88 Energy says spud of Winx-1 is imminent

Oil and gas company 88 Energy updated the market on its oil and gas operations on the North Slope of Alaska on Friday, reporting that at Winx-1, the spud was on schedule for 15 February Alaska time, with the final preparations now underway.

The AIM-traded firm said Nordic Rig 3 arrived on location, as planned, on 7 February.

Rig-up activities had proceeded smoothly, with final preparations for spud currently advancing.

The call to ‘crew-up’ was made at 0530 local time on 14 February, which the board said usually indicated spud would occur within 24 hours.

“Winx-1 is located four miles east of the Horseshoe-1/1A well that significantly extended the highly successful Nanushuk play fairway to the south,” the 88 Energy board explained in its statement.

“Winx-1 will target gross best estimate prospective oil resource of 400 million barrels of oil - 144 million barrels net to 88 Energy - across multiple stacked objectives, including the Nanushuk Formation, which is the primary target of the well.”