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 ("Winx-1"), located on the Western Blocks, North Slope of Alaska. Spud on schedule for 15 February 2019 (Alaska time, GMT -9 hours) - final preparations underway. Red Emperor confirmed that 88 Energy Limited, in its capacity as consortium operator, has advised that the Nordic Rig#3 arrived on location as planned on 7 February 2019, Alaska time. Rig-up activities have proceeded smoothly and final preparations for spud are now underway. The call to "crew-up" was made at 05:30 on 14 February 2019, Alaska time, which typically indicates that spud will occur within 24 hours. Regular updates will be made during the drilling operations. As previously announced, drilling and testing of Winx-1, in a success case scenario, is scheduled to take approximately 50 days. For further details refer to the announcement of 31 January 2019 made by 88 Energy Limited. 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. 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. The primary objective of Winx-1 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.