23rd Jun 2011 08:00
23 June 2011 Red Emperor Resources NL ("Red Emperor" or "the Company") Admission to AIM Highlights
Admission to AIM ; dual-listed on the ASX
High-impact assets in both Somalia and Georgia; both with active work programmes and initial drilling in the coming months
20% working interest in two licences in Puntland, Somalia; that have been independently assessed to potentially contain over 19.9 billion barrels of oil in-place
20% working interest in two onshore blocks in the Republic of Georgia; that have been independently assessed to contain an estimated 2.045 billion barrels of oilâ€"inâ€"place
Red Emperor, which invests in natural resources exploration projects with interests in Australia, the frontier state of Puntland, Somalia, and the Republic of Georgia, is pleased to announce that it has been admitted to trading on AIM, as of 08:00 on 23 June 2011.
In Puntland, Red Emperor holds a 20% working interest in two licencesencompassing the highly prospective Dharoor and Nugaal valleys. These twoexploration areas cover nearly 40,000km2 and have independently been assessedto potentially contain over 19.9 billion barrels of oil in-place. Red Emperor'sjoint venture partner and PSA operator, Africa Oil Corp. , hassigned a letter of intent with a drilling subcontractor and expects the firstwell to be drilled in Dharoor in Q3, 2011. Red Emperor has a 20% working interest two onshore blocks in the Republic ofGeorgia; VIa and VIb, covering approx. 6,500km2. Joint venture partner RangeResources Ltd last year completed a 410km 2D seismicprogram with independent consultants RPS Energy identifying 68 potentialstructures containing an estimated 2.045 billion barrels of oilâ€"inâ€"place (on amean 100% basis). Mobilisation has commenced with the first exploration welldue to spud in June 2011.
The Company also has a 25% interest in the Jillewarra Project, a copper and gold project in Western Australia, and Red Emperor is free-carried until bankable feasibility study.
Greg Bandy, Managing Director, commented, "We are pleased to join AIM today andaddress the European investment community, which is well regarded globally forboth its appetite for frontier resource exploration and support fordevelopments in emerging economies. "
"Through both our listings, Red Emperor provides direct exposure into two vastly high-impact assets, both of which are scheduled for drilling in the coming months. Success with either would not only be transformational for the Company, but also the local regions and communities and we look forward to updating investors over the summer."
Cairn Financial Advisers LLP is Red Emperor's Nominated Adviser and Old Park Lane Capital plc is acting as the Company's broker.
For further information please contact:
Red EmperorGreg Bandy +61 8 9225 2826 Cairn Financial Advisers LLPNominated AdviserJo TurnerTony Rawlinson +44 20 7148 7900 Old Park Lane Capital plcBroker Luca Tenuta +44 20 7493 8188Michael Parnes Tavistock CommunicationsPaul Youens +44 20 7920 3150Ed Portman
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