LONDON (Alliance News) - Red Emperor Resources NL and 88 Energy Ltd on Tuesday said they started the drilling of a primary target interval in the North Slope of Alaska.
The two companies started drilling of the interval containing the primary Nanushuk targets after completing the Winx-1 well to 2,500 feet.
The drilling will be to a total depth of 4,500 feet and currently has reached a depth of 2,640 feet.
88 Energy is the operator of the license with a 66% stake in it, while Red Emperor owns a 32% interest in the well.
Shares in 88 were 1.6% higher on Monday at a price of 1.04 pence each, with Red Emperor down 1.6% at 3.98p.
88 Energy (88E)