88 Energy Ltd (AIM:88E, ASX:88E, OTCQB:EEENF, FRA:POQ) has told investors that its planned Augusta-1 exploration well at South Prudhoe on Alaska’s North Slope remains on track for a first-quarter 2027 spud, as the company advances permitting, logistics and farm-out discussions.
The AIM and ASX-listed explorer said Augusta-1 is designed to test up to 133.7 million barrels of gross unrisked 2U prospective resources, or 111.4 million barrels net to 88 Energy, across stacked Ivishak, Kuparuk and Brookian reservoir targets.
The company described Augusta as its highest-priority drilling target within the South Prudhoe project, which covers around 52,269 acres immediately south of the Prudhoe Bay and Kuparuk River producing units.
88 Energy said it has secured the Nordic-Calista Rig-3 and is progressing access agreements to use existing road and facility infrastructure, which it expects will reduce ice-road requirements, logistics complexity and costs. The company has also contracted an Arctic-rated drilling camp for the programme.
Managing director Ashley Gilbert said the project has been rapidly progressing since the acreage was secured in November 2025, with new 3D seismic interpretation helping define and prioritise drill targets.
A farm-out remains 88 Energy’s preferred route to share drilling risk and capital requirements, with multiple parties said to be actively engaged in the data room.