2 July 2015
Red Emperor Resources NL
Hawkeye-1 - Notice to commence
drilling
Red Emperor Resources NL (ASX | AIM: RMP) is pleased to announce
that it has been advised by Joint Venture partner and Operator,
Otto Energy Limited (ASX: OEL), that it has issued Maersk Drilling
with a formal notice in respect of the mobilisation of the Maersk
Venturer drill ship to the Hawkeye-1 exploration well location.
Mobilisation to the drilling location will commence on 31 July 2015 and is expected to take around 1 to
2 days, with drilling operations to commence upon arrival of the
rig on location.
Red Emperor also advises that all
documentation required for its 15% interest in Service Contract 55
(SC55) to be formally assigned, has now been received by the
Philippine Department of Energy with the Company expecting final
approval within 2 weeks.
Greg Bandy, Red Emperor’s
Managing Director, commented, “News that formal notice for the
mobilisation of the Maersk Venturer drill ship has now been issued
by the Operator is extremely positive. The Hawkeye-1 well should
now spud in early August, making the next few months very exciting
for Red Emperor and its
shareholders. We look forward to updating the market in due course
on progress.”
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).
For further information please visit
http://www.redemperorresources.com/ or contact:
Red
Emperor
Greg Bandy +61 8 9225 2826
Grant Thornton UK LLP
Philip Secrett/Jen Clarke/Jamie
Barklem +44 20 7383 5100
Brandon Hill Capital Limited
Jonathan Evans +44 20 3463 5010