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88 Energy prepares to drill promising Alaska well

Winx-1 is around four miles east of Horseshoe-1/1A, which significantly extended the highly successful Nanushuk play fairway to the south

oil worker looking out into the frozen wasteland
Alaska’s North Slope is a fully-fledged, confirmed conventional oil province

88 Energy Limited (ASX:88E, LON:88E) said drilling will get underway on Alaska’s North Slope later this month on a well targeting a prospective resource of 400mln barrels of oil.

Winx-1 is around four miles east of Horseshoe-1/1A, which significantly extended the highly successful Nanushuk play fairway to the south.

The drill bit is expected to start turning on February 15 after the mobilisation of Nordic Rig Number 3.

READ: 88 Energy continues to advance Alaska assets

This follows the completion of the ice road and pad, along with the installation of a cellar. If successful, Winx-1 will take around 50 days.

88 Energy has a 40% interest in the project and it is partnered with Red Emperor Resources (LON:RMP), which has a 31.5% interest.

Alaska’s North Slope is a fully-fledged, confirmed conventional oil province - so unlike with the HRZ shale, 88 Energy’s other targeted play, it doesn’t have to blaze a trail as an early mover.

Major oil firms have already unearthed world-class discoveries. At Prudhoe Bay, some 15bn barrels of crude has been produced and more recent exploration successes have found several billions more in new finds.

88 Energy has shot 3D seismic across its acreage (well, about 25% of it), and, has upgraded multiple leads into ‘drillable’ prospects. It describes them as ‘stacked prospects’ which means there’ll be opportunities to test multiple targets with individual wells.

Quick facts: 88 Energy Ltd

Price: 1 GBX

AIM:88E
Market: AIM
Market Cap: £68.72 m
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