88 Energy Ltd (QB) (EEENF)

SO 88 SOLD SOME OF THE PERMEAN BASIN?

$EEENF$$$$ YES WITH RISING OIL PRICES AND DRILL BABY DRILL ANYTHING IS POSSIBLE.
https://www.otcmarkets.com/stock/EEENF/security

added today

Asx going up, wonder , a property Can be worth $600,000,000 so 1,000,000,000 shares outstanding???? .60 share price maybe down the road, speculating

watching this, their reverse split gives a chance for nice gain

88 Energy Limited
SALE OF NON-CORE PERMIAN BASIN INTEREST
88 Energy Limited (ASX:88E, AIM:88E, OTC:EEENF) (88 Energy or the Company) is pleased to
announce that it has executed a binding Securities Purchase Agreement (SPA) with Lonestar I, LLC
(Lonestar), Operator of Project Longhorn, for the sale of its 75% non-operated working interest in the
producing oil and gas assets located in the Permian Basin, Texas, USA (Project Longhorn), held
through subsidiary Longhorn Energy Investments LLC (88E – Longhorn).
Transaction Highlights
• Total consideration of US$3.25 million, with final consideration subject to customary working
capital and completion adjustments at the effective date, 1 July 2025.
• Proceeds to be redeployed into core exploration assets in Alaska and Namibia, in line with
the Company’s stated growth strategy.
• The Company elected not to participate in a new multi-well drill program at Project
Longhorn, and 88 Energy is no longer exposed to costs associated with Project Longhorn, with
an estimated gross cost of US$2 million per well.
• Maintains financial discipline and focus on higher-impact, exploration-led value creation.
• Since its acquisition in 2022, Project Longhorn has delivered meaningful cash flow of
approximately US$6.1 million, which supported exploration and overhead costs.
•
Managing Director, Ashley Gilbert, commented:
“The divestment of our interest in Project Longhorn is consistent with our disciplined approach to
capital management and focus on assets with the potential to deliver outsized returns. This
transaction further supports our efforts to accelerate progress across our exploration portfolio in
Alaska and Namibia, jurisdictions that we believe offer an exceptional opportunity to generate
meaningful value for our shareholders.
We thank our Project Longhorn partners and extend our best wishes for their future drilling
campaigns in the Permian Basin.”
www.88energy.com
ABN 80 072 964 179
103 Ground Floor, 516 Hay Street, Subiaco WA 6008 0990
PO Box 352, Subiaco WA 6904 Australia Phone +61 8 9485Transaction Overview
Following a strategic portfolio review conducted in Q1 2025, the Board concluded that Project
Longhorn’s operating asset base no longer aligned with the Company’s long-term strategy, which is
focused on high-impact exploration opportunities, primarily in Alaska. This decision was informed by
the projected capital intensity of Project Longhorn’s future development plans, which would be required
to maintain projected cash flows, and by 88 Energy’s objective to streamline its portfolio and redeploy
capital to assets with greater upside potential. The future development plans at Project Longhorn are
expected to involve a multi-well drill program, with an estimated gross cost per well of ~US$2 million,
and the transaction removes the Company’s obligation to future costs associated with Project Longhorn,
enabling 88 Energy to deploy its resources towards higher-impact, exploration-led opportunities.
Key terms of the transaction include:
• Total Consideration: US$3.25 million
• Effective Date: 1 July 2025
• Completion Adjustments: Subject to customary reconciliation as at 30 June 2025, including
adjustment for cash, receivables, crude oil inventory, and liabilities.
A divestment process was completed for the sale of Project Longhorn, with 88 Energy initially agreeing
terms under a non-binding Memorandum of Understanding with a third party. Subsequently, Lonestar
exercised its rights to match the offer and will now hold 100% of the assets on completion of the
transaction.
Strategic Focus
The divestment marks a significant milestone in 88 Energy’s strategic repositioning, allowing the
Company to concentrate fully on its core exploration growth pillars:
• Alaska: Progressing near-term exploration and appraisal activity at Project Leonis and Project
Phoenix, with strong prospectivity and the potential to deliver transformational value outcomes.
• Namibia: Advancing early-stage exploration in PEL 93, providing material frontier exposure within
a globally prospective emerging petroleum province, following multiple high-profile discoveries in
adjacent acreage.
The Project Longhorn assets have delivered meaningful cash flow from ongoing existing production and
low-cost workovers since acquisition in 2022. This supported corporate overheads and exploration
activities over the period, with total cash distributions of approximately US$6.1 million to the Company,
net of operating expenses and capital invested in workovers.
However, the Operator’s next-phase development plan, which comprises higher-cost, lower-margin new
drilling which is required to maintain future cash flows from Project Longhorn, does not align with 88
Energy’s capital allocation priorities.
Importantly, since acquiring its interest in Project Longhorn in 2022, the Company’s leasing costs in
Alaska have been significantly reduced and combined with overhead cost reductions in 2024 and
current cash on hand. The need to rely on production cash flows has been meaningfully reduced,
enabling the Company to dispose of its interest in Project Longhorn and bring forward potential future
cash flows from the project that otherwise would be at risk over a three to five-year horizon
88 Energy is in a well-funded position for the next stage of growth and this transaction frees potential
future capital expenditure to pursue higher-return opportunities across its portfolio.
Page 2 of 3Further Details on Project Longhorn
The Project Longhorn assets are located onshore in the Permian Basin, Texas, with approximately
2,830 acres (net to 88 Energy). The assets consist of 19 leases with 40 producing wells and associated
infrastructure. Prior to the transaction, Lonestar I, LLC held a ~24% net working interest in the assets
and is Operator. Recent activity on the assets includes the completion of six workovers in 2022 and four
workovers in 2024 to increase or maintain production to combat typical decline rates, with an extensive
future work program planned to underpin future production. Net reserves to 88 Energy for Project
Longhorn at 31 December 2024 comprised 0.98 MMBOE (1P), 1.4 MMBOE (2P) and 1.75 MMBOE
(3P). The 2025 Half year financial report will reclassify the Project Longhorn Investment to Assets Held
for Sale. An impairment to bring the carrying value to fair value less costs to sell will also be recognized,
with the impairment expected to be approximately US$10 million based on the headline sale price (value
of proved developed and producing reserves) less anticipated sale costs, compared to the carrying
value for the asset of US$12.5 million in the Company’s accounts as at 30 June 2025 (US$13.5 million
at 31 Dec 2024 audited accounts). This adjustment is reflective of the undeveloped resources where
significant investment of over US$18 million would have been required by 88 Energy over the coming
years, as well as recognition of downward oil price movements and forecast production type curve
adjustments. There will be a corresponding impact on the Company’s net profit/loss for the half year
ended 30 June 2025 due to the impairment charge.
This announcement has been authorised by the Board.
Media and Investor Relations
88 Energy Ltd
Ashley Gilbert, Managing Director
Tel: +61 (0)8 9485 0990
Email:investor-relations@88energy.com
Fivemark Partners
Michael Vaughan EurozHartleys Ltd
Chelsey Kidner Cavendish Capital Markets Limited
Derrick Lee / Pearl Kellie Hannam & Partners
Leif Powis / Neil Passmore Tel: +61 (0)422 602 720
Tel: +61 (0)8 9268 2829
Tel: +44 (0) 131 220 6939
Tel: +44 (0) 207 907 8500

https://clients3.weblink.com.au/pdf/88E/02979596.pdf

That RS was like a stick of dynamite... they literally blew their own holders of the shares for payment right outta the water. This may close a lot of doors going forward concerning potential JV partners, etcetera. INCOMPETENT IDIOTS! Trust is hard to gain but do something like this and news spreads like wildfire in the oil patch. WHAT A MIND BLOWING MESS.

They forgot to put enough fuel in the drill rig back in 2020..... Oh well maybe next season

EEENF one for 25 reverse split:

https://otce.finra.org/otce/dailyList?viewType=Symbol%2FName%20Changes

1 FOR 25 REVERSE SPLIT TOMORROW. I remember these guys,they couldn't find oil if they tripped and fell into a Jiffy Lube.

Get this...they haven't filed ONE FINANCIAL in THREE YEARS yet the SEC lets them pull a RS.

read something about huge reversr split coming, don't know otherwise, if they reverse it could be a play

re: When was their last news release

$EEENF
_________


Long, long time ago. Now, no one remembers
_____________________________________________

nope they don't. 28,933,811,952 shares outstanding,,and 28,878,329,235 in float,, that is Billions,, I've never seen bigger float. anyone else ??
when did they do a News release last ???

88 Energy Ltd. is an oil and gas exploration company, which engages in the exploration and development of mineral properties. It operates through Oil and Gas Exploration in Alaska, USA and Oil and Gas Production in Texas, USA. The company was founded on February 21,1996 and is headquartered in Subiaco, Australia.
https://www.tradingview.com/symbols/OTC-EEENF/technicals/
https://stockcharts.com/freecharts/gallery.html?eeenf
https://www.tradingview.com/symbols/OTC-EEENF/financials-statistics-and-ratios/total-shares-outstanding/
88 Energy (88E.ASX 88E.L EEENF POQ.F) announced that it has entered into binding terms for a farmout participation agreement with Burgundy Xploration in relation to Project Phoenix, located on the North Slope of Alaska. Under the agreement, 88 Energy's will be provided with a full carry for all costs associated with the upcoming horizontal well programme, including an extended flow test currently scheduled for H1 2026. Burgundy will fully fund up to $39 million of Project Phoenix's total gross future work programme costs in exchange for up to an additional 50% working interest, providing a clear funding avenue to advance Project Phoenix towards a final development decision via a two-phase farm-in arrangement. In phase 1, Burgundy is to fund $29 million for the 2025/26 work programme, including drilling of a horizontal well and production testing scheduled for H1 2026 in which 88E will be fully carried for a post Phase 1 farmout 35% working interest. Upon Phase 1 success, Burgundy will fund up to $10 million for an additional well or other CAPEX programme in which 88E will be carried up to $7.5 million, with an 88E post Phase 2 farmout 25% working interest. Upon completion of the participation agreement, Burgundy will assume the role of operator, allowing 88 Energy to focus on the advancement and de-risking of Project Leonis.
https://oilnews.substack.com/p/exploration-news-23-february-2025

CANADIAN OIL IS SAND OIL IT HAS TO BE SENT TO TEXAS TO BE BROKEN DOWN BY A REFINERY.TRUMP WANTS THE PIPELINE BECAUSE IT WILL MAKE MONEY FOR U S REFINERY BUSINESS. THIS REFINED OIL IS SOLD BACK TO CANADIANS BECAUSE THEY ARE NOT SET UP TO REFINE IT. IT IS NOT LIGHT SWEET CRUDE OIL. TEXAS AND PARTS OF ALASKA HAS THE LIGHT SWEET CRUDE OIL. TRUMP WANTS TO OPEN AMWAR ALASKA AND DRILL BABY DRILL. SO WHAT IS YOUR PROBLEM WITH THAT?

With the D Trump saying he does not need any Canadian Oil to bolster his roman empire maybe this one be worth a go by one of the big Oil players in the region.

At least these guys don't r/s every other month..I'll give them that 

what happened to trustunits10000000? it was always the only one posting in here and has been absent since 12/15/2024 lol

.....

this is a scam you keep dreaming i am glad i dump this years age,and you remain here hoping and dreaming. its a scam.

Hahahahaha

Wow people still here 4 yrs later? I should have sold at $.06 but here I am. Clowns here talking about to the moon? yeah ok

Yep.... no "trust" given to that sad sack..

Sad story here, for sure.... haven't checked in on it for a couple years.

I say no reverse split

Maybe this becomes 0.0001

Up 0.0001

Getting interesting

0.0011

you are the only one left here are you real or a bot,i think your a bot.not even a real person.

Sellers will regret

Great news and no sudden increase

Then the moon

0.0001 😢

Even pennies is possible with the billions shares outstanding

Interesting properties

Cop buy us

Interesting volume

Shareholders sad who sold at 0.001

I say no reverse split, a producing property can be worth $600,000,000, that would put us at pennies, we have a producing property, farm out news ?????

Shareholders post

Shareholders post

I hope no reverse split

0.001

Shareholders post

Feeling spectacular things are going to happen

Up 0.00005

A property can be worth millions $600,000,000

We have a producing property

Don’t let the shares outstanding scare you, this can run quickly