3 August
2015
Red Emperor
Resources NL (“Red Emperor” or “the Company”)
DRILLING UPDATE –
HAWKEYE-1
Red Emperor Resources NL (ASX | AIM: RMP) provides the following
update with respect to the drilling of the Hawkeye-1 exploration
well, offshore Palawan Basin in the
Philippines.
The Hawkeye-1 exploration well was spud at 1610 hours (AWST) on
31 July 2015. The 36” conductor was
run to 1,906 metres and the 26” hole subsequently drilled to 2,449
metres. The 20” casing string has been cemented in place.
The forward plan is to connect the blow-out preventer to the
wellhead and pressure test before commencing to drill the 17 ½”
hole to just above the primary target reservoir.
Red Emperor will provide the next
update to the market in a week’s time with the primary target
reservoir expected to be intersected in approximately 2 weeks.
For further information please visit
http://www.redemperorresources.com/ or contact:
Red Emperor Resources:
Greg Bandy
+61 8 9212 0102
Grant Thornton UK LLP (Nominated Adviser):
Philip Secrett, Jen Clarke, Jamie
Barklem +44 20 7383 5100
SC55 is located in the southwest Palawan Basin and covers an
area of 9,880km2. It is a deep-water block in the middle of a
proven regional oil and gas fairway that extends from the
productive offshore Borneo region
in the southwest to the offshore Philippine production assets
northwest of Palawan. The Hawkeye prospect was identified on 2D
seismic in 2007 and further defined with a 600km2 3D seismic
acquisition in late 2009. Hawkeye contains a 'Best Estimate' STOIIP
of ~480 MMbbls of oil and a 'Best Estimate' Gross Prospective
Resource of 112 MMbbls (RMP net 14.3 MMbbls) (refer to the
Company's announcement dated 2 March
2015).