Red Emperor Resources NL along with its joint venture partners Strait Oil and Gas UK Ltd and Range Resources Limited reported that following the successful setting of casing to 700m and the installation of the blowout preventer (BOP) at the Mukhiani Well, drilling has recommenced and is currently at 1,339m.

Drilling will continue to approximately 2,500m at which point 9 5/8" casing will be set before recommencing to a target total depth of approximately 3,500m, which is expected to be reached in late September.

The Mukhiani Well is targeting the Vani 3 prospect which has the following estimated undiscovered stock tank oil-in-place (STOIIP):

The geochemical helium survey undertaken by JV partner, Range Resources, confirmed the suitability of the first drill location with oil exploration and development prospectivity complementing the earlier seismic work completed on the target.

Tags: Red Emperor Resources NL