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Managing Director, David Wall, commented: “Despite the operational issues that prevented obtaining a hydrocarbon sample from the two most prospective zones, the results from the Merlin-1 well are very encouraging for the potential at Project Peregrine. We appreciate that these early results may be difficult to interpret. That is because we do not yet have all the data required to allow interpretation. This means some uncertainty remains; however, it is already clear that Merlin-1 has delivered by far the best outcome of any of the 5 wells drilled by 88 Energy in Alaska over the last 6 years. Particularly encouraging is the apparent presence of oil in a zone that has not previously been targeted in NPR-A. Whilst the potential volumetric size of this zone is not yet known (as it was not a mapped target in Merlin-1) the formation could be extensive based on initial interpretation. The other most prospective zone with good shows and petrophysical characteristics is shared with the Harrier Prospect and will likely high grade that for drilling in 2022. The Company is extremely proud to have been able to achieve this result from a wildcat exploration well drilled on sparse 2D seismic, 60kms from the nearest control well, in the middle of the Arctic winter. Project Peregrine, in combination with the 100% owned Umiat Oil Field, has the potential to deliver substantial returns for shareholders, in the form of a potentially large oil field development. We look forward to providing more data as it becomes available over the next few weeks and months.”
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