Red Emperor Resources NL Drilling update - Hawkeye-1
10 August 2015 - 4:00PM
UK Regulatory
TIDMRMP
DRILLING UPDATE - HAWKEYE-1
Red Emperor Resources NL (ASX | AIM: RMP) provides the following update with
respect to the drilling of the Hawkeye-1 exploration well, offshore Palawan
Basin in the Philippines.
The Hawkeye-1 exploration well was spud on 31 July 2015 and since then
operations have run smoothly with the Joint Venture experiencing excellent
performance from both the rig and service companies. After the installation of
the 36" conductor at 1,906m the well was drilled (26") and cased (20") to
2,449m. Installation and testing of the blow-out preventer (BOP) has been
completed, along with the 17 ½" hole to 2,664m. Current operations involve the
setting of 13 ?" casing in anticipation for drilling the 12 ?" hole to the
primary target reservoir.
Red Emperor will continue to update the market with respect to the drilling
operations in conjunction with the JV after target depth has been reached.
For and on behalf of the Board
Greg Bandy
Managing Director
SC55 is located in the southwest Palawan Basin and covers an area of 9,880km2.
It is a deep-water block in the middle of a proven regional oil and gas fairway
that extends from the productive offshore Borneo region in the southwest to the
offshore Philippine production assets northwest of Palawan. The Hawkeye
prospect was identified on 2D seismic in 2007 and further defined with a 600km2
3D seismic acquisition in late 2009. Hawkeye contains a 'Best Estimate' STOIIP
of 480 MMbbls of oil and a 'Best Estimate' Gross Prospective Resource of 112
MMbbls (RMP net 14.3 MMbbls) (refer to the Company's announcement dated 2 March
2015).
END
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