Project Phoenix Participation Agreement Amendment

under progress

88 Energy Ltd has amended its participation agreement with Project Phoenix partner Burgundy Xploration, extending Burgundy's funding timeline to 30 September 2026 to align with its planned US public listing process. The amendment includes additional near-term cash payments to 88 Energy and enhanced security provisions, allowing 88 Energy to focus on its South Prudhoe acreage and preparations for the Augusta-1 exploration well. Burgundy commits to funding 100% of Project Phoenix costs under the Phase 1 US$29 million agreed carry and up to US$39 million in total future work programme costs.