Operations on the North Slope of Alaska are proceeding smoothly for oil and gas exploration company, 88 Energy . The company applied for a drill permit at their Winx-1 exploration well location at the end of 2018, having already received all other major permits.
The company also began construction on a 11 mile ice road that would connect to the Winx-1 well site earlier this week. The road should take about three weeks to be completed and, in tandem with 88E’s drill permit application, keeps the project on track for its mid-late February spud date.
The Alaskan project at Winx-1, of which 88E earns a 36% working interest, presents a crucial opportunity for the previously exploration focused company.
As previously reported, Alaska’s North Slope basin has seen a dramatic increase in oil production.
The basin had been labeled as a mature well after seeing production drop off from a high of 2 million barrels a day to only around 400,000. Now, even Winx-1 itself has a best estimate unrisked prospective resource of 400 million barrels of oil.
88 Energy, along with partner Red Emperor earning a 31.5% working interest, is eager and well-positioned to seize this opportunity.
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