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Red Emperor Resources

RMP.RNS 02.03.15....Farmin Agreement Signed With Otto Energy

(ASX & AIM: RMP)
Informed Discussion. No ramping. No deramping.

RMP.RNS 02.03.15....Farmin Agreement Signed With Otto Energy

Post Mon Mar 02, 2015 8:06 am

http://www.investegate.co.uk/red-empero ... 0000P8531/

2 March 2015

Red Emperor Resources NL

Farmin Agreement Signed With Otto Energy and Appendix 3B

The Board of Red Emperor Resources NL ("Red Emperor" or the "Company") is
pleased to announce that it has signed a Farmin Agreement (the "Agreement")
with Otto Energy Philippines Inc. (a wholly owned subsidiary of Otto Energy
Ltd, ASX: OEL) to farm in to the highly prospective offshore Philippines Block,
SC55.

Highlights

* Red Emperor to earn a 15% working interest in offshore Philippines Block,
SC55, by participating in the upcoming Hawkeye-1 exploration well that will
test the significant hydrocarbon potential of the Southern Palawan Basin.

* Hawkeye-1 is expected to be drilled early in Q3 2015 and is targeting a
structure assessed to contain in excess of 100MMbbls of Gross Best Estimate
Prospective Resources (~15MMbbls net to RMP).

* Independent report from Jordon & Pay Exploration Consultants describes the
prospect as a "robust, attractive exploration target with a good geological
chance of success" (32%), with the operator indicating Gross Prospective
Resource of up to 401MMbbls (High Case - 51MMbbls net to RMP).

* The Hawkeye prospect is covered by extensive and high quality 3D seismic,
which indicates the strong chance of a gas cap sitting above a sizeable oil
leg (>100m).

* Commercial success in the Hawkeye well would unlock a significant region
for exploration, the heart of which is covered by Block SC55.

* A further drill ready gas target (Cinco) also exists within Block SC55,
assessed by the Operator to have Gross Best Estimate Prospective Resources
of 1.6Tcf (208 Bcf net RMP) of recoverable gas.

* Red Emperor to complete A$2.13m placement leaving the Company fully funded
to participate in the Hawkeye-1 exploration well and other potential
opportunities.
TONY THE TIGER
 
Posts: 2524
Joined: Mar 2012

Re: RMP.RNS 02.03.15....Farmin Agreement Signed With Otto En

Post Mon Mar 02, 2015 8:11 am

TONY THE TIGER
 
Posts: 2524
Joined: Mar 2012

Re: RMP.RNS 02.03.15....Farmin Agreement Signed With Otto En

Post Mon Mar 02, 2015 8:14 am

Number 3

Red Emperor Resources NL
Letter of Intent Signed for Philippines Drill Rig

2 March 2015

Red Emperor Resources NL

Letter of Intent Signed for Philippines Drill Rig

The Board of Red Emperor Resources NL ("Red Emperor" or the "Company") is very
pleased to advise that, subsequent to the announcement made earlier today that
it has signed an agreement to farm into the highly prospective offshore
Philippines Block SC55, Otto Energy Philippines Inc. (a wholly owned subsidiary
of Otto Energy Ltd, ASX: OEL) has entered into a Letter of Intent with Maersk
to secure the Maersk Venturer ultra-deepwater drillship to drill the Hawkeye-1
exploration well.

As one of the most modern and advanced drillships in the world, this rig has
the required capability to drill the Hawkeye-1 exploration well. 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.

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 drillships
in the world. The Maersk Venturer has recently completed work for Total
Malaysia.

All required long lead items have now been procured and stored in yards in
Labuan, Malaysia. Drilling of the Hawkeye-1 exploration well is expected to
commence in early Q3 2015.

Detailed contractual arrangements with Maersk will be finalised in the coming
weeks and a further announcement will be made in due course.
TONY THE TIGER
 
Posts: 2524
Joined: Mar 2012

Re: RMP.RNS 02.03.15....Farmin Agreement Signed With Otto En

Post Mon Mar 02, 2015 8:56 am

Big Pump on the way I would bet!
User avatar
Noodles
 
Posts: 259
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Location: Sydney

Re: RMP.RNS 02.03.15....Farmin Agreement Signed With Otto En

Post Mon Mar 02, 2015 9:35 am

Noodles...Up 43%
TONY THE TIGER
 
Posts: 2524
Joined: Mar 2012

Re: RMP.RNS 02.03.15....Farmin Agreement Signed With Otto En

Post Mon Mar 02, 2015 9:57 am

Oh for a set of RNS like that from Range.

I don't think you could have procured a better rig that's for sure!

Fubs
FUBAR@Birth
 
Posts: 911
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Re: RMP.RNS 02.03.15....Farmin Agreement Signed With Otto En

Post Mon Mar 02, 2015 11:50 am

will be 30p by sept 2015 ... with two drilling, Georgia and this new one...

yeeahaaa
londonz
 
Posts: 661
Joined: Mar 2012

Re: RMP.RNS 02.03.15....Farmin Agreement Signed With Otto En

Post Mon Mar 02, 2015 6:22 pm

But why go for a deep water? Expensive to explore and develop
User avatar
Mike_Mac
 
Posts: 691
Joined: Mar 2012
Location: On the launchpad

Re: RMP.RNS 02.03.15....Farmin Agreement Signed With Otto En

Post Mon Jul 06, 2015 8:00 am

I don't think you could have procured a better rig that's for sure! [url=http://meizusale.com/]meizu m2 note[/url]
long123
 
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