Alaska North Slope
Red Emperor has a 31.5% working interest in four leases on the western flank of the Alaska North Slope, specifically ADL#s 391718, 391719, 319720 & 39172; collectively the “Western Blocks”. In 2019 Red Emperor’s Joint Venture partner 88 Energy Limited (ASX/AIM: 88E), in its capacity as consortium operator, spudded the Winx-1 exploration well on the Western Blocks, intersecting all pre-drill targets safely and efficiently. Whilst early indications from the logging while drilling (LWD) data were encouraging, provisional wireline results indicated low oil saturations in the Nanushuk Topsets not conducive to successfully flowing the formation, as borne out by the Modular Formation Dynamics Test (MDT) sampling results, which did not retrieve hydrocarbon samples. Additionally, on completion of the wireline logging programme in the Torok Channel Sequence, it was apparent that the oil saturations in the zone of interest were also low and not conducive to hydrocarbon flow. The well was successfully plugged and abandoned on 26 March, 2019 and after purchasing additional regional 3D seismic data within the Western Blocks, the Joint Venture is still reviewing its plans to either reprocess / reinterpret the legacy 3D seismic data or seek to monetise the blocks.
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.