The Board of Red Emperor Resources NL provided a further operational update with respect to preparations for the drilling of the Winx-1 exploration well, located on the Western Blocks, North Slope of Alaska. RMP announced that the Permit to Drill the Winx-1 exploration well was approved by the Alaska Oil and Gas Conservation Commission (AOGCC) on the January 16, 2018. This key permit was issued without comment and paves the way for rig mobilisation in early February with spudding to occur on schedule mid-late February. Construction of the approximately 11-mile (18 kilometre) ice road required for mobilisation of the drill rig is almost 50% complete, with construction of the ice pad, from which the Nordic Rig#3 will drill the Winx-1 well, to follow. The Winx prospect is a 3D seismic defined conventional oil prospect in the successful Nanushuk play fairway with a gross mean unrisked prospective resource of 400 million barrels and is adjacent to the Horseshoe 1/1A discovery well drilled by the Armstrong/Repsol JV in 2017. Refer to the company's announcement of 25 June 2018 for further details. Cautionary Statement: The estimated quantities of petroleum that may potentially be recovered by the application of a future development project(s) relate to undiscovered accumulations. These estimates have both an associated risk of discovery and a risk of development. Further exploration, appraisal and evaluation is required to determine the existence of a significant quantity of potentially moveable hydrocarbons. Oil Search's Pikka B well in Alaska encounters hydrocarbons in the Nanushuk formation It is also worth noting that the first exploration/appraisal well of the season, Pikka-B, has been reported to have successfully encountered hydrocarbons in the Nanushuk formation with Oil Search describing the results as very encouraging. The phenomenal exploration success rate in the Nanushuk continues with this latest discovery and is extremely encouraging to RMP and its partners as they quickly approach Winx-1 spud. The primary objective of the Winx-1 exploration well is the Nanushuk Topset play, targeting the Nanushuk 4 and 5 sands. As can be seen in Figure 3, the Winx prospect has been identified using the Nanuq South 3D which covers the third party 2017 Horseshoe discovery plus a large swathe of the Western Blocks. Similar amplitude response is observed at the Winx prospect to that seen at the successful Horseshoe well location, which is situated approximately 4 miles (6 kilometres) to the west.