logo-loader
viewRed Emperor Resources

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

au_oil350_50073ab8ddf97.jpg

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.

 

Proactive Investors is a market leader in the investment news space, providing ASX “Small and Mid-cap” company news, research reports, StockTube videos and One2One Investor Forums.

Quick facts: Red Emperor Resources

Price: 0.012 AUD

ASX:RMP
Market: ASX
Market Cap: $6.3 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: Baker Steel Resources Trust offer investors a UK tungsten...

Specialist mining investment people, Baker Steel Resources Trust (LON:BSRT), expects 2020 to be an important period for the sector’s backers and another good year for gold. Partner Cosmo Sturge and Investment Advisor Francis Johnstone offer Proactive London a take on what's next in the mining...

40 minutes ago

2 min read