88 Energy Limited (88 Energy or the Company) is pleased to announce
the results of its internal Prospective Resource assessment across its consolidated South Prudhoe acreage
on Alaska锟絪 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. This acreage incorporates newly secured leases together with the former Project Leonis area,
consolidating a highly strategic corridor of stacked reservoirs with direct access to existing infrastructure.
Highlights
锟� The update confirms material multi-million-barrel potential across multiple mapped prospects within five
independent reservoir intervals, including maiden estimates for the Ivishak and Kuparuk reservoirs.
锟� All prospects are covered by modern 3D seismic data.
锟� The combined internal Prospective Resource estimate Gross (2U) Best Estimate of 507 million
barrels (MMbbls) of oil and natural gas liquids (NGLs) (422 MMbbls net)1,2.
锟� Additional Brookian Resource upside expected to be defined within the North-West Hub, with
multiple targets identified on the newly purchased Schrader Bluff 3D seismic data.
锟� Farm-out discussions and well planning underway targeting the multi-zone Augusta Prospect,
which is adjacent to the Hemi Springs State-1 discovery well.
锟� Resources estimated for the N-W and S-E hubs support satellite development potential through
existing third-party infrastructure.
Managing Director, Ashley Gilbert, commented:
锟絋his updated internal Prospective Resource assessment highlights the significant scale and
quality of our South Prudhoe acreage position, with material multi-million-barrel potential now
defined across seventeen mapped prospects and five independent reservoir intervals. We can now
clearly see a multi-zone, multi-million-barrel opportunity with additional potential growth to come.
The Ivishak and Kuparuk prospects are positioned immediately adjacent to two of North America锟絪
largest oil fields which have been producing since 1977. This creates low-risk potential for a fasttrack and low-cost development upon success through existing, third-party infrastructure.
Importantly, we see further upside ahead. The refined Brookian Formation update, incorporating
the Canning and Schrader Bluff reservoirs, is just the beginning with additional upside in our NorthWest Hub area expected from within the West Sak and Price Creek reservoirs.
Our focus is now firmly on upgrading these current resource estimates while at the same time
advancing farm-out discussions and well planning to unlock the full value of this exciting asset.锟�
South Prudhoe Overview
Unlocking Low-Risk Barrels in a World-Class Petroleum System
88 Energy锟絪 South Prudhoe acreage lies immediately south of the giant Prudhoe Bay and Kuparuk
River Units, representing two of North America锟絪 largest and most productive oil fields. This
strategic position directly overlies a proven petroleum system anchored by the Ivishak and Kuparuk
reservoirs, with additional upside expected to be delineated within the Brookian sequence.
Mapping of historical Storms and Schrader Bluff 3D seismic data, integrated with petrophysical
analysis and offset well data, has confirmed multiple fault-block closures. Oil shows, flow tests and
production in offset wells such as Hemi Springs State-1 and PBU P-27 demonstrate commercial
reservoir properties and strong charge potential.
This combination of proven deep conventional reservoirs and shallower plays provides stackedpay potential with near-term drilling objectives and long-term growth upside.
Ivishak Formation
Maiden Prospective Resource Declared
The Ivishak Formation is one of the world锟絪 most prolific conventional reservoirs, having produced
more than 13 billion barrels of oil from the Prudhoe Bay Unit (PBU) (Source: DNR and AOGCC).
At South Prudhoe, multiple independent, well-defined Ivishak prospects (see Figure 2 and refer to
Table 1) have been delineated using modern 3D seismic interpretation, supported by petrophysical
analysis and oil shows in key regional wells.
Collectively, these prospects contain an Estimated Best (2U) Gross Prospective Resource of
approximately 77.2 MMbbls1,2,3
of oil and NGLs (unrisked). Reservoir quality is consistent with
producing Ivishak analogues, characterised by clean sandstones with average porosity of ~20%
and permeability typically in the range of 50锟�100 millidarcies.
Hydrocarbon presence and deliverability are further validated by offset well control. Hemi Springs
State-1 and Hurl St 5-10-13 successfully recovered oil from the Ivishak, while the adjacent PBU P27 production well, located immediately adjacent to South Prudhoe锟絪 Eaglecrest Prospect, has
produced more than 4.1 MMbbls to date (Source: DNR Alaska and AOGCC), confirming long-term
productivity from the reservoir.
Kuparuk Formation
Maiden Prospective Resource Declared
The Kuparuk Formation is one of Alaska锟絪 most significant conventional oil reservoirs, forming the
backbone of the Kuparuk River Unit, which has produced over 2.5 billion barrels of oil (Source:
DNR Alaska and AOGCC). At South Prudhoe, three (3) independent Kuparuk prospects have been
mapped on 3D seismic and are supported by oil shows and flow tests in offset wells including Hemi
Springs State-1 and KRU 1M-17. These prospects represent a combined Estimated Best (2U)
Gross Prospective Resource of 49.9 MMbbls1,2,3,4,oil and NGL锟絪 (unrisked) offering stacked
pay potential alongside Ivishak and Brookian intervals.
Primary Kuparuk Prospects: The Kuparuk reservoir at the Augusta Prospect is a robust, low-risk
appraisal target supported by strong nearby well performance, proven high-quality reservoir sands,
and clear evidence of reservoir continuity between offset producers.
The Augusta North prospect was intersected by the Hemi Springs State-1 well, drilled in 1984 by
Arco Alaska, Inc. The Company is assessing the opportunity to reclassify the Augusta North
prospective resources as a discovered Contingent Resource, supported by the successful flow test
of Hemi Springs State-1 well. Importantly, the Hemi Springs State-1 discovery has been formally
recognised by the State of Alaska as capable of producing in paying quantities, providing regulatory
confirmation of the commercial hydrocarbon potential within both the Augusta and Augusta North
areas.
Brookian Formation (Schrader Bluff Reservoirs)
88 Energy has completed a comprehensive review of the Brookian sequence within its South
Prudhoe acreage, resulting in a significant refinement of prospective resource estimates previously
published in ASX releases dated 4 June 2024 and 30 January 2025. The updated interpretation,
leveraging the reassessment of the Storms 3D seismic and advanced structural mapping, has
consolidated the Brookian potential into six (6) structurally defined prospects, primarily within the
South-East Hub. The former Canning interval is now classified as Lower Schrader Bluff, alongside
Upper and Mid Schrader Bluff targets.
Collectively, these prospects carry an Estimated Best (2U) Gross Prospective Resource of
439.0 MMbbls1,2,3,4 of oil (unrisked), adding to the primary exploration opportunity. While Ivishak
and Kuparuk remain the near-term focus, the Brookian sequence provides material secondary
upside and reinforces the long-term growth potential of the South Prudhoe acreage position.
The South-East Hub now hosts the majority of the clearly defined Brookian prospects however,
upside remains in the North-West Hub, where significant potential is yet to be fully delineated within
the West Sak and Price Creek reservoirs. This ongoing work underscores the multi-zone nature of
South Prudhoe and positions Brookian targets as valuable secondary opportunities complementing
the near-term focus on Ivishak and Kuparuk.
South Prudhoe Advancement Schedule
Workstreams Set to Further Build Value
88 Energy锟絪 near-term focus is on progressing the planning for drilling of the Augusta-1 Prospect.
Targeting a spud in Q1 2027, Augusta-1 is a priority multi-zone exploration and appraisal
opportunity, providing the most direct pathway to establishing a discovered resource base capable
of underpinning a future satellite development.
Key next steps include:
锟� Fast-track remaining resource estimation: Having only recently purchasing the Schrader
Bluff 3D, the Company focused on the deeper Ivishak and Kuparuk reservoirs. However, 88
Energy has identified further potential prospects in the Brookian formation within the Northwest hub and will prioritise fully-defining the remaining prospectivity and resource estimation
in Q2 2026. In addition, the Company will investigate resources within the North-West Hub
which are associated with the Hemi Springs State-1 discovery well and determine whether
reclassification to Contingent Resources is appropriate. This will provide the foundation for
definition of a formal development concept and economic assessment.
锟� Augusta Prospect well planning and appraisal focus: Progress detailed well design and
planning for a multi-zone exploration and appraisal well at the priority Augusta Prospect,
targeting stacked Ivishak, Kuparuk, and Brookian reservoirs.
锟� Integrated economic and development screening: Undertake early-stage development
concept studies to assess potential tie-back options, capital intensity, and commercial
thresholds, leveraging proximity to existing infrastructure and proven producing systems
across both South Prudhoe areas.
锟� Farm-out and strategic partnering: Continue to progress farm-out discussions with the
objective of securing funding support for drilling and appraisal activity while retaining
meaningful exposure to upside across a potentially material development opportunity.
锟� Portfolio-wide opportunity ranking: Continue to apply a disciplined screening process
across all mapped prospects to prioritise follow-up opportunities based on size, risk profile,
development optionality, and alignment with near-infrastructure monetisation pathways.
Estimation Methodology - Prospective Resources Estimate
88 Energy estimated Prospective Resources using a probabilistic Monte Carlo simulation approach.
Gross Rock Volumes (GRV) for each prospect were derived from detailed structural and stratigraphic
mapping of the available 3D seismic data and associated geophysical attributes.
Key reservoir parameters锟絠ncluding porosity (?), hydrocarbon saturation (HS), net-to-gross ratio
(NTG), recovery factor (RF), and oil formation volume factor (Bo)锟絯ere defined based on
comprehensive petrophysical evaluation of nearby offset well logs (porosity and NTG) and analysis of
production data and performance from geologically analogous fields (HS, RF, and Bo).
Each input parameter was represented by an appropriate statistical distribution to reflect the inherent
uncertainty associated with subsurface reservoir characterisation. The Prospective Resources
estimates are reported on a gross basis and have not been risked for geological chance of success,
phase risk, or chance of development. A qualitative assessment indicates a probable development
outcome following geological success, supported by the project锟絪 proximity to existing infrastructure.
All Prospective Resource estimates included in this announcement adhere to the definitions and
guidelines set forth in the Petroleum Resources Management System (PRMS) as revised in June 2018
by the Society of Petroleum Engineers. The PRMS cautions that 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.
The evaluation date for the Prospective Resources stated within this document is 19 February 2026.
Further details are available in the disclaimers attached as Schedule 1 of this ASX release.
This announcement has been authorised by the Board.