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.