88 Energy (88E) has advanced exploration and drilling preparations across its Alaska portfolio during the first half of 2026, with South Prudhoe emerging as the company's highest-priority project ahead of the planned Augusta-1 well.
The company holds a 100% working interest in South Prudhoe, where its gross Prospective Resource estimate increased to 768.9 million barrels, equivalent to 640.7 million barrels net to 88 Energy. The resource spans multiple stacked reservoirs across the North-West and South-East hubs.
The North-West Hub is the immediate strategic focus. Following further interpretation of Schrader Bluff 3D seismic data, the Ivishak Prospective Resource increased by around 44% to 69.9 million barrels gross, while a maiden Brookian Prospective Resource of 181.5 million barrels was identified across the West Sak and Upper Schrader Bluff intervals.
Augusta-1 is designed to test up to 133.7 million barrels of Prospective Resources, or 111.4 million barrels net to 88 Energy, across the Ivishak, Kuparuk and Upper Schrader Bluff reservoirs.
Preparations for the well progressed during the period, with the drilling location finalised, permitting and access arrangements advanced, and Nordic Rig-3 contracted. An Arctic-rated camp with capacity for 58 personnel has also been secured.
Augusta-1 remains targeted for a Q1 2027 spud, subject to funding and completion of the required permitting, contracting and operational preparations. The well has a six-mile tie-in route to the Kuparuk Pipeline, providing an established potential route to market.
At Kad River East, 88 Energy secured access to a newly released 3D seismic dataset covering its 17,794-acre lease position. Interpretation is underway, with a maiden resource estimate targeted for H2 2026.
Project Phoenix, where 88 Energy holds ~75%, remains underpinned by 378 million barrels of oil equivalent Contingent Resources. Farm-in partner Burgundy Xploration continues to progress its funding and proposed US listing, while retaining its obligation to fund 100% of Project Phoenix expenditure under the US$29 million Phase 1 carry.
The target spud date for the Franklin Bluffs-1H horizontal well has been revised to 30 March 2027, subject to Burgundy completing its funding.
In Namibia, 88 Energy retained its 20% working interest in PEL 93 after removing Stage 2 and Stage 3 farm-in obligations, reducing future capital exposure by ~US$15 million. The joint venture has applied for a further two-year exploration period from October 2026, including preparations for at least one exploration well, with Lead 9 identified as a priority drilling candidate.
View from Vox
South Prudhoe is increasingly becoming the centrepiece of 88 Energy's Alaska strategy, with a larger resource base now feeding directly into preparations for Augusta-1. The combination of 3D seismic-led prospect definition, a contracted rig and an established route to market gives the project a clear path towards the next major exploration test, subject to funding. Kad River East and Project Phoenix provide additional drilling and resource catalysts as the company moves through H2 2026.