Red Emperor secures option to buy Perth basin oil play
Western Australian exploration company Red Emperor Resources on Tuesday announced that it had secured an option to acquire a 70% operated interest in a large offshore block in the shallow waters of the North Perth basin.
The company entered into a binding letter of intent with ASX-listed joint venture (JV) partners Pilot Energy and Key Petroleum to secure the option over exploration permit WA-481-P.
Red Emperor has agreed to fund the completion of an existing committed work programme, comprising geological and geophysical studies in the final year of the current permit term, for up to A$150 000.
Concurrently, the existing JV partners would apply for a renewal of the permit, which expired on February 19, 2020.
Red Emperor would pay the JV partners a collective A$500 000 for a 70% interest in the exploration licence, should the permit be renewed.
“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,” said Red Emperor MD Greg Blandy.
He added that the company was well funded to take a position in this play, while continuing to evaluate additional projects that could provide near-term, high-impact drilling opportunities.
Comments
Press Office
Announcements
What's On
Subscribe to improve your user experience...
Option 1 (equivalent of R125 a month):
Receive a weekly copy of Creamer Media's Engineering News & Mining Weekly magazine
(print copy for those in South Africa and e-magazine for those outside of South Africa)
Receive daily email newsletters
Access to full search results
Access archive of magazine back copies
Access to Projects in Progress
Access to ONE Research Report of your choice in PDF format
Option 2 (equivalent of R375 a month):
All benefits from Option 1
PLUS
Access to Creamer Media's Research Channel Africa for ALL Research Reports, in PDF format, on various industrial and mining sectors
including Electricity; Water; Energy Transition; Hydrogen; Roads, Rail and Ports; Coal; Gold; Platinum; Battery Metals; etc.
Already a subscriber?
Forgotten your password?
Receive weekly copy of Creamer Media's Engineering News & Mining Weekly magazine (print copy for those in South Africa and e-magazine for those outside of South Africa)
➕
Recieve daily email newsletters
➕
Access to full search results
➕
Access archive of magazine back copies
➕
Access to Projects in Progress
➕
Access to ONE Research Report of your choice in PDF format
RESEARCH CHANNEL AFRICA
R4500 (equivalent of R375 a month)
SUBSCRIBEAll benefits from Option 1
➕
Access to Creamer Media's Research Channel Africa for ALL Research Reports on various industrial and mining sectors, in PDF format, including on:
Electricity
➕
Water
➕
Energy Transition
➕
Hydrogen
➕
Roads, Rail and Ports
➕
Coal
➕
Gold
➕
Platinum
➕
Battery Metals
➕
etc.
Receive all benefits from Option 1 or Option 2 delivered to numerous people at your company
➕
Multiple User names and Passwords for simultaneous log-ins
➕
Intranet integration access to all in your organisation