Red Emperor continues to make progress in Puntland

Red Emperor Resources, a natural resources exploration company with interests in the frontier state of Puntland, Somalia and the Republic of Georgia, reported progress during the final three months of 2012.

Red Emperor Resources, a natural resources exploration company with interests in the frontier state of Puntland, Somalia and the Republic of Georgia, reported progress during the final three months of 2012.

The group said that during the quarter its joint venture partner and operator of its Puntland project, Horn Petroleum Corp., demobilised the drilling rig and

associated equipment and completed restoration of both drilling locations.

Red Emporor said its efforts are now focused on making preparations for a seismic acquisition campaign in the Dharoor production sharing agreement, where the focus will be to delineate new structural prospects for the upcoming drilling campaign.

Following the success of the Shabeel-1 and Shabeel North-1 wells, Red Emperor, along with its partners Horn Petroleum Corp and Range Resources, has entered into the next exploration period in both the Nugaal and Dharoor Valley Production Sharing Contracts (PSCs), which carry a commitment to drill one well on each block within an additional three-year term.

As such, Red Emperor has earned its 20% interest in the two projects and remains fully funded for the current programme.

The share price edged 0.64% higher to 3.15p by 14:00.

NR

Recommended

Broker safety – your questions answered
Investment strategy

Broker safety – your questions answered

Cris Sholto Heaton answers more of your questions about the safety of stockbroker accounts
25 Mar 2020
How demographics affects stock valuations
Investment strategy

How demographics affects stock valuations

New research suggests that stock and bond valuations are driven by the age of the population – at least in the US.
24 Feb 2020
Do you own shares in Sirius Minerals? Here’s what you need to do now
Stocks and shares

Do you own shares in Sirius Minerals? Here’s what you need to do now

Mining giant Anglo American has proposed a cash takeover of Yorkshire-based minnow Sirius Minerals. Unhappy shareholders must decide whether to accept…
20 Feb 2020

Most Popular

Why we won’t see a house-price crash in 2021
House prices

Why we won’t see a house-price crash in 2021

Lockdown sent house prices berserk as cooped up home-workers fled for bigger properties in the country. And while they won’t rise quite as much this y…
18 Jan 2021
Prepare for the end of the epic bubble in US stocks
US stockmarkets

Prepare for the end of the epic bubble in US stocks

US stocks are as expensive as they’ve ever been. How can you prepare your portfolio for a bubble bursting?
18 Jan 2021
The best investment trusts to buy for 2021
Investment trusts

The best investment trusts to buy for 2021

Sectors ranging from emerging markets to student accommodation look poised to do well this year, says David Stevenson, as he picks the best investment…
19 Jan 2021