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Recent in-house technical work conducted by Otto on its Alaskan acreage in the Western Blocks has resulted in the identification of an oil prospect with a gross best estimate prospective resource volume of 400 MMbbls and a geological chance of success in the range of 25-30%. RMP's 31.5% working interest (before Great Bear 10% back in) would be 126 MMbbl net to RMP. The prospective resource calculation was based on a consideration of offset well information and seismic expression.
From memory Alaskan oil is paid at Brent prices.
2.20 coming
over 2p today
No one has noticed, there are hardly any buys and look what’s happened to the share price.
probably do more than 100% today.
Spread should tighten also, closer than reported. Does look rather good to be honest.
This hasn't really been noticed as yet. Trading is restrained . Now 1.75p to buy and 1.42p to sell. This could rise a lot more if the buys turn up.
to buy now.
Really, really positive farm-in with drilling not far away in oil timescales.
· Red Emperor to acquire and drill a significantly large oil prospect on the prolific Alaska North Slope
· The drill target is immediately adjacent to and a direct analogue of the Horseshoe-1/1A oil well drilled by the Repsol-led joint venture in 2017
· Horseshoe is part of the billion-barrel plus Nanushuk oil play-fairway, one of the largest conventional oil fields discovered in the US in more than 30 years*
· Red Emperor has formed a consortium with well-funded and experienced JV partners to execute a drill program in early 2019
· RMP's working interest will be 31.5% in the prospect leases with the Company fully funded to meet its share of all work commitments associated with the acquisition
Mcap. I think this is heading further north. Alaskan style north!
in progress now.
1.38 I can sell at if I want to. But thats IF... Because I wont be doing...
1.355p
Is that spread real what’s the sell price?
http://www.londonstockexchange.com/exchange/news/market-news/market-news-detail/RMP/13691771.html
Hopefully it posts the full link. Many have missed here.
Bought in to this today. Should do well.
Recent RNS which was missed while nothing was happening here:
https://www.asx.com.au/asxpdf/20180604/pdf/43vj87z2f3spsf.pdf
Can not believe bandy has pulled this deal off. Otto have a history of very good management, 88e are proving to be very trust worthy (not over promising anything) and rmp just have to hand over the cash so hopefully bandy can not mess this up that much. Mcap needs to be much higher than where it is today
They have around $10m in the bank? Net to RMP of the drill is around 126mbo.. £5m MCAP, taken some whilst I have a further read.
Yep thnk you're right...could easy do 100% today...
25 June 2018
Red Emperor Resources NL ("Red Emperor")
Red Emperor to acquire interest in large oil prospect in prolific Alaska North Slope
The Board of Red Emperor Resources NL ("Red Emperor" or the "Company") is pleased to provide the following announcement with respect to an exciting new farm-in acquisition and upcoming drill program.
HIGHLIGHTS
· Red Emperor to acquire and drill a significantly large oil prospect on the prolific Alaska North Slope
· The drill target is immediately adjacent to and a direct analogue of the Horseshoe-1/1A oil well drilled by the Repsol-led joint venture in 2017
· Horseshoe is part of the billion-barrel plus Nanushuk oil play-fairway, one of the largest conventional oil fields discovered in the US in more than 30 years*
· Red Emperor has formed a consortium with well-funded and experienced JV partners to execute a drill program in early 2019
· RMP's working interest will be 31.5% in the prospect leases with the Company fully funded to meet its share of all work commitments associated with the acquisition
Red Emperor has executed a binding term sheet agreement that will see the Company participate in the drilling of a highly prospective Nanushuk oil trend exploration well on the Alaska North Slope in early 2019. Final definitive agreements are expected to be executed within 30 days with Red Emperor, along with its Consortium Partners, having exclusivity over the opportunity.
Commercial Agreement
Red Emperor, along with Otto Energy Limited (ASX: OEL) ("Otto") and 88 Energy Limited (ASX: 88E) ("88 Energy") (collectively the "Consortium Partners"), have executed a binding term sheet agreement with Great Bear Petroleum Ventures II LLC ("Great Bear") to acquire the majority of Great Bear's working interest in four leases on the western flank of the Alaska North Slope, specifically ADL#s 391718, 391719, 319720 & 39172; collectively the "Western Blocks".
* Oil Search Limited announcement 1 November, 2017
In consideration for acquiring the leases, the consortium partners will undertake the following:
· Provide a performance bond to the State of Alaska of US$3.0 million (RMP share US$1.05m) by 31 July 2018; and
· Drill an exploration well in the Western Blocks by 31 May 2019.
The Consortium Partners will provide the following consideration to Great Bear:
· Free carry Great Bear for a 10% working interest in the leases for the drilling, completion and production testing of an initial test well, including all associated costs such as permitting, ice road access and test production disposition;
· Pay US$500,000 (RMP share US$175,000) upon execution of the definitive agreements;
· Pay US$500,000 (RMP share US$175,000) upon receipt of final permits necessary to drill the initial test well, in any case by no later than 31 December 2018; and
· Provide an o
Is oilriches still in here or has he moved on? Did he not have something like 3 or 5 percent of the company at some point
Should double in SP today. Their part of the bill should be covered from their strong cash position. I dont think many will see the RNS as it isnt on here for some reason.
just bought in here
The most positive drill RMP have ever been involved in