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 said that the road is necessary to mobilise the drill rig to the well location.
It is expected that the road construction, carried out by 88 Energy Ltd, will take around three weeks to be completed, after which, construction of the ice pad from which the rig will drill the well will commence.
"It is very exciting to reach this significant operational milestone with commencement of ice road construction. We are on schedule and fast approaching what will be a very exciting and potentially company transforming well," Chief Executive Officer Gracjan Lambert said.
Furthermore, Red Emperor added that all the regulatory applications for the well construction remain on schedule for a mid-late February 2019 spud date.
In a separate statement 88 Energy also commented on the news, stating that everything is proceeding to plan.
Red Emperor shares were trading down 4.9% at 3.27 pence each, while 88 Energy shares were up 5.2% at 1.11p.
88 Energy (88E)