(Alliance News) - 88 Energy Ltd on Wednesday said operations at project Peregrine remain on-track for the spudding of the Merlin-1 well, which is scheduled for mid to late February.
The Merlin-1 well will target the Nanshuk topset play that has been successful recently in offset acreage. Once the Merlin-1 has been completed and flow tested, drilling of the Harrier-1 will then commence.
Meanwhile, in project Icewine, the Talitha-A well is scheduled to be spud within the first half of January.
Looking ahead, several commercialisation options for project Icewine are being considered, including possible local power generation, compressed natural gas and a potential conversion to hydrogen.
In addition, the farm-out of Icewine is ongoing, with a deal expected to be signed in the third quarter of 2021.
"It is now full steam ahead with operations prior to the scheduled spud of the first well, Merlin-1, at project Peregrine in six to eight weeks. Whilst the Peregrine drilling forms the focus, there is plenty of activity on other fronts that we look forward to providing updates on throughout the course of 2021," said Managing Director Dave Wall.
Shares in 88 Energy were up 8.1% at 0.52 pence on Wednesday in London.
By Dayo Laniyan; dayolaniyan@alliancenews.com
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88 Energy (88E)