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 Winx-1 had been drilled to approximately 2,500ft on 20 February 2019 (AK time), with surface casing run and cemented successfully. The State supervised inspection of the Blow Out Preventer system was also completed on 24 February 2019. Drilling has now commenced in the intermediate section of the well, where the primary Nanushuk targets will be intersected. Logging while drilling tools on the bottom hole assembly, combined with mud gas ratios and cuttings analysis, will provide initial insight into any potential hydrocarbon bearing intervals encountered during the drilling of the intermediate section. Additional data and analysis, including from wireline logging and potentially production testing will be required to provide more definitive results. 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 isadjacent 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.