RMP Red Emperor Resources Nl

 
TIDMRMP 
 
30 June 2015 
 
                           Red Emperor Resources NL 
 
                                Puntland Update 
 
Red Emperor Resources NL (ASX | AIM: RMP) has been advised by its Joint Venture 
partner and Operator, Africa Energy Corp. (previously Horn Petroleum Corp.) of 
its notice to the Puntland State of Somalia advising of its intention to 
withdraw from the January 2007 productions sharing agreements ("PSAs") in 
respect of the Nugaal Block and the Dharoor Block, effective immediately. 
 
In its notice to the Puntland Petroleum and Minerals Agency, Africa Energy 
cited the uncertainty of the current political climate in Somalia, especially 
in respect of the disagreement between the Federal Government of Somalia and 
the regional government of Puntland, over the legitimacy of the PSAs and 
potential territorial claims on the Nugaal Block as the principal reasons for 
its decisions. 
 
Whilst Red Emperor is disappointed with this outcome, the Company acknowledges 
the political uncertanties that have existed within the country, the state and 
the region over the past 3 years, preventing the Joint Venture from conducting 
the activities required under the terms of the PSAs. Red Emperor supports the 
Operator in its decision to withdraw from the PSAs. 
 
The Company remains focused on its current Joint Venture in the Philippines and 
the upcoming exploration well (Hawkeye-1) to be drilled in Block SC55, 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). The Operator, Otto Energy, has already secured 
the Maersk Venturer drill ship to drill the Hawkeye-1 prospect and the Company 
anticipates a spud date towards the end of July 2015. The well is expected to 
take less than a month to drill. 
 
A copy of the announcement made by African Energy Corp. can be found on its 
website, at the following link www.africaenergycorp.com. 
 
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 
 

Red Emperor Resources Nl (LSE:RMP)
Historical Stock Chart
From Aug 2024 to Sep 2024

Red Emperor Resources Nl (LSE:RMP)
Historical Stock Chart
From Sep 2023 to Sep 2024