30th Jul 2015 08:22
LONDON (Alliance News) - Red Emperor Resources NL Thursday said the Maersk Venturer drilling rig has arrived at the SC55 licence area offshore the Philippines in preparation for the drilling of the Hawkeye-1 well.
The well will be drilled over 23 days by the drilling rig as has been designed to reach the top of target reservoir approximately 1,000 metres below the sea bed floor and intersect the gas oil contact to prove or otherwise the presence of the oil leg, said the company.
Red Emperor acquired a 15% stake in the license block and well in March after signing a farm-in agreement with the subsidiary of Australia's Otto Energy Ltd, Otto Energy Philippines.
Red Emperor shares were up 1.1% to 4.72 pence per share on Thursday morning.
By Joshua Warner; [email protected]; @JoshAlliance
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