Red Emperor Resources NL Hawkeye-1 - Notice to commence drilling

 
TIDMRMP 
 
2 July 2015 
 
                           Red Emperor Resources NL 
 
                    Hawkeye-1 - Notice to commence drilling 
 
Red Emperor Resources NL (ASX | AIM: RMP) is pleased to announce that it has 
been advised by Joint Venture partner and Operator, Otto Energy Limited (ASX: 
OEL), that it has issued Maersk Drilling with a formal notice in respect of the 
mobilisation of the Maersk Venturer drill ship to the Hawkeye-1 exploration 
well location. Mobilisation to the drilling location will commence on 31 July 
2015 and is expected to take around 1 to 2 days, with drilling operations to 
commence upon arrival of the rig on location. 
 
Red Emperor also advises that all documentation required for its 15% interest 
in Service Contract 55 (SC55) to be formally assigned, has now been received by 
the Philippine Department of Energy with the Company expecting final approval 
within 2 weeks. 
 
Greg Bandy, Red Emperor's Managing Director, commented, "News that formal 
notice for the mobilisation of the Maersk Venturer drill ship has now been 
issued by the Operator is extremely positive. The Hawkeye-1 well should now 
spud in early August, making the next few months very exciting for Red Emperor 
and its shareholders. We look forward to updating the market in due course on 
progress." 
 
SC55 is located in the southwest Palawan Basin and covers an area of 9,880km2. 
It is a deep-water block in the middle of a proven regional oil and gas fairway 
that extends from the productive offshore Borneo region in the southwest to the 
offshore Philippine production assets northwest of Palawan. The Hawkeye 
prospect was identified on 2D seismic in 2007 and further defined with a 600km2 
3D seismic acquisition in late 2009. Hawkeye contains a 'Best Estimate' STOIIP 
of 480 MMbbls of oil and a 'Best Estimate' Gross Prospective Resource of 112 
MMbbls (RMP net 14.3 MMbbls). 
 
For further information please visit http://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