LONDON (Alliance News) - 88 Energy Ltd and its partner Red Emperor Resources NL said Tuesday the rig at the Winx-1 exploration well has started to move.
This follows the completion of the construction of an ice road and ice pad to Winx-1, in Alaska.
Mobilisation of the Nordic Rig3 started last Friday from Deadhorse, Alaska. The rig will now travel 90 miles to reach the well site, at 1 mile per hour.
The companies expect the spud date to be February 15, as previously scheduled. Drilling and testing of Winx-1, in a success case scenario, is scheduled to take approximately 50 days.
88 Energy shares were trading up 1.0% at 1.13 pence each Tuesday while Red Emperor shares were down 5.0% at 4.42p.
