Past year: ▼ 2%(1.80c – 3.60c AUD)
Each one in plain English, with the numbers worked through for a shareholder.
20 May 2026drilling scheduled▲ Good
Augusta-1 on track for Q1 2027 spud, with the location finalised and a Nabors 58-man camp contracted alongside the rig. It targets 133.7 MMbbl gross 2U (111.4 net), 48% chance of success. Farm-out talks continue with multiple parties; funding is not yet secured.
18 May 2026resource reserve update▲ GoodMajor
South Prudhoe gross 2U prospective resource was raised to 768.9 MMbbl (640.7 net), up from 507 MMbbl gross in February. It adds a maiden 181.5 MMbbl Brookian estimate and lifts the north-west Ivishak estimate about 44% to 69.9 MMbbl. Augusta-1 now targets up to 133.7 MMbbl.
11 May 2026farm in farm out agreement▲ GoodMajor
PEL 93 farm-in amended: 88E's 20% interest is now fully earned and unconditional, and Stage 2 and 3 obligations are cancelled, cutting minimum exposure by about US$15m. Monitor's survey interpretation confirms Lead 9 as a drilling candidate. This resolves the earlier staged-funding thread.
30 Mar 2026drilling scheduled▲ Good
Permitting and planning started for Augusta-1, targeting 64 MMbbl (2U gross) in Ivishak and Kuparuk, with three possible locations. Rig contract expected Q2 2026, spud Q1 2027, subject to funding. Farm-out is targeted for Q3 2026, with multiple parties in the data room.
19 Feb 2026resource reserve update▲ GoodMajor
Internal estimate for the consolidated 52,269-acre South Prudhoe acreage: gross best-estimate prospective resource of 507 MMbbl (422 MMbbl net), with maiden Ivishak and Kuparuk estimates. This updates Leonis's earlier 664 MMbbl net mean. Farm-out talks target the Augusta prospect.
26 Nov 2025farm in farm out agreement● NeutralMajor
Phoenix: Franklin Bluffs-1H well now planned for Q3 2026. Burgundy filed confidentially for a US IPO; 88E extended its funding deadline from 31 December 2025 to 30 April 2026 after the US shutdown. Burgundy will pay US$2.4m for Icewine seismic data (US$150k now).
17 Feb 2025farm in farm out agreement▲ GoodMajor
Binding terms agreed for Burgundy to fund up to US$39m of Phoenix costs for up to 50% more interest. Phase 1 (US$29m) carries the 2025/26 horizontal well and cuts 88E from ~75% to 35%. This resolves the Burgundy carry talks, but depends on Burgundy raising capital in 2025.
30 Jan 2025resource reserve update▲ GoodMajor
Maiden internal prospective resource for the Canning prospect at Leonis: 283 MMbbl net mean (unrisked). Combined with the Upper Schrader Bluff prospect, Leonis totals 664 MMbbl net mean. Tiri-1 targets both zones, scheduled H1 2026, depending on finding a farm-out partner.
10 Dec 2024drilling result▲ Good
Monitor's first interpretation of the PEL 93 seismic confirms 10 structural closures, some up to about 100 km2. 88E must validate this independently; a prospective resource estimate is targeted for 1H 2025. Further seismic is possible, including over a new lead 11.
31 Oct 2024drilling result▲ Good
Processing of the 203 line-km of PEL 93 seismic is finished, showing good data quality and significant structures not yet interpreted in-house. Interpretation with partner Monitor starts soon; a maiden prospective resource is now aimed for Q1 2025 (earlier guidance said H1 2025).
18 Sept 2024resource reserve update▲ GoodMajor
Independent ERCE contingent resources for the SMD-B and SFS reservoirs add 128 MMBOE gross (81 net) to Phoenix, lifting 2C by over 50%. Combined with the BFF, Phoenix 2C is about 378 MMBOE gross (239 net). Formal farm-out to start Q4 2024.
24 July 2024drilling progress report▲ Good
PEL 93 seismic finished on time and within budget: 203 line-km acquired, which meets the licence commitment for the renewal period. Interpretation expected Q4 2024, leading to a certified prospective resource. Neighbour Recon Africa spudded Naingopo-1 on 7 July.
8 July 2024drilling progress report● Neutral
2D seismic acquisition has begun on Namibia's PEL 93 (88E 20% WI), about 200 line-km by Polaris, due to finish in Q3 2024. Follows the May contract award. A neighbouring operator is about to spud the first of up to four wells.
4 June 2024resource reserve update▲ GoodMajor
Maiden internal prospective resource for Project Leonis (100% WI): net mean 381 MMbbl of oil in the Upper Schrader Bluff, from the Tiri prospect. Permitting has begun for the Tiri-1 well; drilling depends on a farm-out partner, with no guarantee one is found.
25 Mar 2024drilling progress report● Neutral
Upper SFS flow testing at Hickory-1 is nearly complete after pre-frac work ran longer than estimated, partly due to weather. Results are due around the end of the week, then a ~14-day SMD-B test. Still fully funded; demobilisation now expected mid-April.
11 Mar 2024drilling progress report● Neutral
Flow test operations have started at Hickory-1, with the wellbore prepared and Upper SFS perforation next, followed by SMD-B. 88E added engineering advisers and can draw on Pantheon staff experience. The full program is scheduled to finish in March 2024. No results yet.
28 Feb 2024drilling progress report● Neutral
Hickory-1 flow test mobilisation is complete and the blow-out preventers are being tested. About five days of wellbore preparation precede perforating the Upper SFS. Two roughly ten-day tests are planned, Upper SFS then SMD-B. No test results yet.
22 Feb 2024farm in farm out completion▲ GoodMajor
Namibia's Ministry of Mines and Energy approved the transfer of a 20% PEL 93 interest to 88E, completing Stage 1 of the Monitor farm-in. About 200 line-km of 2D seismic is planned for mid-2024, with a possible first well from H2 2025.
5 Feb 2024drilling progress report● Neutral
Hickory-1 flow test permitting is complete, with the final AOGCC frac permit received, and ice pad construction has begun. Rig-111 mobilisation is scheduled for mid-February 2024. Upper SFS is to be tested first, then SMD-B. No new results.
12 Jan 2024drilling scheduled● Neutral
Hickory-1 flow test and stimulation is set to start mid-February 2024 on a fully funded US$11m gross budget. Upper SFS and SMD-B are each to be tested for about ten days. The company notes offset vertical tests flowed 50-100 BOPD, with horizontal wells modelled 6-12 times higher.
13 Nov 2023farm in farm out agreement● NeutralMajor
88E signed a three-stage farm-in with Monitor to earn up to 45% of onshore Namibian licence PEL 93 (18,500 km2), a new country for the company. Stage 1 costs US$3.7m for 20%; total spend up to US$18.7m. Government approval is expected by Q1 2024.
6 Nov 2023resource reserve update▲ GoodMajor
NSAI certified a maiden Basin Floor Fan contingent resource at Project Phoenix: 250 MMBOE gross best estimate (136m bbl liquids, 628 BCF gas), confirming Hickory-1 as a discovery before flow testing. Net entitlement is about 157 MMBOE at ~63%.
30 Oct 2023resource reserve update▲ Good
88E has hired NSAI to certify a maiden contingent resource for the deepest Hickory-1 reservoir (Basin Floor Fan), after Pantheon's declaration next door. It expects the estimate in November 2023, which may confirm Hickory-1 as a discovery.
21 Sept 2023drilling progress report▲ Good
Upper Slope Fan mapping at Hickory-1 is complete, and the reservoir is more extensive than first mapped, correlating over 4 miles to Icewine-1 shows. Its resources are not yet estimated. Flow test modelling is done, with testing now targeted for Q1 2024.
31 July 2023resource reserve update● NeutralMajor
ERCE updated Peregrine prospective resources after the Merlin-2 result, adding two new Nanushuk targets (N13, N12) in a smaller acreage position; the stacked prospects total is shown as 2,423 (units cut off). This revises the 2021 estimate of ~1.62bn bbl; a farm-out is still being considered.
23 June 2023drilling progress report● Neutral
Hickory-1 is cased and suspended, with flow testing of up to four zones targeted for the 2023/24 Alaskan winter. Rig selection is expected 'imminently' and stimulation fluid choice is being worked through. Post-well core analysis is described as encouraging; no flow rates yet.
3 Apr 2023drilling result▲ GoodMajor
Hickory-1 reached total depth of 10,650 ft with preliminary net pay indicated across all pre-drill targets, plus a new Upper SFS reservoir not previously intersected on Phoenix. Cost is under US$13.5m gross. Pay figures await wireline confirmation; the Kuparuk target was not drilled.
29 Mar 2023drilling progress report▲ Good
Hickory-1 passed through all three primary SMD reservoirs at about 8,820 ft, with oil shows and logging data indicating potential pay, though not yet confirmed. The company will now stop at about 11,000 ft, skipping the smaller Kuparuk target, which is deferred to later flow testing.
23 Mar 2023drilling progress report● Neutral
Hickory-1 surface hole was drilled to 3,570 feet, cased, and the blowout preventer tested successfully, following the 9 March spud. The rig is preparing to drill ahead to the primary targets within about two weeks. No reservoir results yet.
10 Mar 2023drilling spud▲ GoodMajor
Drilling of the Hickory-1 exploration well began on the evening of 9 March 2023 (Alaska time), on schedule. It targets up to six reservoirs and 647m barrels net unrisked prospective resource, to a maximum 12,500 ft. Surface hole first, then about two weeks to depth. No results yet.
