88 Energy Limited (formerly Tangiers Petroleum Limited) is an ASX listed exploration exploration company that has recently announced the acquisition of a new, potentially world class oil asset located in Alaska. It also has a 25% stake in the Tarfaya Offshore Block is located on the Moroccan Atlantic margin and was acquired by the company in 2009.

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http://88energy.com/

StockMarketWire.com
88 Energy said plans to spud its Winx-1 well on Friday were on schedule.

The Nordic Rig#3 arrived on location, as planned, on the 7 February, rig up activities had proceeded smoothly and final preparations for spud were now underway, the company said.

The call to 'crew-up' was made at 0530 14 February, which usually indicates spud would occur within 24 hours.

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

Red Emperor Resources is also an investor in Winx-1.

StockMarketWire.com
88 Energy said it had spudded its Winx-1 well on Friday.

The well was drilled to 600' after which the company pulled out of hole to pick up the smart bottom hole assembly, with logging while drilling tools attached. At 11:45 on 17 February (AK time), Nordic Rig#3 was drilling ahead at 880', the company said.

The forward plan was to deepen the hole to about 2,500' before setting surface casing, the company added.

Winx-1 would target gross best estimate prospective oil resource of 400m barrels of oil, representing a net 144m barrels to 88 Energy, the company said last week.