RMP Red Emperor Resources Nl

 
TIDMRMP 
 
DRILLING RESULTS - 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 drilled to the planned total depth of 2,920m 
with the top reservoir intersected at 2,710m. Hydrocarbons were logged between 
2,710m - 2,737m in reservoir of variable quality.  The upper reservoir section 
between 2,710m - 2,724m is interpreted to be gas bearing at sub-commercial 
volumes. The second, poorer quality reservoir (2,724m - 2,737m) provided 
evidence of fluorescence, usually an indicator of liquid hydrocarbons, from 
hand cutting returns. Unfortunately, even if confirmed oil bearing, the 
combination of poor reservoir and low net pay would render the potential oil 
leg sub-commercial. Below 2,737m water was inferred from log observations in a 
reservoir sequence of good quality. 
 
While the Hawkeye-1 exploration well has proven the existence of hydrocarbons 
in SC55, the hydrocarbon size discovered appears to be at the low end of 
expectations and not likely economic to develop. Hawkeye-1 will now be 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 has been executed smoothly, ahead of schedule and 
significantly under of budget. Based on a potential estimated total well cost 
of USD$25m, Red Emperor expects to retain a cash balance of approximately $12m 
AUD (GBP5.66m) after operations are completed. The Company remains focused on 
identifying new opportunities while continuing to efficiently manage the 
existing assets in its portfolio. 
 
NOMINATED ADVISER 
 
Grant Thornton UK LLP 
 
30 Finsbury Square 
 
London EC2P 2YU 
 
Tel:  +44 (0) 207 383 5100 
 
UK BROKER 
 
Brandon Hill Capital 
 
1 Tudor Street 
 
London EC4Y 0AH 
 
Tel:  +44 (0) 203 463 5010 
 
AUSTRALIAN BROKER 
 
708 Capital Pty Ltd 
 
Level 24, 25 Bligh Street 
 
Sydney NSW 2000 
 
Tel: +61 2 9112 2500 
 
 
 
END 
 

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