88 Energy Receives Bids for South Prudhoe Farm-Out

88 Energy (ASX:88E) reported progress on the farm-out of its South Prudhoe Project on Alaska's North Slope, which must complete, along with financing, before the planned Augusta-1 exploration well can be drilled.

Multiple counterparties have completed detailed technical diligence and a number of bids have been received, with discussions and negotiations ongoing. The company is targeting finalisation of key commercial terms, definitive transaction documentation with a preferred counterparty and any required approvals to complete the proposed farm-out by mid-Q4 2026. More than 80% of vendor services and long-lead items for Augusta-1 have been selected or secured, the well bond has been posted and key permitting activities remain on track for completion during Q4 CY2026. Augusta-1 remains on target for spud in Q1 CY2027 and is targeting 133.7 MMbbls 2U gross unrisked Prospective Resources across stacked Ivishak, Kuparuk and Brookian reservoir intervals, as referenced to the company's 18 May 2026 announcement.

There is no guarantee that binding agreements will be executed or that the transaction will complete, and it remains subject to approvals. The release does not name the bidders or state proposed farm-out terms. Prospective Resources carry both a risk of discovery and a risk of development.