StockMarketWire.com - Oil exploration and appraisal company 88 Energy said it had executed a rig contract with Doyon Drilling to use the Arctic Fox rig to drill the Merlin-2 appraisal well at its project Peregrine in the NPR-A region of the North Slope of Alaska.

The Merlin-2 appraisal well was planned for drilling in February 2022 to a permitted Total Depth of 8,000 feet.

Merlin-2 would target 652 million barrels of oil1, 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), which demonstrated the presence of oil in these multiple stacked sequences in the Brookian Nanushuk Formation,' the company said.

'The Merlin-2 well is independently assessed to have a geological chance of success of 56%,' it added.

The company plans to announce the final drilling location and further details of the Merlin-2 appraisal well in the coming months.




Story provided by StockMarketWire.com