88 Energy contracts Nordic-Calista rig for Alaska North Slope well

8 Energy contracted Nordic-Calista Services’ Rig-3 to drill the Augusta-1 exploration well on its South Prudhoe acreage on Alaska’s North Slope, targeting the Ivishak and Kuparuk formations.

The well, located within the North-West lease area of the South Prudhoe project, is designed to evaluate multiple stacked conventional reservoirs with a combined 2U gross unrisked prospective resource of 64 million barrels (53.7 million barrels net).

Rig-3 is a purpose-built, fully winterized Arctic drilling unit with prior North Slope operating history. 88 Energy previously used the rig during its 2019 and 2020 North Slope drilling campaigns. The rig contract includes a commitment fee of US$395,000 and a minimum of 30 days at the base operating rate. Spud is targeted for Q1 2027, subject to securing a funding structure; a farmout process is currently underway.