The Board of Red Emperor Resources NL provided an operational update with respect to the drilling of the Winx-1 exploration well ("Winx-1"), located on the Western Blocks, North Slope of Alaska. Red Emperor announced that 88 Energy Limited, in its capacity as consortium operator, has advised that the Nordic Rig#3 commenced drilling of Winx-1 at 15:15 on the 15th February (AK time) ­ on schedule. The well was drilled to 600ft prior to pulling out of hole to pick up the smart bottom hole assembly, with logging while drilling tools attached. The forward plan is to deepen the hole to ~2,500' before setting surface casing. Regular updates will be made throughout the drilling operations. As previously announced, drilling and testing of Winx-1, in a success case scenario, is scheduled to take approximately 50 days. 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 ("MMbbls") (126MMbbls net to Red Emperor) and is adjacent to the Horseshoe 1/1A discovery well drilled by the Armstrong/Repsol JV in 2017. The primary objective of Winx-1 is the Nanushuk Topset play, targeting the Nanushuk 4 and 5 sands. 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.