88 Energy, through its wholly owned subsidiary Captivate Energy Alaska, has secured select acreage in the North Slope Areawide 2025W Oil and Gas Lease Sale.
The successful bids increase 88 Energy’s operated acreage across two highly prospective areas located to the east and west of Project Leonis in Alaska, aligning with the company’s infrastructure-led, data-driven exploration strategy.
88 Energy has secured 14 new leases covering approximately 34,560 acres, across two focus areas – South Prudhoe and Kad River East.
Seven of the leases are located in South Prudhoe. Spanning around 16,640 acres, they are targeting Ivishak structural closures positioned immediately south of the Prudhoe Bay Unit, reputed to be the largest oilfield in North America.
These leases are located adjacent to the company’s Project Leonis and existing infrastructure.
The remaining seven leases in Kad River East cover 17,920 acres and are located east of the Trans Alaska Pipeline System (TAPS).
These leases are situated in an under-explored area where forthcoming 3D seismic surveys and the integration of historical well logs are expected to yield substantial technical insights and opportunities next year.
88 Energy managing director Ashley Gilbert said: “Securing these strategically located North Slope leases is a clear demonstration of our data-driven, infrastructure-focused strategy in action.
“The new South Prudhoe acreage expands our footprint across proven fairways, positions us beside existing pipelines and facilities and introduces a suite of low-risk Ivishak prospects supported by modern 3D and strong well control.”
88 Energy stated that its preliminary development plan for the South Prudhoe and Leonis area includes low-capex tie-back options to Pump Station 1, as well as the potential for a direct hot tap connection into the Trans Alaska Pipeline System.
Across the complete prospective areas, the Ivishak Formation contains a clean sandstone reservoir with predicted 20% porosity and 50–100-millidarcy permeability backed by offset well and core data.
88 Energy stated that farm-out and planning activities are under way for a multi-zone exploration well, with the Ivishak potential offering “greater” scope for further drilling locations.
Gilbert added: “With 3D seismic licensing planned for early 2026, there is a clear pathway to near-term value catalysts, including a potential multi-zone exploration well targeting the newly defined Ivishak prospectivity.
“Our near-term priority is to convert these high-quality subsurface opportunities into commercial outcomes, while maintaining capital discipline and a sharp eye on monetisation routes via tie-backs to TAPS.
“The Kad River East leases also introduce longer-term upside across an under-explored position to the east of TAPS, further adding to our growth pipeline and regional optionality.”
