88 Energy (88E) has begun planning and permitting activities for the Augusta-1 exploration well at its 100% owned South Prudhoe Project on Alaska’s North Slope, targeting a high-impact multi-zone opportunity.
The South Prudhoe acreage spans about 52,269 acres and sits immediately south of the prolific Prudhoe Bay and Kuparuk River units. Augusta-1 has been identified as the highest-priority prospect within six months of the November 2025 lease award, reflecting a data-driven approach to prospect generation.
The well is designed to test stacked Ivishak and Kuparuk reservoirs, which are estimated to contain about 64 million barrels of gross unrisked prospective resources (2U). In addition, further upside from shallower Brookian targets is under evaluation and may be incorporated into the final well design.
Permitting will cover three potential drilling locations, providing flexibility for farm-out partners, future appraisal drilling, and optimisation of the final well location. Discussions with rig providers are underway, with a contract expected in the second quarter of 2026 ahead of a targeted spud in the first quarter of 2027.
At the same time, the company is progressing farm-out discussions, with multiple parties currently engaged following the launch of the process in February 2026. Completion of this process, targeted for the third quarter of 2026, remains key to securing funding for drilling.
Looking ahead, ongoing work includes evaluation of Brookian potential using newly acquired 3D seismic data, detailed well design and engineering, and securing long-lead items to maintain the project schedule.
View from Vox
Augusta-1 represents a clear focal point for 88 Energy, combining proximity to producing fields with defined structural targets and sizeable resource potential. Meanwhile, progress on permitting, rig negotiations, and farm-out discussions suggests the company is steadily de-risking the pathway to drilling. Securing a partner and funding will be the key catalyst as the project moves towards its planned 2027 spud.