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88 Energy Ltd - Australia-based oil explorer in US state of Alaska - Says it successfully drilled the Merlin-2 surface hole to 2,005 feet, installed and cemented the surface casting and tested the blowout preventer system.
Says that operations are progressing as planned with its Arctic Fox rig scheduled to start drilling ahead to the reservoir targets imminently. Anticipates all target zones to be intersected prior to reaching the total depth of 8,000 feet. Expects the drilling to total depth at Merlin-2 to take up to two weeks from this point.
The Merlin-2 appraisal well is targeting 652 million barrels of oil.
Current stock price: 2.38 pence, up 6.9% on Thursday
12-month change: more than doubled from 1.10p
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