88 Energy Ltd - Subiaco, Australia oil exploration company focused on Alaska - Provides update on joint venture Project Phoenix with Burgundy Xploration LLC. Says Burgundy has paid $1 million of outstanding $4 million cash call. 88 Energy has extended the full payment deadline to February 15. Says Burgundy intends to provide a full carry for 2025 and 2026 work program in exchange for an additional working interest from 88 Energy.
Managing Director Ashley Gilbert says: ‘Burgundy’s continued commitment to the project and progress with their North American listing process provides us with confidence in our ongoing partnership and wider support from the investment and the oil and gas community. Our focus remains on further de-risking Project Phoenix, both financially and technically, while simultaneously pursuing opportunities within our expanded Alaskan and Namibian portfolio of exploration activities.’
Current stock price: 0.085 pence, up 3.0% in London on Tuesday afternoon
12-month change: down 65%
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