Red Emperor Resources is raising US$4.4 million (AU$5.76 million) for its upcoming drilling a appraisal program offshore the Philippines.
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The Maersk Venturer. From Maersk. |
The activity will take place in the deepwater Block SC55, located in the middle of a regional oil and gas fairway that extends from the offshore Borneo region in the southwest to production assets northwest of Palawan.
Red Emperor will raise the funds through its brokers in London and Australia. Application has been made to the London Stock Exchange for admission of placing shares to trade. Following the admission, the company will have 425,292,776 ordinary shares in issue.
The first prospect, Hawkeye-1 was identified on 2D seismic in 2007 and further defined with a 600sq km 3D seismic acquisition in 2009.
Hawkeye-1 contains an estimated 480 MMbbl of oil and Otto has hired the Maersk Venturer drillship to drill the prospect towards the end of July 2015. The well is expected to take less than a month to drill.
In March, Otto Energy Philippines and Red Emperor signed a farm-in agreement in which Red Emperor acquired 15% working interest in SC55. Otto Energy is the operator of SC55 and holds 78.18% interest. The joint venture's remaining partner is Palawan 55 (6.82%).
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