88 Energy has executed a rig contract with Doyon Drilling for the use of the Arctic Fox rig to drill the Merlin-2 appraisal well at its Project Peregrine in the NPR-A region of the North Slope of Alaska.

The Merlin-2 appraisal well is planned for drilling in February 2022 to a permitted Total Depth of 8,000 feet. Merlin-2 is targeting 652 million barrels of oil1,2 in the highly prospective N18, N19 and N20 targets that were encountered in the successful Merlin-1 well (drilled in March 2021 to a depth of 5,267 feet), which demonstrated the presence of oil in these multiple stacked sequences in the Brookian Nanushuk Formation.

88 Energy has identified several appraisal drilling locations to the east of the Merlin-1 well, closer to the shelf break where enhanced reservoir thickness and quality are expected. The Merlin-2 well is independently assessed to have a geological chance of success of 56%. The Company plans to announce the final drilling location and further details of the Merlin-2 appraisal well in the coming months.

88 Energy Managing Director, Ashley Gilbert, commented:
“We are delighted to be working with Doyon for the upcoming drilling of the Merlin-2 appraisal well in early 2022. The Artic Fox is one of the premier rigs on the North Slope and a rig which 88 Energy knows well, having utilised it in previous drilling operations.

“Permitting and planning is already underway and we look forward to providing additional details in relation to the Merlin-2 appraisal well in the coming months.”

KeyFacts Energy: 88 Energy US Alaska country profile