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88 Energy signs up rig contractor for Merlin and Harrier wells

“Drilling at Project Peregrine is moving ahead as planned and we are only 3 months away from spud," said Dave Wall, chief executive.

88 Energy Ltd - 88 Energy signs up rig for Merlin and Harrier wells

88 Energy Ltd (LON:88E) has signed-up a rig contractor for the proposed Merlin and Harrier exploration wells, drilling on the first of which is slated for February.

The move follows Friday’s farm-out news which sees an American oil and gas consortium, Alaska Peregrine Development Company (APDC) agree to acquire 50% of Project Peregrine. In return, APDC will fund the majority of drill costs for the Merlin-1 well, located within Project Peregrine. It has committed to spend up to US$11.3mln on the project.

88 Energy today announced it had executed a rig contract All American Oilfield for the use of Rig 111 to drill the Merlin-1 and Harrier-1 wells.

At the same time, it noted that permitting and planning remains on schedule for the spud of Merlin-1 in mid-to-late February.

Both Merlin and Harrier will be drilled down to a depth of around 6,000 feet to target the prospective Nanushuk top-set horizons. The well locations are on-trend to existing discoveries to the north of the project area, 88 noted.

"The farmout was finalised late last week and now the rig contract is executed,” said Dave Wall, 88 Energy managing director in a statement. “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."

Quick facts: 88 Energy Ltd

Price: 0.475 GBX

Market: AIM
Market Cap: £57.77 m

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