Red Emperor Resources NL Hawkeye-1 - Notice to commence drilling
July 02 2015 - 02:00AM
UK Regulatory
TIDMRMP
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
END
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