Red Emperor Resources NL SC 55 - Moratorium Granted

 
TIDMRMP 
 
17 June 2016 
 
                           Red Emperor Resources NL 
 
                          SC 55 - Moratorium Granted 
 
Red Emperor Resources NL (ASX | AIM: RMP) is pleased to provide the following 
update with respect to Service Contract 55 (SC 55), offshore Palawan Basin in 
the Philippines. 
 
Red Emperor has been advised that the Joint Venture has formally received 
approval from the Philippines Department of Energy for a two-year moratorium, 
until 23 December 2017, on required work activity under Service Contract 55. 
During the moratorium period, the consortium will conduct specialized 
geophysical studies in the area surrounding the Hawkeye prospect which 
encountered gas shows when it was drilled last year. Although the Hawkeye 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. 
 
As announced previously, Otto Energy Limited (ASX: OEL) has advised the JV of 
its intention to exit the Block SC 55 as part of its strategy to focus on its 
North American assets. Red Emperor intends to have its full, proportionate 
interest be assigned and as a result its working interest will increase from 
15% to 37.5%. 
 
In conjunction with Red Emperor's commitment to SC 55, the Board continues to 
review and evaluate new opportunities it believes could compliment the current 
assets in the portfolio. The Company looks forward to providing the market with 
more information on these potential opportunities as they develop. 
 
For further information please visit www.redemperorresources.com or contact: 
 
Red Emperor 
 
Greg Bandy [phone] 
 
Grant Thornton UK LLP 
 
Philip Secrett/Jen Clarke/Jamie Barklem [phone] 
 
Brandon Hill Capital Limited 
 
Jonathan Evans [phone] 
 
 
 
END 
 

(END) Dow Jones Newswires

June 17, 2016 02:00 ET (06:00 GMT)