88 Energy wins North Slope leases, advances Project Leonis
88 Energy reported that its Alaska subsidiary Captivate Energy Alaska was declared a successful bidder in the state areawide lease sale, securing 14 leases totaling roughly 34,560 acres on the North Slope. The acreage sits near Prudhoe Bay and east of the Trans Alaska Pipeline corridor, a placement that could lower development costs by enabling tie backs to existing infrastructure and accelerate local economic activity.
88 Energy said on November 19, 2025 Alaska time that Captivate Energy Alaska, Inc. had been declared a successful bidder on select acreage in the state areawide lease sale. The award comprised 14 new leases totaling roughly 34,560 acres across two focus areas, described by the company as South Prudhoe, proximate to the Prudhoe Bay Unit, and Kad River East, east of the Trans Alaska Pipeline corridor. The filing was published on November 20, 2025.
Company materials identified the Ivishak formation as the primary target, citing structural closures that sit close to established facilities. 88 Energy outlined an infrastructure led strategy intended to seek low CAPEX tie backs to existing processing and transportation systems. The company also said 3D seismic licensing and further appraisal activities were planned for 2026, and that the newly acquired acreage complements its Project Leonis footprint.
For North Slope Borough residents the award matters for several reasons. Proximity to the Prudhoe Bay Unit and the Trans Alaska Pipeline corridor reduces the distance to existing infrastructure, which can translate into lower capital requirements and shorter project schedules compared with greenfield developments. That can lead to earlier stages of activity such as seismic surveys and appraisal drilling, which typically bring temporary employment and contracting opportunities for local firms during the exploration phase. Longer term outcomes will depend on appraisal results, permitting timelines, and commercial decisions about development and production.
From a market perspective, an infrastructure led approach is consistent with industry trends that favor redevelopment of near field targets because they require less upfront spending per barrel. Targeting Ivishak formation closures taps a proven reservoir interval on the North Slope, increasing the geological chance of success relative to more frontier plays. The planned 3D seismic work in 2026 will be a key near term milestone to refine subsurface models and inform any eventual development plan.
Next steps will include licensing for seismic acquisition, data processing, and appraisal activities through 2026. For local leaders the sale provides a signal of continued investor interest in North Slope prospects that sit close to existing assets, and underscores the importance of aligning permitting, workforce readiness, and infrastructure planning to capture potential economic benefits.
