88 Energy Limited has updated the market on its operations during the quarter ended 30 September, which ended with A$36mln in the bank and no debt.

At the Project Peregrine, the Merlin-1 well showed the presence of oil in multiple stacked sequences, while geochemical analysis demonstrates definitive evidence of light oil, with estimated API gravity of 35-42.

The project’s prospective resource estimates were updated by an independent consultant, ERCE, and a Merlin-2 appraisal well is planned for the first quarter in 2022.

Three potential Merlin-2 locations were selected to the east of Merlin-1, where enhanced reservoir thickness and quality are expected, and Merlin-2 is targeting net mean aggregate prospective resource of 652mln barrels.

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