Alaska North Slope
Red Emperor has executed a binding term sheet agreement that will see the company participate in the drilling of a highly prospective Nanushuk oil trend exploration well on the Alaska North Slope in early 2019, with an estimated prospective resource volume of 400 MMbbls.
The drill target is immediately adjacent to and a direct analogue of the Horseshoe-1/1A oil well drilled. Horseshoe is part of the billion-barrel plus Nanushuk oil play-fairway, one of the largest conventional oil fields discovered in the US in more than 30 years.
Red Emperor’s working interest will be 31.5% in the prospect leases with the company fully funded to meet its share of all work commitments associated with the acquisition. Red Emperor has joined a consortium with well-funded and experienced JV partners to execute the drill program.
Alaska North Slope (Source: Modified from Otto Energy)
Nanushuk Play Extension (Source: Modified from Otto Energy)
The North Slope has had more than 17 billion barrels of oil discovered and produced to date, and remains a proven, extremely prolific world-class petroleum province.