LONDON (Alliance News) - Red Emperor Resources NL said Wednesday it had continued to make progress with its Puntland and Georgia projects in the quarter to end-March
During the quarter, the operator of its Georgia project Strait Oil & Gas UK continued discussions with potential farm in partners and buy out parties in relation to its programmes in Georgia. If a farm-in partner is secured, an agreement has been reached with the state agency to drill a well in Block VI during the second-half of the year, said the firm.
The company said that Strait has advised that the outcome of these discussions was likely to happen in the June quarter.
At its Puntland project, located in Somalia, joint venture partner and operator Horn Petroleum Corp re-commenced groundwork. The political situation in the area remains complicated, the company said, and issues with contested territory in Nugaal continues to hamper its ability to access the Nugaal block.
Shares in Red Emperor were trading down 0.3% at 2.52 pence Wednesday.
By Hana Stewart-Smith; hanassmith@alliancenews.com; @HanaSSAllNews
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