12th Dec 2011 10:37
12 December 2011 Red Emperor Resources NL ("Red Emperor" or "the Company") Georgian Project Update
Red Emperor Resources NL advises that, following a further internal and independent review of the seismic data for the Kursebi area, Red Emperor and its partners in Georgia confirm that work is due to commence on the preparation of the well site and surrounds in readiness to receive the drilling rig for the spudding of the second exploration well on the Kursebi 2 prospect. Spudding of the second well is targeted for late December 2011 / early January 2012.
As identified in the RPS report announced in December 2010, the Kursebi 2 prospect has mean unrisked gross undiscovered estimated oil in place of 160MMbbls (Red Emperor's 20% attributable interest is 32MMbbls).
For further information please visit www.redemperorresources.com or contact:
Red EmperorGreg Bandy +61 8 9225 2826Cairn Financial Advisers LLP (Nominated Adviser)Jo Turner +44 20 7148 7900
Tony Rawlinson
Old Park Lane Capital plc (Broker)Luca Tenuta +44 20 7493 8188
Michael Parnes
Tavistock CommunicationsPaul Youens +44 20 7920 3150Ed PortmanBackground
Red Emperor Resources NL is a natural resources exploration company with interests in the frontier state of Puntland, Somalia, the Republic of Georgia and Western Australia.
* In Puntland, Red Emperor holds a 20% working interest in two licences encompassing the highly prospective Dharoor and Nugaal valleys. These two exploration areas cover over 36,000km2 and have independently been assessed to potentially contain a combined 19 billion barrels of oil in-place. Red Emperor's joint venture partner and PSA operator Africa Oil Corp. has signed a contract with a drilling company Sakson Drilling and Oil Services as well as all related third party contracts and expects the first well to be drilled in Dharoor in Q4, 2011. * In the Republic of Georgia, Red Emperor has a 20% working interest in onshore blocks VIa and VIb, covering approx. 6,500km2. Joint Venture partner Range Resources Limited last year funded a 410km 2D seismic program with independent consultants RPS Energy identifying 68 potential structures containing an estimated 2.045 billion barrels of oilâ€"inâ€"place (on a mean 100% basis). Two wells are to be drilled this year as part of the proposed drill program. * The Company also has a 25% interest in the Jillewarra Project, a copper and gold project in Western Australia. This interest is free carried through until bankable feasibility study.
XLONRelated Shares:
RMP.L