88 Energy Limited (ASX:AIM:88E) Merlin-2 Well Spudded

88 Energy Limited (ASX:88E, AIM:88E, OTC:EEENF) ( 88 Energy or the Company ) is pleased to report that the Arctic Fox rig commenced drilling the Merlin-2 appraisal well, located in Project Peregrine in the NPR-A region of the North Slope of Alaska, at 7:00pm on 7th March 2022 (Alaska time).

Highlights

· Drilling of the Merlin-2 appraisal well has commenced.

· Initial surface hole to be drilled to approx. 2,000 feet, cased and BOP system tested.

· Drilling then set to deepen through the N18, N19 and N20 target horizons to the maximum planned Total Depth of approx. 8,000 feet.

The Merlin-2 appraisal well is planned for a Total Depth ( TD ) of approximately 8,000 feet, and 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).

The well is to be initially drilled to approximately 2,000 feet, with the surface casing then installed and the Blow Out Preventer ( BOP ) system tested. This is anticipated to take approximately one week in total. Drilling is then set to deepen the well through the N18, N19 and N20 target horizons in the Nanushuk Formation to the planned TD. This deeper drilling is anticipated to take up to approximately four weeks.

Logging while drilling and mudlogging will provide initial indications as to the prospectivity of the target horizons at the Merlin-2 location. After reaching TD, it is planned to run a more sophisticated wireline logging program, which includes collection of down hole samples and side wall cores.

A production test program for the Merlin-2 well has been designed and equipment placed on standby during initial well site operations. Flow testing of Merlin-2 will be contingent upon the wireline results, in particular the MDT outcomes, as well as government approvals and weather window considerations.

1 Cautionary Statement: The estimated quantities of petroleum that may be potentially recovered by the application of a future development project relate to undiscovered accumulations. These estimates have both an associated risk of discovery and a risk of development. Further exploration, appraisal and evaluation are required to determine the existence of a significant quantity of potentially movable hydrocarbons.

2 Mean unrisked prospective resource – Net Entitlement to 88 Energy. Refer announcement released to ASX on 16 August 2021

The graphics below can be viewed in the pdf version of this announcement, which is available on the Company’s website www.88energy.com:

· Figure 1. Wireframe image showing respective Merlin-1 and Merlin-2 well locations, facing east and overlain with predicted reservoir sands profile.

· Map of Project Peregrine and Recent Nanushuk Discoveries

Media and Investor Relations:

88 Energy Ltd

Ashley Gilbert, Managing Director

Tel: +61 8 9485 0990

Email:investor-relations@88energy.com


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