88 Energy (AIM:88E) said it is on track to spud the Augusta‑1 exploration well in the Q1 2027 Alaskan winter season after advancing permitting, logistics and long‑lead contracting.
Augusta‑1 targets up to 133.7 MMbbls of gross unrisked 2U prospective resources across stacked Ivishak, Kuparuk and Upper Schrader Bluff intervals, equal to 111.4 MMbbls net to 88 Energy, and sits immediately south of the Prudhoe Bay and Kuparuk River producing units.
The company has secured Nordic‑Calista Rig‑3, contracted a dedicated Arctic‑rated drilling camp and advanced ice‑road planning and short seasonal tie‑in designs to utilise existing Kuparuk and Prudhoe Bay infrastructure, steps intended to reduce mobilisation risk, logistics complexity and campaign costs.
Drilling is subject to securing an appropriate funding structure and 88 Energy said a formal farm‑out process is underway with multiple parties in the data room while the company held about A$10 million in cash at the end of April 2026.
The target spud remains Q1 2027, contingent on finalising access agreements and funding.
