Latest Oil Gas Exploration News

88 Energy has upgraded its South Prudhoe Project prospective resources by 35%, adding a maiden Brookian reservoir estimate and increasing Ivishak resources by 44%, setting the stage for its high-impact Augusta-1 well in Alaska next year.

Key Petroleum Ltd (ASX:KEY) has completed a placement of over 3 million shares, raising approximately AUD 176,660 before costs to fund asset acquisitions, development, and working capital.

Pilot Energy Limited has voluntarily suspended trading of its shares as it finalises critical funding and strategic initiatives, with a market update expected by April 8.

Red Sky Energy is set to raise up to $5.2 million through a placement and rights issue to fund its participation in a Santos-operated drilling program in South Australia’s Innamincka Dome. The capital raise aims to accelerate near-term production and cash flow from existing and new wells.

Elixir Energy has successfully completed its Teelba 2D seismic survey in Queensland’s Taroom Trough, acquiring critical data that could underpin a new contingent gas-condensate resource.

88 Energy has raised A$5 million through a heavily oversubscribed placement to advance pre-drilling activities for its high-potential Augusta-1 well in Alaska, targeting significant oil resources in the North Slope.

Condor Energy has identified extensive deepwater turbidite reservoirs across its TEA-86 offshore acreage in Peru’s Tumbes Basin, significantly reducing exploration risk and advancing plans for drilling and licence conversion.

Triangle Energy (Global) Limited proposes a capital reduction via an in specie distribution of nearly 20 million Tetragon shares to its shareholders, spinning out its Philippines projects into a new entity set to pursue an ASX listing.

H3 Energy Limited is launching a detailed assessment of helium and hydrogen potential at its Milford and Milford East structures, aiming to unlock high-value gas resources in the underexplored Officer Basin.

Bass Oil has initiated advanced seismic reprocessing and geochemical analyses to better define the Kiwi gas field’s extent and boost its recovery prospects, with results expected by mid-2026.

ADX Energy has responded to ASX inquiries about recent unusual trading activity, confirming no undisclosed information but highlighting a recent placement settlement as a possible factor.

Key Petroleum Ltd has completed a modest 3% share placement but will not proceed with the remaining 13%, leaving questions over its funding strategy.