11 Jan 2012 12:22
11 January 2012 Red Emperor Resources NL ("Red Emperor" or "the Company") Movement in Share Price
In response to recent movements in the Company's share price, the ASX has today published the Company's response to its price query. A full version of the response can be found on the ASX's website, www.asx.com.au. An extract of this response is as follows:
"The Company is not aware of any information concerning it that has not been announced and which, if known, could be an explanation for recent trading in the securities of the Company."
"As has been disclosed to the market on a regular basis, Red Emperor is earning a 20% interest in two highly prospective oil & gas blocks in Puntland, Somalia. The first exploration well to be drilled as part of a two well program is due to spud shortly. This landmark well will be the first to be drilled in Puntland in over 20 years and is targeting an enormous potential oil in place of close to 1 billion barrels. While drilling has not yet commenced, it is drawing very close and a comprehensive update will be released upon spudding."
For further information please visit www.redemperorresources.com or contact:
Red Emperor
Greg Bandy +61 8 9225 2826
Rebecca Sandford +44 20 7025 7040
Cairn Financial Advisers LLP (Nominated Adviser)
Jo Turner +44 20 7148 7900
Tony Rawlinson
Old Park Lane Capital plc (Broker)
Luca Tenuta +44 20 7493 8188Michael ParnesTavistock CommunicationsPaul Youens +44 20 7920 3150Ed PortmanBackground
Red Emperor Resources NL is a natural resources exploration company with interests in the frontier state of Puntland, Somalia, the Republic of Georgia and Western Australia.
* In Puntland, Red Emperor holds a 20% working interest in two licences encompassing the highly prospective Dharoor and Nugaal valleys. These two exploration areas cover nearly 36,000km2 and have independently been assessed to potentially contain over 19.9 billion barrels of oil in-place. Red Emperor's joint venture partner and PSA operator Africa Oil Corp. has signed a contract with drilling company Sakson Drilling and Oil Services as well as all related third party contracts. Site works are now complete and the first well is expected to be drilled in early January 2012. * In the Republic of Georgia, Red Emperor has a 20% working interest in onshore blocks VIa and VIb, covering approx. 6,500km2. Joint Venture partner Range Resources Ltd last year funded a 410km 2D seismic program with independent consultants RPS Energy identifying 68 potential structures containing an estimated 2.045 billion barrels of oilâ€" inâ€"place (on a mean 100% basis). The first (Mukhiani-1) of two exploration wells spudded in July 2011. Re-interpreted seismic supported by the Mukhiani-1 VSP new fault trap and stratigraphic trapping potential with the possibility of a side track well to be drilled post additional seismic in 2H 2012. * The Company also has a right to earn a 25% interest in the Jillewarra Project a copper and gold project in Western Australia. This interest is free carried until bankable feasibility study.
XLON