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

Source: Krunja,Shutterstock

Summary

  • 88 Energy Limited is continuing with the mobilisation of Rig 111 to the Merlin-1 well for the scheduled spud of the well.
  • 88E has reported minor delays in the mobilisation of the Rig 111 and looks forward to beginning the spud by 8 March 2021.
  • 88E has planned numerous other activities, including drilling at Harrier-1 well, depending upon the success at Merlin-1.

Oil and gas-focused explorer 88 Energy Limited (ASX:88E) has been in pursuit of the spud at the Merlin-1 well and has undertaken several activities to support this. 88E aims to generate substantial gains for its shareholders through advancing exploration at its exploration assets.

Lately, the Company had begun the mobilisation of Rig 111 to the Merlin-1 location. This mobilisation is continuing well; however, there are minor delays due to weather conditions. As a result of this, the spud is now slated for 8 March 2021, which was previously anticipated for early March.

Merlin-1 – on trend to large Willow oil field (Source: ASX Announcement 23 February 2021)

PREVIOUS UPDATE: What is latest with 88 Energy (ASX:88E)?

88E had also secured permission to drill ahead of the anticipated date for approval of 12 February 2021.

Once the drilling commences, 88E plans to initially drill the Merlin-1 well to 1,500’, subsequent to which surface casing shall be installed, and the testing of the Blow Out Preventer system shall be conducted. The execution of these tasks is anticipated to last for around a week.

Later, 88E plans to further deepen the well to a highest total depth of 6,000’ through the target horizons in the Nanushuk Formation. The Company believes that logging while drilling and mudlogging shall offer preliminary regarding the prospective nature of the well during this course of work.

Project Peregrine and Recent Nanushuk Discoveries (Source: ASX Announcement 23 February 2021)

INTERESTING READ: 88 Energy (ASX:88E) All Set For the Spud At Merlin-1 Well

All this is expected to take around three to five days, and then an exclusive wireline logging suite is scheduled to be run, encompassing sidewall cores and downhole sampling. The Company further plans to complete the well with casing as well as conducting a flow test if wireline logging returns encouraging results.

Furthermore, the drilling of the Harrier-1 well is subject to permitting, results from the spud of the Merlin-1 well and the weather conditions.

Overall, with the mobilisation of the Rig 111 to the drilling location, 88E has moved to the final stage of the pre-spud operations. 88E looks forward to successfully conducting the drilling at the Merlin-1 well, which shall be significant for its shareholders.

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

88E stock witnessed an uptick of 12.500% intraday on 02 March 2021 and closed at $0.009.

 

 


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