Red Emperor Resources NL Quarterly Reports for the Period End 30 September 2015

 
TIDMRMP 
 
21 October 2015 
 
                           Red Emperor Resources NL 
 
           Quarterly Reports for the Period Ending 30 September 2015 
 
The Board of Red Emperor Resources NL ("Red Emperor" or the "Company") is 
pleased to provide the following commentary for the period ending 30 September 
2015. 
 
Philippines (SC55) 
 
Red Emperor announced in August 2015 that the Hawkeye-1 exploration well was 
drilled to the planned total depth of 2,920m with the top reservoir intersected 
at 2,710m.  The well proved the existence of hydrocarbons in SC55, however the 
hydrocarbon size discovered was at the low end of expectations and not likely 
to be economic to develop. Hawkeye-1 was plugged and abandoned with results 
from the well to be analysed with respect to other prospects, including Cinco, 
in the license that potentially share the same charge source. 
 
The drilling program was executed smoothly, ahead of schedule and significantly 
under budget with Red Emperor having paid its 15 per cent. equity proportion of 
a $25m USD total well cost. The Company still expects a further refund from the 
Operator once all costs are completed and finalised, which is anticipated to be 
before the end of the year. In the meantime, both the evaluation of the Hawkeye 
results as well as discussions with the Philippine Department of Energy around 
the next exploration phase for Block SC55 continues. 
 
Georgia 
 
The PSA across Block VIa remains in good standing and the subject of sale 
negotiations with at least one interested party. Due diligence and negotiations 
are ongoing, with Red Emperor being advised by the operator, Strait Oil & Gas, 
of the desire to complete a transaction before the end of the year. The Company 
will advise the market of any material developments as they occur. 
 
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 
 

(END) Dow Jones Newswires

October 21, 2015 07:50 ET (11:50 GMT)