88 Energy (88E) has reported a busy December 2025 quarter, adding new North Slope acreage in Alaska, advancing its Project Phoenix farm-out process, and securing extra time to progress its Namibia licence.
In Alaska, the company secured fourteen new leases covering 34,560 acres in the North Slope Fall 2025 Bid Round. Seven leases cover about 16,640 acres at South Prudhoe, immediately south of the Prudhoe Bay Unit, while a further seven leases cover about 17,920 acres at Kad River East, to the east of the Trans Alaska Pipeline System (TAPS).
Meanwhile, the South Prudhoe position has been consolidated with the existing Project Leonis leases to create a contiguous 52,269 acre holding. The company said the area is targeting the Ivishak Formation and outlined potential low capital development pathways, including a tie-back to Pump Station 1 or a direct hot-tap connection into TAPS. Planning and farm-out discussions are also underway for a multi-zone exploration well.
At Project Phoenix, joint venture partner Burgundy Xploration has continued to progress its funding strategy and operational planning for a potential 2026 drilling programme. Burgundy has confidentially submitted a draft initial public offering (IPO) registration statement to the United States Securities and Exchange Commission (SEC), although 88 Energy said review timelines were impacted by the United States government shutdown in the second half of 2025. As a result, 88 Energy granted an extension to 30 April 2026 under the Participation Agreement. In addition, Burgundy won 82,080 acres adjacent to the Toolik River Unit, with 88 Energy holding the right to participate for up to a 25% working interest until 1 October 2026 at cost. Burgundy is also due to pay US$2.4 million for access to the Icewine 3D seismic data, with US$150,000 paid on 1 December 2025 and the balance due within sixty days of a successful IPO.
In Namibia, the Ministry of Mines and Energy granted a twelve-month extension to the PEL 93 First Renewal Exploration Period to October 2026. A high-resolution gravity survey is planned for the first quarter of 2026, alongside a broader airborne magnetic and gravity programme during 2026 to support target maturation and potential farm-in discussions.
On the corporate side, 88 Energy reported cash of A$6.8 million at 31 December 2025 and said it relinquished its Peregrine and Umiat leases, which it expects to reduce annual holding costs by about A$0.7 million.
View from Vox
The Alaska leasing outcome keeps 88 Energy’s strategy tightly centred on infrastructure-adjacent opportunities, with South Prudhoe now a materially larger, more coherent position. However, near-term momentum at Project Phoenix still hinges on Burgundy’s capital markets timetable, so the April 2026 extension looks like a pragmatic reset rather than a catalyst in itself. In Namibia, the extra year and new geophysics should help sharpen the technical picture, but meaningful value creation will likely depend on securing a partner to fund the next phase.