Energy sector updates: UraniumX exploration and Murphy Oil discovery

UraniumX Discovery Corp. reported deploying $3,827,537 in cash toward its mineral property portfolio during the nine months ending May 31, 2026. A significant portion of these funds supported the Murphy Lake diamond drill program in the Athabasca Basin, which was expanded to 4,092 metres. The company reported intersecting anomalous radioactivity in five of six target areas, extending the Murphy Lake South Trend to approximately 1.3 kilometres.

Separately, Murphy Oil announced the Bubale oil discovery offshore Côte d’Ivoire. CEO Eric Hambly noted that the discovery well encountered oil in both the Turonian and Cenomanian reservoirs. The company has spudded the Bubale West 1X appraisal well, with costs estimated at approximately $90 million. Murphy Oil also addressed a dry hole at the Hai Su Vang 4X appraisal well in Vietnam, resulting in a reduced resource estimate for that area.