88 Energy Provides Quarterly Activities Report

Source: www.gulfoilandgas.com 7/27/2021, Location: North America

88 Energy has provided an update for the quarter ended 30 June 2021 related to its operations in the NPR-A region of the North Slope of Alaska.

Highlights

Project Peregrine (100% WI)

- Completion of Merlin-1 drilling program in April 2021.

- Initial petrophysical interpretation of wireline logs indicated several potential pay zones in the Merlin-1 well and side wall cores obtained from the well confirmed presence of oil.

- Following completion of the drilling program, the post well testing program commenced on sidewall cores, cuttings, mud gas and fluid samples from Merlin-1.

- Geochemical analysis of fluid extracts from selected core samples definitively demonstrated presence of hydrocarbons.

- Initial mapping of additional prospective zones encountered in Merlin-1 suggests upside potential.

- Acquisition of residual 50% working interest from APDC in exchange for US$14M in shares plus 1.5% ORRI and bonus milestone payments.

Umiat Oil Field (100% WI)

- Initial studies conducted in conjunction with the Merlin-1 post well testing and analysis have identified additional upside at the Umiat oil field.

Project Icewine (75% WI)

- Early results from nearby Talitha-A well encouraging, with potential for extension into 88E leases.

- 88E internal geoscience team looking to reassess the potential across the acreage.

Yukon Leases (100% WI)

- Discussions continue to advance with nearby lease owners for joint development area.

- Planning for potential future exploration drilling ongoing subject to farm-out and other discussions.

Corporate / Finance

- Ashley Gilbert appointed Managing Director and Sarah Smith appointed Company Secretary.

- Sale of Alaskan Oil and Gas Tax Credits for US$18.7M; proceeds applied towards full repayment of outstanding 88E debt (US$16.1M).

- Cash at 30 June of A$14.8M and zero debt.


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