Red Emperor Resources NL Change of Adviser (8942J)
December 10 2018 - 1:01AM
UK Regulatory
TIDMRMP
RNS Number : 8942J
Red Emperor Resources NL
10 December 2018
10 December 2018
Red Emperor Resources NL
("Red Emperor" or the "Company")
Change of Adviser
Red Emperor (ASX/AIM: RMP), the natural resource exploration
company with oil and gas interests on the Alaska North Slope and in
South East Asia, is pleased to announce the appointment of Strand
Hanson Limited as Nominated Adviser to the Company with immediate
effect.
For further information, please visit
www.redemperorresources.com or contact:
Red Emperor Resources NL +61 8 9212 0102
Greg Bandy
Strand Hanson Limited (Nominated Adviser) +44 (0) 20 7409 3494
James Harris
Matthew Chandler
Frederick Twist
Brandon Hill Capital (UK Broker) +44 (0) 203 463 5010
708 Capital Pty Ltd (Australian Broker) +61 (0) 2 9112 2500
This announcement contains inside information for the purposes
of Article 7 of Regulation (EU) 596/2014.
About Red Emperor Resources NL
Red Emperor is an Australian natural resource exploration
company listed on both the Australian Securities Exchange (ASX:
RMP) and Alternative Investment Market (AIM: RMP). Red Emperor has
oil and gas interests on the Alaska North Slope and in South East
Asia.
Red Emperor has executed Definitive Agreements with its
consortium partners 88 Energy Limited and Otto Energy Limited that
will see the Company participate in the drilling of a highly
prospective Nanushuk oil trend exploration well on the Alaska North
Slope in early 2019. The drill target is immediately adjacent to
and a direct analogue of the Horseshoe-1/1A oil well drilled in
2017. Horseshoe is part of the billion-barrel plus Nanushuk oil
play-fairway, one of the largest conventional oil fields discovered
in the US in more than 30 years.
Technical work on the Western Blocks has identified a gross best
estimate prospective resource volume of 400 MMbbls (126 MMbbls net
to RMP), and a geological chance of success of 25%-35%. The
estimated quantities of petroleum that may potentially be recovered
by the application of future development projects relate to
undiscovered accumulations. These estimates have both an associated
risk of discovery and a risk of development. Further appraisal and
evaluation is required to determine the existence of a significant
quantity of potentially moveable hydrocarbons.
Red Emperor also holds an equity interest of 37.5% of Block
SC55, which is located in the southwest Palawan Basin. SC55 covers
an area of 9,880km(2) and was awarded to Otto Energy Investments
Ltd (formerly NorAsian Energy Ltd) in 2005. 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.
Red Emperor participated in a US$25m exploration well
(Hawkeye-1) within the block in 2015 and contributed in excess of
AUD5m towards drilling costs. Over US$50m has been spent exploring
SC55 to date and a number of drill-ready targets remain, including
the "Cinco" gas prospect which has a best estimate prospective
resource of 1.6tcf recoverable gas.
Red Emperor's Tenements
Tenement Location Area Structure
--------------------- -----------
Alaska
Western Blocks North Slope, Alaska 92km(2) 31.5%
Philippines
Palawan Basin,
SC55 Philippines 9,880km(2) 37.5%
---------------- --------------------- ----------- ----------
This information is provided by RNS, the news service of the
London Stock Exchange. RNS is approved by the Financial Conduct
Authority to act as a Primary Information Provider in the United
Kingdom. Terms and conditions relating to the use and distribution
of this information may apply. For further information, please
contact rns@lseg.com or visit www.rns.com.
END
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