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, located on the Western Blocks, North Slope of Alaska.
· Ice road construction approximately 85% complete
o Ice pad construction to commence shortly
· Third party rig inspection completed
· Rig mobilisation expected to commence in approximately 7 days
· Spud of the Winx-1 exploration well on schedule for mid-late February 2019
RMP is pleased to announce that construction of the approximately 11 miles (18 kilometres) ice road to the Winx-1 exploration well location is now overall approximately 85% complete, with pioneering progress at more than 90%, base layer construction at 87% and final top layer (finished) progress at 77%. Ice pad construction will commence immediately upon completion of the ice road ahead of rig mobilisation in early February.
Additionally, the drill rig Nordic Rig#3 has recently undergone a thorough 6-day third party inspection with only minor issues encountered, which can be easily rectified over the next circa 7 days leading up to expected mobilisation. The rig was found to be in generally excellent condition and passed all major tests, including the ‘ready to drill’ test.
Figure 1: Ice road construction nears completion in preparation for rig mobilisation in February
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.
Figure 2: Winx-1 exploration well, Western Blocks, Pikka B well, Alaska North Slope and Nanushuk Fairway
The primary objective of the Winx-1 exploration well 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.
Figure 3: Winx-1 targeting multiple stacked prospects with strong amplitude support
For further information, please visit www.redemperorresources.com
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