4th Mar 2019 09:49
LONDON (Alliance News) - Pantheon Resources PLC, Red Emperor Resources NL and 88 Energy Ltd on Monday reported encouraging results from their Winx-1 exploration well drilling, located on the North Slope of Alaska.
The Winx prospect is an oil prospect in the Nanushuk play fairway with a gross prospective resource of 400 million barrels. 88 Energy holds 36% in the Winx-1 well and is the operator, Pantheon Resources has 10% stake and Red Emperor holds 31.5% interest.
The partners said the Winx-1 well intersected the primary Nanushuk topset targets between 4,667 feet and 4,901 feet. Data obtained by the joint venture from a nearby successful Nanushuk well has proven comparable to that observed in Winx-1, providing early encouragement.
These initial interpretations, whilst encouraging, should be treated with some caution as more data and analysis are required for validation, 88 Energy said.
Looking ahead, the partners plan to run a comprehensive wireline logging programme over the zones of interest.
Subject to the results of this programme, the joint venture will decide whether to proceed to stimulate and test the most prospective of the Nanushuk primary targets.
"There are early signs of encouragement at multiple horizons in the Winx well; however, it is too early to say whether these will result in a commercial discovery at this stage as more data and analysis is required," said 88 Energy Managing Director Dave Wall.
88 Energy shares were trading 9.0% higher on Monday at 0.86 pence each, while Pantheon Resources was up 5.3% at 20.00p. Shares in Red Emperor more than doubled to 2.88p, though they had closed at 4.13p on Thursday last week.
Related Shares:
88 EnergyRMP.LPantheon Resources plc