88 Energy and Red Emperor have been granted the permit to drill the Winx-1 exploration well by the Alaska Oil and Gas Conservation Commission.
Winx-1 is located on the North Slope of Alaska, with 3D seismic indicating a gross mean unrisked prospective resource of 400 million barrels.
Dave Wall, Managing Director of 88 Energy, stated: "The approval of the Permit to Drill marks the end of the permitting process for the drilling of Winx. Everything remains on track for a mid-late February spud.”
Shares in Red Emperor Resources were up 10% and shares in 88 Energy were up 3% following the announcement.
The company said that construction of the 11 mile ice road to Winx-1 is almost 50% complete, after which the ice pad will be constructed and the rig mobilised for drilling.
Winx-1 is targeting the Nanushuk 4 and 5 sands, with spudding on track to occur mid-late February, with any hydrocarbons 36% net to 88 Energy and 31.5% net to Red Emperor.
The first exploration/well of the season in Alaska, Pikka-B reported a successful hydrocarbon encounter in the Nanushuk formation, which is encouraging for 88 Energy and Red Emperor who are targeting the same formation.
Follow News & Updates from 88 Energy here: and Red Emperor Resources here: