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  • 88 Energy (88E) is investigating evidence of downhole samples from its Alaskan operations which have yielded indicators of a potential oil discovery
  • The samples are from the explorer’s 50 per cent owned Project Peregrine in the North Slope of Alaska, which 88E affirms have given way to indicators of the “likely presence of oil”
  • Further investigations are required to validate the actual percentage of hydrocarbon in the samples, which is estimated to represent about 70 per cent of the sample and potentially indicative of a discovery
  • Final percentages from these samples and further fluorescence testing are expecting in the coming weeks
  • 88 Energy shares are up 6.25 per cent following the announcement, trading at 2.6 cents

88 Energy (88E) is investigating evidence of downhole samples from its Alaskan operations which have yielded indicators of a potential oil discovery.

The samples are from the Merlin-1 well within the explorer’s 50 per cent owned Project Peregrine in the NPR-A region of the North Slope of Alaska, where previous observations gave way to indicators of “the likely presence of oil”.

According to 88E, further investigations are required to validate the actual percentage of hydrocarbon in the samples, which is estimated to represent about 70 per cent of the sample and potentially indicative of a discovery.

While the explorer maintains these horizons could contain mostly water, it affirms the presence of oil is highly encouraging, with final percentages expected in the coming weeks.

In the interim, additional fluorescence is being undertaken to determine the presence of oil, with several horizons said to have shown evidence of oil set to be the focus of further work.

The net share of well costs for Merlin-1 is estimated at US$9 million (A$11.6 million) which 88E said it plans to by issuing 345,000,000 new shares at $0.025 to the vendors, with the balance due to be settled in cash.

88 Energy shares are up 6.25 per cent following the announcement, trading at
2.6 cents at 12:58 pm AEST.

88E by the numbers
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