88 Energy

What 88 Energy does

88 Energy Ltd is an Australian-listed (ASX:88E, AIM:88E, OTC:EEENF) oil and gas exploration company headquartered in Subiaco, Perth, Western Australia. Founded in 1996 and active on Alaska's North Slope since 2015, the company's primary focus is conventional oil exploration and appraisal in Alaska, with a secondary frontier exploration position in Namibia. Its core asset portfolio comprises Project Phoenix (a multi-reservoir oil discovery with 239 MMBOE 2C net contingent resources across SMD-B, Upper SFS, Lower SFS and Basin Floor Fan reservoirs, validated by the Hickory-1 well), South Prudhoe (~53,000 acres / 21 leases immediately south of Prudhoe Bay with up to 768.9 MMbbls gross best-estimate prospective resources), Kad River East (~18,000 acres at 100% working interest), and a 20% non-operated interest in Namibian onshore PEL 93 (~18,500 km²). Resource estimates are independently audited by ERCE and NSAI.

The company's revenue model is two-fold: (1) limited production cash flow from a working interest in Project Longhorn in Texas, operated by Lonestar I, which averaged ~1,400 BOE/day gross in Q1 2024 and partially funds lease costs and technical studies; and (2) farm-out and equity-financed exploration, where 88E retains acreage while attracting partner capital (e.g., Burgundy Mining Partners' carry on the Project Phoenix horizontal test) to fund high-cost drilling. Equity is raised via oversubscribed placings on ASX and AIM (e.g., A$5 million at A$0.029/share in March 2026). Customers are institutional investors, farm-in partners, and crude oil offtakers. The next major catalyst is the Augusta-1 exploration well on South Prudhoe, scheduled to spud in Q1 2027, targeting 64 MMbbls gross unrisked 2U in stacked Ivishak and Kuparuk reservoirs. The company is pre-commercial for its primary exploration assets and relies on continuous capital markets access.

Name

88 Energy

Legal name

88 Energy Ltd

Website

https://88energy.com

Company type

Public

Founded year

1996

Operating status

Operating

Headcount range

1–10 employees

Short description

88 Energy is an Australia-listed, Alaska-focused oil and gas exploration company with a multi-asset North Slope portfolio (Project Phoenix, South Prudhoe, Kad River East) plus a 20% interest in Namibia's PEL 93, funded via equity placings and farm-outs.

Ownership category

akta.pro rank

Headquarters

HQ city

Perth

HQ country

Australia

HQ region

Oceania

Offices2 records

Markets served

GTM type

B2B

Offering type

Services

Cost components

Operations, Supply Chain, Technology or R&D, Personnel, Marketing or Sales

Revenue model

1. Oil and Gas Production Revenue: 88 Energy holds working interests in producing assets (Project Longhorn in Texas) that generate cash flows used to fund Alaskan exploration activities and lease costs. Revenue is derived from the sale of produced oil and gas.
2. Exploration Asset Farm-Out and Equity Participation: The company seeks to fund exploration drilling by attracting farm-in partners who carry a portion of drilling costs in exchange for working interest. Successful wells can lead to development and production revenue or further farm-outs.
3. Equity Capital Markets: 88 Energy raises equity through oversubscribed share placings on ASX and AIM to fund pre-drilling activities, permitting, well planning, and rig contracting. Shares placed at A$0.029 per share.

Go-to-market motion1 record

Distribution channels2 records

Marketing channels6 records

Core offering

88 Energy is an upstream oil and gas exploration company that acquires acreage positions, conducts exploration and appraisal drilling, and develops conventional reservoir plays on Alaska's North Slope and onshore Namibia. The company generates revenue through the sale of produced oil and gas (Project Longhorn, Texas) and through farm-out agreements with larger operators who carry drilling costs in exchange for working interest in exploration assets.

Product overview

88 Energy is an oil and gas exploration company with a portfolio of Alaskan and Namibian exploration assets. The company's primary assets include Project Phoenix (a multi-reservoir oil discovery with 239 MMBO 2C Net Contingent Resources) and South Prudhoe (53,000 acres adjacent to Prudhoe Bay with the Augusta Prospect targeting 134 MMbbls). The company also holds Kad River East (18,000 acres, 100% WI) and Namibia PEL 93 (20% WI). Production cash flows from Texas assets (Longhorn, Bighorn) support exploration activities. 88 Energy trades on ASX (88E), AIM (88E), and OTC (EEENF).

Differentiator

Problem solved

Functional benefit

Products and services

• Project Phoenix

Quantifiable outcome

• Augusta-1 well targets 64 MMbbls gross unrisked 2U prospective resources in stacked Ivishak and Kuparuk reservoirs, scheduled Q1 2027
• +4 more outcomes

Segments2 records

Ideal customer profiles3 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Feature3 records

Partnerships

Ten partnerships are on record, tiered core and minor.

• Nordic-Calista ServicescoreTechnology or Integration · 6 May 2026Secured Nordic-Calista Services' Rig-3 to drill the Augusta-1 exploration well on South Prudhoe acreage, Alaska North Slope. Drilling planned for Q1 2027, subject to securing funding through the farm-out process.
• Burgundy Mining PartnerscoreStrategic or Co-development Partner · 1 February 2025Farm-out agreement executed February 2025 for Project Phoenix. Burgundy agreed to carry 88 Energy through a horizontal production test well (Franklin Bluffs-1H), reducing 88 Energy's capital burden while preserving shareholder upside. Relationship described as constructive and aligned. If Phoenix is successful, Burgundy is expected to be a long-term development partner.
• Monitor Exploration (Operator)coreStrategic or Co-development PartnerMonitor Exploration is the operator of the joint venture holding Petroleum Exploration Licence 93 (PEL 93) in Namibia's onshore Owambo Basin. 88 Energy holds a 20% working interest. Monitor has completed 2D seismic processing, airborne gravity/magnetic surveys, and integrated subsurface interpretation, identifying Lead 9 as a priority drilling candidate.
• Legend OilminorStrategic or Co-development PartnerLocal JV partner holding 15% working interest in PEL 93 alongside Monitor (55%), 88 Energy (20%), and NAMCOR (10%).
• NAMCORminorStrategic or Co-development PartnerNamibian national oil company holding 10% working interest in PEL 93. Represents government participation in the petroleum exploration joint venture.
• Lonestar I, LLCminorStrategic or Co-development PartnerOperator of Project Longhorn in Texas, producing oil and gas. Average gross production reported at approximately 1,400 BOE/day in Q1 2024. Cash flows from Longhorn support Alaskan acreage lease costs and technical studies.
• ERCE (Energy & Resources Consulting Engineers)minorOthersIndependent resource auditor providing contingent resource estimates for Project Phoenix (SMD-B, Upper SFS, Lower SFS reservoirs). Estimated 2C net contingent resources of 83 MMBOE (1C) to 640 MMBOE (3C) for these reservoirs.
• NSAI (Netherland, Sewell & Associates Inc.)minorOthersIndependent resource auditor providing contingent resource estimates for Project Phoenix BFF (Basin Floor Fan) reservoir. Assessed 2C net contingent resources of 158 MMBOE.
• BDO International LtdminorOthersExternal auditor for 88 Energy. Level 9, Mia Yellagonga Tower 2, 5 Spring Street, Perth.
• Computershare Investor ServicesminorOthersShare registry provider for both Australian (Computershare Investor Services Pty Ltd) and UK (Computershare Investor Services plc) share registers.

Scale indicators8 records

Direct peers

• Buru Energy: ASX-listed Australian oil and gas explorer with onshore Canning Basin operations. 88 Energy's Non-Executive Chair Joanne Williams also serves as a Buru Energy Director, evidencing a direct governance linkage; both are small-cap ASX-listed explorers reliant on farm-out funding models.
• Touchstone Exploration: Small-cap oil and gas explorer listed on AIM and TSX with onshore production and exploration in Trinidad and Tobago. Comparable as a small AIM-listed E&P with mixed production/exploration model and similar market capitalisation range to 88 Energy.
• Pantheon Resources: UK/AIM and OTC-listed oil and gas explorer with primary assets on Alaska's North Slope, targeting large-scale conventional resources. Closest direct peer given identical geography, AIM/OTC dual-listing structure, and pre-revenue exploration profile targeting stacked Brookian reservoirs.
• Karoon Energy: ASX-listed oil and gas company with producing assets offshore Brazil and exploration interests. Comparable as a small-to-mid cap Australian-listed upstream company pursuing a mix of production cash flow and high-impact exploration growth, mirroring 88 Energy's hybrid Longhorn/Phoenix model.
• FAR Limited: ASX-listed oil and gas explorer historically focused on African offshore exploration. Comparable as a small-cap Australian-listed pure-play explorer reliant on farm-out funding and external operators to advance drilling programmes on frontier acreage.
• Cairn Energy: UK/AIM-listed oil and gas exploration company with frontier acreage positions in West Africa and the Mediterranean. Comparable as a small-mid cap explorer with a similar London-listed frontier exploration model, reliance on farm-out funding, and high-impact drilling catalysts.

Regional players

• Harbour Energy: UK-listed oil and gas company with a portfolio of producing and development assets, primarily in the UK North Sea. Comparable in size and London-listed E&P profile, though focused on a different geography; useful proxy for AIM/LSE-listed upstream valuations and capital allocation benchmarks.

Broad incumbents

• Aker BP: Norwegian-listed oil and gas company focused on North Sea production with growing interest in Arctic and frontier regions including Alaska. Comparable as a larger established player with Alaska optionality and conventional reservoir expertise relevant to 88 Energy's Brookian and Ivishak targets.
• ConocoPhillips: Major US-headquartered oil and gas company and the dominant operator on Alaska's North Slope, including the adjacent Prudhoe Bay field. Directly relevant as the incumbent incumbent operator in 88 Energy's core geographic area and a likely farm-in candidate or infrastructure counterparty.

Emerging players

• Jadestone Energy: Asia-Pacific focused upstream oil and gas operator with producing assets and growth projects. 88 Energy's Chair Joanne Williams also sits on the Jadestone board; similar governance ties and a comparable small-mid cap upstream profile, though Jadestone is an operator/producer rather than pure explorer.

Market position

Strengths5 records

Weaknesses5 records

Key risks7 records

Key highlights7 records

Customer concentration

• Xx.com/88EnergyLtd
• YouTubeyoutube.com/@88energy8
• LinkedInlinkedin.com/company/4859717
• Facebookfacebook.com/88EnergyLtd

Revenue estimate

Valuation estimate

Number of profiles

Profiles3 records

Funding overview

Funding rounds11 records

Investors

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about 88 Energy