Red Emperor Resources NL SC 55 update - Palawan Basin
December 22 2015 - 6:50AM
UK Regulatory
TIDMRMP
22 December 2015
Red Emperor Resources NL
SC55 Update
Red Emperor Resources NL (ASX | AIM: RMP) provides the following update with
respect to Service Contract 55 (SC 55), offshore Palawan Basin in the
Philippines.
Red Emperor has been advised that its Joint Venture partner and Operator, Otto
Energy Limited (ASX: OEL) has requested a two-year moratorium be granted by the
Philippines Department of Energy over SC 55. The JV fulfilled the work
obligation under the current exploration Sub-Phase by drilling the Hawkeye-1
exploratory well in August 2015. Although the well did not encounter gas in
commercial quantities, it proved the presence of an active petroleum system in
the contract area which hosts the "Cinco Prospect" as well as several other
leads.
The consortium intends to undertake further technical studies during the
moratorium period, including a Quantitative Interpretation (QI) Study. QI is a
relatively recent geophysical technique that is designed to gain a better
understanding of existing and potential petroleum reservoirs.
The Joint Venture expects a response from the Department of Energy with respect
to its moratorium request early in the new year. Red Emperor Resources holds a
15% participating interest in SC 55.
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
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