24th Jul 2015 10:27
LONDON (Alliance News) - Red Emperor Resources NL Friday said it has been granted a 15% stake in Block SC55 in the Philippines, representing the final condition under the company's farm-in agreement with Otto Energy Ltd.
The Department of Energy of the Republic of the Philippines has informed Red Emperor the 15% stake in the block has been formally awarded, meaning the farm-in agreement with Otto has now been completed. The farm-in agreement was signed with Otto in March.
Red Emperor has also been advised by Otto that mobilisation of the Maersk Venturer drill ship to the Hawkeye-1 well location remains on schedule to take place at the end of the month, with drilling operations to commence soon after.
SC55 is located in the southwest Palawan Basin and 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 shares were up 1.7% to 4.88 pence per share on Friday morning.
By Joshua Warner; [email protected]; @JoshAlliance
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