The Board of Red Emperor Resources NL (ASX/AIM: RMP) (“RMP”, “Red Emperor” or the “Company”), is pleased to provide an operational update with respect to the drilling of the Winx-1 exploration well (“Winx-1”), located on the Western Blocks, North Slope of Alaska.
· Spud of Winx-1 commenced on 15 February 2019 at [15:15] (AK time) – on schedule
Red Emperor is pleased to announce that 88 Energy Limited (ASX/AIM: 88E), in its capacity as consortium operator, has advised that the Nordic Rig#3 commenced drilling of Winx-1 on schedule at [15:15] (AK time) on 15 February 2019.
The well was drilled to 600ft prior to pulling out of the hole to pick up the smart bottom hole assembly, with logging while drilling tools were attached. At [11:45] on 17 February 2019 (AK time), the Nordic Rig#3 was drilling ahead at 880ft.
The forward plan is to deepen the hole to approximately 2,500ft before setting surface casing. Regular updates will be made throughout the drilling operations.
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.
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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