88 Energy Ltd (LON:88E, ASX:88E) told investors that it expects to mobilise the drill rig for the Winx-1 exploration well in the next seven days.
It comes as the company, in a statement, said that ice road construction to the well site is now around 85% complete.
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Also, it added that construction of the ‘ice pad’ is due to start shortly.
A six-day long third-party rig inspection has been completed and the company noted that it was reported to be in “generally excellent” condition. It passed all major tests.
"Final preparations are now being made for mobilisation of the rig for a mid-late February spud,” said Dave Wall, 88 Energy managing director.
“The rig is in good condition and we are looking forward to a safe and successful drilling operation."
The well will aim to extend the Nanushuk oil play fairway, as it is located around four miles from the Repsol drilled Horseshoe discovery well.
Winx-1 has a 400mln barrel target, 144mln net to 88 Energy, across multiple stacked objectives.