88 Energy (ASX:88E) entered into binding terms for a farmout participation agreement with Burgundy Xploration, under which Burgundy will fully fund up to $39 million of the total gross future work program costs for project Phoenix in Alaska in exchange for up to an additional 50% working interest in the project, according to a Monday Australian bourse filing.
88 Energy's wholly-owned unit, Accumulate Energy Alaska, will be provided with a full carry for all costs associated with the upcoming horizontal well program in the first phase of the agreement, including an extended flow test slated for the first half of 2026.
Upon deal completion, the Texas-based oil firm will assume the role of operator, allowing 88 Energy to advance and de-risk Project Leonis.
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