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Red Emperor, Pantheon, 88 Energy plunge on Alaska well woe

Wed, 13th Mar 2019 11:36

(Sharecast News) - Shares in Red Emperor Resources, Pantheon Resources and 88 Energy all nosedived on Wednesday after testing of the Winx-1 well on the Western Blocks, North Slope of Alaska returned disappointing results.Updates from the companies had previously spoken of encouraging potential pay zones at the prospect but testing has now indicated such low oil saturations and reservoir quality that the well's potential is insufficient to warrant production testing.Dave Wall, managing director of 88 Energy, said: "The early encouragement seen at Winx has not been confirmed by the results from the wireline logging program, despite many of the hallmarks of a successful Nanushuk play being present. Analysis of the data is ongoing; however, it is deemed unlikely to change the current view in a material fashion."According to a statement from 88, reservoir properties appear to be compromised by dispersed clay at Winx-1, which, though often present in other successful Nanushuk wells, has impacted both fluid mobility and oil saturations.Jay Cheatham, chief executive of Pantheon, said: "The wireline logging program at Winx-1 did not confirm the operator's and our earlier optimism which was based on mudlog shows and logging while drilling. Data analysis is continuing and more evaluation is necessary to determine the next steps for the Western Blocks. While disappointing, this does not condemn the Western Blocks where Winx-1 is located."Red Emperor's working interest is 31.5% and 88 Energy is earning 36% by paying 40% of costs, while Pantheon Resources holds a 10% carried interest in the project, with an additional 10% back in right.Just after midday in London, Red Emperor shares were down 83.05% at 0.86p, Pantheon Resources was down 25.77% at 20.92p and 88 Energy's was down 34.79% at 0.86p.

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5 Feb 2019 09:52

88 Energy, Red Emperor Start Moving Rig Towards Alaska Well

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 of

31 Jan 2019 14:23

Red Emperor Resources Reports Near Completion Of Winx-1 Ice Road

LONDON (Alliance News) - Red Emperor Resources NL on Thursday said the ice road construction at its Winx-1 exploration well located in the US state of Alaska is now nearing of the ice road is now

24 Jan 2019 10:26

88 Energy, Red Emperor Reports Near Completion Of Winx-1 Ice Road

LONDON (Alliance News) - 88 Energy Ltd and its partners said Thursday the ice road construction at its Winx-1 exploration well located in the US state of Alaska was now nearing separate Thursday,

17 Jan 2019 10:01

88 Energy, Pantheon And Red Emperor Jump On Alaska Permit Approval

LONDON (Alliance News) - 88 Energy Ltd and its partners said Thursday they had been granted a drilling permit for the Winx-1 exploration well located in the US state of Alaska, adding that the ice

8 Jan 2019 11:47

Red Emperor Resources raises £2.8m in placing

(Sharecast News) - Red Emperor Resources announced an oversubscribed placing to certain new and existing institutional and sophisticated investors, via its UK and Australian brokers on Tuesday, of 100 million new ordinary shares at an issue price of 2.8p each, to raise £2.8m before expenses.

8 Jan 2019 09:16

Red Emperor Raises GBP2.8 Million Via Share Issue To Fund Drilling (ALLISS)

LONDON (Alliance News) - Red Emperor Resources NL on Tuesday said it raised GBP2.8 million in a share placing to provide working capital and fund the upcoming drilling of the Winx-1 exploration in

7 Jan 2019 09:59

Red Emperor Resources, 88 Energy Start Ice Road Construction In Alaska

LONDON (Alliance News) - Red Emperor Resources NL on Monday said construction has started on an 11-mile ice road at its Winx-1 exploration well, in the North Slope of Alaska.The company is

17 Sep 2018 11:29

Red Emperor Resources Narrows Loss On Swing To Currency Gain

LONDON (Alliance News) - Red Emperor Resources NL on Monday said its annual loss narrowed as it swung to a gain on foreign exchange.Shares in Red Emperor were down 4.4% at 2.96 pence on its

29 Aug 2018 10:53

88 Energy Secures Rig For Drilling On Alaska's Winx Prospect

LONDON (Alliance News) - 88 Energy Ltd said on Thursday it has secured a rig contract for drilling work at the company's Winx prospect on Alaska's North Slope.The rig has been from

30 Jul 2018 10:22

Red Emperor And 88 Energy Pen Agreements For Alaskan Leases

LONDON (Alliance News) - Red Emperor Resources NL and 88 Energy Ltd on Monday said they have signed agreements to buy stakes in four leases on the western flank of Alaska's North two companies

19 Apr 2018 13:37

Red Emperor Resources Ups Interest In Palawan Basin Block To 38%

LONDON (Alliance News) - Red Emperor Resources NL said on Thursday it has received national support for the transfer of interest under service contract 55, offshore Palawan Basin in the oil and of

15 Mar 2018 14:31

UPDATE 1-Natgas producer EQT's CEO resigns, former chief at helm in interim

March 15 (Reuters) - Natural gas producer EQT Corp said on Thursday Steven Schlotterbeck had resigned immediately as chief executive officer, just over a year after he took charge. The said

25 Oct 2016 11:23

Red Emperor Resources updates market on quarterly progress

(ShareCast News) - Red Emperor Resources posted an update for the quarter to 30 September on Tuesday, confirming all relevant documentation for the transfer of Otto Energy's equity interest in Block SC 55 was prepared by Otto during the period. The AIM-traded firm said the documentation was also app

17 Jun 2016 07:14

Red Emperor Gets 2-Year Moratorium For Philippines Joint Venture

14 Mar 2016 09:48

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