Scandoil  

Red Emperor signs agreement with Otto Energy to farm-in Philippines Block SC55


Published Mar 3, 2015
Otto - SC55

The Board of Red Emperor Resources NL has signed a Farmin Agreement with Otto Energy Philippines Inc. (a wholly owned subsidiary of Otto Energy Ltd, to farm in to the highly prospective offshore Philippines Block, SC55.

Highlights •Red Emperor to earn a 15% working interest in offshore Philippines Block, SC55, by participating in the upcoming Hawkeye-1 exploration well that will test the significant hydrocarbon potential of the Southern Palawan Basin. •Hawkeye-1 is expected to be drilled early in Q3 2015 and is targeting a structure assessed to contain in excess of 100MMbbls of Gross Best Estimate Prospective Resources (~15MMbbls net to RMP). •Independent report from Jordon & Pay Exploration Consultants describes the prospect as a 'robust, attractive exploration target with a good geological chance of success' (32%), with the operator indicating Gross Prospective Resource of up to 401MMbbls (High Case - 51MMbbls net to RMP). •The Hawkeye prospect is covered by extensive and high quality 3D seismic, which indicates the strong chance of a gas cap sitting above a sizeable oil leg (>100m). •Commercial success in the Hawkeye well would unlock a significant region for exploration, the heart of which is covered by Block SC55.

Tags: Otto Energy Limited, Red Emperor Resources NL




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