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88 Energy (88E.AX EEENF 88E.L POQ.F) announced its quarterly activities report. Regarding Alaka, MD Ashley Gilbert stated they expect to commence a formal farm-out process for Project Phoenix following completion of the Hickory-1 post flow test analysis, with the aim of attracting a strategic partner for the next stage of development and commercialisation. In Namibia, seismic acquisition for PEL 93 is planned for mid-2024 with a potential initial exploration well targeting the Damara play as early as H2 2025. On Project Leonis, a maiden prospective resource estimate for the Upper Schrader Bluff reservoir is expected H1 2024 and a farm-out process has commenced with multiple parties engaged and reviewing data room materials, ahead of potential drilling of a new well in 2025/2026. At Project Longhorn, two of the planned five work-overs scheduled to be in completed in 1H 2024 are underway. Q1 2024 production averaged 328 barrels of oil per day gross and the company received cash flow distribution of A$700,000 in March 2024. The cash balance as at 31 March 2024 was A$17.5 million with no debt. Around 20% of Hickory-1 flow test payments have been made, with the remainder expected to be paid in Q2 2024.
Here you go88 Energy (88E.AX EEENF 88E.L POQ.F) announced its...
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