88 Energy Limited Announces Operations Update

Source: www.gulfoilandgas.com 1/31/2021, Location: North America

88 Energy Limited ("88 Energy", 88E) provides the following update related to its operations in the NPR-A region of the North Slope of Alaska.

• Permit to Drill for the Merlin-1 well approved
• Field operations fully underway
• Rig commissioning almost complete, mobilisation expected within days
• Well spud expected in late February / early March 2021

88 Energy is pleased to confirm that its Permit to Drill has been approved for the Merlin-1 well, located in the NPR-A region of the North Slope of Alaska. The permit was deemed complete by the Alaska Bureau of Land Management (“BLM”) on the 28th January and was submitted to the Deputy Assistant Secretary for Land and Minerals Management for approval. That approval was granted on the 29th January (AK time) – ahead of the expected 12th February approval date.

In anticipation of the approval, field operations recommenced last week with commissioning of Rig 111 nearing completion. Rig mobilisation is scheduled to commence later this week. A single lane snow road into the Merlin-1 location is expected to be finished in ~2 weeks. Spud of Merlin-1 is now expected in late February / early March 2021.

We would like to once again thank the Alaska Congressional Office and the BLM for their support of our project as well as the Deputy Assistant Secretary for Land and Minerals Management.

Managing Director, Dave Wall, commented: “After a brief hiatus in activity, it is now back to full operations with ramp up towards the spud of Merlin-1, which is expected in around four weeks.

The support received for our project at the local and Federal level has been extremely satisfying and we are very grateful to all involved in getting things back on track.”

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