NEW INVESTMENT Red Emperor to earn a 15% working interest in offshore Philippines Block, SC55, and the upcoming Hawkeye-1 exploration well that will test the significant hydrocarbon potential of the Southern Palawan Basin. Hawkeye-1 is expected to be drilled early in Q3 2015 targeting a structure assessed to contain in excess of 100MMbbls of Best Estimate Prospective Resources (~15 MMbbls net to RMP). The Hawkeye prospect is covered by extensive and high quality 3D seismic which indicates the strong chance of a gas cap sitting above a sizeable oil leg (>100m). Independent report from Jordan & Pay Exploration Consultants has described the prospect as a “robust, attractive exploration target with a good geological chance of success (32%)”. A further drill ready gas target (Cinco) also exists within Block SC55, assessed by the Operator to have Gross Best Estimate Prospective Resources of 1.6Tcf of recoverable gas. 
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