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.
At 9:09am: (LON:88E) 88 Energy Ltd share price was +0.03p at 1.1p