88 Energy secures rig for exploration at South Prudhoe, Alaska
Key Highlights
- 88 Energy will drill an exploration well in South Prudhoe on Alaska's North Slope.
- The exploration will evaluate Ivishak and Kuparuk formations.
88 Energy Ltd. secured the Nordic‑Calista Services (Nordic) Rig-3 to drill the Augusta‑1 exploration well in South Prudhoe on Alaska's North Slope.
Augusta‑1 is designed to evaluate multiple stacked conventional reservoirs, including the Ivishak and Kuparuk formations, which together host a combined 2U gross unrisked Prospective Resource of 64 million bbl, the company said.
The well is within the North‑West lease area of the South Prudhoe project, adjacent to existing oil discoveries and producing fields. Location selection and well design are supported by modern 3D seismic coverage and nearby well control, providing confidence in both reservoir presence and trap definition.
Final well planning, permitting, and long‑lead procurement activities are progressing with operations expected to begin in first-quarter 2027.
South Prudhoe is within one of the most prolific hydrocarbon fairways, immediately south of the Prudhoe Bay and Kuparuk River Units.
88 Energy is operator of 21 South Prudhoe leases and holds 100% working interest.
