Latest North Slope Alaska News

88 Energy is gearing up to drill its Augusta-1 exploration well in Alaska’s North Slope, targeting a stacked oil resource estimated at 133.7 million barrels gross unrisked. The company has secured key operational assets and is progressing farm-out talks to share drilling risks ahead of the planned Q1 2027 spud.

88 Energy has amended its Participation Agreement with Burgundy Xploration, extending funding milestones to align with Burgundy’s US IPO process while securing US$400,000 in near-term payments and enhanced lease security. The Franklin Bluffs-1H well spud is now expected in Q1 2027, slightly delayed but underpinned by strong capital commitment.