88 Energy Ltd (AIM:88E, ASX:88E, OTCQB:EEENF, FRA:POQ) rose 9% to 1.2p after it told investors that it has received a number of bids for a farm-out of its South Prudhoe Project in Alaska, putting the company on course to select a preferred partner ahead of the planned Augusta-1 exploration well.
Commercial negotiations are underway after multiple counterparties completed detailed technical diligence.
88 Energy is targeting mid-fourth quarter 2026 to finalise key commercial terms, definitive transaction documents and required approvals for the proposed farm-out.
Preparations for Augusta-1 are progressing in parallel, with more than 80% of vendor services and long-lead items selected or secured and the well bond posted. Key permitting activities remain on track for completion during the fourth quarter.
The well remains scheduled to spud in the first quarter of 2027, subject to the farm-out and financing, targeting 133.7 million barrels of 2U gross unrisked prospective resources across the Ivishak, Kuparuk and Brookian intervals.
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