88 Energy Limited - Operations Update - Permit to Drill Approved
Operations Update - Permit to Drill Approved
· Permit to Drill Approved for Winx-1 exploration well
· Ice road construction progressing well
o Rig mobilisation planned for early February
· Spud remains on schedule for mid-late
Western Leases - Winx-1 Exploration Well
The Permit to Drill for the Winx-1 exploration well was approved by the
Construction of the ~11 mile ice road to the Winx-1 exploration well location is proceeding as planned. Once complete, the ice pad will be constructed, and the rig will be mobilised for drilling. Rig mobilisation is expected to commence in early February.
A map of the Winx-1 Well Location and Regional Nanushuk/Torok Discovery Wells, and an image of the
Winx-1 is located ~4 miles east of the Horseshoe-1/1A well that significantly extended the highly successful Nanushuk play fairway to the south. Winx-1 will target gross best estimate prospective resource of 400 million barrels of oil (144 million barrels net to 88E) across multiple stacked objectives, including the Nanushuk Formation, which is the primary target of the well.
Cautionary Statement: The estimated quantities of petroleum that may be potentially recovered by the application of a future development project relate to undiscovered accumulations. These estimates have both an associated risk of discovery and a risk of development. Further exploration, appraisal and evaluation are required to determine the existence of a significant quantity of potentially movable hydrocarbons.
Commenting on the operations update,
Our thanks go to the regulatory bodies in
It is also worth noting that the first exploration/appraisal well of the season, Pikka-B, has been reported as encountering high porosity, hydrocarbon bearing sand in the Nanushuk Formation, on trend and 15 miles to the north of Winx."
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This information is provided by RNS, the news service of the
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