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The latest announcement is out from 88 Energy ( (AU:88E) ).
88 Energy has materially expanded its operated footprint on Alaska’s North Slope by securing 14 new leases over 34,560 acres at 100% working interest, consolidating its South Prudhoe position with Project Leonis into a 52,269-acre contiguous block targeting the Ivishak Formation and adding longer-term upside at Kad River East. Farm-out discussions and planning are progressing for a multi-zone exploration well at South Prudhoe, while joint venture partner Burgundy Xploration advances its funding strategy and confidential IPO process to support a 2026 drilling program at Project Phoenix, despite timing delays from the prolonged U.S. government shutdown. In Namibia, 88 Energy secured a 12-month extension to the PEL 93 exploration period and is planning a high-resolution gravity survey in early 2026 to de-risk multiple structural leads, amid increasing regional activity following positive nearby drilling results. On the corporate front, the company ended the quarter with A$6.8 million in cash, continued to rationalise its share register, and relinquished its Peregrine and Umiat leases to cut about A$0.7 million in annual holding costs and focus capital on assets with stronger subsurface quality, infrastructure access and nearer-term value potential.
The most recent analyst rating on (AU:88E) stock is a Hold with a A$0.02 price target. To see the full list of analyst forecasts on 88 Energy stock, see the AU:88E Stock Forecast page.
More about 88 Energy
88 Energy Limited is an oil and gas exploration company focused primarily on Alaska’s North Slope, where it targets conventional hydrocarbon reservoirs near existing infrastructure such as the Prudhoe Bay Unit and the Trans Alaska Pipeline System. The company also maintains an exploration interest in Namibia’s onshore PEL 93 licence, building a diversified portfolio of early-stage and near-term development opportunities.
Average Trading Volume: 1,005,751
Technical Sentiment Signal: Sell
Current Market Cap: A$24.3M
Learn more about 88E stock on TipRanks’ Stock Analysis page.