88 Energy provide the following update related to its projects on the North Slope of Alaska.

Highlights

• Rig contract executed for drilling at Project Peregrine
• Permitting and planning remain on track for scheduled spud in February 2021
• Farm-out closed 4th December 2020

88 Energy has executed a rig contract with All American Oilfield, LLC for the use of Rig 111 to drill the Merlin-1 and Harrier-1 wells at its Project Peregrine in the NPR-A region of the North Slope of Alaska. Both wells are planned for drilling to a Total Depth of ~6,000’ in order to intersect the prospective Nanushuk topset horizons that are located on trend to existing discoveries to the north of the project area.

Permitting and planning remains on schedule for the spud of Merlin-1 in mid to late February 2021.

Project Icewine Lease Rationalisation

As part of the annual review of leases, the Icewine joint venture has determined that several leases at Project Icewine are no longer considered prospective and, consequently, a decision has been made to not renew these leases. These leases represent approximately 25% of the gross lease position, resulting in a 231,000 net acreage position for 88E in the Central North Slope. This will reduce the ongoing rental costs at the project as focus shifts to the farm-out effort in the vicinity of the recently drilled Charlie-1 well. In a new development, Pantheon Resources announced that its Talitha-A well, located close to the northern border of the 88E central acreage position, is scheduled to spud in January ’21. Several of the prospective horizons in Talitha-A are interpreted to extend into 88E acreage.

Managing Director of 88 Energy, Dave Wall, stated: 
"The farmout was finalised late last week and now the rig contract is executed. Drilling at Project Peregrine is moving ahead as planned and we are only 3 months away from spud on what will be a potentially company making prospect for our shareholders.”

KeyFacts Energy: 88 Energy US Alaska country profile