• 88 Energy amended Participation Agreement with Burgundy Xploration, extending Phase I funding longstop date to Sept. 30, 2026 for Project Phoenix on Alaska North Slope.
• Amendment adds near-term cash payments of USD 400,000, including USD 100,000 fee plus USD 300,000 toward Icewine 3D consideration.
• Target spud date for Franklin Bluffs-1H horizontal well reset to March 30, 2027, shifting expected spud into Q1 2027.
• Revised Icewine 3D payment schedule keeps Burgundy obligation at USD 2.25 million, with accelerated repayment triggered by IPO or alternative funding event.
• Security terms strengthened via 10% working interest security over Burgundy Fall 2025 North Slope leases while amounts remain outstanding.

Disclaimer: This news brief was created by Public Technologies (PUBT) using generative artificial intelligence. While PUBT strives to provide accurate and timely information, this AI-generated content is for informational purposes only and should not be interpreted as financial, investment, or legal advice. 88 Energy Limited published the original content used to generate this news brief on April 26, 2026, and is solely responsible for the information contained therein.