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Red Emperor Resources and partners progressing Mukhiani Well in Republic of Georgia

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Red Emperor Resources (ASX: RMP, AIM: RMP) and joint venture partners have announce that the Mukhiani Well to 700 metres has been opened up to 17 ½" with the 13 3/8" casing successfully cemented to the depth of 700 metres.

The blowout preventer is currently being fitted after which the rig will shortly resume drilling with a target total depth of 3,500 metres expected to be reached in mid to late September.

Red Emperor has a 20% working interest in onshore blocks VIa and VIb, covering 6,500 square kilometres.

Joint Venture partner Range Resources (ASX: RRS, AIM: RRL) last year funded a 410 kilometre 2D seismic program with independent consultants RPS Energy identifying 68 potential structures containing an estimated 2.045 billion barrels of oil‐in‐place (on a mean 100% basis).

Two wells are to be drilled this year as part of the proposed drill program.

 

Quick facts: Red Emperor Resources

Price: 0.013 AUD

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