88 Energy begins drilling at Winx-1 exploration well in Alaska

88 Energy kicked off drilling at its Winx-1 exploration well on the North Slope of Alaska on Friday.

The AIM-listed oil and gas outfit drilled the well to 600 feet prior to pulling out of the hole in order to pick up the smart bottom hole assembly while drilling tools were attached.

On Sunday, Nordic Rig#3 drilled to a depth of 880 feet and will eventually deepen the hole to a depth of roughly 2,500 feet before setting the well's surface casing.

88 Energy told investors on Monday that Winx-1, which is located about four miles east of the Horseshoe-1/1A well, will target a gross best estimate prospective oil resource of 400m barrels of oil across multiple stacked objectives, including the Nanushuk Formation, which is the primary target of the well.

As of 0945 GMT, 88 Energy shares had dipped 0.98% to 1.07p.