09:52 Thu 21 Jan 2021
88 Energy Limited - Operations Update
This announcement contains inside information
88 Energy Limited
Operations Update
88 Energy Limited ("88 Energy" or the "Company", ASX:88E, AIM 88E) is pleased to provide the following update related to its operations on the
Highlights
· Mobilisation of snow road construction equipment to the Merlin-1 drill site has commenced
· Spud of Merlin-1 remains on schedule for mid-late
o Targeting independently assessed gross mean prospective resource of 645 million barrels*
· Lease AA095899 in the recent
Peregrine Drilling Imminent - Mobilisation Underway
Permitting and planning associated with the drilling of Merlin-1 at 88 Energy's Peregrine Project, located in the NPR-A region of the
Mobilisation of snow road construction equipment to the Merlin-1 location has commenced. To date 34 miles of a total ~90 miles of the snow road to Merlin-1 have been constructed.
88 Energy is carried for the first
*Please refer to the XCD Energy ASX release dated
Cautionary Statement: The estimated quantities of petroleum that may be potentially recovered by the application of a future development project relate to undiscovered accumulations. These estimates have both an associated risk of discovery and a risk of development. Further exploration, appraisal and evaluation are required to determine the existence of a significant quantity of potentially movable hydrocarbons.
Coastal Plain Lease Award
Lease AA095899 was formally awarded, effective
About Project Peregrine - Imminent Drilling
Project Peregrine is located in the NPR-A region of the
Project Peregrine and Recent Nanushuk Discoveries
The Merlin-1 well is scheduled for spud in mid-late
*Please refer to the XCD Energy ASX release dated
Each of the Merlin and Harrier prospects is located on trend to an existing discovery, in the same play type (Nanushuk topsets). This has de-risked the prospects considerably and resulted in a relatively high independently estimated geologic chance of success.
The below graphics can be found in the pdf version of this announcement available from the Company's website;
- Mobilisation to Merlin-1
- Project Peregrine and Recent Nanushuk Discoveries
- Independent Resource Assessment
- Merlin-1 - on trend to large Willow oil field
Media and Investor Relations:
88 Energy Ltd |
Tel: +61 8 9485 0990 Email: admin@88energy.com
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Tel: +44 7976 248471 |
EurozHartleys Ltd
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Tel: + 61 8 9268 2829 |
Cenkos Securities
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Tel: + 44 131 220 6939 |
Pursuant to the requirements of the ASX Listing Rules Chapter 5 and the AIM Rules for Companies, the technical information and resource reporting contained in this announcement was prepared by, or under the supervision of, Dr
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