22 Nov 2018 07:00
22 November 2018
Red Emperor Resources NL ("Red Emperor")
Results of Annual General Meeting
Red Emperor Resources NL (ASX/AIM: RMP) ("Red Emperor" or the "Company") announces that, at the Annual General Meeting held earlier today, all resolutions were duly passed.
For further information please visit http://www.redemperorresources.com/ or contact:
Red Emperor Resources: | |
Greg Bandy | +61 8 9212 0102 |
Grant Thornton UK LLP (Nominated Adviser): | |
Philip Secrett, Jen Clarke | 020 7383 5100 |
About Red Emperor Resources NL
Red Emperor Resources NL is an Australian natural resource exploration company listed on both the Australian Securities Exchange (ASX: RMP) and Alternative Investment Market (AIM: RMP). Red Emperor has oil and gas interests on the Alaska North Slope and in South East Asia.
Red Emperor has executed Definitive Agreements with its consortium partners 88 Energy Limited and Otto Energy Limited 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. The drill target is immediately adjacent to and a direct analogue of the Horseshoe-1/1A oil well drilled 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.
Technical work on the Western Blocks has identified a gross best estimate prospective resource volume of 400 MMbbls (126 MMbbls net to RMP), and a geological chance of success of 25%-35%. The estimated quantities of petroleum that may potentially be recovered by the application of future development projects relate to undiscovered accumulations. These estimates have both an associated risk of discovery and a risk of development. Further appraisal and evaluation is required to determine the existence of a significant quantity of potentially moveable hydrocarbons.
Red Emperor also holds an equity interest of 37.5% of Block SC55, which is located in the southwest Palawan Basin. SC55 covers an area of 9,880km2 and was awarded to Otto Energy Investments Ltd (formerly NorAsian Energy 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 assets northwest of Palawan.
Red Emperor participated in a USD $25m exploration well (Hawkeye-1) within the block in 2015 and contributed in excess of AUD $5m towards drilling costs. Over USD $50m has been spent exploring SC55 to date and a number of drill-ready targets remain, including the "Cinco" gas prospect which has a best estimate prospective resource of 1.6tcf recoverable gas.
Red Emperor's Tenements
Tenement | Location | Area | Structure |
Alaska | |||
Western Blocks | North Slope, Alaska | 92 km2 | 31.5% |
Philippines | |||
SC55 | Palawan Basin, Philippines | 9,880 km2 | 37.5% |
km2 - Kilometres squared