88 Energy said detailed technical diligence had been completed by multiple counterparties in its South Prudhoe competitive farm-out process. The company said it had received a number of bids and described the process as progressing as planned.
The company is targeting finalisation of key commercial terms, definitive documentation with a preferred counterparty and required approvals by mid-Q4 2026. It said there is no guarantee binding agreements will be executed or that the transaction will complete.
More than 80% of vendor services and long-lead items for Augusta-1 have been selected or secured, according to 88 Energy. The company said permitting activities remain on track for completion in Q4 2026, while the planned Q1 2027 spud remains conditional on the farm-out and financing.
88 Energy said Augusta-1 is targeting 133.7 million barrels of 2U gross unrisked prospective resources across Ivishak, Kuparuk and Brookian reservoir intervals. The company said its underlying resource assumptions and technical parameters had not materially changed.
Source: Download 88E official ASX announcement, 2026-10-07.
Aerial site photograph from 88 Energy’s South Prudhoe operational update announcement, dated 7 October 2026.