Latest Oil Exploration News

Condor Energy secures A$2.25 million in a placement to advance licence conversion, gas commercialisation, and exploration drilling readiness in its offshore Peru portfolio.

H3 Energy confirms promising gas flow potential at Warro and appoints LAB Energy to secure partners for Alinya, while facing a critical cash crunch.

Condor Energy has advanced its offshore Peru exploration with a new Raya West prospect, lifting its unrisked prospective resources above 3.3 billion barrels, while moving to 100% ownership of TEA 86 to streamline licence conversion and partnerships.

Lion Energy has secured funding for its East Seram Bula Karang-1 exploration well, reduced capital risk by divesting its Seram (Non-Bula) PSC stake, and put green hydrogen development on hold pending commercial clarity.

Condor Energy has wrapped up its Technical Evaluation Agreement work programme ahead of schedule, reinforcing the multi-billion barrel oil and gas potential in Peru's Tumbes Basin and setting the stage for licence conversion and strategic partnerships.

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.

Vintage Energy has launched a $2.1 million equity entitlement offer to fund drilling two new gas wells, supported by a South Australian government grant, and to advance oil exploration in the Cooper Basin.

Vintage Energy launches a $2.1 million entitlement offer to fund critical oil prospect evaluations and install a permanent connection to the Odin gas field, aiming to cut operating costs and advance drilling plans.

Condor Energy has updated its corporate presentation revealing significant progress in Peru’s Tumbes Basin, highlighting a 1 trillion cubic feet gas discovery and a multi-billion barrel oil exploration portfolio. The company is moving towards converting its evaluation agreement into a full exploration licence while advancing commercial discussions for gas offtake.

88 Energy has released a significant update to its South Prudhoe prospective resource estimates, revealing over 500 million barrels of oil and NGLs gross across multiple reservoirs on Alaska’s North Slope. The company is advancing well planning and farm-out talks targeting a 2027 drilling campaign.

Beach Energy’s Q2 FY26 report reveals a 9% production decline amid Otway Basin slowdowns, offset by flood recovery and the Waitsia Gas Plant ramp-up, with sales revenue down 17% to $445 million.

Lion Energy has struck a pivotal farm-out deal with OPIC, securing 88% funding for its 2026 Bula Karang exploration well in Indonesia’s East Seram PSC, significantly reducing its financial exposure while retaining substantial upside.