88 Energy: Unlocking potential on Alaska’s North Slope

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  • 88 Energy updates on operations as it sits on comfortable cash pile
88 Energy Ltd -

Quick facts: 88 Energy Ltd

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88 Energy Ltd is an Alaska-focused oil exploration and appraisal company across ~440,000 net acres on the Alaskan Central North Slope and NPR-A regions, with a diversified portfolio of four highly prospective project areas: Project Icewine, Yukon Leases and Project Peregrine and the Umiat oil field.

The company is the Operator across all of its portfolio of world class exploration and appraisal assets and recently completed the drilling of the Merlin-1 well at Project Peregrine in Q1 2021, and eagerly awaiting post well testing results.

15 Oct 2021

88 Energy Limited has updated the market on its operations during the quarter ended 30 September, which ended with A$36mln in the bank and no debt.

At the Project Peregrine, the Merlin-1 well showed the presence of oil in multiple stacked sequences, while geochemical analysis demonstrates definitive evidence of light oil, with estimated API gravity of 35-42.

The project’s prospective resource estimates were updated by an independent consultant, ERCE, and a Merlin-2 appraisal well is planned for the first quarter in 2022.

Three potential Merlin-2 locations were selected to the east of Merlin-1, where enhanced reservoir thickness and quality are expected, and Merlin-2 is targeting net mean aggregate prospective resource of 652mln barrels.

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02 Sep 2021

88 Energy Ltd (AIM:88E, ASX:88E) confirmed the close of its equity placing which raised A$23.96mln, the maximum allowed without shareholder approval.

The Alaska focused oil explorer launched the placing earlier this week as it prepares plans for its next steps for the Merlin project, along with its other prospects in the American state’s North Slope region. Specifically, proceeds will fund the planned Merlin-2 appraisal well, slated for Q1 2022.

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31 Aug 2021

88 Energy Ltd (AIM:88E, ASX:88E) has launched a A$20mln equity raise, with a bookbuild underway for a share placing ahead of a planned appraisal of the Merlin project, onshore Alaska.

The company, in a statement, said it is scheduling the drilling of the Merlin-2 appraisal well in Q1 2022, in the Alaskan winter drilling window.

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