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88 Energy Ltd

88 Energy advancing towards Winx exploration targets

Winx-1 is targeting multiple objectives for some 400mln barrels of gross prospective resources, which is 144mln net to 88 Energy

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The targets are anticipated at around 4,500 feet

88 Energy Ltd (LON:88E) revealed it is approaching its target in the Winx exploration well in Alaska.

The explorer, in a statement, said that the drilling of Winx-1 was now entering the interval where the primary Nanushuk targets are anticipated.

It added that the targets are expected to be found at a depth of approximately 4,500 feet, and, the current depth is around 2,640 feet.

READ: 88 Energy optimistic as it prepares for Alaska exploration well

“Logging while drilling tools on the bottom hole assembly, combined with mud gas ratios and cuttings analysis, will provide initial insight into any potential hydrocarbon bearing intervals encountered during the drilling of the intermediate section,” the company said.

“Additional data and analysis, including from wireline logging and potentially production testing will be required to provide more definitive results.”

Winx-1 is targeting multiple objectives for some 400mln barrels of gross prospective resources, which is 144mln net to 88 Energy.

The well will aim to extend the Nanushuk oil play fairway, as it is located around four miles from the Repsol drilled Horseshoe discovery well.

Quick facts: 88 Energy Ltd

Price: £0.01

Market: AIM
Market Cap: £45.9 m
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