AOGCC Approves The Permit To Drill Over Red Emperor’s Winx-1 Oil Well

  • Jan 18, 2019 AEDT
  • Team Kalkine
AOGCC Approves The Permit To Drill Over Red Emperor’s Winx-1 Oil Well

Red Emperor Resources NL (ASX: RMP), based in Perth, Australia, is a natural resource company listed on two exchanges, ASX and AIM. The company is engaged in the exploration of oil and natural gas through its assets located in the Philippines and Alaska.

RMP has entered into a binding JV agreement with 88 Energy Limited and Otto Energy Limited to drill over the highly prospective Winx well located in the Nanushuk play fairway in the Alaska North Slope region in early 2019.

RMP has 31.5% interest, 88 Energy Limited has 36.0% interest, Otto Energy Limited has 22.5%, and Great Bear Petroleum has 10.0% in the oil well. The well is expected to possess a potential resource volume of 400 MMbbls of which 126 MMbbls is attributable to RMP with a chance of success of 25%-35%. The drill target is adjacent to Horseshoe which is a part of the largest conventional oil fields in the US.

RMP holds a 37.5% interest in the SC55, located in the southwest Palawan Basin. Located in the middle of the oil and gas fairway, the SC55 is a deep-water block which the company believes to be a promising asset for it. The company has contributed more than AU$5 million towards the drilling costs. It extends from the Borneo region to the Philippine production assets near Palawan.

Today, the company has released an update over the Permit to drill the Winx-1 exploration well. The company stated that the Alaska Oil and Gas Conservation Commission (AOGCC) had approved the permit to drill the Winx-1 exploration on 16 January 2019. The company has planned to move the rig to the location in early February and will start the spudding process in mid-late February.

The company has constructed approximately 9 km ice road of the required 18 km ice road which will help in the mobilization of the drill rig. The company will be starting with the construction of the ice pad through which the Nordic Rig#3 will drill the Winx-1 well.

Today, the company also reported that Pikka-B, which is the first exploration well of the season, has seen hydrocarbons in the Nanushuk formation with Oil Search.

The primary target of the Winx-1 exploration well is Nanushuk 4 and 5 sands. Nanuq South 3D technology was used to identify and locate the Winx prospect. The same technique was used to cover the third-party Horseshoe well and a large swathe of the Western Blocks. RMP has observed a similar response to the Horseshoe well over the Winx well.

Looking at Red Emperor Resources NL’s stock performance and the return it has posted over the last few months, the stock has generated a positive return of 94.29% during the past six months. It is currently trading at $0.071 (as on 18 January 2019) with a surge of 4.412% in the price during the day’s performance. The company has ~525.29 million shares outstanding with the market cap of circa $35.72 million. Its 52-week high and low are marked at $0.075 and $0.030 respectively.


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