88 Energy Ltd (LON:88E) is looking forward to the February spud of the Winx-1 exploration as today confirms that it has secured most permits for the project.
The explorer, in a stock market statement, said the final application for a ‘permit to drill’ is on schedule for submission prior to year-end, and, accordingly, approval is expected in January.
At the same time, it highlighted that operations to prepare for ice road and pad construction are underway. It is anticipated that the build will also get underway in January.
Winx-1, on Alaska’s North Slope, is set to be drilled some 4 miles to the east of the third-party drilled Horseshoe discovery well.
The 88 Energy prospect is estimated to host a potential 400mln barrel oil resources, split across multiple ‘stacked’ objectives.