88 Energy Signs Rig Contract for Merlin-2 Appraisal Well

Source: www.gulfoilandgas.com 10/26/2021, Location: North America

88 Energy has executed a rig contract with Doyon Drilling for the use of the Arctic Fox rig to drill the Merlin-2 appraisal well at its Project Peregrine in the NPR-A region of the North Slope of Alaska.

The Merlin-2 appraisal well is planned for drilling in February 2022 to a permitted Total Depth of 8,000 feet. Merlin-2 is targeting 652 million barrels of oil1,2 in the highly prospective N18, N19 and N20 targets that were encountered in the successful Merlin-1 well (drilled in March 2021 to a depth of 5,267 feet), which demonstrated the presence of oil in these multiple stacked sequences in the Brookian Nanushuk Formation.

88 Energy has identified several appraisal drilling locations to the east of the Merlin-1 well, closer to the shelf break where enhanced reservoir thickness and quality are expected. The Merlin-2 well is independently assessed to have a geological chance of success of 56%. The Company plans to announce the final drilling location and further details of the Merlin-2 appraisal well in the coming months.

88 Energy Managing Director, Ashley Gilbert, commented:

'We are delighted to be working with Doyon for the upcoming drilling of the Merlin-2 appraisal well in early 2022. The Artic Fox is one of the premier rigs on the North Slope and a rig which 88 Energy knows well, having utilised it in previous drilling operations. Permitting and planning is already underway and we look forward to providing additional details in relation to the Merlin-2 appraisal well in the coming months.'

About Project Peregrine

Project Peregrine is located in the NPR-A region of the North Slope of Alaska and encompasses approximately 195,000 contiguous acres. It is situated on trend to recent discoveries in a newly successful play type in topset sands in the Nanushuk formation. 88 Energy has a 100% working interest in the project.

The Merlin-1 well was spudded in March 2021 with drilling operations completed in April 2021. Interpretation of results was completed in August 2021 with post well evaluation successfully demonstrating the presence of oil in N20, N19 and N18 targets, with 41 feet of net log pay across the three reservoir intervals noted and geochemical analysis determining the oil to have an estimated API gravity between mid-30 to low-40 API (light oil).

A second well, the Merlin-2 appraisal well, is planned to be drilled in Q1 2022 as a follow-up well to the Merlin-1 exploration well. Merlin-2 is targeting a net entitlement mean Prospective Resource of 652 million barrels (unrisked).

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