88 Energy to Launch Horizontal Well and Production Test at Alaska’s Project Phoenix in 2026

Reuters

2025/11/26

88 Energy to Launch Horizontal Well and Production Test at Alaska's Project Phoenix in 2026

88 Energy Limited has provided an update on Project Phoenix, its advanced conventional oil and gas venture on Alaska's North Slope, where the company holds a 75% working interest. Under a farmout agreement with Burgundy Xploration LLC, 88 Energy is fully carried for all costs related to the planned Franklin Bluffs-1H horizontal well and an extended production test scheduled for the third quarter of 2026. Burgundy has invested over US$26 million into the project and is advancing operational readiness, including key staffing and the appointment of Fairweather LLC for execution support. Additionally, Burgundy has secured new acreage in the region and agreed to pay 88 Energy for access to seismic data. The IPO process for Burgundy is underway, though recent U.S. government shutdowns have delayed SEC review timelines, leading 88 Energy to grant an extension for Burgundy to fulfill its farm-out agreement obligations until April 2026.

Disclaimer: This news brief was created by Public Technologies (PUBT) using generative artificial intelligence. While PUBT strives to provide accurate and timely information, this AI-generated content is for informational purposes only and should not be interpreted as financial, investment, or legal advice. 88 Energy Limited published the original content used to generate this news brief on November 25, 2025, and is solely responsible for the information contained therein.

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Under a farmout agreement with Burgundy Xploration LLC, 88 Energy is fully carried for all costs related to the planned Franklin Bluffs-1H horizontal well and an extended production test scheduled for the third quarter of 2026. Burgundy has invested over US$26 million into the project and is advancing operational readiness, including key staffing and the appointment of Fairweather LLC for execution support. Additionally, Burgundy has secured new acreage in the region and agreed to pay 88 Energy for access to seismic data. 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While PUBT strives to provide accurate and timely information, this AI-generated content is for informational purposes only and should not be interpreted as financial, investment, or legal advice. 88 Energy Limited published the original content used to generate this news brief on November 25, 2025, and is solely responsible for the information contained therein.</span></em>\n</div></body></html>\n\n</article>\n</div>\n</body>\n</html>\n","isBrief":false,"type":0,"news_type":1,"symbol":"88E.AU","symbol_name":"88 ENERGY LTD","start_time":0,"source_url":"https://api.refinitiv.com/data/news/v1/stories/urn:newsml:reuters.com:20251125:nNDL13D6v0:1","article_id":"2586043344","we_media_id":"1032215980","thumbnails":[],"rights":null,"url":"https://stock-news.laohu8.com/highlight/detail?id=2586043344","pubTimestamp":1764108486,"columns":[],"sourceInfo":null,"weMediaInfo":{"media_name":"Reuters","introduction":"Reuters.com brings you the latest news from around the world, covering breaking news in markets, business, politics, entertainment and technology","home_visible":1,"id":"1032215980","head_image":"https://community-static.tradeup.com/news/4567337cbdf294b657b1fa87c5488b48"},"summary":"88 Energy Limited has provided an update on Project Phoenix, its advanced conventional oil and gas venture on Alaska's North Slope, where the company holds a 75% working interest. 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Under a farmout agreement with Burgundy Xploration LLC, 88 Energy is fully carried for all costs related to the planned Franklin Bluffs-1H horizontal well and an extended production test scheduled for the third quarter of 2026. Burgundy has invested over US$26 million into the project and is advancing operational readiness, including key staffing and the appointment of Fairweather LLC for execution support. Additionally, Burgundy has secured new acreage in the region and agreed to pay 88 Energy for access to seismic data. The IPO process for Burgundy is underway, though recent U.S. government shutdowns have delayed SEC review timelines, leading 88 Energy to grant an extension for Burgundy to fulfill its farm-out agreement obligations until April 2026.\n      \n\nDisclaimer: This news brief was created by Public Technologies (PUBT) using generative artificial intelligence. While PUBT strives to provide accurate and timely information, this AI-generated content is for informational purposes only and should not be interpreted as financial, investment, or legal advice. 88 Energy Limited published the original content used to generate this news brief on November 25, 2025, and is solely responsible for the information contained therein.","kind":"highlight","is_publish_news":true,"is_publish_highlight":false,"is_publish_live":false,"is_publish_wemedia":null,"editions":null,"column":"","sentiment":"0","news_tag":"","news_rank":0,"symbols":[],"gpt_button":0,"need_auth":false,"code":"91000000","status":"200"}}}