88 Energy Limited (L0N:88E) & Red Emperor Resource (LON:RMP) Spud on Schedule

 

Operations Update – Spud on Schedule, Final Preparations Underway

 

Nordic rig moving down the gravel road to new drill pad on the North Slope, Alaska
Western Leases – Winx-1 Exploration Well

The Nordic Rig#3 arrived on location, as planned, on the 7th February (AK time). Rig up activities have proceeded smoothly and final preparations for spud are now underway. The call to “crew-up” was made at 0530 14th February (AK time), which usually indicates spud will occur within 24 hours. Regular updates will be made during the drilling operations.

The Nordic Rig#3 on location, ready to spud, and a map of the Winx-1 Well Location and Regional Nanushuk/Torok Discovery Wells can be viewed at the link below:

http://www.rns-pdf.londonstockexchange.com/rns/1915Q_1-2019-2-15.pdf

Winx-1 is located ~4 miles east of the Horseshoe-1/1A well that significantly extended the highly successful Nanushuk play fairway to the south. Winx-1 will target gross best estimate prospective oil resource of 400 million barrels of oil (144 million barrels net to 88E) across multiple stacked objectives, including the Nanushuk Formation, which is the primary target of the well.

 

 

As previously announced, drilling and testing of Winx-1, in a success case scenario, is scheduled to take approximately 50 days. For further details please refer to the announcement of 31 January 2019 made by 88 Energy Limited.

Read: OEL, RMP & 88E Set to Drill Multi-Billion Barrel Alaska North Slope

The Winx prospect is a 3D seismic defined conventional oil prospect in the successful Nanushuk play fairway with a gross mean unrisked prospective resource of 400 million barrels (“MMbbls”) (126MMbbls net to Red Emperor) and is adjacent to the Horseshoe 1/1A discovery well drilled by the Armstrong/Repsol JV in 2017. Refer to the Company’s announcement of 25 June 2018 for further details.

 

 

 

Cautionary Statement: The estimated quantities of petroleum that may potentially be recovered by the application of a future development project(s) relate to undiscovered accumulations. These estimates have both an associated risk of discovery and a risk of development. Further exploration, appraisal and evaluation is required to determine the existence of a significant quantity of potentially moveable hydrocarbons.

 

 

The primary objective of Winx-1 is the Nanushuk Topset play, targeting the Nanushuk 4 and 5 sands. As can be seen in Figure 3, the Winx prospect has been identified using the Nanuq South 3D which covers the third party 2017 Horseshoe discovery plus a large swathe of the “Western Blocks”. Similar amplitude response is observed at the Winx prospect to that seen at the successful Horseshoe well location, which is situated approximately 4 miles (6 kilometres) to the west.

 

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