--The below is a company-sponsored announcement--
Today's update discusses 88E's mobilisation of snow road construction equipment to its Merlin-1 drill site.
Merlin-1 is located at
34 miles of a total ~90 miles of the snow road to Merlin-1 have been constructed so far.
The spud of Merlin-1 remains on schedule for mid-late
Project Peregrine has a 1.6 billion barrel gross mean unrisked recoverable prospective resource. Merlin-1 is the first to drill test this.
The project is located on trend to recent discoveries, including Willow, discovered by oil super major
Willow has a resource estimate in the range of between 400-750 million barrels of oil and it is estimated that the project could be producing in excess of 100,000 BOPD.
After completion of the scheduled Merlin-1 spud, 88E will determine whether it has the time to drill the Harrier-1 well.
A rig has already been contracted to the Harrier-1 well site and drilling will commence immediately after Merlin-1-schedule permitting.
Mobilisation to Merlin-1
Notably,
To acquire a 50% stake in Project Peregrine, APDC must contribute
Importantly, all additional costs associated with the project above the
A Big Start to 2021 for 88E
Additionally, 88E has been awarded lease AA095899, which is highly prospective for oil and gas as several prospects on the
It is deemed likely that a significant portion of these oil pools may be accessed without surface access within the
Promising news was also released earlier in the month in relation to the purchase of the Umiat Oil Field, which is in close proximity to Project Peregrine.
Umiat is an historic oil discovery, made in 1945 in shallow Brookian (Nanushuk) sandstones, located immediately adjacent to southern boundary of Project Peregrine.
Alongside analysts and commentators who are predicting a 'commodity supercycle' ahead of us, 88E is also preparing for a fossil fuel recovery this year.
Oil rallied to 10 month highs this month, buoyed by a looming re-opening of the global economy.
This also comes as
Earlier today the corporate announcement above was publicly released. FNArena is acting as a partner in distribution to broaden the reach. No journalists have been involved in the re-publication of this announcement.
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