- 88 Energy (88E) gets the green light to drill its Merlin-2 appraisal well
- The Bureau of Land Management approved the company’s permit to drill the Merlin-2 appraisal well, located within Project Peregrine in Alaska
- Commissioning of the Arctic Fox rig has now been completed, with mobilisation to the Merlin-2 drilling location set to begin
- 88 Energy says the Merlin-2 well is now scheduled to spud in early March 2022, with drilling expected to take up to four weeks, targeting 652 million barrels of oil
- 88 Energy last traded at 5 cents on February 9
88 Energy (88E) has been given the green light to drill its Merlin-2 appraisal well.
The Bureau of Land Management approved 88 Energy’s permit to drill for the Merlin-2 appraisal well located in Project Peregrine in Alaska.
Commissioning of the Arctic Fox rig has now been completed, with mobilisation to the Merlin-2 drilling location set to begin. 88 Energy noted pioneering of the single lane snow road to the Merlin-2 location has also been completed.
88 Energy said the Merlin-2 well is now scheduled to spud in early March 2022, with drilling expected to take up to four weeks, including wireline logging.
“Following a period of review we are pleased to have the permit to drill in hand, and the mobilisation of the Arctic Fox rig commencing to the drilling location ahead of spud in early March 2022,” said Managing Director, Ashley Gilbert.
“We look forward with excitement to the drilling of the highly anticipated Merlin-2 appraisal well.”
The Merlin-2 appraisal well is planned for a total depth of 8,000 feet, targeting 652 million barrels of oil.
The company is in a trading halt pending an announcement in relation to a capital raise.
88 Energy last traded at 5 cents on February 9.