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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 (-15.22%)+
Announcement
Release
20 May 2026 8:48AM
Price at Release
$0.023
Full Release
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Summary
88 Energy Limited is advancing its South Prudhoe Augusta-1 exploration well on Alaska’s North Slope, targeting a substantial multi-reservoir opportunity with a gross unrisked prospective resource of 133.7 million barrels of oil. The well is slated for drilling in Q1 2027, with preparations including the contracting of Nordic-Calista Rig-3 and infrastructure access agreements. The project aims to drill into the Ivishak, Kuparuk, and Brookian reservoirs, located adjacent to major oil fields, enabling potential future development. With 100% working interest, 88 Energy is seeking farm-out partners to mitigate risks and costs.
Key Points
  • 88 Energy Limited is progressing with the South Prudhoe Augusta-1 exploration well on Alaska’s North Slope.
  • The project targets a large-scale, multi-reservoir opportunity with an estimated 133.7 million barrels of oil (gross, unrisked).
  • Drilling is scheduled for Q1 2027, with significant preparation including securing a Nordic-Calista Rig-3 and necessary infrastructure access.
  • The Augusta-1 well will test the Ivishak, Kuparuk, and Brookian (Upper Schrader Bluff) reservoirs.
  • The project location is adjacent to existing oil fields, leveraging nearby infrastructure for future development.
  • 88 Energy maintains a 100% working interest with a 16.7% royalty on the South Prudhoe acreage.
  • The company is actively pursuing farm-out opportunities to share drilling risks and capital requirements.
  • The South Prudhoe Project spans 52,269 acres in a prolific hydrocarbon region.
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.