Permit and Road Construction Bring 88 Energy Closer to Alaskan Spud
Anita Riotta
Company News
15:50, 7th January 2019

Operations on the North Slope of Alaska are proceeding smoothly for oil and gas exploration company, 88 Energy FOLLOW. 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 FOLLOW earning a 31.5% working interest, is eager and well-positioned to seize this opportunity.

For more news and updates on 88 Energy: FOLLOW

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The information, investment views and recommendations in this article are provided for general information purposes only. Nothing in this article should be construed as a solicitation to buy or sell any financial product relating to any companies under discussion or to engage in or refrain from doing so or engaging in any other transaction. Any opinions or comments are made to the best of the knowledge and belief of the writer but no responsibility is accepted for actions based on such opinions or comments. Vox Markets may receive payment from companies mentioned for enhanced profiling or publication presence. The writer may or may not hold investments in the companies under discussion.

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