30 Jul 2015 08:23
RED EMPEROR RESOURCES NL - Maersk Venturer Mobilises to Hawkeye Drilling LocationRED EMPEROR RESOURCES NL - Maersk Venturer Mobilises to Hawkeye Drilling Location
PR Newswire
London, July 30
30 July 2015
Red Emperor Resources NL
Maersk Venturer Mobilises to Hawkeye Drilling Location
Red Emperor Resources NL (ASX | AIM: RMP) is pleased to announce that the load-out of the Maersk Venturer drilling rig has been completed with the vessel now at the Hawkeye drilling location. Drilling will commence over the coming weekend once the rig has been accurately secured over the required drilling location.
As one of the most modern and advanced drill-ships in the world, the Maersk Venturer has the required capability to drill the Hawkeye-1 exploration well, with the drilling program expected to last 23 days. The exploration well has been designed to reach the top of target reservoir approximately 1,000m below the sea bed floor and intersect the gas oil contact to prove or otherwise the presence of the oil leg. Red Emperor intends to update the market weekly on the progress of operations.
The Maersk Venturer was commissioned in 2014 and was built at the Samsung Heavy Industries yard in Korea. Capable of operating in up to 3,600 metres of water and with dual drilling derricks, high capacity mud pumps and bed space for 230 personnel, the Maersk Venturer is one of the newest and most capable drill-ships in the world. The Maersk Venturer has recently completed work for Total Malaysia.
SC55 is located in the southwest Palawan Basin and covers an area of 9,880km2. 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 assets northwest of Palawan. The Hawkeye prospect was identified on 2D seismic in 2007 and further defined with a 600km2 3D seismic acquisition in late 2009. Hawkeye contains a 'Best Estimate' STOIIP of ~480 MMbbls of oil and a 'Best Estimate' Gross Prospective Resource of 112 MMbbls (RMP net 14.3 MMbbls) (refer to the Company's announcement dated 2 March 2015).
For further information please visit http://www.redemperorresources.com/ or contact:
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