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88 Energy Ltd - Australia-based, Alaska-focused oil explorer - Says permitting and planning activities have commenced for the high-impact, multi-zone Augusta1 exploration well in the South Prudhoe Project’s North-West Lease Area. Says permitting will include three potential drilling locations. 88 expects this to ensure ‘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.’ Says Augusta1 is positioned adjacent to existing oil discoveries and producing fields and is designed to test the highquality, stacked Ivishak and Kuparuk reservoirs. Sees the potential to unlock 64 million barrels of oil from Ivishak and Kuparuk, and expects to incorporate additional upside from Brookian into the final well location. 88 says negotiations with rig providers have started, with spudding targeted for the first quarter of 2027, and farm-out discussions are also in progress, ‘with multiple parties currently active in the data room.’ Current stock price: 1.55 pence, up 5.4% in London on Monday 12-month change: down 8.0% Copyright 2026 Alliance News Ltd. All Rights Reserved.
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