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28 Sep 2011 10:10
28 September 2011 Red Emperor Resources NL ("Red Emperor" or "the Company") Georgian Drilling Update - Clarification of Previous Announcement
Red Emperor Resources NL advises the previous announcement lodged this morning was incorrect due to an administrative error. Please see below correct announcement.
Red Emperor Resources NL along with its joint venture partners Strait Oil and Gas UK Ltd and Range Resources Limited is pleased to announce that while drilling has been hampered over the past 10-12 days due to the loss of a drill collar in the hole, the drill collar has been successfully recovered with new drill collars having been sourced and delivered to site late last week. Drilling recommenced over the weekend and is currently at 1,452m, with a target depth of 3,500m.
The Mukhiani Well is targeting the Vani 3 prospect which has the following estimated undiscovered stock tank oil-in-place ("STOIIP"):
Vani 3 Prospect - STOIIP (MMbbls) P90 P50 P10 MeanGross (100%) 41.7 9 2.7 178.2 15.2
Net Attributable to RMP (20%) 8.3 18.5 35.6 23.0
The geochemical helium survey undertaken by JV partner, Range Resources, confirmed the suitability of the first drill location with oil exploration and development prospectivity complementing the earlier seismic work completed on the target.
For further information please visit www.redemperorresources.com or contact:
Red EmperorGreg Bandy +61 8 9225 2826Cairn Financial Advisers LLP (Nominated Adviser)Jo Turner +44 20 7148 7900Tony RawlinsonOld 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 a combined 19 billion barrels of oil in-place. Red Emperor's joint venture partner and PSA operator Africa Oil Corp. has signed a letter of intent with a drilling subcontractor and expects the first well to be drilled in Dharoor in Q4, 2011. * 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 Limited 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 oil-in-place (on a mean 100% basis). Two wells are to be drilled this year as part of the proposed drill program. * The Company also has a 25% interest in the Jillewarra Project, a copper and gold project in Western Australia. This interest is free carried through until bankable feasibility study,
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