- 88 Energy said Friday it would continue to drill the Winx-1 well despite encountering 'weak to moderate' oil shows at the Nanushuk target that were at the lower of the range required for commerciality.

The Winx-1 exploration well intersected a 'zone of interest' in the Nanushuk Formation between 4,460' and 4,530' on the 28th February 2019, the company said. 'Weak to moderate oil shows were recorded whilst drilling through this zone; however, initial petrophysical analysis indicates potentially high water saturation.'

Additional analysis was ongoing and would be reported once available, the company added. The Seabee turbidite target at 4,272 inches , meanwhile, exhibited no evidence of hydrocarbon saturation.

The forward plan is to continue drilling ahead to total depth to test the deeper objectives, 88 Energy said.

At 9:40am: (LON:88E) 88 Energy Ltd share price was -0.33p at 0.7p

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