Total depth reached at Red Emperor's Winx-1 exploration well

By Justin Ware. Published at Mar 7, 2019, in Energy

Red Emperor Resources (ASX:RMP | LON:RMP) has provided another positive update from its Winx-1 exploration well, located on the North Slope of Alaska.

88 Energy Limited (ASX:88E) in its role as consortium operator, has advised that Winx-1 intersected all pre-drill targets safely and efficiently.

RMP's share price is up 68% this morning after closing up 88% on the London Stock Exchange overnight.

Total depth of 6,800ft was reached on the 3 March 2019, with multiple potential pay zones identified in the Nanushuk Formation topset play (primary targets) and Torok Formation (secondary targets).

A comprehensive wireline logging program was due to commence on 6 March, to verify the potential of these zones. This program, including first pass interpretation, is expected to take approximately 10 days to complete.

Based on the results of the interpretation, a decision will then be made on whether to proceed with production testing of the most prospective zone within the Nanushuk Formation.

Winx-1 base case drilling
Winx-1 base case drilling

The Winx Prospect is a 3D seismic defined conventional oil prospect, found within the successful Nanushuk play fairway with a gross mean unrisked prospective resource of 400 million barrels. It is adjacent to the Horseshoe 1/1A discovery well drilled by the Armstrong/Repsol JV in 2017.

The Nanushuk Topset play remains the primary objective of Winx-1, which will see the Nanushuk 4 and 5 sands targeted heavily.

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 6km to the west.

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.

Thanks for subscribing!

X