88 Energy Limited (AU:88E) has released an update.
88 Energy Limited has announced a major step forward for its Project Phoenix, confirming a significant new contingent resource estimate and solidifying the discovery of multiple oil reservoirs, enhancing the project’s prospects for future commercialization. The company is focused on appraisal of these discoveries, aiming to unlock substantial value and provide a true reflection of the project’s latent value. Additionally, 88 Energy is pursuing a value-accretive farm-out to fully fund the project through its final technical de-risking milestones.
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