Red Emperor Resources NL advised during the December quarter that its Joint Venture partner and Operator, Otto Energy Limited requested that a two-year moratorium be granted by the Philippines Department of Energy over SC 55. The JV fulfilled the work obligation under the current exploration Sub-Phase by drilling the Hawkeye-1 exploratory well in August 2015.

Although the well did not encounter gas in commercial quantities, it proved the presence of an active petroleum system in the contract area, which hosts the 'Cinco Prospect' as well as several other leads.

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