Red Emperor Resources NL Results of Annual General Meeting (1807I)
22 November 2018 - 6:02PM
UK Regulatory
TIDMRMP
RNS Number : 1807I
Red Emperor Resources NL
22 November 2018
22 November 2018
Red Emperor Resources NL ("Red Emperor")
Results of Annual General Meeting
Red Emperor Resources NL (ASX/AIM: RMP) ("Red Emperor" or the
"Company") announces that, at the Annual General Meeting held
earlier today, all resolutions were duly passed.
For further information please visit
http://www.redemperorresources.com/ or contact:
Red Emperor Resources:
Greg Bandy +61 8 9212 0102
Grant Thornton UK LLP (Nominated
Adviser):
Philip Secrett, Jen Clarke 020 7383 5100
About Red Emperor Resources NL
Red Emperor Resources NL is an Australian natural resource
exploration company listed on both the Australian Securities
Exchange (ASX: RMP) and Alternative Investment Market (AIM: RMP).
Red Emperor has oil and gas interests on the Alaska North Slope and
in South East Asia.
Red Emperor has executed Definitive Agreements with its
consortium partners 88 Energy Limited and Otto Energy Limited that
will see the Company participate in the drilling of a highly
prospective Nanushuk oil trend exploration well on the Alaska North
Slope in early 2019. The drill target is immediately adjacent to
and a direct analogue of the Horseshoe-1/1A oil well drilled in
2017. Horseshoe is part of the billion-barrel plus Nanushuk oil
play-fairway, one of the largest conventional oil fields discovered
in the US in more than 30 years.
Technical work on the Western Blocks has identified a gross best
estimate prospective resource volume of 400 MMbbls (126 MMbbls net
to RMP), and a geological chance of success of 25%-35%. The
estimated quantities of petroleum that may potentially be recovered
by the application of future development projects relate to
undiscovered accumulations. These estimates have both an associated
risk of discovery and a risk of development. Further appraisal and
evaluation is required to determine the existence of a significant
quantity of potentially moveable hydrocarbons.
Red Emperor also holds an equity interest of 37.5% of Block
SC55, which is located in the southwest Palawan Basin. SC55 covers
an area of 9,880km(2) and was awarded to Otto Energy Investments
Ltd (formerly NorAsian Energy Ltd) in 2005. 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.
Red Emperor participated in a USD $25m exploration well
(Hawkeye-1) within the block in 2015 and contributed in excess of
AUD $5m towards drilling costs. Over USD $50m has been spent
exploring SC55 to date and a number of drill-ready targets remain,
including the "Cinco" gas prospect which has a best estimate
prospective resource of 1.6tcf recoverable gas.
Red Emperor's Tenements
Tenement Location Area Structure
---------------------------- ------------
Alaska
Western Blocks North Slope, Alaska 92 km(2) 31.5%
Philippines
SC55 Palawan Basin, Philippines 9,880 km(2) 37.5%
---------------- ---------------------------- ------------ ----------
km(2) - Kilometres squared
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END
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