Red Emperor Resources NL has been advised by Joint Venture partner and Operator, Otto Energy Limited, that it has issued Maersk Drilling with a formal notice in respect of the mobilisation of the Maersk Venturer drill ship to the Hawkeye-1 exploration well location. Mobilisation to the drilling location will commence on 31 July 2015 and is expected to take around 1 to 2 days, with drilling operations to commence upon arrival of the rig on location.

Red Emperor also advises that all documentation required for its 15% interest in Service Contract 55 (SC55) to be formally assigned, has now been received by the Philippine Department of Energy with the Company expecting final approval within 2 weeks.

Greg Bandy, Red Emperor's Managing Director, commented, 'News that formal notice for the mobilisation of the Maersk Venturer drill ship has now been issued by the Operator is extremely positive. The Hawkeye-1 well should now spud in early August, making the next few months very exciting for Red Emperor and its shareholders. We look forward to updating the market in due course on progress.'

Tags: Red Emperor Resources NL