88 Energy has cracked 1,512 feet, or 460 metres, as it drills its way towards its highly anticipated 600-million-barrel prospective oil target at an interpreted depth of 6,000 feet, or 1,829 metres, below the frozen arctic ground in Alaska. Its moment of truth will arrive in just three to five days when it will get to test the reservoir sands of the oil-rich Nanushuk formation target.
ASX-listed 88 Energy has the drill bit spinning at its Merlin-1 exploration test site as the Alaskan oil hopeful looks to cash in on recent spectacular success by other oil explorers in the neighbourhood around its ground. 88 Energy spudded the Merlin-1 test well yesterday with 14 days of drilling now needed to reach the target reservoir in the oil-rich Nanushuk formation.
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Paul Thomson has signed a new service agreement with A-CAP Resources and will transition from his current role of managing director to chief executive.
Former Carmichael Capital Markets executive chairman Craig McGown and former Woodside executive David Craig have joined the board of West Perth-based based oil and gas play Entek Energy.
West Perth-based oil and gas explorer Entek Energy Ltd has raised $2.7 million through a placement to replenish its cash resources, the company has announced.
West Perth-based oil and gas explorer Entek Energy Ltd and Nedlands-based diamond explorer Ellendale Resources Ltd will both close capital raisings today, raising a combined $6.3 million.
