88 Energy Ltd ( AIM:88E , ASX:88E , OTCQB:EEENF , FRA:POQ ), in its quarterly report, highlighted to investors that (as previously announced) it has received several bids for a potential farm-out of its South Prudhoe oil project in Alaska, as it works towards drilling the Augusta-1 exploration well in the first quarter of 2027.
The company noted that negotiations with prospective partners were continuing, with a target of finalising commercial terms and definitive agreements by mid-fourth quarter 2026.
Preparations for Augusta-1, which will test 133.7 million barrels of gross unrisked prospective resources, are progressing, with more than 80% of vendor services and long-lead items selected or secured.
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Elsewhere in Alaska, drilling at Project Phoenix has shifted to the third quarter of 2027 after partner Burgundy Xploration secured a final six-month extension to its funding deadline.
Under the arrangement, 88 Energy will receive a 10% interest in approximately 25,583 acres of newly awarded North Slope leases, while Burgundy remains responsible for funding the planned Franklin Bluffs-1H well.
In Namibia, the company secured an extension of its PEL 93 exploration licence until October 2028, with Prospect 9 identified as the priority drilling target.
88 Energy ended September with A$5.0 million in cash, compared with A$8.2 million three months earlier, after quarterly operating and investing cash outflows totalling approximately A$3.1 million. Its Appendix 5B filing indicated an estimated funding runway of 2.85 quarters at the reported rate of relevant expenditure.
