88 Energy Limited - Operations Update
88 Energy Limited
88 Energy Limited ("88 Energy" or the "Company", ASX:88E, AIM 88E) provides the following update related to its operations on the
· Rig commissioning complete - mobilisation commenced for Merlin-1 drilling
· Drilling scheduled to commence 1st week of
· Nearby Talitha-A well early results encouraging - potential for extension into 88E leases
88 Energy is pleased to confirm that mobilisation of Rig-111 to the Merlin-1 drilling location has commenced. Spud is now scheduled for the 1st week of
Success would underpin a company making development project for our shareholders, with the proven resource at the recently acquired at Umiat Oil Field adding substantial value."
The Talitha-A well, recently drilled by Pantheon Resources PLC (AIM:PANR) close to the northern border of the 88E central acreage position, is scheduled to be flow tested over multiple horizons after encouraging log results. Several of the prospective horizons in Talitha-A are interpreted to extend into 88E acreage.
Leases owned predominantly by Burgundy Xploration LLC in the eastern portion of Project Icewine area (where no money has been spent) were recently relinquished as part of a rationalisation process.
About Project Peregrine - Imminent Drilling
Project Peregrine is located in the NPR-A region of the
The Merlin-1 well is scheduled for spud in early
Each of the Merlin and Harrier prospects is located on trend to an existing discovery (see next figure), in the same play type (Nanushuk topsets). This has de-risked the prospects considerably and resulted in a relatively high independently estimated geologic chance of success.
Cautionary Statement: The estimated quantities of petroleum that may be potentially recovered by the application of a future development project relate to undiscovered accumulations. These estimates have both an associated risk of discovery and a risk of development. Further exploration, appraisal and evaluation are required to determine the existence of a significant quantity of potentially movable hydrocarbons.
The below graphics can be found in the pdf version of this announcement available from the Company's website;
- Graphic 1: Rig 111 prior to tear down for mobilisation
- Graphic 2: Project Peregrine and Recent Nanushuk Discoveries
- Graphic 3: 1 Talitha-A Location in relation to Icewine leases
- Graphic 4: Merlin-1 - on trend to large Willow oil field
Media and Investor Relations:
88 Energy Ltd
Tel: +61 8 9485 0990
Tel: +44 7976 248471
Tel: + 61 8 9268 2829
Tel: + 44 131 220 6939
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