88 Energy Limited has received key permits needed to ramp up its oil and gas operations on their Winx-1 exploration well in the North Slope of Alaska.
The company has been granted all major permits for its Winx-1 exploration well, apart from a permit to drill which it plans to submit before the new year, with approval expected in January 2019.
Spud of the Winx-1 exploration well, targeting multiple objectives, is on schedule for February 2019.
As Drilling Manager of the Winx-1 exploration well, earning 36% working interest, 88 Energy eager to begin drilling in the highly prospective region. As previously reported, Alaska’s North Slope basin is having a moment of revival after oil production from a high of 2 million barrels a day to just about 400,000.
The basin’s status as a mature well has been rescinded as IHS Markit believe the crude oil output could potentially increase by 40% in the next eight years. Winx-1 itself has a best estimate unrisked prospective resource of 400 million barrels of oil over multiple stacked objectives.
And 88 Energy isn’t the only company keen on participating in the North Slope basin’s rebirth; in fact, the company has teamed up with Red Emperor , which will be earning a 31.5% working interest.
As we move into 2019, Alaska’s North Slope basin and this consortium partnership provide a compelling new opportunity to keep an eye on.
For more news and updates on 88 Energy Limited and Red Emperor
