WESTLAWN AMERICAS OFFSHORE ANNOUNCES ENTRY INTO ALASKA WITH FARM-IN TO SOUTH PRUDHOE PROJECT ON THE NORTH SLOPE
Partnering with South Prudhoe operator, Captivate Energy Alaska, a subsidiary of ASX-listed 88 Energy Limited, ahead of the Augusta-1 exploration well planned for the first quarter of 2027
HOUSTON, October 27, 2026 — Westlawn Americas Offshore LLC (“WAO”), a portfolio company of the Westlawn Group (“Westlawn”), is pleased to announce the execution of a binding Participation Agreement and Joint Operating Agreement (together, the “Farm-in Agreement”) with Captivate Energy Alaska, Inc. (“Captivate”), a wholly-owned subsidiary of 88 Energy Limited (ASX: 88E, AIM: 88E, OTC: EEENF) (“88 Energy”), for the South Prudhoe Project (the “Project”) on Alaska’s North Slope (the “Transaction”). The Transaction, which follows an extensive technical and commercial review of the project by WAO, marks WAO’s entry into Alaska and establishes a partnership with an experienced North Slope operator ahead of the Augusta-1 exploration well, which is planned to commence drilling operations in the first quarter of 2027.
The Transaction was completed October 27th, 2026, upon execution of the Farm-in Agreement and payment of WAO’s closing consideration thereunder (“Completion”). Following Completion, Captivate, which retains a 60% working interest in the Project, will continue to serve as operator and WAO, through an affiliate, will hold a 40% non-operated working interest (the “Working Interest”) in the Project.
Assignment of the Working Interest is subject to customary approvals from the State of Alaska, which will be sought post-Completion.
The South Prudhoe Project
The South Prudhoe Project is located on the central North Slope, immediately south of the giant producing Prudhoe Bay and Kuparuk River units, two of North America’s most prolific oil accumulations. The acreage is covered by modern 3D seismic data and is supported by extensive offset well control.
The Project benefits from its strategic location adjacent to existing transportation, processing and export infrastructure, including the Trans Alaska Pipeline System (TAPS). In the event of exploration success, this infrastructure offers the potential for a capital-efficient tie-back development and a shorter pathway to commercialization than is typical of frontier exploration.
Greg Hebertson, Founder, Co-Head, & COO and George Easterly, Co-Head & CFO of WAO said:
“Alaska has long been an attractive region for investment for WAO and is one we’ve had our eye on for some time. Our technical and commercial review reinforced our belief that South Prudhoe represents a high-quality exploration opportunity which provides a solid foundation for our entry into Alaska’s North Slope.
We were particularly impressed by the quality of the underlying asset data, the scale of the prospectivity identified across the project area, the proximity to existing infrastructure, and the depth of technical and operational capability demonstrated by the 88 Energy team. Their experience on the North Slope and disciplined approach to project advancement give us confidence in both the opportunity and the pathway to execution.
While Augusta-1 is an exciting first step in our new partnership with 88 Energy at South Prudhoe, we view this transaction as the foundation for a broader potential strategic relationship with the 88 Energy team as well as for future growth across the North Slope. We look forward to drilling Augusta-1 together and to WAO building a meaningful long-term portfolio in Alaska.”
For more information about the Project and the Augusta-1 exploration well program, please visit www.88energy.com.
Advisors
Norton Rose Fulbright LLP served as legal counsel to WAO in connection with the Transaction.
ABOUT WESTLAWN AMERICAS OFFSHORE
WAO is a Houston-based company, founded in 2022 and backed by Westlawn, focused on the acquisition, development, and exploration of high-quality oil and gas assets across the globe. Since 2023, WAO has completed multiple transactions targeting growth-oriented exploration and development assets across the U.S. Gulf of Mexico, Brazil, Peru and Alaska, and has grown net production to nearly 20,000 barrels of oil equivalent per day. WAO’s leadership and veteran technical team bring significant conventional and deepwater experience, including on Alaska’s North Slope, and a track record of value creation, and the company is committed to combining that technical expertise with significant capital and flexible deal structures to build a premier portfolio in partnership with best-in-class operators.
For more information, please visit www.westlawnamericasoffshore.com.
ABOUT WESTLAWN GROUP
Founded in 2021, Westlawn is a Houston-based private investment firm that deploys long-term capital across the global oil and gas sector. Westlawn invests in operated and non-operated upstream assets, from producing properties through development and exploration opportunities, as well as in technologies that improve production and asset performance.
For more information, please visit www.westlawn.com.
ABOUT 88 ENERGY AND CAPTIVATE ENERGY ALASKA
88 Energy Limited is an oil and gas exploration company listed on the Australian Securities Exchange and London’s AIM market (ASX: 88E, AIM: 88E) and traded on the OTC market in the United States (OTC: EEENF). Through its wholly-owned Alaska operating subsidiaries, including Captivate Energy Alaska, Inc., 88 Energy has operated on the North Slope of Alaska since 2015, drilling multiple exploration wells and acquiring extensive seismic data across a large acreage position. 88 Energy’s portfolio includes operated exploration and appraisal projects on the North Slope and non-operated interests outside Alaska.
For more information, please visit www.88energy.com.
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