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Red Emperor looks forward to spudding first exploration well in Georgia

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Shares in Red Emperor (LON:RMP,ASX:RMP) were slightly up in London today as the firm revealed it is spudding its first exploration well in Georgia.

The Mukhiani well is targeting the Vani 3 prospect and is scheduled to be spudded in early July.

The company has a 20 percent working interest in onshore blocks VIa and VIb in the Republic, which cover an area of around 6,500 sqare kilometres.

The firm's partner Range Resources, which holds a 40 percent interest, last year funded a 410km seismic programme, which identified 68 potential structures containing an estimated 2.045 billion barrels of oil-in-place.

Today, Red Emporer said: "This Mukhiani well is targeting the Vani 3 prospect which has a best estimate of oil in place in excess of +115mbbls (with 23MMbls attributable to Red Emperor's 20 percent interest).

"This prospect was also the subject of the geochemical helium survey completed by Actual Geology earlier this year with the results identifying a positive presence of helium anomalies across the prospect that indicate the presence of a working hydrocarbon system."

Thsis morning, shares in Red Emperor in London were up 0.48 percent on yesterday's close, trading at 26.25 pence.

Quick facts: Red Emperor Resources

Price: 0.012 AUD

ASX:RMP
Market: ASX
Market Cap: $6.3 m
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