88 Energy secures Arctic rig for Augusta-1 well, targeting Q1 2027 drilling on Alaska's North Slope

88 Energy Ltd has contracted a winterized Arctic drilling rig, Nordic-Calista Services’ Rig-3, for its Augusta-1 exploration well on Alaska’s North Slope, aiming to start drilling in Q1 2027. The well will test oil and NGL resources in the Ivishak and Kuparuk formations, estimated at 64.4 million barrels gross with a 48% geological chance of success. The company is finalizing well planning and permitting, with drilling contingent on securing funding through an ongoing farmout process. 88 Energy holds a 100% working interest in the project, subject to a 16.7% royalty, and had about A$10 million in cash as of March 2026.