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Drilling done at Merlin 2 well; Nanushuk oil targets promising...
88 Energy Ltd. said March 22 (March 23 in Australia) that its Merlin 2 appraisal well on Alaska’s North Slope reached full depth of 7,334 feet the day before and that drilling with the Arctic Fox rig has finished.
All three Nanushuk target reservoirs (N20, N19 and N18) were penetrated with “elevated gas readings,” with logging while drilling, or LWD, data and physical cuttings collected throughout drilling.
Observations of cuttings samples revealed oil shows (under both white and ultraviolet light) over all target intervals, the company said. Fluorescence was also observed “in numerous samples when placed under the ultraviolet light, an indication of oil presence.”
When solvent was applied to the fluorescing samples, “moderately fast to immediate and blooming cuts were noted, the speed of which is often a proxy for sample permeability,” 88 Energy said.
Wireline logging is scheduled to begin shortly to confirm whether mobile hydrocarbons are present, as well as to evaluate the reservoir quality and flow potential of the three zones, the company said.
LWD logs and drill cuttings revealed the three target intervals are thicker than those encountered in the Merlin 1 exploration well drilled last winter.
Finally, “significant mud gas peaks were detected across all target sequences in the Nanushuk, with marked increases in the heavier carbon compounds - C2-C5 - observed in each,” 88 Energy said.
The company’s managing director, Ashley Gilbert, was quoted in its ASX release as saying the results to date from Merlin 2 “are encouraging. … We look forward to results from the pending wireline program, which is set to be conducted over the next 7 to 10 days. Following completion of this program, we hope to be able to confirm the presence of mobile hydrocarbons and a discovery, at Merlin 2.”
https://hotcopper.com.au/threads/shorting-on-88e.6580332/page-75
https://mobile.twitter.com/88EnergyLtd/status/1503890719425327106 nice landing :-)
20mins into the day and people getting upset about the SP.
If you think its going lower cut your losses and sell up now and either buy back in lower or move on..
There is no point making yourself upset over day to day price movements.
gl