- 88 Energy said preparations to spud the Winx-1 exploration well in mid-late February spud were proceeding to plan.

Construction of the ice road to the Winx-1 exploration well location commenced on the 2 January, as planned, the company said. It would take approximately three weeks to complete, ahead of construction of the ice pad, on which the Nordic Rig#3 would be located for the drilling of Winx-1.

Winx-1 would target gross best estimate prospective resource of 400m barrels of oil, 144m barrels net to 88 Energy, across multiple stacked objectives, including the Nanushuk, which was the primary target of the well, the company added.

'Winx-1 aims to further extend the Nanushuk play fairway, only 4 miles east of the recently successful Horseshoe well where similar seismic amplitude response was observed,' said Dave Wall, Managing Director of 88 Energy.

At 8:32am: (LON:88E) 88 Energy Ltd share price was +0.02p at 1.08p

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