Red Emperor Resources NL SC 55 update - Palawan Basin

 
TIDMRMP 
 
22 December 2015 
 
                           Red Emperor Resources NL 
 
                                  SC55 Update 
 
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. 
 
Red Emperor 
Greg Bandy [phone] 
 
Grant Thornton UK LLP 
Philip Secrett/Jen Clarke/Jamie Barklem [phone] 
 
Brandon Hill Capital Limited 
Jonathan Evans [phone] 
 
 
 
END 
 

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December 22, 2015 06:50 ET (11:50 GMT)