Tech & Science : Energy: Red Emperor is looking to ride the wave of the Perth Basin; shares surge - - PressFrom - Australia
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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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Red Emperor has until 15 business days after NOPTA’s approval of the permit renewal application to exercise such option. “We are pleased to announce the securing of this option over a very large exploration area in the Perth Basin , Western Australia, which reflects the culmination of a significant

Perth Energy is one of the largest business energy retailers with associated electricity generation for small, medium and large businesses in Western Australia. We continually look for ways to ensure that businesses are getting the best deal, because we believe transparency and knowledge is power.

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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The Perth Basin is a thick, elongated sedimentary basin in Western Australia. It lies beneath the Swan Coastal Plain west of the Darling Scarp, representing the western limit of the much older Yilgarn Craton, and extends further west offshore.

(Related article: Riding the Wave of Marine Energy Generation). Dry holes, natural gas clouds in the Gulf of (Related article: Amid Rising Global Interest in Renewable Energy , Tidal Power to Surge ?) While marine and hydrokinetic energy may be quite literally the wave of the future, its moment may

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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Management requests that patrons with food/allergen intolerance or special dietary requirements to please inform us prior to ordering. However, due to the nature of restaurant meal preparation, Red Emperor is unable to guarantee the absence of allergens in menu items.

The Wave is a rock formation located in Northern Arizona and is essentially one of the most difficult-to-visit areas of public land in the entire United States. Coyote Buttes North is exponentially more popular because it contains The Wave formation although we would argue that the South Buttes are

“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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