Red Emperor Resources NL (ASX: RMP) has released its Alaska Operations Update with respect to the Winx-1 Exploration Well.
Red Emperor is pleased that 88 Energy Limited (ASX/AIM: 88E), in its capacity as consortium operator has advised that Winx-1 was able to successfully intersect all the pre-drill target safely and efficiently. On 3 March 2019, the company reached a depth of 6,800 ft during the drilling process.
During the drilling of the primary target (Nanushuk Formation Topset Play) and the secondary target (Torok Formation), several potential pay zones were identified. A comprehensive wireline logging program was scheduled on 6 March 2019 to check the extent of prospectivity of the zones of interest. It is expected that within ten days period, first pass interpretation program will get complete. However, production testing of the most prospective zone within the Nanushuk Formation will depend on the outcome of the first pass interpretation program.
Other than the Alaska operations update, it is also essential to know about the Red Emperor holds oil and gas interests on the Alaska North Slope as well as in South East Asia.
On 4 March 2019, the company highlighted additional interim drilling results of the operations at Alaska. While drilling through Winx-1, the primary Nanushuk topset targets were discovered in the range of 4,667 ft and 4,910 ft. The earlier reported upper Nanushuk formation interval is subject to further ongoing analysis. The secondary target which is Torok Topset Sequence 4 got intersected at 6,052 ft. It resulted in the elevated mud gas readings, oil shows as well as increased LWD resistivity. The company also stated that once the drilling attains its final total depth, the company will then be implementing a comprehensive wireline logging program to evaluate all the Nanushuk/Torok zones of interest and determine whether to proceed further or not with the production testing.
On 28 February 2019, the company declared its half-yearly results for the period ending 31 December 2018. During the period, the company made a loss of $1,358,360, up by approximately 212% from its previous corresponding period. The period reported a fall in the cash balance due to increased operating expenses and also through the increased outflow through the investing activities. The net cash and cash equivalents at the end of the period were worth $4,446,161.
On 24 January 2019, the company provided an update regarding its operations at Alaska where it was highlighted about the progress at the final top layer and the base layer followed by the construction of 11-mile ice road to the Winx-1 exploration well.
On 18 January 2019, the company announced about its JV with 88 Energy Limited and Otto Energy Limited to drill over the highly prospective Winx well in the Alaska North Slope region.
Post the announcement, by the closure of the trading period on 7 March 2019, the closing price of the stock was A$0.100, up by 75.439% as compared to its previous trading day’s closing price. Today, 8 March, the stock is trading flat at A$0.100 (as at 12:55 PM). The shares of the company have generated a YTD return of 81.82%. The company has a market capitalization of A$52.53 million and approximately 525.29 million outstanding shares.
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