22 Dec 2015 11:50
RED EMPEROR RESOURCES NL - SC 55 update - Palawan BasinRED EMPEROR RESOURCES NL - SC 55 update - Palawan Basin
PR Newswire
London, December 22
22 December 2015
Red Emperor Resources NL
SC55 Update
Red Emperor Resources NL (ASX | AIM: RMP) provides the following update with respect to Service Contract 55 (SC 55), offshore Palawan Basin in the Philippines.
Red Emperor has been advised that its Joint Venture partner and Operator, Otto Energy Limited (ASX: OEL) has requested a two-year moratorium be granted by the Philippines Department of Energy over SC 55. The JV fulfilled the work obligation under the current exploration Sub-Phase by drilling the Hawkeye-1 exploratory well in August 2015. Although the well did not encounter gas in commercial quantities, it proved the presence of an active petroleum system in the contract area which hosts the “Cinco Prospect” as well as several other leads.
The consortium intends to undertake further technical studies during the moratorium period, including a Quantitative Interpretation (QI) Study. QI is a relatively recent geophysical technique that is designed to gain a better understanding of existing and potential petroleum reservoirs.
The Joint Venture expects a response from the Department of Energy with respect to its moratorium request early in the new year. Red Emperor Resources holds a 15% participating interest in SC 55.
Red EmperorGreg Bandy +61 8 9225 2826
Grant Thornton UK LLPPhilip Secrett/Jen Clarke/Jamie Barklem +44 20 7383 5100
Brandon Hill Capital LimitedJonathan Evans +44 20 3463 5010