5th May 2015 07:28
LONDON (Alliance News) - Red Emperor Resources NL on Tuesday said its partner on the Block SC55 project in the Palawin Basin offshore the Philippines has signed a contract for a drill ship to conduct work on the site.
Otto Energy Ltd has signed the deal with Maersk Drilling to secure the Maersk Venturer ultra-deepwater drill ship, which will drill the Hawkeye-1 exploration well at the site.
Final costing for the well is being completed with the majority of services already contracted. The total expected cost remains within guidance of USD30 million to USD35 million, Red Emperor said.
Shares in Red Emperor were up 27% to 3.10 pence in early trade, one of the best performers in the AIM All-Share.
By Sam Unsted; [email protected]; @SamUAtAlliance
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