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88 Energy Ltd

88 Energy signs rig contract ahead of start of Alaska drilling in Q1 2019

The Nordic Calista rig 3 will make its way to Alaska, with 88 Energy expecting to start drilling the Winx-1 well in the first quarter of 2019

drill rig
The Winx-1 well is targeting an oil prospect with a prospective resource of 400mln barrels

88 Energy Ltd (LON:88E) has signed a rig contract for the drilling of the Winx Prospect, located on the Western Blocks, North Slope of Alaska.

The Winx-1 well will target the Nanushuk play fairway where 3D seismic studies defined an oil prospect which has a prospective resource of 400mln barrels of oil (MMbbls).

READ: 88 Energy and Red Emperor pull trigger on Alaska farm-in

Of that, 144MMbbls will be net to 88E and 126MMbbls net to its partner, Red Emperor Resources (LON:RMP). Great Bear and Otto Energy are the other partners with stakes in the project.

The geological chance of success has been estimated to be in the range of 25-30%.

“The execution of a rig contract is an important milestone for the consortium as plans progress to drill the large Winx prospect in the first quarter of 2019.

Quick facts: 88 Energy Ltd

Price: 0.775 GBX

Market: AIM
Market Cap: £53.25 m
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