88 Energy Secures Funding for Alaskan Project Phoenix

88 Energy Limited ( (AU:88E) ) just unveiled an announcement.

88 Energy Limited has entered into a Farmout Participation Agreement with Burgundy Xploration LLC for Project Phoenix on Alaska’s North Slope, granting Burgundy a 50% working interest in exchange for funding up to US$39 million of the project’s costs. This agreement provides 88 Energy a fully funded path to advance Project Phoenix towards production, allowing them to focus on other projects and de-risking strategies, while Burgundy assumes operator responsibilities.

More about 88 Energy Limited

88 Energy Limited operates in the energy sector with a focus on oil and gas exploration and development. The company primarily engages in exploration activities on the North Slope of Alaska, seeking to discover and develop hydrocarbon resources.

YTD Price Performance: 2.50%

Average Trading Volume: 17,416,758

Technical Sentiment Consensus Rating: Strong Buy

Current Market Cap: £29.22M

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