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.
•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.