88 Energy Ltd (EEENF)

[Ailan]

“As part of a standard cost review, 88E’s share of the cost of Merlin 1 has been revised to US$4m (increased from US$1.4m). The main contributing factors to the cost increase are delays associated with the Executive Order regarding the issuance of the Permit to Drill; costs associated with shutdown and re-start whilst clarification was attained regarding the Executive Order; delays associated with cold weather and the subsequent knock on to mobilization costs as a result of expediting activities to meet the operational timetable.

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