Press

88E: Alaska Update - Rig Contract Signed


  • Rig Contract Executed for Western Blocks Drilling of the Winx Prospect

  • Permitting Progressing on Schedule

Otto Energy Limited (ASX:OEL) (“Otto” or the “Company”) is pleased to announce that the operator Captivate Energy Alaska, Inc, (a 100% owned subsidiary of 88 Energy Limited (ASX:88E)) has executed a rig contract for the drilling of the Winx Prospect, located on the Western Blocks, North Slope of Alaska.

Nordic Calista Rig 3

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The rig contract was executed with Nordic-Calista Services utilising Rig 3, which is a single module, self-propelled drilling rig, capable of drilling to depths of 12,000' – 14,500'. The rig structure is fully winterised for Arctic Operations and the rig has previously been utilized for grassroots drilling, exploration, sidetracks and workovers on the North Slope.

The Winx Prospect is a 3D seismic defined oil prospect in the successful Nanushuk play fairway with a gross mean unrisked prospective resource of 400MMbbls (75MMbbls net to Otto) and a geological chance of success in the range of 25-30%. Refer to the ASX release of 25 June 2018 for further details.

Cautionary Statement: The estimated quantities of petroleum that may be potentially recovered by the application of a future development project relate to undiscovered accumulations. These estimates have both an associated risk of discovery and a risk of development. Further exploration, appraisal and evaluation are required to determine the existence of a significant quantity of potentially moveable hydrocarbons.

Otto's Managing Director, Matthew Allen, commented: “With the rig contract now in place we look forward to drilling the very large Winx prospect in early 2019.

“The drilling of Winx is one of ten wells Otto will participate in over the next 18 months with the Weiss-Adler et. al. No. 1 well at Bivouac Peak already underway.”



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https://wcsecure.weblink.com.au/pdf/88E/02015637.p...

88E88 EnergyAlaskaUnited StatesonshoreRigContractASXCaptivate Alaska Energy

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