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88 Energy Limited (ASX:88E)

ALERT: Price-sensitive ASX Announcement for 88E
Current share price for 88E : $0.020 -0.004 (-16.67%)+
Announcement
Release
7 May 2026 8:51AM
Price at Release
$0.024
Full Release
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Summary
88 Energy Limited has secured the Nordic-Calista Rig-3 for its Augusta-1 exploration well in the South Prudhoe area on Alaska's North Slope. The Augusta prospect aims to test the Ivishak and Kuparuk reservoirs, with a potential to uncover 64 million barrels of oil and NGLs. The well is the company's highest-priority drilling target and is scheduled for Q1 CY2027, subject to funding arrangements. 88 Energy is pursuing a farmout-led funding strategy to share drilling risks while retaining a 100% working interest in the project.
Key Points
  • 88 Energy Limited has secured Nordic-Calista Services Rig-3 for the Augusta-1 exploration well.
  • The Augusta prospect is located in the South Prudhoe area on Alaska’s North Slope.
  • Augusta-1 is designed to test the Ivishak and Kuparuk reservoirs.
  • The Augusta prospect has the potential to unlock 64 million barrels of oil and natural gas liquids.
  • Drilling is scheduled for Q1 CY2027, pending funding arrangements.
  • Nordic-Calista Rig-3 has been used by 88 Energy in previous drilling campaigns.
  • A farmout-led funding strategy is being pursued to share drilling risk.
  • 88 Energy retains a 100% working interest in the South Prudhoe Project.
IMPORTANT NOTE: This information is autogenerated and has not been reviewed for accuracy or completeness. You should refer to the full announcement here for further information.