RE: Next steps18 Mar 2019 01:23
They now will test to see if there is a trapping mechanism at the location as different zones can be separated.
That's why a side track is important to help interaction between each zone's.
The area is known to be a hot spot for oil reservoir's so there will be other area's within there licence.
But this isn't the only play the company holds ,
As clearly stated Red emperor also holds an equity Interest of 37 percent of block,SC55 which is located in the southwest palawan Basin. SC55 covers an area of 9,880km(2) and was awarded to Otto Energy investment's ltd in 2005. It is 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 asset) northwest of Palawan.
Red Emperor participated in a USD25m exploration well (Hawkeye-1) within the block in 2015 and contributed In excess of AUD5m towards drilling costs.
Over USD50m has been spent exploring SC55 to date and a number of drill-ready target's remain, including the "Chico" gas prospect witch has a best estimate prospective resource of 1.6 trillion cubic feet ("tcf") recoverable gas.
So as I see it we have all to play for here.
Great price to get in now. Gla.