88 Energy (ASX: 88E) prepares to launch Merlin-2 oil well in Alaska – The Market Herald

• 88 Energy (88E) prepares to launch the Merlin-2 appraisal well as part of its Peregrine project in Alaska
• With pre-spud operations nearing completion and the rig being mobilized for the appraisal well, spudding is scheduled for next week.
• The well is licensed to a total depth of 8,000 feet and will initially be drilled to 2,000 feet where the surface casing will be installed and the blowout preventer system tested.
• 88 Energy indicates that Merlin-2 is targeting a net average prospective resource of 652 million barrels of oil
• 88E shares up 7.14% to 4.5 cents

88 Energy (88E) is preparing to launch the Merlin-2 appraisal well as part of its Peregrine project in Alaska.

The project is located in the NPR-A region of Alaska’s North Slope and covers approximately 195,000 contiguous acres. The company said it is following the trend of recent discoveries in a new type of play in the most important sands of the Nanushuk formation.

Merlin-2 is being drilled as an extension of 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 gain over the three noted reservoir intervals.

88 Energy said Merlin-2 is targeting a net average prospective resource of 652 million barrels of oil.

With pre-spud operations nearing completion and the rig being mobilized for the appraisal well, spudding was scheduled for next week.

The well is permitted to a total depth of 8,000 feet and will initially be drilled to 2,000 feet where surface casing will be installed and the blowout preventer system tested.

88 Energy said a production test program for the Merlin-2 well has been designed and equipment has been mothballed during initial operations at the wellsite.

88E shares were trading up 7.14% to 4.5 cents at 10:47 a.m. AEDT.