Upon its oil and gas operations on the North Slope of Alaska, the company is delighted to provide an update. With pioneering progress at over 90%, final top layer progress at 77% and base layer construction at 87%, the construction of the approximately 11-mile ice road to the Winx-1 exploration well location is now nearing completion. Ahead of rig mobilization in early February 2019, ice pad construction will commence immediately upon completion.
To ensure that rig machinery and equipment are by requirements and functioning properly, the Nordic Rig#3 recently underwent a 6-day, third-party inspection. Leading up to mobilization, only minor issues were found, which will be rectified over the days. The rig was found to have passed all major tests and be in generally excellent condition, including the ready to drill test.
Significantly extending the highly successful Nanushuk play fairway to the south, Winx-1 is located approximately 4 miles east of the Horseshoe-1/1A well. Across multiple stacked objectives, Winx-1 will target gross best estimate prospective resource of 400 million barrels of oil including the Nanushuk Formation, which is the primary target of the well.
By the application of a future development project the projected quantities of petroleum relate to undiscovered accumulations that may be potentially recovered. These estimates have both a risk of development and the associated risk of discovery. To determine these estimates the existence of a significant quantity of potentially movable hydrocarbons, further exploration, appraisal and evaluation are required.
With a gross mean unrisked prospective resource of 400 million barrels, the Winx outlook is a 3D seismic defined conventional oil prospect in the successful Nanushuk play fairway and is adjacent to the Horseshoe 1/1A discovery well drilled by the Armstrong/Repsol JV in 2017.
Targeting the five grains of sand and Nanushuk 4, the main objective of the Winx-1 exploration well is the Nanushuk Topset play. Using the Nanuq South 3D, the Winx outlook has been identified, which covers a large swathe of the “Western Blocks” in addition to the third party 2017 Horseshoe discovery.
Red Emperor Resources NL (ASX/AIM: RMP) concerning preparations for the drilling of the Winx-1 exploration well, the company is pleased to provide a further operational update, located on the Western Blocks, North Slope of Alaska.
The stock price of Red Emperor Resources NL traded up by 2.703% or $0.002 at $0.076 as at January 24, 2019. The stock has seen a performance change of 111.43% in the past six months and 34.55% as at yesterday’s market close.
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