Total
0
Shares
Market Herald logo

Subscribe

Be the first with the news that moves the market
  • 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.

88E by the numbers
More From The Market Herald

" Argosy Minerals (ASX:AGY) progresses Rincon Lithium Project

In a company update, Argosy Minerals (AGY) said it remains on track to achieve first commercial production at the Rincon Lithium Project, located

" State Gas (ASX:GAS) further progresses Central Queensland gas assets

State Gas (GAS) has further progressed its activities at the Reid Dome and Rolleston-West gas projects in Central Queensland.
Global Oil and Gas (ASX:GLV) - Chairman, Chris Zielinski

" Global Oil and Gas (ASX:GLV) completes fieldwork at EP-127

Global Oil and Gas (GLV) has completed an infield hydrogen and helium survey at its wholly-owned EP-127 site.
Senex Energy (ASX:SXY) - Managing Director & CEO, Ian Davies

" Senex Energy (ASX:SXY) extends exclusivity period for POSCO again

POSCO International has been granted an extended period of exclusivity as it contemplates its acquisition of Senex Energy (SXY).