88 Energy Share News (88E)

(Alliance News) - 88 Energy Ltd on Tuesday reported a narrowed loss during the first half of 2025, as impairment charges reduced.

The oil exploration firm in Namibia and the US state of Alaska said its pretax loss narrowed to AUD20.5 million, or USD13.3 million, in the six months that ended June 30, from a AUD29.9 million loss the year before.

This was largely driven by a one-off AUD16.6 million impairment of investment in associate asset during the six-month period. This was lower than the AUD28.9 million impairment of exploration and evaluation assets reported by 88 Energy the year before, compared to none in the first half of 2025.

Administrative expenses nearly doubled to AUD1.1 million from AUD582,212 during the half year. The company swung to AUD1.2 million in share of loss from equity accounted investment, against a AUD91,987 profit a year earlier.

Share-based payment expenses totalled AUD222,922 compared to a AUD86,383 gain the year prior.

88 Energy said Project Phoenix was targeting future potential production from multiple identified reservoirs, and said it was progressing work with Burgundy Xploration LLC at the oil project in Alaska under the farmout participation deal agreed in February.

At Project Leonis, the company said planning and permitting for the Tiri-1 exploration well has begun.

In August, 88 Energy entered a binding securities purchase agreement with Lonestar I LLC for the sale of its 75% non-operated working interest in Project Longhorn in Texas, where Lonestar is the project operator. Total consideration for the deal was USD3.3 million, and it completed on July 1.

Shares in 88 Energy were down 2.1% at 1.15 pence in London on Tuesday afternoon. The stock remains down 54% over the past year.

By Emily Parsons, Alliance News reporter

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