88 Energy has advised that on 19 November 2025 (Alaska time) its wholly owned subsidiary, Captivate Energy Alaska, Inc., was declared the successful bidder for select acreage in the North Slope Areawide 2025W Oil and Gas Lease Sale.
The successful bids expand 88 Energy's operated acreage across two high-potential areas to the east and west of Project Leonis, consistent with the Company's infrastructure-led and data-driven exploration approach (see Figure 1 below).
Highlights
- Fourteen new leases secured covering approximately 34,560 acres across two focus areas:
- South Prudhoe: Seven leases (~16,640 acres) targeting 3D defined Ivishak structural closures immediately south of the Prudhoe Bay Unit, the largest oilfield in North America, leveraging proximity to Project Leonis and existing infrastructure.
- Kad River East: Seven leases (~17,920 acres) east of the Trans Alaska Pipeline System (TAPS), positioned in an under-explored region where upcoming 3D seismic data and historical well logs are expected to provide significant technical insights and opportunities in 2026.
- Early dual-hub development concept for the South Prudhoe and Leonis area considers low-CAPEX tie-back opportunities to Pump Station 1 or direct hot-tap connection into TAPS.
- Ivishak Formation offers high-quality, clean sandstone reservoir across the entire prospective area, with predicted 20% porosity and 50-100 mD permeability supported by offset well and core data.
- Farm-out and planning underway targeting a multi-zone exploration well, with the identified Ivishak potential providing greater scope for additional drilling locations.
88 Energy's Managing Director, Ashley Gilbert, commented on the successful bid
'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.
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 underexplored position to the east of TAPS, further adding to our growth pipeline and regional optionality.'
South Prudhoe and Leonis Area Detail
Strategic Expansion Adjacent to World Class Producers
The seven new South Prudhoe leases covering 16,640 acres positions 88 Energy within one of the most prolific hydrocarbon fairways on the North Slope, immediately south of the Prudhoe Bay Unit (PBU) and Kuparuk River Unit (KRU). The acreage complements Project Leonis, consolidating a strong strategic position across a corridor of proven reservoirs with ready access to existing infrastructure.
Click here for full announcement and technical details
Source: 88 Energy
