88 Energy (ASX:88E) executes rig contract for Merlin-2 appraisal well in Feb 2022

by Scarlett S. Stock Market Analyst

Highlights

88E has executed a rig contract with Doyon Drilling Inc to drill the Merlin-2 appraisal well at Project Peregrine.
88E remains on track with permitting and planning of the Merlin-2 well, which is scheduled for spud in February 2022.
88E is targeting 652 million barrels of oil in Merlin-2 with a geological chance of success of 56%.

88 Energy Limited (ASX:88E) had been planning the Merlin-2 appraisal well for Q1 2022 and had been undertaking significant work related to the same. Moreover, 88E has also recently completed a capital raise for the Merlin-2 well.

Lately, 88E has achieved another milestone for the upcoming drilling of the Merlin-2 appraisal well in early 2022.

Rig contract executed

88E has executed a rig contract with Doyon Drilling Inc (Doyon) for the use of the Arctic Fox rig to drill the Merlin-2 appraisal well. The Merlin-2 well is located at 88E’s Project Peregrine in the NPR-A region of the North Slope of Alaska (NSA).

Doyon operates on the NSA with eight of the most distinct oil and gas land drilling rigs specifically built to drill oil wells in extreme conditions.

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