American old and natural gas company 88 Energy Ltd (OTCMKTS:EEENF) provided an update with regards to its Merlin 1 project in Alaska earlier on this week. The company announced that that is its going to begin wireline logging at the site soon in order to get a confirmation whether any hydrocarbons are present at the site or not. It could prove to be a highly significant discovery for the project.
In this regard, the managing director of 88 Energy, Dave Wall also made highly positive comments. Wall said that although there is some work that is still needed before 88 Energy can provide a confirmation with regards to a discovery, the results so far have been quite encouraging.
He went on to state that 88 Energy would provide an update regarding the wireline work in 7 to 10 business days from March 27. It might be a good idea to take a closer look at what the data has shown so far.
As per the findings from the LWD (logging while drilling data), many hydrocarbon containing zones have been seen while the drilling work was being done at Merlin 1. That is a significant finding from the data and one that might have prompted Dave Wall from making the bullish comments with regards to the possible presence of hydrocarbons at the site.
The early results from the well that had been announced by 88 Energy also led to a strong rally in the company’s stock and it now remains to be seen how the stock performs over the coming days. The company had also reported at the time that oil shows had also been recorded at some areas in Nanushuk.
However, the most important thing for 88 Energy and for investors in the company is the discovery of hydrocarbons at the site. It will be a commercially important discovery and is expected to be hugely important for the future of the company.
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