30 July 2015
Red Emperor Resources NL
Maersk Venturer Mobilises to Hawkeye
Drilling Location
Red Emperor Resources NL (ASX | AIM: RMP) is pleased to announce
that the load-out of the Maersk Venturer drilling rig has been
completed with the vessel now at the Hawkeye drilling location.
Drilling will commence over the coming weekend once the rig has
been accurately secured over the required drilling location.
As one of the most modern and advanced drill-ships in the world,
the Maersk Venturer has the required capability to drill the
Hawkeye-1 exploration well, with the drilling program expected to
last 23 days. The exploration well has been designed to reach the
top of target reservoir approximately 1,000m below the sea bed
floor and intersect the gas oil contact to prove or otherwise the
presence of the oil leg. Red Emperor
intends to update the market weekly on the progress of
operations.
The Maersk Venturer was commissioned in 2014 and was built at
the Samsung Heavy Industries yard in Korea. Capable of operating in
up to 3,600 metres of water and with dual drilling derricks, high
capacity mud pumps and bed space for 230 personnel, the Maersk
Venturer is one of the newest and most capable drill-ships in the
world. The Maersk Venturer has recently completed work for Total
Malaysia.
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).
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