88 Energy Dramatically Increases South Prudhoe Prospective Resources on Alaska North Slope

88 Energy Limited has published an internal Prospective Resource update for its South Prudhoe acreage on the Alaska North Slope, reporting an unrisked Best Estimate (2U) of about 506.6–507 million barrels of oil and natural gas liquids gross, equivalent to roughly 422 million barrels net to 88 Energy under its 83.33% net entitlement. The company described the position as immediately south of the Prudhoe Bay Unit and adjacent to Kuparuk, flagging substantial stacked-pay opportunity across the acreage.

The company stated it holds 100% working interest subject to a 16.7% royalty, producing the 83.33% net entitlement used to calculate the ~422 million barrels net figure. The internal assessment maps seventeen prospects across five independent reservoir intervals, and 88 Energy emphasised proximity to major producing fields when describing potential tie-back routes to existing third-party infrastructure.

Managing Director Ashley Gilbert framed the update as a step-change for the South Prudhoe position, saying: "This updated internal Prospective Resource assessment highlights the significant scale and quality of our South Prudhoe acreage position, with material multi-million-barrel potential now defined across seventeen mapped prospects and five independent reservoir intervals. We can now clearly see a multi-zone, multi-million-barrel opportunity with additional potential growth to come. [...] The Ivishak and Kuparuk prospects are positioned immediately adjacent to two of North America's largest oil fields which have been producing since 1977. This creates low-risk potential for a fast-track and low-cost development upon success through existing, third-party infrastructure. Importantly, we see further upside ahead. The refined Brookian Formation update, incorporating the Canning and Schrader Bluff reservoirs, is just the beginning with additional upside in our North-West Hub area expected from within the West Sak and Price Creek reservoirs. Our focus is now firmly on upgrading these current resource estimates while at the same time advancing farm-out discussions and well planning to unlock the full value of this exciting asset."

Operationally, 88 Energy said it is advancing farm-out discussions and planning a multi-zone Augusta-1 well targeted to spud in Q1 2027, while prioritising remaining Brookian prospectivity and 3D seismic interpretation into Q2 2026. Broker Cavendish highlighted the commercial potential of the package, describing South Prudhoe as "roughly 500mmboe opportunity" and identifying Augusta as "the next key catalyst," noting that success there, alongside the existing Hemi Springs-1 discovery, "could unlock a 'North-West hub' and follow-on opportunities close to infrastructure."

Markets reacted to the update; share trading rose on the announcement day, with one report noting an 11 percent jump to 1.23p. Analysts and the company stress that the figures released are internal and explicitly unrisked, described as a Gross Best Estimate (2U) that has not been adjusted for chance of discovery or commercialisation. Some third-party summaries include additional unlabeled numeric table entries that require confirmation against the company’s full ASX announcement and technical appendix for definitive 1U/2U/3U breakdowns and unit definitions.

For the North Slope, the combination of multi-zone stacked prospectivity, adjacency to Prudhoe Bay and Kuparuk fields that have produced since 1977, and an announced Augusta-1 spud target in Q1 2027 sets a near-term timetable that could attract farm-out partners and, if successful, fast-track low-cost tie-backs using existing infrastructure.