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88 Energy’s exploration partner Red Emperor continues to evaluate Alaska potential

Red Emperor told its investors that 88 Energy had completed the programme on time and 'on or slightly under' budget

oil and gas operations
Winx-1 was plugged and abandoned

88 Energy Ltd’s (LON:88E, ASX:88E) exploration partner Red Emperor Resources (LON:RMP, ASX:RMP) has issued a statement reaffirming its intention to continue the pursuit of oil in the Nanushuk play.

It comes as 88 Energy has plugged and abandoned the Winx-1 well which unearthed more than one potential oil zone, but, none were found to be sufficiently promising to conduct further testing.

Red Emperor, in a statement, noted that 88 Energy as project operator completed the programme on time and without incident in a very challenging environment, and, that the programme was delivered ‘on or slightly under budget’.

WATCH: 88 Energy's chief expects Icewine farm- out in a matter of weeks

It added: “RMP would like to reiterate its forward plan to further evaluate and integrate the valuable data acquired at Winx-1, as well as potentially reprocess the Nanuq 3D seismic (2004), in order to evaluate the remaining Nanushuk prospectivity on the Western Leases.

“There are several working theories that will be assessed over the coming months, including whether there is potential for better-developed sands updip and in closer proximity to the successful Horseshoe-1/1A and Stony Hill-1 wells.”

The small-cap explorer added that it is “financially well placed” to continue its evaluation plans for the project, located on Alaska’s North Slope, highlighting that it has around A$4.6mln of cash and that the process to recoup funds (cUS$1.05mln) from a performance bond is now underway.

Quick facts: 88 Energy Ltd

Price: 0.285 GBX

Market: AIM
Market Cap: £20.26 m

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on 27/11/19

2 min read