Red Emperor Resources NL announced 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. Oil shows have been observed whilst drilling in the Nanushuk in the Winx-1 exploration well. Preliminary review of the interval by the operator suggests that the zone in which the shows were encountered is at the lower end of the range required for commerciality; however, further petrophysical analysis is necessary. • No oil shows were recorded in the shallower secondary target (Seabee turbidites). The forward plan is to continue drilling to test the deeper objectives. 88 Energy Limited, in its capacity as consortium operator, has advised Red Emperor that Winx-1 intersected a zone of interest in the Nanushuk formation between 4,460ft and 4,530ft on 28 February 2019. Weak to moderate oil shows were recorded, including fluorescence and crush/cut fluorescence, whilst drilling through this zone; however, initial petrophysical analysis indicates potentially high water saturation. Additional analysis is ongoing and will be reported once available. The Seabee turbidite target at approximately 4,272ft exhibited no evidence of hydrocarbon saturation. The forward plan is to continue drilling ahead to target depth ("TD") to test the deeper objectives.