To whom it may concern
23 December 2015
Manager of Company Announcements ASX Limited
Level 8 Exchange Plaza 2 The Esplanade
PERTH WA 6000
Via E-Lodgement
SC 55 - UPDATE
|
|
Issued Capital: 425M
|
ASX Code: RMP
AIM Code: RMP
|
Closing price: A$0.023
Closing Price: £0.0086
|
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.
For and on behalf of the Board
Greg Bandy Managing Director
BOARD & MANAGEMENT
Mr Greg Bandy MANAGING DIRECTOR
Mr Nathan Rayner
NON-EXECUTIVE DIRECTOR
Mr Jason Bontempo
NON-EXECUTIVE DIRECTOR
Mr Aaron Bertolatti COMPANY SECRETARY
REGISTERED OFFICE
Level 1
35 Richardson Street West Perth WA 6005
POSTAL ADDRESS
PO Box 1440
West Perth WA 6872
CONTACT DETAILS
Tel: +61 8 9212 0102
WEBSITE
www.redemperorresources.com
SHARE REGISTRY
Computershare Level 2
45 St Georges Terrace Perth WA 6000
Tel: 1300 555 159
NOMINATED ADVISER
Grant Thornton UK LLP 30 Finsbury Square London EC2P 2YU
Tel: +44 (0) 207 383 5100
UK BROKER
Brandon Hill Capital 1 Tudor Street London EC4Y 0AH
Tel: +44 (0) 203 463 5010
AUSTRALIAN BROKER
708 Capital Pty Ltd Level 24, 25 Bligh Street
Sydney NSW 2000
Tel: +61 2 9112 2500
ASX CODE | AIM CODE
RMP