Wells to watch! Range holders taking a punt in RMP are in for a...

Wells to watch! Range holders taking a punt in RMP are in for a good ride, and when the market sentiment eases and the Greek issue is resolved, many pi's jumping ship for fear of a major market downturn,will find themselves piling back in?imo

article courtesy-SpikeyDT
{Red Emperor Resources joins AIM ahead of summer drilling programme
By Editor on 23 June 2011
http://wellstowatch.com/2011/06/red-emperor-resources-joins-aim-ahead-of-summer-drilling-programme/


Trading on AIM in the shares of ASX listed Red Emperor Resources has commenced under the ticker RMP.

Red Emperor Resources has 20% non operated interests in licences in Puntland, Somalia and the Republic of Georgia both of which will see drilling this summer.

In Puntland, Red Emperor holds a 20% working interest in two licences encompassing the highly prospective Dharoor and Nugaal valleys. These two exploration areas cover nearly 40,000 square kilometres and have independently been assessed to potentially contain over 19.9 billion barrels of oil in-place. Red Emperor?s joint venture partner and PSA operator, Africa Oil has signed a letter of intent with a drilling subcontractor and expects the first well to be drilled in Dharoor in Q3, 2011.



Red Emperor also has a 20% working interest two onshore blocks in the Republic of Georgia; VIa and VIb, covering approx. 6,500 square kilometres. Joint venture partner Range Resources last year completed a 410km 2D seismic program with independent consultants RPS Energy identifying 68 potential structures containing an estimated 2.045 billion barrels of oil?in?place (on a mean 100% basis). Mobilisation has commenced with the first exploration well due to spud in June 2011.

Red Emperor also has a 25% carried interest (to the bankable feasibility study) in the Jillewarra Project, a copper and gold project in Western Australia.

Greg Bandy, Managing Director, commented,

?We are pleased to join AIM today and address the European investment community, which is well regarded globally for both its appetite for frontier resource exploration and support for developments in emerging economies.?

?Through both our listings, Red Emperor provides direct exposure into two vastly high-impact assets, both of which are scheduled for drilling in the coming months. Success with either would not only be transformational for the Company, but also the local regions and communities and we look forward to updating investors over the summer.?}