88 Energy releases Winx-1 update: rig now mobilised

By Zachary Graves. Published at Feb 6, 2019, in Energy

ASX small cap, 88 Energy Limited (ASX:88E | AIM:88E), has provided an operations update for its oil and gas operations on the North Slope of Alaska.

The rig mobilisation process has begun at the Winx-1 exploration well, with ice road and ice pad construction now complete. Furthermore, cellar installation is finished, and spudding has been scheduled for circa 15 February.

Mobilisation of the Nordic Rig #3 commenced at 0845 on 1 February (Alaskan time), leaving from Deadhorse, Alaska.

The mono body rig structure will now travel circa 90 miles to the Winx-1 well site, travelling at around 1 mile per hour. At the same time, additional equipment needed to begin drilling is also being mobilised to the site.

Nordic Rig #3 on the move.

Winx-1 is located ~4 miles east of the Horseshoe-1/1A well that significantly extended the Nanushuk play fairway to the south.

The exploration well 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 (the primary target of the well).

Winx-1 well location and regional Nanushuk/Torok discovery wells

View Our Investment Portfolios

S3 Consortium Pty Ltd (CAR No.433913) is a corporate authorised representative of LeMessurier Securities Pty Ltd (AFSL No. 296877). The information contained in this article is general information only. Any advice is general advice only. Neither your personal objectives, financial situation nor needs have been taken into consideration. Accordingly you should consider how appropriate the advice (if any) is to those objectives, financial situation and needs, before acting on the advice.

Conflict of Interest Notice

S3 Consortium Pty Ltd does and seeks to do business with companies featured in its articles. As a result, investors should be aware that the Firm may have a conflict of interest that could affect the objectivity of this article. Investors should consider this article as only a single factor in making any investment decision. The publishers of this article also wish to disclose that they may hold this stock in their portfolios and that any decision to purchase this stock should be done so after the purchaser has made their own inquires as to the validity of any information in this article.

Publishers Notice

The information contained in this article is current at the finalised date. The information contained in this article is based on sources reasonably considered to be reliable by S3 Consortium Pty Ltd, and available in the public domain. No “insider information” is ever sourced, disclosed or used by S3 Consortium.

Australian ASX Small Cap stocks | Why Finfeed.com is Australia’s leading small cap publication

Founded seven years ago, Finfeed.com is Australia’s leading and longest standing website for investor and finance news, education and expert opinion.

Published by StocksDigital, Finfeed was created to report daily on the comings and goings of ASX listed stocks in the small cap market.

As the first digital publication dedicated specifically to this space, Finfeed soon became the most trusted publication in the market, quickly garnering over two million page views – a number that continues to rise.

Finfeed.com provides its readers with informative articles that tackle the latest in market moving #ASX small cap news, plus exclusive content you won’t find anywhere else. It is aimed at those with an interest in investing, market education, company performance, start-ups and much more.

Finfeed.com is the only media organisation operating under the strength of a Financial Services License and is backed by leading journalists and analysts all with brands of their own.

The website aims to inform, educate and entertain with content that drills down into the heart of financial matters.

Finfeed is a leading source of investor and market information, with everything investors need to know about how to invest written in a way that anyone can understand. 

Over the years, the website has expanded beyond exclusively reporting on small caps, to profile Australia’s leading ASX listed small, mid and large caps as well as some of the country’s most successful CEOs and business leaders to find out what makes them tick.

Every day you will find fresh content covering:

Fast Facts

Over 4,000 articles published

Over 2.3 Million Page Views and counting

Over 10,000 followers on social media

Subscriber list growing by 2% monthly

Thanks for subscribing!