The Board of Red Emperor Resources NL (ASX/AIM: RMP) (“RMP” or the “Company”) is pleased to provide the following operations update with respect to the drilling of the Winx-1 exploration well, located on the Western Blocks, North Slope of Alaska.
· All major permits (excluding Permit to Drill) granted for the drilling of the Winx-1 exploration well
· Permit to Drill on schedule for submission prior to year-end, with approval expected in January 2019
· Preparations for ice road construction underway, build start expected in January
· Spud of Winx-1 exploration well on schedule for February 2019
RMP is pleased to advise that 88 Energy Limited (ASX/AIM: 88E), in its capacity as consortium operator, has received approval for all major permits required for the drilling of the Winx-1 exploration well, including the Plan of Operations and key permits for both the ice road and ice pad. The other main permit, the Permit to Drill, is due for submission, as planned, prior to the end of the year and approval is expected in January 2019, prior to spud in February.
The Winx Prospect is a 3D seismic defined conventional oil prospect in the successful Nanushuk play fairway with a gross mean unrisked prospective resource of 400MMbbls (126MMbbls net to Red Emperor) and is adjacent to the Horseshoe 1/1A discovery well drilled by the Armstrong/Repsol JV in 2017. 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:
“Granting of these major permits ahead of schedule has brought us one significant step closer to drilling the much anticipated Winx-1 exploration well in Q1 2019. Thanks must go to the operations team at 88 Energy who have once again shown their ability to efficiently manage this JV and we look forward to updating the market with more detailed aspects of the operations over the coming weeks”.