88 Energy Secures Rig for High-Priority Augusta-1 Well on Alaska’s North Slope

88 Energy ( (AU:88E) ) just unveiled an announcement.

88 Energy has secured Nordic-Calista Services’ Rig-3 to drill the Augusta-1 exploration well in its South Prudhoe acreage on Alaska’s North Slope, a key operational milestone ahead of a planned Q1 2027 winter drilling campaign. The modern, winterised Arctic rig, previously used by 88 Energy in 2019 and 2020, offers operational familiarity and competitive terms, reducing execution risk for the programme.

Augusta-1 is the company’s highest-priority target and is designed to test stacked Ivishak and Kuparuk reservoirs adjacent to existing producing fields, with a 2U gross unrisked prospective resource estimate of 64 million barrels of oil and NGLs. Supported by 3D seismic and nearby well control, 88 Energy is progressing permitting, well planning and a farmout-led funding strategy, aiming to retain significant upside exposure while advancing toward drilling.

More about 88 Energy

88 Energy Limited is an oil and gas exploration company focused on conventional hydrocarbon prospects on Alaska’s North Slope. The company holds a 100% working interest in its South Prudhoe acreage, targeting stacked reservoirs such as Ivishak and Kuparuk in one of the region’s most prolific hydrocarbon fairways.

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