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- 88 Energy (88E) is gearing up to recommence drilling activity at the Merlin-1 well in Alaska following an update from the Bureau of Land Management (BLM)
- Earlier this month, the energy stock submitted an application to drill at Merlin-1, however, a 60-day suspension instated by the US Department of the Interior on Monday threw the application’s status into disarray
- Nevertheless, 88 Energy remained optimistic the suspension would have little to no impact on its permit application because of the advanced nature of its operations
- In more good news today, the company has advised it expects to receive permit approval by tomorrow
- If all goes to plan, 88 Energy can recommence field operations on Alaska’s northern slope in the next few days
- Following the update, 88E shares are trading steady at 1 cent
88 Energy (88E) is gearing up to recommence drilling activity at the Merlin-1 well in Alaska following an update from the Bureau of Land Management (BLM).
Earlier this month, the energy stock submitted an application to drill at Merlin-1, expecting to receive the green light within 30 days.
However, a 60-day suspension instated by the US Department of the Interior on Monday threw the application’s status into disarray.
Nevertheless, 88 Energy remained optimistic the suspension would have little to no impact on its permit application because of the advanced nature of its operations. In more good news today, it seems the company was on the money.
Promisingly, BLM has advised it is currently reviewing 88E’s application document and has “indicated that it is now very close to being completed with only minor outstanding items”.
The company has also received confirmation from BLM that the Assistant Secretary for Land and Minerals intends to sign the permit, subject to the process review by the BLM.
This means field operations at Merlin-1 could recommence in the next few days.
“We are fortunate to have strong local support in Alaska and, as a result, will soon be back on track for the drilling of Merlin-1, commencing in late February / early March 2021,” Managing Director Dave Well said.
Following the update, 88E shares are trading steady at 1 cent at 1:23 pm AEDT.
