The Board of Red Emperor Resources NL (ASX/AIM: RMP) (“RMP”, “Red Emperor” or the “Company”), is pleased to provide a further operational update with respect to preparations for the drilling of the Winx-1 exploration well (“Winx-1”), located on the Western Blocks, North Slope of Alaska.
· Ice road construction 99% completed
· Ice pad construction 95% completed
· Preparation for rig mobilisation underway
· Spud of Winx-1 scheduled for mid-February 2019
RMP is pleased to announce that construction of the requisite ice road to the Winx-1 well location and the ice pad for the drilling of Winx-1 is nearing completion. Furthermore, with installation of the conductor having commenced and rig mobilisation imminent, Winx-1 is now scheduled to spud in mid-February 2019.
Drilling and testing of Winx-1, in a success case scenario, is scheduled to take approximately 50 days (see Figure 2). For further details please refer to the announcement of 31 January 2019 made by 88 Energy Limited (ASX/AIM: 88E) in its capacity as consortium operator.
http://www.rns-pdf.londonstockexchange.com/rns/6478O_1-2019-1-31.pdf
Figure 1 | Ice road construction.
http://www.rns-pdf.londonstockexchange.com/rns/6478O_2-2019-1-31.pdf
Figure 2 | Approximate drilling schedule.
(Abbreviations: MDKB – Measured Depth (below Kelly Brushing), TD – Target depth, CBL – Cement Bond Log, CSG – Casing,
DST – Drill stem test and P&A – plugged and abandoned)
http://www.rns-pdf.londonstockexchange.com/rns/6478O_3-2019-1-31.pdf
Figure 3 | Panoramic view of the Winx-1 drill pad.
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.
http://www.rns-pdf.londonstockexchange.com/rns/6478O_4-2019-1-31.pdf
Figure 4 | Winx-1 exploration well, Western Blocks, Pikka B well, Alaska North Slope and Nanushuk Fairway
The primary objective of Winx-1 is the Nanushuk Topset play, targeting the Nanushuk 4 and 5 sands. As can be seen in Figure 5, 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.
http://www.rns-pdf.londonstockexchange.com/rns/6478O_5-2019-1-31.pdf
Figure 5 | Winx-1 targeting multiple stacked prospects with strong amplitude support
For further information, please visit www.redemperorresources.com
