Red Emperor releases additional results from Winx-1 well
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Red Emperor Resources (ASX:RMP) has provided another strong update from its Winx-1 exploration well, located on the Western Blocks on the north slope of Alaska.
Interim drilling highlights include:
- Primary Nanushuk targets intersected between 4,667ft and 4,901ft
- Upper Nanushuk formation interval (4,460ft to 4,530ft) remains the subject of further ongoing analysis
- The Torok Topset Sequence 4 was intersected at 6,052ft
Winx-1 intersected the primary Nanushuk topset targets between 4,667ft and 4,901ft. Elevated mud gas readings, oil shows and an increase in LWD resistivity were observed in multiple topset features within this primary target interval of the well.
Data obtained by the Joint Venture consortium from a nearby third party Nanushuk well has proven comparable to that observed in Winx-1 over the same topset features, thereby providing early encouragement. These initial observations and interpretations (while encouraging) require further data and analysis for validation.
The previously announced interim drilling results March 1 2019 stemmed from an interval in the Nanushuk Formation above the primary target zone, this interval (4,460ft to 4,530ft) remains the subject of further analysis to determine true potential.
The well successfully intersected the top of the Torok formation at 4,913ft. The Topset Sequence 4 sandstones (secondary target) were encountered at approximately 6,052ft. Elevated mud log gas readings (C1-C5) associated with oil shows an elevated LWD resistivity response were recorded during the drilling of this sequence.
On reaching final Total Depth, RMP intends to run a comprehensive wireline logging program over the zones of interest. Subject to the results of this program the JV will then decide whether to proceed to stimulate and test the most prospective of the Nanushuk primary targets.
The Winx prospect is a 3D seismic defined conventional oil prospect, located in the successful Nanushuk play fairway. It contains a gross mean unrisked prospective resource of 400 million barrels and is adjacent to the Horseshoe 1/1A discovery well drilled by the Armstrong/Repsol JV in 2017.
The Winx prospect was identified using the Nanuq South 3D which covers the third party 2017 Horseshoe discovery.
Similar amplitude response is observed at the Winx prospect to that seen at the successful Horseshoe well location, which is located approximately 6km to the west.
More information about the Winx-1 well exploration program
RMP has entered into Definitive Agreements with its consortium partners 88 Energy Limited (ASX:88E) and Otto Energy to participate in the drilling of the highly prospective Nanushuk oil trend exploration well.
As previously mentioned, technical work on the Western Blocks has identified a gross best estimate prospective resource volume of 400 MMbbls (126 MMbbls net to RMP) and a geological 25-35% chance of success.