88 Energy Provides Merlin-2 Operations Update

Source: www.gulfoilandgas.com 1/17/2022, Location: North America

Highlights
Merlin-2 Permit to Drill in the final stages of review by the Bureau of Land Management (BLM)
Snow road construction commenced ahead of Merlin-2 drilling
Commissioning of the Arctic Fox rig commenced
Spud of Merlin-2 remains on track for February 2022

88 Energy Limited is pleased to provide the following update in relation to the Merlin-2 appraisal well activities, located in Project Peregrine in the NPR-A region of the North Slope of Alaska.

Commissioning of the Arctic Fox rig has commenced ahead of mobilisation to the Merlin-2 drilling location. Construction of the single lane snow road to the Merlin-2 location has also commenced, with good conditions noted in field and construction of the snow road on schedule.

Permitting and planning for the Merlin2 well is now largely complete, with the well on track to spud in February 2022. The Merlin-2 Permit to Drill is in the final stages of review by the BLM and is on schedule to be issued ahead of rig mobilisation.

88 Energy notes that it is aware of media reports of correspondence to the BLM from the Center for Biological Diversity (CBD) with respect to the Permit to Drill for the Merlin-2 well. The CBD is a not-for-profit environmental activist group in the U.S..

With the current status of the review of the Permit to Drill by the BLM, as well as numerous other related approvals and permits from various government agencies, 88 Energy is nearing completion of permitting and the well remains on track to spud in February 2022.

The Merlin-2 appraisal well is planned for a Total Depth of 8,000 feet, and is targeting 652 million barrels of oil1,2 in the highly prospective N18, N19 and N20 targets that were encountered in the successful Merlin-1 well (drilled in March 2021 to a depth of 5,267 feet). Merlin-1 demonstrated the presence of oil in these multiple stacked sequences within the Brookian Nanushuk Formation.


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