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Tech & Science Energy: Red Emperor is looking to ride the wave of the Perth Basin; shares surge

04:25  03 december  2019
04:25  03 december  2019 Source:   stockhead.com.au

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The Perth Basin has been hot in recent months thanks to the success of Warrego Energy (ASX:WGO) and Strike Energy (ASX:STX). After this date, the trio will seek renewal of the permit and Red Emperor will have an exclusive option to acquire a 70 per cent interest and the right to operate it.

The Board of Red Emperor Resources NL, the natural resource exploration company, has taken the decision not to exercise its option to acquire a 70% operated interest in the offshore Perth Basin exploration permit, WA-481-P. As announced on 2 December, 2019, Red Emperor agreed to fund the

a man riding a wave on a surfboard in the ocean: Energy: Red Emperor is looking to ride the wave of the Perth Basin; shares surge© Stockhead Australia Energy: Red Emperor is looking to ride the wave of the Perth Basin; shares surge

The Perth Basin has been hot in recent months thanks to the success of Warrego Energy (ASX:WGO) and Strike Energy (ASX:STX).

Even neighbouring companies such as Pilot Energy (ASX:PGY) have surged from the hype.

Now Red Emperor Resources (ASX:RMP) is seeking to explore the area for gas – although unlike Warrego and Strike it will be drilling offshore.

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View recent trades and share price information for Red Emperor Resources NL (RMP) Ordinary NPV. We may not share the views of the author.

Red Emperor Resources NL (“ Red Emperor ” or “the Company”) is an ASX and AIM listed (ASX/ AIM: RMP) exploration company. The Company's principal activities focused on identifying and exploring oil and gas in South East Asia, Puntland, Somalia and the Republic of Georgia.

Today it told shareholders it signed a letter of intent with Pilot Energy as well as Key Petroleum (ASX:KEY) to secure an option to acquire a 70 per cent interest in an offshore exploration permit.

Red Emperor will provide the remaining funding needed for the current permit term – which expires in February 2020.

After this date, the trio will seek renewal of the permit and Red Emperor will have an exclusive option to acquire a 70 per cent interest and the right to operate it.

The company also has interests in the Phillipines and Alaska and the latter caused headaches earlier in the year when it did not work out. The stock collapsed 82 per cent then and has been flat ever since.

But today’s news sent the stock surging as high as 90 per cent in early trading.

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SHARES . Under the terms of the deal, Red Emperor will fund the completion of an existing committed work program comprising geological and geophysical studies. This will entail relinquishment of 50% of the outboard part of the permit area, which Red Emperor considers to be

But that exhilaration has given way to despair as the coronavirus has kneecapped the economy, destroying demand for gasoline, diesel and jet fuel “I’m just living a nightmare,” said Ben Sheppard, president of the Permian Basin Petroleum Association, which represents companies in the area of

“We believe the WA-481-P block is predominantly oil-prone, relatively shallow and represents the western side of a large structural trend that onshore has seen recent, material discoveries,” Red Emperor managing director Greg Bandy said.

In other ASX energy news today:

Carnarvon Petroleum (ASX:CVN) told shareholders Santos (ASX:STO), its business partner on the Dorado project, released initial concept select information for liquids development at Dorado.

It wants to begin front end engineering and designing next year while Carnarvon is talking to banks to finance its share. Managing director Adrian Cook said the information showed there was potential for “incredibly strong” flow rates.

State Gas (ASX:GAS) expects the Serocold-1 well at its Reid’s Dome gas project to spud this weekend with drilling and testing to be completed in the following fortnight.

The news came only a week after the company won a legal case against Dome Petroleum which asserted it had a right to a 20 per cent stake in the project. It is targeting gas from this project to hit the market in 2021.

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