88 Energy Ltd (AIM:88E, ASX:88E, OTCQB:EEENF, FRA:POQ) shares traded up on Thursday, rising 11% to 1.23p, after it revealing it had increased the potential scale of its South Prudhoe position in Alaska, publishing an internal unrisked Prospective Resource estimate of 506.6 million barrels (2U gross) of oil and natural gas liquids across multiple stacked reservoirs.
The company said the consolidated leasehold covers around 52,269 acres on the North Slope, immediately south of the Prudhoe Bay and Kuparuk River units, and now includes maiden resource estimates for the Ivishak and Kuparuk formations alongside updated Brookian targets. On a net entitlement basis (after the 16.67% royalty), 88 Energy put the 2U total at 422.2MMbbls, with the summary table showing the largest volumes attributed to Brookian/Schrader Bluff prospects in the South-East Hub, including Donoho and Tressler, as well as Cooper Canyon.
Managing director Ashley Gilbert said the new estimates highlight ' the significant scale and quality' of 88 Energy's South Prudhoe acreage, as he pointed to "material multi-million-barrel potential" defined across mapped prospects and reservoir intervals.
"The Ivishak and Kuparuk prospects are positioned immediately adjacent to two of North America's largest oil fields which have been producing since 1977. This creates low-risk potential for a fast-track and low-cost development upon success through existing, third-party infrastructure," Gilbert said.
"Importantly, we see further upside ahead."
He added "The refined Brookian Formation update, incorporating the Canning and Schrader Bluff reservoirs, is just the beginning with additional upside in our North-West Hub area expected from within the West Sak and Price Creek reservoirs."
88 Energy, meanwhile, noted that it is progressing farm-out discussions and planning for a multi-zone Augusta-1 well, targeting a Q1 2027 spud, while additional Brookian upside in the North-West Hub is expected to be defined as 3D seismic interpretation and resource work continues into Q2 2026.