Red Emperor continues to make progress in Puntland

31st Jan 2013 13:13

Red Emperor Resources, a natural resources exploration company with interests in the frontier state of Puntland, Somalia and the Republic of Georgia, reported progress during the final three months of 2012.The group said that during the quarter its joint venture partner and operator of its Puntland project, Horn Petroleum Corp., demobilised the drilling rig andassociated equipment and completed restoration of both drilling locations. Red Emporor said its efforts are now focused on making preparations for a seismic acquisition campaign in the Dharoor production sharing agreement, where the focus will be to delineate new structural prospects for the upcoming drilling campaign. Following the success of the Shabeel-1 and Shabeel North-1 wells, Red Emperor, along with its partners Horn Petroleum Corp and Range Resources, has entered into the next exploration period in both the Nugaal and Dharoor Valley Production Sharing Contracts (PSCs), which carry a commitment to drill one well on each block within an additional three-year term. As such, Red Emperor has earned its 20% interest in the two projects and remains fully funded for the current programme.The share price edged 0.64% higher to 3.15p by 14:00.NR