ALASKAN OIL

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.

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 (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 Ltd (ASX | AIM: 88E) is set to embark on a number of game changing drilling events, to unfold over the coming 6-12 months.

88 Energy Ltd (AIM:88E | ASX:88E) is continuing its high reward strategy towards making a multi billion barrel oil discovery in Alaska with an expanded North Slope portfolio of assets.