88 Energy confirms that the Permit to Drill (PTD) has been approved by the Bureau of Land Management (BLM) for the Merlin-2 appraisal well, located in Project Peregrine in the NPR-A region of the North Slope of Alaska.

Commissioning of the Arctic Fox rig has been completed, with mobilisation to the Merlin-2 drilling location commencing. Pioneering of the single lane snow road to the Merlin-2 location has also been completed.

The Merlin-2 well is now scheduled to spud in early March 2022 with drilling expected to take approximately 3 - 4 weeks, including wireline logging.

Managing Director, Ashley Gilbert, commented:
“Following a period of review we are pleased to have the PTD in hand, and the mobilisation of the Arctic Fox rig commencing to the drilling location ahead of spud in early March 2022. We look forward with excitement to the drilling of the highly anticipated Merlin-2 appraisal well.”

The Merlin-2 appraisal well is planned for a Total Depth of 8,000 feet, and is targeting 652 million barrels of oil 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.

Project Peregrine

Project Peregrine is located in the NPR-A region of the North Slope of Alaska and encompasses approximately 195,000 contiguous acres. It is situated on trend to recent discoveries in a newly successful play type in topset sands in the Nanushuk formation. 88 Energy has a 100% working interest in the project.

KeyFacts Energy: 88 Energy US Alaska country profile