February 07, 2019

Red Emperor announces that 88 Energy, in its capacity as consortium operator, has advised that the mobilisation of Nordic Rig#3 commenced at 08:45 on 1 February 2019 from Deadhorse, Alaska. The mono body rig structure will now travel approximately 90 miles to the Winx-1 well site. Additional equipment required for the commencement of drilling is being mobilised to site concurrently in order to meet the scheduled spud date of 15 February 2019.
As previously announced, drilling and testing of Winx-1, in a success case scenario, is scheduled to take approximately 50 days. For further details please refer to the announcement of 31 January 2019 made by 88 Energy Limited. 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.
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 “Western Blocks”. Similar amplitude response is observed at the Winx prospect to that seen at the successful Horseshoe well location, which is situated approximately 4 miles (6 kilometres) to the west. (Source: 88 Energy)