88 Energy Ltd (LON:88E, ASX:88E, OTC:EEENF) told investors further geochemical analysis of core samples from the Merlin-1 well have again shown the presence of hydrocarbons.
Results of analysis of Phase Two of side-wall core trim analysis are expected in the next few weeks, it added. Additionally, Volatiles Analysis Service (VAS) and gas analysis results are also due.
The Phase Two analysis is designed to provide insights around source rock to give the company a better understanding of the likely quality of the oil as well as migration pathways.
Final analysis and results are slated to be complete by the end of July, with an announcement anticipated by early August.
88 Energy said that it “continues to be highly encouraged by the preliminary results received to date from the Merlin-1 testing program.”