88 Energy (LSE:88E) has reported a substantial increase in the prospective resource estimate for its South Prudhoe Project in Alaska, with total gross unrisked 2U resources rising by around 35% to 768.9 million barrels of oil and natural gas liquids, equivalent to 640.7 million barrels on a net basis. The updated estimate follows fresh geophysical analysis of 3D seismic data, the introduction of a maiden Brookian resource covering the West Sak and Upper Schrader Bluff reservoirs, and an enhanced estimate for the Ivishak reservoir.
Augusta-1 emerges as priority exploration target
The company said the revised assessment highlights the scale of the South Prudhoe asset, its stacked reservoir characteristics and the potential flexibility for future development given its location close to established producing oil fields. The Augusta Prospect, which spans Brookian, Kuparuk and Ivishak formations, is now set to be evaluated through the planned Augusta-1 exploration well.
Augusta-1 is targeting up to 133.7 million barrels of gross unrisked 2U resources and has become 88 Energy’s primary drilling focus on Alaska’s North Slope. Management noted that the prospect benefits from nearby analogue reservoirs with proven production histories, while drilling preparations have advanced with a rig already secured. The company believes successful exploration at Augusta-1 could provide a significant near-term catalyst and strengthen its strategic position in the region.
More about 88 Energy
88 Energy Limited is an oil and gas exploration company concentrated on Alaska’s North Slope, where it holds a 100% working interest in the South Prudhoe Project. The business focuses on multi-reservoir oil-bearing formations located close to the Prudhoe Bay and Kuparuk River producing units, aiming to benefit from established infrastructure and proven hydrocarbon trends in the area.
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