REG - 88 Energy Limited - Augusta-1 Exploration Well Planning Underway

88 EnergyAnnouncement

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RNS Number : 5944Y  88 Energy Limited  30 March 2026

This announcement contains inside information

 

30 March 2026

 

88 Energy Limited

AUGUSTA-1 EXPLORATION WELL

PLANNING AND PERMITTING UNDERWAY

SOUTH PRUDHOE, NORTH SLOPE ALASKA

88 Energy Limited (ASX: 88E, AIM: 88E, OTC: EEENF) (88 Energy or the Company)
is pleased to provide an update on its recently consolidated South Prudhoe
acreage position on Alaska's North Slope (100% working interest, 16.7%
royalty). The South Prudhoe lease position covers approximately 52,269 acres
within one of the most prolific hydrocarbon fairways on the North Slope,
immediately south of the Prudhoe Bay Unit and Kuparuk River Unit.

Permitting and planning activities have commenced for the high-impact,
multi-zone Augusta‑1 exploration well, located within the North-West Lease
Area of the South Prudhoe Project. Permitting will include three potential
drilling locations: ensuring maximum optionality for potential farmout
partners, appraisal drilling in the event of discovery success, and
optimisation of the well location to incorporate the shallow Brookian
potential currently under assessment.

Highlights

·   Data-driven approach identifies multiple prospects, including the
high-confidence Augusta-1 prospect, within six months of the November 2025
lease award.

·   Augusta-1 is positioned adjacent to existing oil discoveries and
producing fields and is designed to test the high‑quality, stacked Ivishak
and Kuparuk reservoirs.

·   Potential to unlock 64MMbbls (2U, gross unrisked) from the Ivishak and
Kuparuk reservoirs alone 1   2  (refer to Table 1).

·   Additional Brookian upside, under review, is expected to be
incorporated into the final well location.

·   Three drilling locations to be permitted, ensuring maximum technical
and commercial flexibility.

·   Negotiations with rig providers have commenced ahead of a targeted spud
in Q1 CY2027 3 .

·   Farm-out discussions underway, with multiple parties currently active
in the data room.

Table 1: South Prudhoe Prospective Resource estimate, Augusta-1 Prospect

 South Prudhoe         Hub  Reservoir(2)  Unrisked Prospective Oil and NGLs Resources (MMbbls)(1,2)
 Probabilistic Method                     Low (1U)      Best (2U)     High (3U)     MEAN          GCOS(3)
 Augusta               N-W  Iv, Kup       45.2          64.4          91.3          66.7          48%

 

 

Augusta-1 Exploration Well

88 Energy's Augusta Prospect represents a high‑impact, multi‑zone
opportunity within the North‑West Lease Area of the South Prudhoe Project.
The planned Augusta-1 exploration well is set to be drilled adjacent to
existing oil discoveries and producing fields and is designed to test the
high‑quality stacked Ivishak and Kuparuk reservoirs. These target reservoirs
have been estimated to host a combined 2U gross unrisked Prospective Resource
of 64 MMbbls(1,2).

Augusta is the highest-priority target within the Company's portfolio because
it represents a material, relatively low-risk and near-term value creation
opportunity. Location selection and well planning are supported by
well-defined structural traps and seismic amplitude anomalies consistent with
proven nearby reservoirs.

Permitting and planning activities are underway, with the three potential
drilling locations offering clear access pathways. This provides flexibility
for farm-out structuring, potential future appraisal drilling following
success and optimisation to incorporate shallower Brookian targets currently
under evaluation. Final well location selection for Augusta-1 is expected by
mid-2026.

Advanced discussions are underway with drill rig providers, with the Company
expecting to secure a drill rig contract in Q2 2026, ahead of the planned
winter drilling window in Q1 CY2027.

Drilling the Augusta-1 well remains subject to securing funding, including
completion of the current farm-out process, which is targeted for Q3 CY2026.
Multiple parties are currently evaluating the opportunity following launch of
the process in late-February 2026.

 

South Prudhoe Advancement Schedule

Ongoing workstreams and key next steps include:

·   Brookian upside assessment: Recently acquired Schrader Bluff 3D seismic
data will support full evaluation and resource definition of further
prospectivity within the Brookian sequence.

·   Secure key long lead items and execute rig contract to ensure project
schedule remains intact ahead of the planned Q1 2027 spud.

·   Advanced Augusta-1 planning: Continued detailed well design,
engineering and operational planning.

·   Farm-out and strategic partnering: Targeting funding support for
drilling and appraisal activities while retaining meaningful exposure to a
potentially material development opportunity.

 

This announcement has been authorised by the Board.

 

Media and Investor Relations:

 

 88 Energy Ltd

 Ashley Gilbert, Managing Director

 Tel: +61 (0)8 9485 0990

 Email: investor-relations@88energy.com

 Fivemark Partners, Investor and Media Relations
 Michael Vaughan                                                                Tel: +61 (0)422 602 720

 Euroz Hartleys Ltd
 Chelsey Kidner                                                                 Tel: +61 (0)8 9268 2829

 Cavendish Capital Markets Limited
 Derrick Lee / Pearl Kellie                                                     Tel: +44 (0)131 220 6939

 Hannam & Partners

 Leif Powis / Neil                                                              Tel: +44 (0) 207 907 8500
 Passmore

 

Pursuant to the requirements of the ASX Listing Rules Chapter 5 and the AIM
Rules for Companies, the technical information and resource reporting
contained in this announcement was prepared by, or under the supervision of,
Dr Stephen Staley, who is a Non-Executive Director of the Company. Dr Staley
has more than 40 years' experience in the petroleum industry, is a Fellow of
the Geological Society of London, and a qualified Geologist / Geophysicist who
has sufficient experience that is relevant to the style and nature of the oil
prospects under consideration and to the activities discussed in this
document. Dr Staley has reviewed the information and supporting documentation
referred to in this announcement and considers the prospective resource
estimates to be fairly represented and consents to its release in the form and
context in which it appears. His academic qualifications and industry
memberships appear on the Company's website, and both comply with the criteria
for "Competence" under clause 3.1 of the Valmin Code 2015. Terminology and
standards adopted by the Society of Petroleum Engineers "Petroleum Resources
Management System" have been applied in producing this document.

 1  Cautionary Statement: Prospective Resources are estimated quantities of
petroleum that may be potentially recovered by the application of a future
development project and relate to undiscovered accumulations. These estimates
have both an associated risk of discovery and a risk of development. Further
exploration, appraisal and evaluation are required to determine the existence
of a significant quantity of potentially recoverable hydrocarbons.

 2  Refer to ASX Announcement dated 19 February 2026. Iv = Ivishak, Kup =
Kuparuk. GCOS = Geological Chance of Success. N-W = North-West Hub.

 3  Target spud is indicative and subject to change. The Company reserves the
right to alter this timetable at any time.

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