88 Energy confirmed Oil found.

ikool

2021-08-18

88 Energy announced Oil found.

Merlin-1 well confirms light oil with appraisal well planned for Q1 2022

Highlights

• Merlin-1 post well evaluation successfully demonstrates presence of oil in the N20 and N18 targets;

plus a new target (N19) was penetrated;

• 41 feet of net log pay interpreted across the three reservoir intervals;

• Geochemical analysis determined oil with an estimated API gravity between mid-30 to low-40 API

(light oil);

• Merlin-1 results incorporated into an updated Project Peregrine independent unrisked net

entitlement mean total Prospective Resource estimate of 1.6 billion barrels* with Merlin-2 geological

chance of success assessed as 56%; and

• Merlin-2 appraisal drilling locations identified to the east of Merlin-1 where enhanced reservoir

thickness and quality expected, with appraisal drilling planned for Q1 2022.

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Comments

ikool
2021-08-20
ikool
Long hold. Buy for your kids [财迷] [财迷] [财迷]

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