28th Feb 2019 11:37
LONDON (Alliance News) - Red Emperor Resources NL on Thursday said its loss widened sharply in 2018 as it progressed on the development prospects in the US state of Alaska and in the Philippines.
The exploration company said its loss widened to USD1.4 million in 2018 from USD435,035 reported a year prior due to an increase in expenses.
During the year, Red Emperor, along with 88 Energy Ltd and Otto Energy Ltd, executed an agreement with Great Bear Petroleum Ventures II LLC to acquire the majority of Great Bear's working interest in four leases on the western flank of the Alaska North Slope region in the Arctic.
88 Energy, via its subsidiary Captivate Energy Alaska Inc, executed a rig contract with Nordic-Calista Services for the drilling of the Winx prospect, located on the western blocks in the North Slope.
Winx is a 3D seismic defined oil prospect with a gross mean unrisked prospective resource of 400 million barrels and a geological chance of success in the range of 25% to 30%, Red Emperor said.
Meanwhile, in Philippines, Red Emperor said the operator of block SC55, DownUnder GeoSolutions, started work following the award of the seismic data reprocessing and quantitative interpretation contract.
This activity is part of the ongoing "effort" to help de-risk previously identified drill-ready targets and identify new highly prospective leads whilst reducing overall uncertainty.
Red Emperor shares were trading 2.4% lower on Thursday at 3.88 pence each.
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