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88 Energy Ltd

88 Energy counting down to Winx-1 spud in mid-February

The exploration well, which has a target of 400mln barrels, is due to spud in just six weeks

oil and gas operations
It is currently building an ice road to access the site

88 Energy Ltd (LON:88E) told investors it is scheduled to spud the Winx-1 conventional exploration well in Alaska in mid-February.

The explorer said that the construction work is presently underway for the 11-mile ice road to access the Winx-1 site. It will take around three weeks to complete and the well pad will be completed thereafter.

READ: 88 Energy expects to finalise Icewine farm-out deal in Q1 2019

Winx-1 aims to extend the Nanushuk oil play fairway, as it is located around four miles from the Repsol drilled Horseshoe discovery well.

It has a 400mln barrel target, 144mln net to 88 Energy, across multiple stacked objectives.

"Commencement of drilling at the highly anticipated Winx-1 exploration well is now as little as six weeks away, with everything proceeding to plan,” said Dave Wall, 88 Energy managing director.

“Winx-1 aims to further extend the Nanushuk play fairway, only 4 miles east of the recently successful Horseshoe well where similar seismic amplitude response was observed."

88 Energy has a 40% interest in the project and it is partnered with Red Emperor Resources which has a 31.5% interest.

Red Emperor chief executive Gracjan Lambert, in a separate statement, added: "It is very exciting to reach this significant operational milestone with the commencement of ice road construction.

“We are on schedule and fast approaching what will be a very exciting and potentially company transforming well."

88 Energy shares gained just over 3% in Monday morning’s dealing, to trade at 1.09p each.

 

-- Updated to include share price details --

Quick facts: 88 Energy Ltd

Price: £0.01

Market: AIM
Market Cap: £56.98 m
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