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Red Emperor Resources and Horn Petroleum Corp have oil shows in Puntland

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Red Emperor Resources (ASX/AIM: RMP) and Horn Petroleum Corp's (TSX: HRN) Shabeel North well in Puntland has had oil shows.

Horn is the operator and it reported Shabeel is at a current depth of 1,967 metres.

The well has penetrated a 50 metre gross section of upper Jesomma sands with oil shows. An open hole drill stem test is currently underway to determine if this zone is oil or water bearing and should be concluded within the next 24 to 48 hours.

The well will continue to drill to the base of the Jesomma sands to evaluate any additional lower Jesomma potential pay zones.

Red Emperor holds a 20% working interest in two licences encompassing the highly prospective Dharoor and Nugaal valleys in Puntland. These two exploration areas cover over 36,000km2. Horn, the operator and 60% interest holder, has completed drilling the first well (Shabeel‐1) in a two well program and has now spudded the second well (Shabeel North).

In the Republic of Georgia, Red Emperor has a 20% working interest in onshore blocks VIa and VIb, covering approx. 6,500km2.

 

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Quick facts: Red Emperor Resources

Price: 0.013 AUD

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