88 Energy farms out Augusta-1 in South Prudhoe

88 Energy signed a binding farm-out with WAO, securing up to $10.9 million for South Prudhoe drilling and evaluation in exchange for a 40% working interest.

Oct. 28, 2026

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Key Highlights

88 Energy farmed out 40% working interest in the South Prudhoe Project.
Augusta-1 is scheduled to spud in the first quarter of 2027.
The well targets 133.7 MMbbl of gross unrisked 2U Prospective Resources.

88 Energy Ltd. executed an agreement with Westlawn Americas Offshore LLC (WAO) aimed at progressing the South Prudhoe project on Alaska's North Slope.

The binding participation agreement and joint operating agreement (together the farm-out agreement) delivers up to $10.9 million towards drilling and evaluation of the Augusta-1 exploration well and South Prudhoe work program and budget in exchange for a 40% working interest in the project. 88 Energy will retain a 60% interest and operatorship.

Augusta-1 is scheduled to spud in first-quarter 2027, targeting 133.7 million bbl 2U gross unrisked prospective resources across stacked Ivishak, Kuparuk, and Brookian reservoir intervals.