RMP Red Emperor Resources Nl

2 March 2015

                           Red Emperor Resources NL

               Letter of Intent Signed for Philippines Drill Rig

The Board of Red Emperor Resources NL ("Red Emperor" or the "Company") is very
pleased to advise that, subsequent to the announcement made earlier today that
it has signed an agreement to farm into the highly prospective offshore
Philippines Block SC55, Otto Energy Philippines Inc. (a wholly owned subsidiary
of Otto Energy Ltd, ASX: OEL) has entered into a Letter of Intent with Maersk
to secure the Maersk Venturer ultra-deepwater drillship to drill the Hawkeye-1
exploration well.

As one of the most modern and advanced drillships in the world, this rig has
the required capability to drill the Hawkeye-1 exploration well. The
exploration well has been designed to reach the top of target reservoir
approximately 1,000m below the sea bed floor and intersect the gas oil contact
to prove or otherwise the presence of the oil leg.

The Maersk Venturer was commissioned in 2014 and was built at the Samsung Heavy
Industries yard in Korea. Capable of operating in up to 3,600 metres of water
and with dual drilling derricks, high capacity mud pumps and bed space for 230
personnel, the Maersk Venturer is one of the newest and most capable drillships
in the world. The Maersk Venturer has recently completed work for Total
Malaysia.

All required long lead items have now been procured and stored in yards in
Labuan, Malaysia. Drilling of the Hawkeye-1 exploration well is expected to
commence in early Q3 2015.

Detailed contractual arrangements with Maersk will be finalised in the coming
weeks and a further announcement will be made in due course.

For further information please visit www.redemperorresources.com or contact:

Red Emperor

Greg Bandy +61 8 9225 2826

Grant Thornton UK LLP

Philip Secrett/Jen Clarke/Jamie Barklem +44 20 7383 5100