LONDON (Alliance News) - 88 Energy Ltd is on track to spud the Winx-1 well in Alaska on Friday, the company said, now that the rig is on site.
Winx-1 is four miles east of the Horseshoe-1/1A well which "significantly" extended the Nanushuk play to the south.
The well is targeting gross best estimate prospective oil resources of 400 million barrels, of which 144 million would be net to 88, across multiple objectives. The main target is the Nanushuk formation.
Red Emperor Resources NL noted the announcement. It has a 32% interest in the leases in Alaska.
Shares in 88 were 0.6% higher at 1.08 pence, while Red Emperor was 6.3% higher at 4.58p.
88 Energy (88E)