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88 Energy Limited (ASX:88E)

ALERT: Price-sensitive ASX Announcement for 88E
Current share price for 88E : $0.020 -0.004 (-16.67%)+
Announcement
Release
11 May 2026 8:52AM
Price at Release
$0.024
Full Release
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Summary
88 Energy Limited has secured a 20% working interest in PEL 93, located onshore in the Owambo Basin, Namibia, following an amendment to the Farm-In Agreement with Monitor Exploration Limited. The amendment removes future funding obligations and cancels Stage 2 and Stage 3 farm-in obligations, thus reducing financial exposure by US$15 million. The company retains an option to increase its interest in PEL 93. Additionally, an integrated interpretation of new airborne survey data enhances the understanding of the subsurface, confirming Lead 9 as a future drilling candidate. ReconAfrica's ongoing testing in adjacent areas further adds a regional exploration catalyst.
Key Points
  • 88 Energy’s 20% working interest in PEL93 fully secured.
  • Cancellation of Stage 2 and Stage 3 farm-in obligations reduces financial exposure by approximately US$15 million.
  • Flexible funding pathway established, including potential third-party participation or formation of a listed Namibia-focused entity.
  • Option to increase interest in PEL 93 retained.
  • Integrated technical datasets enhance subsurface understanding and improve structural certainty.
  • Lead 9 confirmed as a priority future drilling candidate.
  • ReconAfrica's testing at Kavango West-1X in adjacent acreage provides regional catalyst.
IMPORTANT NOTE: This information is autogenerated and has not been reviewed for accuracy or completeness. You should refer to the full announcement here for further information.