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88 Energy Ltd expects next Merlin well results “over the weekend”

The explorer’s shares are up more than 600% in the past month as speculative investors position for the potentially high impact Merlin-1 well.

(LON:88E, ) confirmed wireline logging operations are now underway for the Merlin-1 well in Alaska.

Hotly anticipated ‘preliminary’ results are expected over the weekend, it said.

It comes as 88 Energy shares climb close to 30% in Wednesday’s opening deals – meaning the AIM-quoted explorer is now up around 100% for the past week and some 660% the past month.

READ: What’s next for 88E as shares continue to soar

This morning the company also confirmed the remaining conditions to its acquisition of the Umiat oil field, also in Alaska, are now complete – following cement work to plug and abandon two historic wells on the site.

88 Energy said further remedial site work will be finalised in the near-term.

Umiat is located close to the Project Peregrine acreage, which contains Merlin. It was discovered in 1945 and saw eleven wells drilled by 1953.

Test data available to the company shows historic rates from three wells between 200 and 800 barrels of oil per day.

“The acquisition of the proven oil field at Umiat is a significant milestone for the company and its shareholders, particularly in the context of any discovery made at Project Peregrine, where wireline logging is currently underway,” said Dave Wall, managing director.

Read More: 88 Energy Ltd expects next Merlin well results “over the weekend”

2021-03-31 02:35:00

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