The Board of Red Emperor Resources NL (ASX/AIM: RMP) (“Red Emperor” or the “Company”) is pleased to advise that consortium operator, 88 Energy Limited (ASX/AIM: 88E) via its wholly owned subsidiary, Captivate Energy Alaska, Inc, has executed a rig contract for the drilling of the “Winx” Prospect, located on the Western Blocks, North Slope of Alaska.
· Rig Contact Executed with Nordic-Calista Services
· Permitting process proceeding as anticipated
· Prospect to be named “Winx” with drilling on schedule to commence 1Q2019
The rig contract was executed with Nordic-Calista Services utilising Rig 3, which is a single module, self-propelled drilling rig, capable of drilling to depths of 12,000′ – 14,500′. The rig structure is fully winterised for Arctic Operations and the rig has previously been utilized for grassroots drilling, exploration, sidetracks and workovers on the North Slope.
The Winx Prospect is a 3D seismic defined oil prospect in the successful Nanushuk play fairway with a gross mean unrisked prospective resource of 400MMbbls (126MMbbls net to Red Emperor) and a geological chance of success in the range of 25-30%. Refer to the ASX release of 25 June 2018 for further details.
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 moveable hydrocarbons.
Red Emperor’s Managing Director, Greg Bandy, commented: “Once again the consortium has shown its ability to move swiftly and efficiently with another important milestone achieved. 2019 is fast approaching and everything remains on track for drilling to commence on the large and exciting Winx prospect in early 2019.”