RNS from 88E and RMP26 Feb 2019 07:46
ALASKA OPERATIONS UPDATE:
DRILLING OF PRIMARY TARGET INTERVAL COMMENCES
The Board of Red Emperor Resources NL (ASX/AIM: RMP) ("RMP", "Red Emperor" or the "Company"), is pleased to provide an operational update with respect to the drilling of the Winx-1 exploration well ("Winx-1"), located on the Western Blocks, North Slope of Alaska.
Highlights
· Drilling of interval containing primary Nanushuk targets (at c. 4,500ft) commenced on 25 February 2019 (AK time): current depth approximately 2,640ft
Red Emperor is pleased to announce that 88 Energy Limited (ASX/AIM: 88E), in its capacity as consortium operator, has advised that Winx-1 had been drilled to approximately 2,500ft on 20 February 2019 (AK time), with surface casing run and cemented successfully. The State supervised inspection of the Blow Out Preventer system was also completed on 24 February 2019. Drilling has now commenced in the intermediate section of the well, where the primary Nanushuk targets will be intersected.
Logging while drilling tools on the bottom hole assembly, combined with mud gas ratios and cuttings analysis, will provide initial insight into any potential hydrocarbon bearing intervals encountered during the drilling of the intermediate section. Additional data and analysis, including from wireline logging and potentially production testing will be required to provide more definitive results.
[NB: http://www.rns-pdf.londonstockexchange.com/rns/1153R_1-2019-2-26.pdf]
Figure 1: Winx-1 base case drilling and testing schedule
(Abbreviations: MDKB - Measured Depth (below Kelly Brushing), TD - Target depth, CBL - Cement Bond Log, CSG - Casing, DST - Drill stem test and P&A - plugged and abandoned)
The Winx prospect is a 3D seismic defined conventional oil prospect in the successful Nanushuk play fairway with a gross mean unrisked prospective resource of 400 million barrels ("MMbbls") (126MMbbls net to Red Emperor) and is adjacent to the Horseshoe 1/1A discovery well drilled by the Armstrong/Repsol JV in 2017. Refer to the Company's announcement of 25 June 2018 for further details.
Cautionary Statement: The estimated quantities of petroleum that may potentially be recovered by the application of a future development project(s) relate to undiscovered accumulations. These estimates have both an associated risk of discovery and a risk of development. Further exploration, appraisal and evaluation is required to determine the existence of a significant quantity of potentially moveable hydrocarbons.
[NB: http://www.rns-pdf.londonstockexchange.com/rns/1153R_2-2019-2-26.pdf]
Figure 2: Winx-1 exploration well, Western Blocks, Pikka B well, Alaska North Slope and Nanushuk Fairway
The primary objective of Winx-1 is the Nanushuk Topset play, targeting the Nanushuk 4 and 5 sands. As can be seen in Figure 3, the Winx prospect has been identified using the Nanuq South 3D which covers the third party 2017 Horseshoe discovery plus a large swathe of the "
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