88E to commence wireline logging in Merlin-1 well

|

Published 29-MAR-2021 10:42 A.M.

|

2 minute read

Hey! Looks like you have stumbled on the section of our website where we have archived articles from our old business model.

In 2019 the original founding team returned to run Next Investors, we changed our business model to only write about stocks we carefully research and are invested in for the long term.

The below articles were written under our previous business model. We have kept these articles online here for your reference.

Our new mission is to build a high performing ASX micro cap investment portfolio and share our research, analysis and investment strategy with our readers.


Click Here to View Latest Articles

88 Energy Limited (ASX:88E, AIM: 88E, OTC:EEENF) has provided an update regarding its operations in the NPR-A region of the North Slope of Alaska.

Wireline logging will commence shortly to confirm whether mobile hydrocarbons are present.

Managing Director, Dave Wall, commented, “Whilst there is still work to do to confirm a discovery, the results to date are encouraging and we look forward to providing an additional update on the wireline program in 7 to 10 days.”

Interpretation of logging while drilling data (LWD) indicates that multiple potential hydrocarbon bearing zones have been encountered in the Nanushuk Formation whilst drilling Merlin-1.

The Nanushuk Formation, which contains the primary targets for the Merlin-1 well, was encountered ~600’ low to prognosis and is interpreted to be ~500’ thicker than that encountered in the wells drilled into the Willow Oil Field (Analogue Wells) to the north of the Project Peregrine acreage.

Additionally, the gamma log indicates the presence of more sand packages than those in the Analogue Wells and that the sand packages in Merlin-1 are generally cleaner in nature.

Reservoir quality will only be known once analysis of the wireline logging is complete.

Oil shows were recorded over multiple intervals in the Nanushuk while drilling Merlin-1, including the primary targets. Fluorescence ranged from relatively weak to moderate “dry” fluorescence with slow to moderate sometimes fast streaming cut when exposed to solvent.

Mud gas peaks were also recorded and, although generally not of the same scale of the increase in total gas above background as that seen in the Analogue Wells, one of the prospective horizons in Merlin-1 did have substantially elevated total gas, similar to that in the Analogue Wells.

Heavier gas components, including C5, were observed over multiple intervals. Resistivity was elevated over these intervals and is encouraging, particularly in the context that the Nanushuk is considered a low resistivity play type.

Fluorescence was also observed in the drilling mud accompanied by a petroliferous odour over three of the target intervals. Significantly, one of these intervals is interpreted to be part of a, potentially separate, sand package that is also present in the Harrier prospect.

The results are considered encouraging and the wireline program will now be run over the next week to determine the presence of mobile hydrocarbons, post a mandatory test of the Blow Out Preventer.

Until the wireline has been completed and interpreted, it will not be possible to define whether a discovery has been made.



General Information Only

S3 Consortium Pty Ltd (S3, ‘we’, ‘us’, ‘our’) (CAR No. 433913) is a corporate authorised representative of LeMessurier Securities Pty Ltd (AFSL No. 296877). The information contained in this article is general information and is for informational purposes only. Any advice is general advice only. Any advice contained in this article does not constitute personal advice and S3 has not taken into consideration your personal objectives, financial situation or needs. Please seek your own independent professional advice before making any financial investment decision. Those persons acting upon information contained in this article do so entirely at their own risk.

Conflicts of Interest Notice

S3 and its associated entities may hold investments in companies featured in its articles, including through being paid in the securities of the companies we provide commentary on. We disclose the securities held in relation to a particular company that we provide commentary on. Refer to our Disclosure Policy for information on our self-imposed trading blackouts, hold conditions and de-risking (sell conditions) which seek to mitigate against any potential conflicts of interest.

Publication Notice and Disclaimer

The information contained in this article is current as at the publication date. At the time of publishing, the information contained in this article is based on sources which are available in the public domain that we consider to be reliable, and our own analysis of those sources. The views of the author may not reflect the views of the AFSL holder. Any decision by you to purchase securities in the companies featured in this article should be done so after you have sought your own independent professional advice regarding this information and made your own inquiries as to the validity of any information in this article.

Any forward-looking statements contained in this article are not guarantees or predictions of future performance, and involve known and unknown risks, uncertainties and other factors, many of which are beyond our control, and which may cause actual results or performance of companies featured to differ materially from those expressed in the statements contained in this article. S3 cannot and does not give any assurance that the results or performance expressed or implied by any forward-looking statements contained in this article will actually occur and readers are cautioned not to put undue reliance on forward-looking statements.

This article may include references to our past investing performance. Past performance is not a reliable indicator of our future investing performance.

 

Discover Small Cap
Biotech Stocks

Join thousands of other Investors following our stock commentary for Free

X