19th Apr 2018 13:37
LONDON (Alliance News) - Red Emperor Resources NL said on Thursday it has received national support for the transfer of interest under service contract 55, offshore Palawan Basin in the Philippines.
The oil and gas company said the Philippines Department of Energy has ratified the request for the transfers of interests from Otto Energy Ltd to Red Emperor subsidiary Century Red Pte Ltd, Palawan55 Exploration & Production Corp, and Pryce Gases Inc.
Red Emperor's equity interest in Block SC 55 is now 37.5% from 15%, after the department found the partners to be "financially qualified to assume the proposed interests".
Palawan55 now holds a 37.5% operating interest, and Pryce Gases 25%. Also, reflecting the transfer of interest, the timeline for the moratorium period and sub-phase 5 has been revised, but the minimum work program and budget have been unaffected.
Shares in Red Emperor Resources were up 6.4% at 1.00 pence on Thursday.
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