RE: 88e27 Apr 2021 09:27
"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.”