88 Energy Ltd (AIM:88E, ASX:88E, OTCQB:EEENF, FRA:POQ) told investors that it has lifted the scale of its South Prudhoe project in Alaska, upgrading total gross unrisked 2U prospective resources by around 35% to 768.9 million barrels of oil and natural gas liquids.
The company said the estimate equates to 640.7 million barrels net to 88E and confirms a multi-reservoir opportunity immediately south of the Prudhoe Bay Unit and Kuparuk River Unit on Alaska’s North Slope.
The update follows further geophysical analysis of Schrader Bluff 3D seismic velocity data. It includes a maiden Brookian prospective resource for the North-West Hub and an upgraded Ivishak estimate, particularly for the priority Augusta prospect.
The North-West Hub now carries 301.3 million barrels of gross unrisked 2U resources, while the South-East Hub contains 467.6 million barrels. Within the North-West Hub, the maiden Brookian estimate totals 181.5 million barrels gross 2U, including 61.2 million barrels at West Sak and 120.3 million barrels at Upper Schrader Bluff.
The Ivishak estimate for the North-West Hub increased around 44% to 69.9 million barrels gross 2U.
The planned Augusta-1 exploration well is now designed to test up to 133.7 million barrels gross unrisked 2U, or 111.4 million barrels net to 88E, across the Ivishak, Kuparuk and Brookian reservoir intervals.
88 Energy said Nordic Rig-3 has been secured for Augusta-1, with well planning, permitting and long-lead procurement advancing ahead of a planned drilling campaign during the CY2027 Alaskan winter season.