88 Energy Ltd (EEENF)

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EEENF 88 Energy Confirms Light Oil at Merlin-1
by Andreas Exarheas|Rigzone Staff|Tuesday, August 17, 2021
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88 Energy Limited (ASX, AIM: 88E) has announced that the evaluation of the Merlin-1 well has successfully demonstrated the presence of oil in multiple stacked sequences in the Cretaceous Nanushuk Formation.

An additional new target, the N19 sand that was not previously mapped, also returned a strong hydrocarbon signature following geochemical analysis, the company noted. Wireline analysis and core data correlate to 41 feet of net log pay across the N18, N19 and N20 reservoir intervals, 88 Energy outlined.

In addition, results of the post well formation evaluation, including core and Reservoir Description Tool data, have determined the presence of moveable hydrocarbons, the business noted. Geochemical analysis of the cores determined the presence of a light oil with an estimated API gravity between mid-30 to low-40 API, according to 88 Energy.

“We are thrilled with the results from the Merlin-1 exploration well,” 88 Energy Managing Director Ashley Gilbert said in a company statement.

“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. Whilst we have a lot more work to do, the Merlin-1 well has confirmed an active petroleum system in the Peregrine acreage,” Gilbert added in the statement.

“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 managing director went on to say.

Gilbert highlighted that the company is now advancing planning for an appraisal well following the Merlin-1 well, which is scheduled for the Alaskan winter drilling window in the first quarter of 2022. The company said it has identified appraisal drilling locations to the east of the Merlin-1 well, closer to the shelf break, where enhanced reservoir thickness and quality are expected.

Merlin-1, which is part of 88 Energy’s Project Peregrine, was drilled in March 2021 to a depth of 5,267 feet. Project Peregrine acreage was acquired by the company via an off market takeover of XCD Energy Ltd in August 2020. The project area encompasses 195,973 acres of which a number of untested topset play opportunities exist, 88 Energy notes on its website.

88 Energy has four projects in the North Slope of Alaska with a combined acreage of around 440,000 net acres. These comprise Project Peregrine, Project Icewine, Project Yukon and the Umiat Oil Field, according to its website. The company notes on its site that its goal is to build a successful exploration and production company that delivers material benefits to its shareholders and contributes to the development of the regions in which it works.


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