88 Energy (88E) has reported strong operational progress for the quarter ended 30 June 2026, highlighting a material upgrade to its Alaska resource base alongside continued advancement of its key exploration and appraisal projects.
In Alaska, the company increased total gross unrisked 2U Prospective Resources at South Prudhoe by about 35% to 768.9 million barrels of oil, equivalent to 640.7 million barrels net to 88 Energy. The upgrade reflects improved understanding across multiple reservoirs, reinforcing the project’s potential as a large-scale oil opportunity.
Preparations for the Augusta-1 exploration well also progressed during the period. The well has been defined as a stacked, three-reservoir target across the Ivishak, Kuparuk and Upper Schrader Bluff intervals, with up to 133.7 million barrels of oil gross unrisked prospective resources targeted. Meanwhile, the company secured the Nordic Rig-3 and a dedicated Arctic-rated camp, while permitting, logistics and procurement activities continue ahead of a planned Q1 2027 spud, subject to funding.
In addition, the South Prudhoe farm-out process advanced, with multiple parties engaged, supporting funding discussions for the upcoming drilling campaign. Elsewhere in Alaska, Project Phoenix continued to progress towards the planned Franklin Bluffs-1H horizontal well, with amendments to the participation agreement providing improved payment terms and maintaining a US$29 million funding carry from partner Burgundy Xploration.
At Kad River East, 88 Energy secured access to a 3D seismic dataset covering its entire acreage position, with interpretation underway to support prospect maturation and a maiden prospective resource estimate expected in the second half of 2026.
Outside Alaska, the company strengthened its position in Namibia. The amended farm-in agreement for PEL 93 secures a 20% working interest on a fully earned and unconditional basis, removing future funding commitments while retaining exposure to exploration upside. Technical work completed during the quarter has enhanced subsurface understanding and advanced Lead 9 as a priority drilling target.
The company ended the quarter with a cash balance of A$8.2 million.
View from Vox
88 Energy delivered a productive quarter, with a larger South Prudhoe resource base, continued progress towards Augusta-1 and advancing farm-out discussions. Meanwhile, Project Phoenix remains fully funded by its partner, while the revised Namibia agreement reduces future capital commitments and preserves exploration upside. These milestones provide a solid platform for further news flow into 2027.