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).
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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.