- 88 Energy (88E) confirms the presence of light oil in the Merlin-1 well within Project Peregrine in Alaska
- Merlin-1 has shown the presence of oil in multiple stacked sequences in the N20 and N18 targets
- Managing Director Ashley Gilbert has labelled the results as the best well 88 has drilled on in the North Slope of Alaska
- The company is now advancing its planning for an appraisal well, which is scheduled in the Alaskan winter drilling window
- 88 Energy is trading 18.2 per cent up at 4.4 cents per share at 10:26 am AEST
88 Energy (88E) has confirmed the presence of light oil in the Merlin-1 well within Project Peregrine in Alaska.
Merlin-1 has shown the presence of oil in multiple stacked sequences in the N20 and N18 targets.
Wireless analysis and core data correlate to 41 feet of net log pay across three reservoir intervals. Geochemical analysis determined oil with an estimated API gravity between mid-30 and low 40s.
Managing Director Ashley Gilbert is “thrilled with the results.”
“This is the best well we’ve drilled on the North Slope of Alaska to date, with light oil detected in the Nanushuk across three separate horizons,” Mr Gilbert said.
“Whilst we have a lot more work to do, the Merlin-1 well has confirmed an active petroleum system in the Peregrine acreage. Results of this significance, together with the magnitude of the opportunity, merit a pace of evaluation that facilitates further drilling and seismic in upcoming winter seasons.”
The company is now advancing its planning for an appraisal well, which is scheduled in the Alaskan winter drilling window in the first quarter of 2022 .
88 Energy was trading 18.2 per cent up at 4.4 cents per share at 10:26 am AEST.