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88 Energy Secures $60M Farmout Deal to Advance Project Phoenix in Alaska
7:37am on Monday 2nd of June, 2025 AEST
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88 Energy Secures $60M Farmout Deal to Advance Project Phoenix in Alaska
7:37am on Monday 2nd of June, 2025 AEST
Key Points
Burgundy Xploration to fund up to US$39 million for Project Phoenix work program
Farmout structured in two phases, with Burgundy earning up to 50% additional working interest
88 Energy fully carried for horizontal well drilling and extended flow test scheduled for H1 2026
Burgundy to assume operatorship, allowing 88 Energy to focus on Project Leonis
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