88 ENERGY PREPARES TO DRILL WINX-1 EXPLORATION WELL IN ALASKA NORTH SLOPE

January 07, 2019

Otto Energy advised that the construction of the approximately 11 mile ice road to the Winx-1 exploration well location commenced on the 2nd January 2019, as planned. The ice road will take approximately three weeks to complete, ahead of construction of the ice pad upon which Nordic Rig#3 will be located for the drilling of Winx-1. The Permit to Drill for Winx-1 was submitted to the Alaska Oil and Gas Conservation Commission (AOGCC) on schedule, prior to the end of calendar year 2018. All logistics and permitting remains on schedule for a mid-late February spud date. Additional details related to the drilling and testing program will be released in due course. Winx-1 is located ~4 miles east of the Horseshoe-1/1A well that significantly extended the highly successful Nanushuk play fairway to the south. Winx-1 will target gross best estimate prospective resource of 400 million barrels of oil (75 million barrels Otto’s 18.75% net revenue interest) across multiple stacked objectives, including the Nanushuk, which is the primary target of the well. Cautionary Statement: The estimated quantities of petroleum that may be potentially recovered by the application of a future development project relate to undiscovered accumulations. These estimates have both an associated risk of discovery and a risk of development. Further exploration, appraisal and evaluation are required to determine the existence of a significant quantity of potentially movable hydrocarbons. Otto’s Managing Director, Matthew Allen, commented: “Otto has a very active drilling schedule already underway and the commencement of drilling at the Winx-1 well testing a large Nanushuk target provides Otto shareholders with an exciting coming few months. Otto’s technical team has done an excellent job in identifying and developing the Winx-1 target and success will unlock an extension to one of the largest emerging conventional oil plays in North America.”
88 Energy, based in West Perth, Australia, is the operator. (Source: Otto Energy – Image: Drilling in Alaskan North slope/88 Energy)