Investors are closely monitoring the progress of AIM listed companies developing hydrocarbon resources on the Alaskan North Slope.
88 Energy , Red Emporer and Pantheon Resources all reported today that pre-drill targets were all successfully intersected at the Winx-1 exploration well located in Alaska on the Nanushuk Formation.
Drilling reached a total depth of 6,800' with multiple potential pay zones identified in the primary target Nanushuk Formation Topset Play and secondary target Torok Formation.
Shares in 88 Energy shot up 35% following the announcement
The companies told investors that the wireline logging program is scheduled to commence to confirm prospectivity ahead of possible production testing today in Alaska.
The results will determine whether the companies go ahead with production testing. The Winx-1 well has target gross best estimate prospective oil resource of 400m barrels of oil across multiple stacked objectives.
88E Managing Director, Dave Wall, commented: “Encouragingly, we have also encountered multiple potential pay zones in the primary target as well as one of the secondary targets. Whilst it is still early days, we are well placed and look to the wireline program with measured optimism."
Shares in Pantheon Resources also rose 20% following the announcement
Jay Cheatham, CEO of Pantheon Resources, who also a working interest in Winx-1, said: "I am also very encouraged by the developments at Winx-1 where we have also encountered multiple potential pay zones in the primary target as well as in one of the secondary targets.”
“We will need to await logging operations before we can make a more meaningful assessment as to the potential of the well, and we look forward to these operations with cautious optimisim."
Pantheon interestingly is also testing its Alkaid asset, which has a P50 Technically Recoverable Resource estimated to be 549 million barrels of recoverable oil across the three independent zones.
Follow News from 88E here: and Pantheon here: