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88 Energy counting down to Winx-1 spud in mid-February

Last updated: 08:28 07 Jan 2019 EST, First published: 02:28 07 Jan 2019 EST

oil and gas operations
It is currently building an ice road to access the site

88 Energy Ltd (LON:88E) told investors it is scheduled to spud the Winx-1 conventional exploration well in Alaska in mid-February.

The explorer said that the construction work is presently underway for the 11-mile ice road to access the Winx-1 site. It will take around three weeks to complete and the well pad will be completed thereafter.

READ: 88 Energy expects to finalise Icewine farm-out deal in Q1 2019

Winx-1 aims to extend the Nanushuk oil play fairway, as it is located around four miles from the Repsol drilled Horseshoe discovery well.

It has a 400mln barrel target, 144mln net to 88 Energy, across multiple stacked objectives.

"Commencement of drilling at the highly anticipated Winx-1 exploration well is now as little as six weeks away, with everything proceeding to plan,” said Dave Wall, 88 Energy managing director.

“Winx-1 aims to further extend the Nanushuk play fairway, only 4 miles east of the recently successful Horseshoe well where similar seismic amplitude response was observed."

88 Energy has a 40% interest in the project and it is partnered with Red Emperor Resources which has a 31.5% interest.

Red Emperor chief executive Gracjan Lambert, in a separate statement, added: "It is very exciting to reach this significant operational milestone with the commencement of ice road construction.

“We are on schedule and fast approaching what will be a very exciting and potentially company transforming well."

88 Energy shares gained just over 3% in Monday morning’s dealing, to trade at 1.09p each.

 

-- Updated to include share price details --

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