88E has signed binding terms for a farmout of Project Phoenix with JV partner Burgundy Xploration in exchange for a work programme carry of up to US$39m. The agreement, which is subject to funding, provides a funding pathway for Project Phoenix without the need for any shareholder dilution and highlights the value that has been created at Project Phoenix over the past two years. The terms of the farmout value 88E’s 75% interest at Project Phoenix at US$60m – a significant 2.4x premium to 88E’s c ....
