Red Emperor Resources NL (“Red Emperor” or “the Company”) is an ASX and AIM listed (ASX / AIM: RMP) exploration company. The Company's principal activities focused on identifying and exploring oil and gas on the Alaska North Slope and in South East Asia.
Red Emperor has executed a binding term sheet agreement that will see the company participate in the drilling of a highly prospective Nanushuk oil trend exploration well on the Alaska North Slope in early 2019, with an estimated prospective resource volume of 400 MMbbls. Red Emperor’s working interest will be 31.5% in the prospect leases with the company fully funded to meet its share of all work commitments associated with the acquisition.
In South East Asia, Red Emperor has entered into 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, Service Contract 55 (“SC55”).
SC55 is located in the southwest Palawan Basin, covers an area of 9,880km2 and was awarded to Otto Energy Investments Ltd (formerly NorAsian Energy Ltd) in 2005. It is a deep-water 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 Philippine production assets northwest of Palawan.