88 Energy (88E) said its South Prudhoe farm-out process has progressed as planned, with several bids received and negotiations under way as the company prepares for the planned Augusta 1 exploration well on Alaska’s North Slope.
Detailed technical due diligence has been completed by multiple counterparties, which 88 Energy said provides independent validation of the Augusta Prospect and wider South Prudhoe Project. The company is targeting agreement on key commercial terms and definitive documentation with a preferred partner by mid Q4 2026, alongside any required approvals.
Operational preparations are also advancing in line with schedule. More than 80% of vendor services and long lead items have been selected or secured, while the well bond has been posted.
Key permitting activities remain on track for completion during Q4 2026, supporting a targeted Q1 2027 spud for Augusta 1. The timing remains subject to completion of the farm out and financing.
The well is targeting 133.7 million barrels of oil of gross unrisked 2U prospective resources across the stacked Ivishak, Kuparuk and Brookian reservoir intervals.
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The receipt of several bids and completion of technical due diligence mark further progress towards securing a partner for South Prudhoe. With procurement and permitting also advancing, the main focus now shifts to completing the farm out and keeping Augusta 1 on schedule for drilling in Q1 2027.