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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 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.

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 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.

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 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 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.

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 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.

Captivate Energy Alaska, a wholly owned subsidiary of ASX-listed oil and gas explorer 88 Energy could soon pick up ten leases spanning over 25,000 acres in Alaska's North Slope. The acquisition follows a formal bidding process in that saw the company win the rights to acquire the tenure that boasts historical hydrocarbon shows and an existing 3D dataset which could expedite future work.

ASX-listed 88 Energy is locking onto a new exploitation target at its Icewine East oil project on Alaska's North Slope after examining a batch of newly acquired seismic data. The company is now gearing up to drill test the “Hickory-1” well next year with planning and permission work underway.

ASX-listed explorer 88 Energy has announced a maiden resource estimate of 1.03 billion barrels located on the central North Slope of Alaska. The Icewine East project is spread over an area of 185,320 net acres. The maiden resource estimate is based on well logs from the previously drilled exploration well Icewine 1, seismic data, data from other wells in the region, recent petrophysical analysis and geophysical mapping. 88 Energy holds a 75 per cent working interest in the project.

88 Energy's hunch reservoirs charging an adjacent oil discovery might continue into its Icewine project acreage on the Alaskan North Slope looks to have paid off with third-party mapping interpreting three target reservoir units extending into the company's permit areas. An in-depth petrophysical re-evaluation of Icewine-1 and the broader area has been carried out by independent petrophysical consultants.

88 Energy's move to Texas is putting some colour into the ASX-listed company's bank account after it banked the first A$600,000 cheque in March from its Project Longhorn. The company has lifted production from the Permian Basin project by over 30 per cent to more than 400 barrels of oil equivalent per day after the first of its planned capital-efficient workovers.

88 Energy says third party mapping of the area around AIM listed Pantheon Resources discovery of light sweet crude oil in Alaska shows the geological fairways likely extend to its Project Icewine ground on Alaska's famed North Slope. The company says it is planning for a resource upgrade at Icewine within months and that talks with potential farm-in partners are in play.

88 Energy has struck oil after successfully reaching total depth in the Merlin-2 appraisal well in Alaska and is now waiting on wireline logging results to confirm whether oil will actually flow to surface from the target Nanushuk Formations. The company said it would take between seven and ten days to complete logging the 100 per cent owned well.

Alaska-focused oil explorer 88 Energy Limited is poised to spud the Merlin-2 well at its wholly owned Peregrine oil project in Alaska with mobilisation of the drilling rig to site complete. Merlin-2 is targeting a prospective resource of 652 million barrels of oil. Managing Director and CEO, Ashley Gilbert said success at Merlin-2 has the clear potential to be “transformational.”

Alaskan explorer 88 Energy has increased its American presence with the purchase of a 75 per cent stake of Texas oil player Big Horn Energy who is currently producing around 300 barrels of Permian Basin oil per day. The company will spend US$9.7 million to take a majority share of Bighorn Energy's 32 wells across nine leasehold areas and is targeting a doubling of production by year's end.

Alaska-focused oil explorer 88 Energy will drill the highly anticipated Merlin 2 well in March following the completion of the access road to site and the commissioning of the contracted drilling rig. The well is the follow up to the 2021 Merlin 1 discovery that encountered multiple oil shows in the Brookian Nanushuk Formation – a significant production horizon in the North Slope area of Alaska.

88 Energy looks set to tap its Merlin-2 well that it says is prospective for some 652 million barrels of oil, after inking a deal with Doyon Drilling to use the company's Arctic Fox rig to test the well at its Project Peregrine in the North Slope of Alaska. The company says the appraisal well has been independently assessed to have a geological success rate of 56 per cent.

Things just got interesting in 88 Energy's oil hunt at its Project Peregrine in the revered North Slope of Alaska with post-well evaluation of the Merlin-1 well demonstrating the presence of oil in three reservoirs. Results from the well have led to a targeted mean total prospective resource at the project of a whopping 1.6 billion barrels of oil. An appraisal well is now on the cards.

Alaskan oil and gas explorer/developer 88 Energy now has a full treasury and no debt after closing the recently flagged early sale of state oil and gas tax credits worth US$18.7 million to a US company. 88 Energy now has about A$15m in the tin to accelerate exploration in Alaska where it is targeting more than one billion barrels of gross mean prospective oil resources.

ASX-listed 88 Energy is cutting more than US$1 million of annual finance costs and adding US$2.6 million to its treasury with the US$18.7 million sale of oil and gas tax credits in Alaska. The balance-sheet reset strengthens the company's position as it strives to expand oil and gas resources at its 100 per cent-owned Peregrine project in the US state.

88 Energy has moved to 100 per cent ownership of the Peregrine oil project in Alaska, USA, by acquiring the half share of its partner, Alaska Peregrine Development Company. 88 Energy now has a clear run to continue exploration in the oil rich Nanushuk formation where it is targeting more than one billion barrels of oil in gross mean prospective resources.