88 Energy (ASX:88E) Completes Initial 1,512ft drilling at Merlin-1

Source: Evgeny_V, Shutterstock

Summary

  • 88 Energy Limited has successfully drilled the Merlin-1 surface hole to 1,512ft as planned and has also completed related activities.
  • 88E has also inked a share subscription agreement with one of the major contractors for the operation to issue 360 million shares at $0.018.
  • The Company looks forward to imminently commencing Merlin-1 production hole drilling as well as complete the other planned activities at the project.

88 Energy Limited (ASX:88E) has continued the progress for drilling at the Merlin-1 Well and has successfully drilled the Merlin-1 surface hole to 1,512ft as scheduled. Furthermore, the Company has also completed surface casing cementing, and testing of the blow out preventer system has also been completed.

88E has also successfully carried out a formation integrity test (FIT) while the rig is presently continuing to drill ahead in the production hole where the principal Nanushuk targets are situated to a proposed overall depth of 6,000’.

PREVIOUS UPDATE: Milestone Reached! 88 Energy (ASX:88E) Begins Much Awaited Drilling at Merlin-1 Well

The Company anticipates logging while drilling and mudlogging to offer early signals regarding the well's prospective nature throughout this portion of the operation, which is anticipated to continue for around 3-5 days.

Subsequently, the Company has planned to run a sophisticated wireline logging suite, which is anticipated to continue for around 5-7 days and comprises sidewall cores and downhole sampling.

RELATED UPDATE: 88 Energy (ASX:88E) Shares Surge After Securing Permit to Drill Merlin-1, Spud Expected in Current Month

Merlin-1 – on trend to large Willow oil field (Source: Company Announcement 22 March 2021)

The Company further looks forward to completing the well with casing and executing a flow test, subject to the receipt of encouraging results from the wireline logging.

IMPORTANT UPDATE: 88 Energy (ASX:88E) Continues Mobilisation of Drill Rig Despite Weather Hitches

88E has also inked a share subscription agreement with ELKO International LLC, under which the Company shall issue 360 million shares at $0.018. This price is a 225% premium to the placement executed on 12 February 2021, and the placement comprises no fees.

ELKO is one of the major contractors for the operation, while the Company shall have 12,521,590,431 ordinary shares on issue.

Going forward, 88E has plans to begin drilling at the Merlin-1 production hole imminently.

DID YOU READ: What is latest with 88 Energy (ASX:88E)?

88E shares closed at AUD 0.023, up by 35.294%, with around 206.74 million worth of market capitalisation.


Disclaimer
The content, including but not limited to any articles, news, quotes, information, data, text, reports, ratings, opinions, images, photos, graphics, graphs, charts, animations and video (Content) is a service of Kalkine Media Pty Ltd (Kalkine Media, we or us), ACN 629 651 672 and is available for personal and non-commercial use only. The principal purpose of the Content is to educate and inform. The Content does not contain or imply any recommendation or opinion intended to influence your financial decisions and must not be relied upon by you as such. Some of the Content on this website may be sponsored/non-sponsored, as applicable, but is NOT a solicitation or recommendation to buy, sell or hold the stocks of the company(s) or engage in any investment activity under discussion. Kalkine Media is neither licensed nor qualified to provide investment advice through this platform. Users should make their own enquiries about any investments and Kalkine Media strongly suggests the users to seek advice from a financial adviser, stockbroker or other professional (including taxation and legal advice), as necessary. Kalkine Media hereby disclaims any and all the liabilities to any user for any direct, indirect, implied, punitive, special, incidental or other consequential damages arising from any use of the Content on this website, which is provided without warranties. The views expressed in the Content by the guests, if any, are their own and do not necessarily represent the views or opinions of Kalkine Media. Some of the images/music that may be used on this website are copyright to their respective owner(s). Kalkine Media does not claim ownership of any of the pictures displayed/music used on this website unless stated otherwise. The images/music that may be used on this website are taken from various sources on the internet, including paid subscriptions or are believed to be in public domain. We have used reasonable efforts to accredit the source wherever it was indicated as or found to be necessary.
   
We use cookies to ensure that we give you the best experience on our website. If you continue to use this site we will assume that you are happy with it. OK