88 Energy Receives Outstanding Project Phoenix Funds
Why we think this is neutral
The RNS announcement details the receipt of outstanding funds related to the Project Phoenix, which strengthens the company's balance sheet. However, it does not contain any of the mandatory news types specified, such as contract news, trading updates, or annual results.
Key Points
- Final payment of US$2.2 million received, in addition to US$1 million received in February
- Provides further balance sheet strength, with current cash position of over A$10 million
- Payment follows execution of Farmout Participation Agreement with Burgundy for Project Phoenix
- Agreement provides full carry for costs associated with upcoming horizontal well programme and extended flow test
Summary
88 Energy Limited (ASX:88E, AIM:88E, OTC:EEENF) has received the final payment of US$2.2 million (A$3.4 million) from Burgundy Xploration LLC, in addition to the US$1 million received in February 2025. This further strengthens the company's treasury position to over A$10 million. The payment follows the execution of a Farmout Participation Agreement with Burgundy in relation to Project Phoenix, which provides for a full carry for costs associated with the upcoming horizontal well programme, including an extended flow test.