Captivate Energy Alaska Inc., a wholly owned subsidiary of 88 Energy Ltd., was the successful bidder for acreage east and west of Project Leonis in Alaska’s North Slope Areawide 2025W Oil and Gas Lease Sale. Fourteen new leases cover about 34,560 acres across South Prudhoe and Kad River East, the comapny said in a release Nov. 20.
In South Prudhoe, seven leases cover Ivishak structural closures immediately south of the Prudhoe Bay Unit. The Ivishak formation offers high-quality, clean sandstone reservoir across the entire prospective area, with predicted 20% porosity, 50-100 mD permeability, and high charge potential across the newly acquired acreage.
3D seismic data, regional well control, and petrophysical analysis has delineated a suite of low-risk Ivishak formation prospects to be the first drill-ready targets for future exploration and appraisal. Further technical work, including seismic reprocessing, will be undertaken in 2026 to refine volumetrics and support prospective resource certification ahead of future farm-out and drilling decisions.
Farm-out and planning are underway to drill a multi-zone exploration well targeting the Ivishak reservoir and shallower Canning and USB reservoirs.
In Kad River East, seven leases east of the Trans Alaska Pipeline System (TAPS) exist in an under-explored region. A 3D seismic survey is scheduled for licensing and reprocessing in 2026. This data, combined with historical well data showing an active multi-reservoir petroleum system across the area, will help identify multiple targets.
An early dual-hub development concept for the South Prudhoe and Leonis area will evaluate a low capital expenditure tie-back to Prudhoe Bay and Kuparuk River Units or a direct hot-tap connection into TAPS.
