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88 Energy raises A$5M to fund Alaska drilling and North Slope projects

Company Fundamentals
27 Mar 2026
Proactive Investors
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Bullish
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88 Energy Ltd has raised A$5 million through an oversubscribed share placement to fund pre-drilling activities for its Augusta-1 well in Alaska and support related North Slope commitments. The funds will be used for planning, permitting, securing a rig, lease bids, and seismic data work. The Augusta-1 well, targeting Ivishak and Kuparuk reservoirs, is scheduled to spud in early 2027, with a prospective resource estimate of 64.4 million barrels. The company is also advancing farm-out talks to bring in partners for the South Prudhoe project.

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