support the maturation of drill ready targets ahead of
future exploration drilling.
The JV's forward plan also includes:
· Defining prospective resource potential of identified leads within PEL
93.
· Progressing discussions with potential farm in partners to support the
next phase of exploration.
· Preparing for future seismic acquisition and finalising drilling
targets.
Regional Activity: ReconAfrica Kavango West 1X Well
On 3 December 2025, ReconAfrica announced positive results from the Kavango
West 1X well on PEL 73, located within the same Damara Fold Belt play fairway
as PEL 93. Key results included 7 :
· ~400 metres of gross hydrocarbon bearing section identified in the
Otavi carbonate sequence.
· 64 metres of net hydrocarbon pay confirmed by wireline logs and
supported by mud log anomalies.
· Additional hydrocarbon shows within deeper fractured limestone
intervals.
· A production testing program planned for Q1 2026 to evaluate reservoir
deliverability.
ReconAfrica's evaluation and forward testing plans underscore the potential of
the Otavi carbonate reservoir system, a key play type across the broader
Damara Fold Belt. Structural trends for the carbonate reservoir targets
intersected at Kavango West 1X are interpreted to extend into PEL 93, which
lies approximately 200 kilometres to the east. The confirmation of meaningful
net pay, additional hydrocarbon shows and the decision to progress to
production testing all reinforce the potential for Otavi hosted structural
closures within PEL 93, a play type directly comparable to the eleven mapped
leads in PEL 93.
Non-Core Assets
Consistent with the Company's ongoing portfolio evaluation and optimisation
strategy, in November 2025, 88 Energy relinquished its historical Peregrine
and Umiat acreage positions. These lease positions have been in suspension for
approximately 2 years and with the suspensions due to be lifted at year-end
2025 and annual lease payments commencing immediately of ~A$0.7 million, the
Board deemed the assets non-core to the business. The land use bond covering
these assets will be returned to the Company in Q1 2026 of ~A$0.45 million.
Relinquishment ensures capital and technical effort is concentrated on assets
offering superior subsurface characteristics, proximity to existing
infrastructure and strong potential for near-term value generation.
Corporate
At 31 December 2025, the Company's cash balance was A$6.8 million (US$4.4
million). The attached ASX Appendix 5B sets out the Company's cash flow for
the fourth quarter.
Material cash flows for the period include:
· Exploration and Evaluation Expenditure: ~A$0.4 million (September 2025
quarter A$0.6 million) related to well permitting and planning, analysis of
new leases secured during the North Slope bid round and PEL 93 work program
costs.
· Staff and Administration Costs ~A$0.9 million corporate costs
(September 2025 quarter A$1.1 million) and includes fees and consulting fees
paid to Directors of A$0.2 million.
· 20% deposit on the new leases acquired of ~A$0.2 million.
Small Holding Sale Facility Update
Small Holding Share Sale Facility (SHSF) closed on 1 August 2025 for
shareholders with parcels valued under A$500 (less than marketable parcels)
that did not complete a notice of retention form. The sale facility remained
ongoing at quarter end and when completed, proceeds will be provided to
participating shareholders. The SHSF was undertaken to streamline registry
management and reduce Company administration costs.
Information required by ASX Listing Rule 5.4.3
Phoenix Onshore, North Slope Alaska 44,562 ~75% ~75%
South Prudhoe 8 Onshore, North Slope Alaska 52,269 100% 100%
Kad River East 9 Onshore, Owambo Basin, Namibia 17,920 20% 20%
PEL 93 Onshore, Owambo Basin, Namibia 914,270 20% 20%
Peregrine 10 Onshore, North Slope Alaska (NPR-A) 125,735 100% 0%
Umiat(3) Onshore, North Slope Alaska (NPR-A) 17,633 100% 0%
Pursuant to the requirements of the ASX Listing Rules Chapter 5 and the AIM
Rules for Companies, the technical information and resource reporting
contained in this announcement was prepared by, or under the supervision of,
Dr Stephen Staley, who is a Non-Executive Director of the Company. Dr Staley
has more than 40 years' experience in the petroleum industry, is a Fellow of
the Geological Society of London, and a qualified Geologist / Geophysicist who
has sufficient experience that is relevant to the style and nature of the oil
prospects under consideration and to the activities discussed in this
document. Dr Staley has reviewed the information and supporting documentation
referred to in this announcement and considers the prospective resource
estimates to be fairly represented and consents to its release in the form and
context in which it appears. His academic qualifications and industry
memberships appear on the Company's website, and both comply with the criteria
for "Competence" under clause 3.1 of the Valmin Code 2015. Terminology and
standards adopted by the Society of Petroleum Engineers "Petroleum Resources
Management System" have been applied in producing this document.
This announcement has been authorised by the Board.
Media and Investor Relations:
88 Energy Ltd
Ashley Gilbert, Managing Director
Tel: +61 (0)8 9485 0990
Email: investor-relations@88energy.com
Fivemark Partners, Investor and Media Relations
Michael Vaughan Tel: +61 (0)422 602 720
Euroz Hartleys Ltd
Chelsey Kidner Tel: +61 (0)8 9268 2829
Cavendish Capital Markets Limited
Derrick Lee / Pearl Kellie Tel: +44 (0)131 220 6939
Hannam & Partners
Leif Powis / Neil Tel: +44 (0) 207 907 8500
Passmore
Information required by ASX Listing Rule 5.4.3 - Lease Schedules as at 31
December 2025
Appendix 5B
Mining exploration entity or oil and gas exploration entity
quarterly cash flow report
Name of entity
88 Energy Limited
ABN Quarter ended ("current quarter")
80 072 964 179 31 December 2025
Consolidated statement of cash flows Current quarter Year to date (12 months)
$A'000
$A'000
1. Cash flows from operating activities - -
1.1 Receipts from customers
1.2 Payments for - -
(a) exploration & evaluation
(b) development - -
(c) production - -
(d) staff costs (323) (1,759)
(e) administration and corporate costs (628) (2,516)
593 Dividends received (see note 3) - -
1.4 Interest received 18 99
1.5 Interest and other costs of finance paid - -
1.6 Income taxes paid - -
1.7 Government grants and tax incentives - -
1.8 Other - -
1.9 Net cash from / (used in) operating activities (933) (4,176)
2. Cash flows from investing activities - -
2.1 Payments to acquire or for:
(a) entities
(b) tenements (283) (2,133)
(c) property, plant and equipment - -
(d) exploration & evaluation (428) (2,712)
(e) investments - -
(f) other non-current assets - -
2.2 Proceeds from the disposal of: - -
(a) entities
(b) tenements - -
(c) property, plant and equipment - -
(d) investments - -
(e) other non-current assets - -
2.3 Cash flows from loans to other entities - -
2.4 Dividends received (see note 3) - -
2.5 Other - Joint Venture Contributions 229 6,422
Other - Distribution from Project Longhorn - 262
Other - Proceeds from sale Investments - 2,492
2.6 Net cash from / (used in) investing activities (482) 4,331
3. Cash flows from financing activities - -
3.1 Proceeds from issues of equity securities (excluding convertible debt
securities)
3.2 Proceeds from issue of convertible debt securities - -
3.3 Proceeds from exercise of options - -
3.4 Transaction costs related to issues of equity securities or convertible debt - -
securities
3.5 Proceeds from borrowings - -
3.6 Repayment of borrowings - -
3.7 Transaction costs related to loans and borrowings - -
3.8 Dividends paid - -
3.9 Other (provide details if material) - -
3.10 Net cash from / (used in) financing activities - -
4. Net increase / (decrease) in cash and cash equivalents for the period
4.1 Cash and cash equivalents at beginning of period 8,320 7,198
4.2 Net cash from / (used in) operating activities (item 1.9 above) (933) (4,176)
4.3 Net cash from / (used in) investing activities (item 2.6 above) (482) 4,331
4.4 Net cash from / (used in) financing activities (item 3.10 above) - -
4.5 Effect of movement in exchange rates on cash held (83) (531)
4.6 Cash and cash equivalents at end of period 6,822 6,822
5. Reconciliation of cash and cash equivalents Current quarter Previous quarter
at the end of the quarter (as shown in the consolidated statement of cash
$A'000
$A'000
flows) to the related items in the accounts
5.1 Bank balances 6,822 8,047
5.2 Call deposits - -
5.3 Bank overdrafts - -
5.4 Other (provide details) - -
5.5 Cash and cash equivalents at end of quarter (should equal item 4.6 above) 6,822 8,047
6. Payments to related parties of the entity and their associates Current quarter
$A'000
6.1 Aggregate amount of payments to related parties and their associates included 223
in item 1
6.2 Aggregate amount of payments to related parties and their associates included -
in item 2
Note: if any amounts are shown in items 6.1 or 6.2, your quarterly activity
report must include a description of, and an explanation for, such payments.
6.1 Payments relate to Director and consulting fees paid to
Directors. All transactions involving directors and associates were on normal
commercial terms.
7. Financing facilities Total facility amount at quarter end Amount drawn at quarter end
Note: the term "facility' includes all forms of financing arrangements
$US'000
$US'000
available to the entity.
Add notes as necessary for an understanding of the sources of finance
available to the entity.
7.1 Loan facilities - -
7.2 Credit standby arrangements - -
7.3 Other (please specify) - -
7.4 Total financing facilities - -
7.5 Unused financing facilities available at quarter end -
7.6 Include in the box below a description of each facility above, including the
lender, interest rate, maturity date and whether it is secured or unsecured.
If any additional financing facilities have been entered into or are proposed
to be entered into after quarter end, include a note providing details of
those facilities as well.
8. Estimated cash available for future operating activities $A'000
8.1 Net cash from / (used in) operating activities (item 1.9) (933)
8.2 (Payments for exploration & evaluation classified as investing activities) (428)
(item 2.1(d))
8.3 Total relevant outgoings (item 8.1 + item 8.2) (1,361)
8.4 Cash and cash equivalents at quarter end (item 4.6) 6,822
8.5 Unused finance facilities available at quarter end (item 7.5) -
8.6 Total available funding (item 8.4 + item 8.5) 6,822
8.7 Estimated quarters of funding available (item 8.6 divided by item 8.3) 5.01
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7.
8.8 If item 8.7 is less than 2 quarters, please provide answers to the following
questions:
8.8.1 Does the entity expect that it will continue to have the
current level of net operating cash flows for the time being and, if not, why
not?
Answer:
n/a
8.8.2 Has the entity taken any steps, or does it propose to take any
steps, to raise further cash to fund its operations and, if so, what are those
steps and how likely does it believe that they will be successful?
Answer:
n/a
8.8.3 Does the entity expect to be able to continue its operations
and to meet its business objectives and, if so, on what basis?
Answer:
n/a
Note: where item 8.7 is less than 2 quarters, all of questions 8.8.1, 8.8.2
and 8.8.3 above must be answered.
Compliance statement
1 This statement has been prepared in accordance with
accounting standards and policies which comply with Listing Rule 19.11A.
2 This statement gives a true and fair view of the
matters disclosed.
Date: 30 January 2026
Authorised by: By the Board
(Name of body or officer authorising release - see note 4)
Notes
1. This quarterly cash flow report and the accompanying activity report
provide a basis for informing the market about the entity's activities for the
past quarter, how they have been financed and the effect this has had on its
cash position. An entity that wishes to disclose additional information over
and above the minimum required under the Listing Rules is encouraged to do so.
2. If this quarterly cash flow report has been prepared in accordance with
Australian Accounting Standards, the definitions in, and provisions of, AASB
6: Exploration for and Evaluation of Mineral Resources and AASB 107: Statement
of Cash Flows apply to this report. If this quarterly cash flow report has
been prepared in accordance with other accounting standards agreed by ASX
pursuant to Listing Rule 19.11A, the corresponding equivalent standards apply
to this report.
3. Dividends received may be classified either as cash flows from
operating activities or cash flows from investing activities, depending on the
accounting policy of the entity.
4. If this report has been authorised for release to the market by your
board of directors, you can insert here: "By the board". If it has been
authorised for release to the market by a committee of your board of
directors, you can insert here: "By the [name of board committee - eg Audit
and Risk Committee]". If it has been authorised for release to the market by a
disclosure committee, you can insert here: "By the Disclosure Committee".
5. If this report has been authorised for release to the market by your
board of directors and you wish to hold yourself out as complying with
recommendation 4.2 of the ASX Corporate Governance Council's Corporate
Governance Principles and Recommendations, the board should have received a
declaration from its CEO and CFO that, in their opinion, the financial records
of the entity have been properly maintained, that this report complies with
the appropriate accounting standards and gives a true and fair view of the
cash flows of the entity, and that their opinion has been formed on the basis
of a sound system of risk management and internal control which is operating
effectively.
1 Refer to ASX announcement dated 20 November 2025. The leases are subject
to adjudication and regulatory approvals in advance of formal award, expected
in H2 2026
2 Refer to ReconAfrica (TSXV: RECO) release on 3 December 2025 for further
details.
3 Source: Alaska DNR and Alaska Oil and Gas Conservation Commission (AOGCC)
4 Source: Alaska DNR and Alaska Oil and Gas Conservation Commission (AOGCC)
5 Source: AOGCC, wells include but not limited to Hemi Springs State-1,
Kuparuk State-1, Burglin 33-1
6 Source: Prudhoe Bay Unit, data available from the DNR and AOGCC
7 Refer to ReconAfrica (TSXV: RECO) release on 3 December 2025 for further
details.
8 Refer to ASX announcement on 20 November 2025 regarding highest bidder on
7 leases (16,640 acres) awarded in the 2025 Fall North Slope Lease bid round.
The leases are subject to adjudication and regulatory approvals in advance of
formal award, expected in H2 2026. Previously named Project Leonis leases
covering 35,629 acres and the 7 new leases (16,640 acres) have been combined
and renamed to Project South Prudhoe and are represented in the lease
schedules to this announcement.
9 Refer to ASX announcement on 20 November 2025 regarding highest bidder on
7 leases (17,920 acres) awarded in the 2025 Fall North Slope Lease bid round.
The leases are subject to adjudication and regulatory approvals in advance of
formal award, expected in H2 2026.
10 Refer to ASX announcement on 20 November 2025 regarding relinquishment of
non-core assets.
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