88 Energy (88E) has raised about £2.6 million through an oversubscribed share placing, with proceeds set to accelerate pre-drilling activity at its Augusta-1 exploration well in Alaska.
The company placed shares at A$0.029 each, securing strong backing from both existing and new domestic and offshore investors. The raise reflects continued support for 88 Energy’s sharpened Alaska-focused exploration strategy and expanded North Slope acreage position.
Funds will be used to advance permitting, well planning and other pre-drilling work ahead of the Augusta-1 well, which is currently scheduled to spud in the first quarter of 2027. In addition, proceeds will support securing long-lead items and progressing drill rig contracting, with negotiations targeting completion in the second quarter of 2026.
Augusta-1 is targeting stacked Ivishak and Kuparuk reservoirs, with a combined estimated prospective resource of 64 million barrels (2U, gross, unrisked). Furthermore, additional upside from shallower Brookian targets is being assessed as part of final well location selection.
The Augusta-1 prospect sits within the North-West Lease Area of the South Prudhoe Project and is located near existing discoveries and producing fields, supporting a potential faster route to development in the event of success.
In parallel, 88 Energy is progressing a farm-out process for the South Prudhoe Project, with multiple parties currently evaluating potential participation in the Augusta-1 well. Final well location selection is expected by mid-2026.
88 Energy’s Managing Director Ashley Gilbert said: “This strongly supported Placement, including participation from a number of new domestic and offshore investors, represents a clear endorsement of our sharpened Alaska-focused strategy and the exciting potential of our expanded North Slope portfolio. We have an exciting drilling prospect at the Augusta-1 well, with multi-zone exploration potential backed by a wealth of data and the added advantage of proximity to established infrastructure and producing fields. This provides the Company with a very exciting opportunity to unlock real and significant value, as any new-discovery success has a clear and accelerated pathway to development.
“Proceeds raised place us in a strong position to accelerate key pre-drilling activities, advance permitting and well planning, and progress farm-out discussions from a position of financial strength.”
View from Vox
This placing provides 88 Energy with near-term funding to progress a clearly defined drilling catalyst in Augusta-1. The oversubscribed demand signals continued investor appetite for its Alaska strategy, particularly given the scale of the targeted resource and proximity to infrastructure. Going forward, delivery on permitting, farm-out progress and drilling timelines will be key to unlocking value.