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88 Energy starts rig mobilisation for Merlin-1 well

Drilling is slated to start in early March and will take up to four weeks

88 Energy Ltd - 88 Energy starts rig mobilisation for Merlin-1 well

88 Energy Ltd (LON:88E) announced the start of rig mobilisation for the Merlin-1 well, in Alaska, where drilling is scheduled to start in the first week of March.

"Commencement of drilling at Merlin-1 is now just around the corner, targeting the extension of the highly successful Nanushuk play,” said Dave Wall, managing director.

“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 company noted that once underway the drill programme is expected to take three to four weeks to complete, including logging.

It is planned that the Merlin well will be flow tests, subject to results.

88 Energy additionally noted that Pantheon Resources’ Talitha-A well, located close to the northern border of 88E’s central acreage position, is due to be flow tested over multiple horizons after encouraging well log results.

Quick facts: 88 Energy Ltd

Price: 0.55 GBX

Market: AIM
Market Cap: £66.89 m

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