Red Emperor Resources NL announced that it has received formal notification from the Department of Energy of the Republic of the Philippines that approval of 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 as announced on 2 March 2015. With all conditions now satisfied, the company confirms that the agreement has now been completed.
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| Image: Red Emperor resources NL |
Red Emperor has also been advised by Otto that mobilization of the Maersk Venturer drillship 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.
SC55 is located in the southwest Palawan Basin and covers an area of 9880sq km. It is a deepwater block in the middle of a proven regional oil and gas fairway that extends from the productive offshore Borneo region in the southwest to the offshore Philippines production assets northwest of Palawan. The Hawkeye prospect was identified on 2D seismic in 2007 and further defined with a 600sq km 3D seismic acquisition in late 2009. Hawkeye contains a 'Best Estimate' STOIIP of 480 MMbbl of oil and a 'Best Estimate' Gross Prospective Resource of 112 MMbbl.
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