Published: December 9, 2020 |

[Click image to enlarge]

88 Energy, an Australia-based oil and gas company, has executed a rig contract with All American Oilfield for its Peregrine Project in the NPR-A region of the North Slope of Alaska.

The contracted rig will be used to drill the proposed Merlin-1 and Harrier-1 wells at the project.

The drilling at the sites is scheduled to begin next February. Both wells are planned to be drilled to a total depth of around 6,000 ft.

The wells will be drilled to intersect the prospective Nanushuk topset horizons that are located on trend to existing discoveries to the north of the Peregrine project area.

The news follows the closing of the company’s farm out agreement with Alaska Peregrine Development Company (APDC) for its 100 percent owned Project Peregrine.

Under the agreement, APDC is expected to earn 50 percent in the project by contributing $11.3 million towards the cost of the Merlin-1 well.

“The farmout was finalized late last week and now the rig contract is executed. Drilling at Peregrine Project is moving ahead as planned and we are only 3 months away from spud on what will be a potentially company making prospect for our shareholders,” said 88 Energy Managing Director Dave Wall.

The company further stated that it has conducted an annual review of its leases and its Icewine joint venture has concluded that several leases at project Icewine are no longer considered prospective.

The leases represent about 25 percent of the gross lease position resulting in 231,000 net acreage position for the company in the Central North Slope.

In a new development, Pantheon Resources said its Talitha-A well, located close to 88 Energy’s central acreage position, is scheduled to spud next January.

Source: NS Energy

To stop by 88 Energy’s website, CLICK HERE

Be in-the-know when you’re on-the-go!