88E with Red Emperor a step closer to drilling highly anticipated Winx-1 well

By Meagan Evans. Published at Jan 7, 2019, in Energy

Natural resource exploration company, Red Emperor Resources (ASX:RMP), has today provided an operational update on its preparations for the drilling of the Winx-1 exploration well, located on the Western Blocks, North Slope of Alaska.

RMP, along with its consortium partners, 88 Energy (ASX/AIM:88E) and Otto Energy (ASX:OEL), will participate in the drilling of a highly prospective Nanushuk oil trend exploration well on the Alaska North Slope early this year.

The drill target is immediately adjacent to, and a direct analogue of, the Horseshoe 1/1A oil well drilled by the Armstrong/Repsol JV in 2017. Horseshoe is part of the billion-barrel-plus Nanushuk oil play-fairway, one of the largest conventional oil fields discovered in the US in more than 30 years.

The consortium operator, 88 Energy, commenced construction of the approximately 11-mile (18 kilometre) ice road required for mobilisation of the drill rig on January 2, as planned. It is estimated that the ice road will take approximately three weeks to complete, after which construction of the ice pad, from which the Nordic Rig#3 will drill the Winx-1 well, will commence.

Additionally, the requisite application for a Permit to Drill for the Winx-1 exploration well was submitted on schedule to the Alaska Oil and Gas Conservation Commission (AOGCC) prior to the 2018 calendar year end. This means that all logistics and permitting remains on schedule for a mid-late February 2019 spud date. Additional details of the expected drilling and testing programme will be released in due course.

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 (126MMbbls net to RMP).

The primary objective of the Winx-1 exploration well is the Nanushuk Topset play, targeting the Nanushuk 4 and 5 sands. 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 four miles (6kms) to the west.

RMP CEO, Gracjan Lambert, commented: “It is very exciting to reach this significant operational milestone with commencement of ice road construction. We are on schedule and fast approaching what will be a very exciting and potentially company transforming well.”

Dave Wall, Managing Director of 88E, stated: “Commencement of drilling at the highly anticipated Winx-1 exploration well is now as little as six weeks away, with everything proceeding to plan.

“Winx-1 aims to further extend the Nanushuk play fairway, only four miles east of the recently successful Horseshoe well where similar seismic amplitude response was observed.”

Winx-1 exploration well, Western Blocks, Alaska North Slope, targeting extension of the Nanushuk play

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