88 Energy secures 20% stake in Namibia's PEL 93, cuts $15M funding, focuses on Alaska assets

88 Energy has secured an unconditional 20% working interest in Namibia's PEL 93, revising its farm-in agreement to eliminate about $15 million in future funding obligations. The new deal cancels later-stage farm-in obligations and removes reassignment risk, simplifying the commercial structure. This allows 88 Energy to maintain exposure to a promising Namibia basin while prioritizing its Alaskan projects. The company also retains options to increase its stake in PEL 93 and may consider third-party funding or listing a Namibia-focused entity. Recent geological surveys have highlighted Lead 9 as a key drilling target, with nearby regional activity potentially opening the basin further.