logo-loader
viewRed Emperor Resources

Red Emperor Resources says three potential targets found at Jillewara

au_oil_350_4e329aeeded2c.jpg

 

Red Emperor Resources (LON:RMP, ASX:RMP) revealed today that three potential targets have been defined at its Jillewara copper and gold project in Australia.

The firm has a 25 percent stake in the project free carried until bankable feasibility study.

In a report for the three months to June 30 issued today, the firm said that, after the end of the quarter, its joint venture partner, MetalBank had released initial results from geochemical sampling at the project, which had defined the targets.

Red Emperor said the June quarter had seen it successfully list on London's AIM market with effect from June 23.

"The level of interest in RMP since listing on AIM has been substantial, not only from brokers, but also from analysts and the press, which has more than justified the board's decision to dual list," the firm said in today's statement.

In Georgia, it closed agreements to buy a 20 percent interest in two onshore oil and gas blocks in the Republic and it announded on July 14 that the first well- the Mukhiani-1 well - has been spudded, marking a potentially 'transformational' period.

During the quarter, the firm's  JV partner and operator of the Puntland project - Africa Oil Corp - signed a letter of intent with a drilling subcontractor to drill the first exploration well in the Dharoor Valley, added the firm today.

Red Emperor holds a 20 percent working interest in two licences here encompassing the highly prospective Dharoor and Nugaal valleys. These two exploration areas have been independently assessed to potentially contain over 19.9 billion barrels of oil in-place. 

Africa Oil continues close negotiations with the Puntland Government in readiness for this historic well.

"With these negotiations it is Red Emperor's expectation that a formal drilling contractor will be appointed in the near future," 

The company held A$7.8 million in cash at the end of the quarter.

 

Quick facts: Red Emperor Resources

Price: 0.013 AUD

ASX:RMP
Market: ASX
Market Cap: $6.83 m
Follow

Add related topics to MyProactive

Create your account: sign up and get ahead on news and events

NO INVESTMENT ADVICE

The Company is a publisher. You understand and agree that no content published on the Site constitutes a recommendation that any particular security, portfolio of securities, transaction, or investment strategy is...

FOR OUR FULL DISCLAIMER CLICK HERE

Watch

Full interview: Positive update on Cascadura for Touchstone Exploration

Touchstone Exploration (LON:TXP)says that the first stage of testing at the Cascadura-1ST1 well, at the Ortoire exploration project in Trinidad, has been suspended so the company can source alternative equipment capable of handling higher volumes of both natural gas and liquids. CEO Paul Baay...

10 hours, 29 minutes ago

2 min read