Forte Energy Expands Alaska Leases with Billion-Barrel Harrier Prospect

Major Alaskan Acquisition Bolsters Exploration Portfolio

Forte Energy Limited (ASX:FEL) has cemented its presence in Alaska’s National Petroleum Reserve (NPR-A) with the completion of its acquisition of Peritas LLC, securing a sprawling 143,368 acres across 13 oil and gas leases. This transaction delivers a contiguous, highly prospective acreage position on the North Slope, a proven hydrocarbon province that has attracted global oil majors.

The acquisition notably includes the Harrier Prospect, a geological feature analogous to Santos’ Pikka Field, located some 70 kilometres northeast. Independent assessments peg Harrier’s prospective recoverable resources at over one billion barrels, though these remain contingent on further exploration and development. Forte is advancing technical work to firm up resource estimates and move the prospect closer to drill-readiness, a crucial step in unlocking its potential.

Forte’s strategic move follows its recent status as the highest bidder on two additional NPR-A leases adjacent to its Umiat Oil Field acreage. Covering about 13,220 acres, these leases are interpreted to contain a westerly extension of the Umiat accumulation, alongside a downdip structural prospect exhibiting strong Amplitude versus Offset (AVO) anomalies over an estimated 22 square kilometres. The presence of existing 3D seismic data over these leases offers a significant advantage, allowing the company to accelerate technical evaluations without the burden of costly seismic acquisition.

Cost Savings and Market Validation Through Lease Fee Suspension and Competitive Bidding

The Bureau of Land Management (BLM) has confirmed suspension of the 2026 lease fees for Forte’s NPR-A holdings, effectively waiving approximately US$430,000 in annual costs. This financial reprieve affords Forte the flexibility to focus capital on technical studies and commercialisation strategies without immediate holding cost pressures.

The recent NPR-A lease sale was marked by intense competition, attracting bids totalling US$250 million from industry heavyweights including Repsol/Shell, ConocoPhillips, and ExxonMobil. Forte’s success as the highest bidder on key leases underscores the market’s confidence in the region’s prospectivity and validates the company’s aggressive acreage build-up strategy. This competitive environment highlights the growing interest in domestic energy resources amid evolving geopolitical and market dynamics.

Evaluating Commercialisation Potential of Umiat Oil Field

Alongside exploration efforts, Forte is revisiting the Umiat Oil Field, a historical discovery with prior development studies. The company is reassessing existing data and prior operator work to explore commercialisation pathways leveraging modern technologies and the current favourable oil price environment. This evaluation could pave the way for development opportunities that align with the increasing focus on domestic energy supply in the United States.

Forte’s approach to Umiat complements its exploration ambitions at Harrier and the newly acquired leases, positioning the company to potentially transition from exploration to development over time. The integration of historical data with new technical insights will be critical in determining the viability of Umiat’s commercialisation.

Maintaining Financial Discipline Amid Growth

Forte closed the quarter with a cash balance of approximately A$1.8 million and no debt, reflecting prudent financial management amid its rapid portfolio expansion. The company completed a placement of 13 million shares to directors at $0.008 per share, consistent with its December 2025 capital raise terms, and secured shareholder approval for performance rights and prior securities issues.

Cash outflows remain focused on strategic growth initiatives, with operating cash used conservatively at A$79,000 for the quarter and investing activities primarily directed towards the Peritas acquisition and exploration capitalisation. Forte’s available funding is estimated to cover over 21 quarters at current expenditure levels, providing a solid runway to advance its Alaskan and Australian assets.

Australian Offshore Permit Remains Under Review

While the spotlight is on Alaska, Forte maintains its 100% interest in the WA-424-P exploration permit offshore Western Australia, which includes the Gwydion discovery. The permit tenure has been extended by two years to April 2027, with a further 9-month suspension application submitted to NOPTA. This extension preserves flexibility as Forte seeks farm-in partners or funding to meet its remaining drilling commitments.

Forte’s dual focus on high-impact Alaskan acreage and its Australian offshore permit reflects a diversified exploration strategy, balancing near-term technical evaluations with longer-term opportunities.

Overall, Forte Energy’s recent activities signal a decisive pivot towards establishing a meaningful presence in a globally significant hydrocarbon province, supported by technical progress and financial discipline. The company’s ability to convert prospective resources into commercial assets will be the critical narrative to watch in the coming quarters.

These developments build on Forte’s earlier announcements, including the acquisition of Peritas LLC and its status as highest bidder on key NPR-A leases, which have been detailed in prior reports such as the 143,000 acres acquisition and the highest bidder on NPR-A leases.