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88 Energy Ltd (AIM:88E, ASX:88E, OTCQB:EEENF, FRA:POQ) has tightened its contractual position at Project Phoenix in Alaska while giving joint venture partner Burgundy Xploration more time to complete funding ahead of a planned US listing.
88 Energy agreed to extend Burgundy’s funding milestone under the Participation Agreement to 30 September, aligning the timetable with Burgundy’s initial public offering process.
In return, 88 Energy will receive US$400,000 of near-term payments, comprising a US$100,000 amendment fee and US$300,000 toward the Icewine 3D payment.
Burgundy remains committed to funding 100% of Project Phoenix costs under the agreed US$29 million carry.
The revised terms also include additional security over Burgundy’s lease positions, accelerated payment terms for the outstanding Icewine 3D consideration, and an option for 88 Energy to acquire up to 25% of Burgundy’s 2025 North Slope leases at cost.
The Franklin Bluffs-1H horizontal well, designed as the next step in the appraisal and commercialisation plan for Project Phoenix, is now expected to spud in the first quarter of 2027, with a revised target spud date of 30 March 2027.
88 Energy said Burgundy has submitted its draft Form S-1 to the US Securities and Exchange Commission and completed two rounds of SEC comments.
Since the Participation Agreement was executed in February 2025, Burgundy has paid around US$1.5 million gross to 88 Energy, delivering about A$2.0 million of net cash-flow benefits.
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