88 Energy Limited (GB:88E) has released an update.
88 Energy Limited reports a successful quarter with notable progress at Project Phoenix, including the first successful flow of oil from the USFS reservoir and subsequent flow from the SMD-B reservoir, signaling potential for future commercialization. The company also completed the transfer of a 20% working interest in Namibia’s PEL 93, readying for seismic acquisition mid-year. With a strong cash position of A$17.5 million and no debt, 88 Energy is poised for continued development and optimization of its key projects.
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