ALASKAN OIL

On the North Slope in the US state of Alaska, 88 Energy (ASX:88E | OTC: EEENF) has been actively exploring for oil for many years now, regularly drilling every year in the hope of making a large oil discovery.

After confirming an oil reservoir in last year’s drilling event, this morning 88E announced that they failed to hit a “production-test worthy” section of the reservoir they had just drilled in Alaska.

With the oil price now trading near five year highs at US$92/barrel, we think it's a pretty good time for 88E to be drilling for a potentially large oil discovery. 88E’s much anticipated Merlin-2 appraisal well is on track to be spudded early next month.

News last week was that 88 Energy's (ASX:88E) drill rig has been contracted - another step in the journey towards the spudding of the Merlin-2 well. 88E’s Merlin-2 well is targeting 652 million barrels with a geological chance of success of 56%.

After the success of the Merlin-1 well earlier this year, where light oil was detected across three horizons, 88E is preparing to drill a follow up well to get a better understanding of just how much oil it could be sitting on.

88 Energy Limited (ASX:88E; AIM:88E; OTC:EEENF) has entered into an agreement with Alaska Peregrine Development Company, LLC (APDC) that will facilitate continuation of the exploration program at Project Peregrine next winter.

88 Energy (ASX: 88E | OTC: EEENF) recently received and finalised its review of a report related to its downhole sampling program, undertaken during the logging of the Merlin-1 well. Encouraging evidence of oil in downhole samples are now being investigated in laboratory.

8 Energy Limited (ASX: 88E, AIM: 88E, OTC: EEENF) has provided an update in relation to its operations in the NPR-A region of the North Slope of Alaska with initial petrophysical interpretation data indicating several potential pay zones in Merlin-1.

88 Energy (ASX: 88E) is set to drill the Merlin-1 well in the first week of March. Merlin-1 targeting 645 million barrels of gross mean prospective resource, over three separate stacked reservoir targets, and is on trend to existing discoveries immediately to the north and south of the project area.

Momentum is clearly building in 88 Energy Ltd (ASX: 88E | AIM: 88E) and that looks set to continue, given the company has a highly active 6-8 weeks ahead of it.

Oil has rallied to 10 month highs. Momentum is clearly building in 88 Energy Ltd (ASX: 88E | AIM: 88E), and that looks set to continue given the company has a highly active 6-8 weeks ahead of its drilling.

88 Energy is on track for the scheduled February spud of the Merlin-1 well at Project Peregrine, North Slope of Alaska

88 Energy Limited (ASX :88E; AIM 88E) has executed the drilling contract to drill the Merlin-1 and Harrier-1 wells for Project Peregrine on the North Slope of Alaska.

Given the changing tide in oil fortunes, it couldn’t be better timing for 88 Energy (ASX: 88E) to have big news.

Alaskan oil and gas explorer 88 Energy Ltd has negotiated an important farmout agreement in relation to Project Peregrine

88 Energy (ASX: 88E) has raised approximately $10 million to assist in funding Project Peregrine wells due to spud in February.

88 Energy (ASX | LON: 88E) is one of a select few energy stocks we have taken a large position in here at Next Investors and have increased our position in the lead up to multi-billion barrel drilling.

88 Energy Limited (ASX:88E; AIM:88E) has provided a promising update on Project Peregrine, situated on the North Slope of Alaska.