21 October 2015
Red Emperor
Resources NL
Quarterly Reports for the Period
Ending 30 September 2015
The Board of Red Emperor Resources NL (“Red Emperor” or
the “Company”) is pleased to provide the following
commentary for the period ending 30
September 2015.
Philippines (SC55)
Red Emperor announced in
August 2015 that the Hawkeye-1
exploration well was drilled to the planned total depth of 2,920m
with the top reservoir intersected at 2,710m. The well proved
the existence of hydrocarbons in SC55, however the hydrocarbon size
discovered was at the low end of expectations and not likely to be
economic to develop. Hawkeye-1 was plugged and abandoned with
results from the well to be analysed with respect to other
prospects, including Cinco, in the license that potentially share
the same charge source.
The drilling program was executed smoothly, ahead of schedule
and significantly under budget with Red
Emperor having paid its 15 per cent. equity proportion of a
$25m USD total well cost. The Company
still expects a further refund from the Operator once all costs are
completed and finalised, which is anticipated to be before the end
of the year. In the meantime, both the evaluation of the Hawkeye
results as well as discussions with the Philippine Department of
Energy around the next exploration phase for Block SC55
continues.
Georgia
The PSA across Block VIa remains in good standing and the
subject of sale negotiations with at least one interested party.
Due diligence and negotiations are ongoing, with Red Emperor being advised by the operator,
Strait Oil & Gas, of the desire to complete a transaction
before the end of the year. The Company will advise the market of
any material developments as they occur.
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