Red Emperor Resources NL has received formal notification from the Department of Energy of the Republic of the Philippines that approval for the assignment of the Company's 15% working interest in Block SC55 has been granted. This was the final condition precedent to be met with respect to Red Emperor's farmin agreement with Otto Energy Limited, as announced on 2nd March 2015. With all conditions now satisfied, the Company confirms that the agreement has now been completed.
Red Emperor has also been advised by Otto that mobilisation of the Maersk Venturer drill ship to the Hawkeye-1 well location remains on schedule to take place at the end of the month, with drilling operations to commence soon after.
Greg Bandy, Red Emperor's Managing Director, commented, 'The Company is delighted to have received formal approval from the Philippines government and thanks them for their support. We also wish to thank shareholders for their patience with respect to this approval and look forward to updating them on the progress of this highly anticipated drilling campaign over the coming weeks.'