- 88 Energy (88E) prepares to spud the Merlin-2 appraisal well within its Project Peregrine in Alaska
- With pre-spud operations nearing completion and the drilling rig mobilised to the appraisal well, spudding is scheduled for next week
- The well is permitted to a total depth of 8,000 feet and will be initially drilled to 2,000 feet where surface casing will be installed and the blow-out preventer system tested
- 88 Energy says Merlin-2 is targeting a net entitlement mean prospective resource of 652 million barrels of oil
- 88E shares up 7.14 per cent to 4.5 cents
88 Energy (88E) is preparing to spud the Merlin-2 appraisal well within its Project Peregrine in Alaska.
The project is located in the NPR-A region of Alaska’s North Slope of Alaska and encompasses about 195,000 contiguous acres. The company said it lies on trend to recent discoveries in a new play type in topset sands in the Nanushuk formation.
Merlin-2 is being drilled as a follow-up to Merlin-1, which was drilled in April last year.
Post-well evaluation of Merlin-1 demonstrated the presence of light oil in a trio of targets, with 41 feet of net log pay across the three reservoir intervals noted.
88 Energy said Merlin-2 was targeting a net entitlement mean prospective resource of 652 million barrels of oil.
With pre-spud operations nearing completion and the drilling rig mobilised to the appraisal well, spudding was scheduled for next week.
The well is permitted to a total depth of 8,000 feet and will be initially drilled to 2,000 feet where surface casing will be installed and the blow-out preventer system tested.
88 Energy said a production test program for the Merlin-2 well has been designed and equipment placed on standby during initial well site operations.
88E shares were trading 7.14 per cent higher at 4.5 cents at 10:47 am AEDT.