88 Energy Ltd (LON:88E) told investors that findings of the analysis of sidewall cores, cuttings, mud gas and fluid samples from the Merlin-1 well are expected in the next two to ten weeks.
The company detailed a series of results scheduled over that period including core photography and geological descriptions in two to three weeks, along with isotope analysis of mud gas in up to four weeks and similarly VAS for cuttings in up to four weeks.
Analysis results from oil samples is due three to four weeks and core analysis is due in up to eight weeks, whilst fluid analysis is due in up to ten weeks.
It highlighted that all the findings will be integrated into a final petrophysical interpretation.
88 Energy also highlighted in Tuesday’s statement that the initial mapping of additional prospective zones encountered in Merlin-1 is encouraging.
It said that the zones may be of similar magnitude in terms of volumetric range as the originally targeted primary zones. Further work is now required.
“The oil shows and other encouragement seen in the Merlin-1 well bodes well for the potential at Project Peregrine and we look forward to providing the results from the laboratory analysis over the coming weeks,” said managing director Dave Wall.
Wall, meanwhile, also highlighted the findings being reported at a nearby project, Pantheon Resources’ Talitha-A well, which is said to be encouraging for the company.
Talitha-A has provided insights into the “wettability” of the Kuparuk formation, which has been encountered by 88 Energy in its Project Icewine wells but have previously been interpreted as likely gas condensate or residual oil.
No targets had been mapped by 88 Energy in this formation, and, it was not a play that the company had been pursuing, but its geoscience team is now re-assessing the Kuparuk potential.
Dave Wall added: “It is highly positive to see pay zones and a flow rate of light oil achieved from zones on adjacent acreage that are also prospective at Project Icewine, where an internal review has commenced to determine the significance of the neighbouring results.”