88 Energy Ltd (LON:88E) told investors the findings of the analysis of sidewall cores, cuttings, mud gas and fluid samples from the Merlin-1 well are expected in the next two to ten weeks.
The company detailed a series of results scheduled over the period including core photography and geological descriptions in two to three weeks, along with isotope analysis of mud gas in up to four weeks and similarly VAS for cuttings in up to four weeks.
Analysis results from oil samples are due in three to four weeks, core analysis in up to eight weeks and fluid analysis in up to ten weeks.
All the findings will be integrated into a final petrophysical interpretation.
READ: 88E says Merlin well can be re-entered
88 Energy also highlighted in Tuesday’s statement that the initial mapping of additional prospective zones encountered in Merlin-1 is encouraging.
It said the zones may be of similar magnitude in terms of volumetric range as the originally targeted primary zones. Further work is now required.
"The oil shows and other encouragement seen in the Merlin-1 well bodes well for the potential at Project Peregrine and we look forward to providing the results from the laboratory analysis over the coming weeks,” said managing director Dave Wall.
Wall also said the findings reported at a nearby project, Pantheon Resources’ Talitha-A well, are encouraging for the company.
Talitha-A has provided insights into the “wettability” of the Kuparuk formation, which has been encountered by 88 Energy in its Project Icewine wells but have previously been interpreted as likely gas condensate or residual oil.
No targets have been mapped by 88 Energy in this formation and, it was not a play that the company were pursuing, but its geoscience team is now re-assessing the Kuparuk potential.
Dave Wall added: “It is highly positive to see pay zones and a flow rate of light oil achieved from zones on adjacent acreage that are also prospective at Project Icewine, where an internal review has commenced to determine the significance of the neighbouring results.”