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.
Highlights
· Surface casing has been run to ~2,500ft, as planned
· Drilling of intermediate section scheduled to commence the week beginning 25 February 2019
Red Emperor is pleased to announce that 88 Energy Limited (ASX/AIM: 88E), in its capacity as consortium operator, has advised that Winx-1 was drilled to approximately 2,500ft on 20 February 2019 (AK time), as scheduled, and casing has been run successfully.
The forward plan includes cementing of casing in place; a mandatory test of the blow out preventer system, drilling out cement into the 8.5″ hole and performing a formation integrity test. Post these activities, drilling will commence in the intermediate section of the well, where the primary Nanushuk target formation will be intersected.
Figure 1 | Winx-1 base case drilling and testing 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)
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 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.
Figure 3 | Winx-1 targeting multiple stacked prospects with strong amplitude support
For further information, please visit www.redemperorresources.com
