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’.
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.