Highlights

  • Multiple bids have been received in the South Prudhoe competitive farm-out process.
  • Farm-out completion is targeted for mid-Q4 2026.
  • More than 80% of vendor services and long-lead items have been selected or secured.
  • The Augusta-1 exploration well is targeted to spud in Q1 2027.

88 Energy Limited (ASX:88E) provided an operational update on 7 October 2026 for its South Prudhoe Project on the North Slope of Alaska. The update covers the farm-out process and planning for the Augusta-1 exploration well.

Farm-Out Process

The company reported that the competitive farm-out process has progressed as planned, with multiple parties completing detailed technical due diligence. Several bids have been received, and negotiations on commercial terms and definitive agreements are underway.

Completion of the farm-out is targeted for mid-Q4 2026.

Augusta-1 Well Planning

Planning and procurement for Augusta-1 continue to advance on schedule. More than 80% of vendor services and long-lead items have been selected or secured.

Permitting activities remain on track for completion in Q4 2026, and the well bond has been posted. The well is targeted to spud in Q1 2027.

Resource Target

Augusta-1 is designed to test 133.7 million barrels of 2U gross unrisked Prospective Resources across stacked Ivishak, Kuparuk and Brookian reservoir intervals.

88 Energy is also listed on AIM and trades on the OTC market. Managing Director Ashley Gilbert is the company contact for the update.

Key Takeaways

  • Multiple bids have been received for the South Prudhoe farm-out, with completion targeted for mid-Q4 2026.
  • More than 80% of services and long-lead items for Augusta-1 are secured.
  • Permitting is on track and the well bond has been posted.
  • Augusta-1 targets 133.7 MMbbls of 2U gross unrisked Prospective Resources, with a Q1 2027 spud.