Site Preparation to Begin on Kursebi Drilling

Red Emperor Resources NL advises that, following a further internal and independent review of the seismic data for the Kursebi
area, Red Emperor and its partners in Georgia confirm that work is due to commence on the preparation of the well site and surrounds in readiness to receive the drilling rig for the spudding of the second exploration well on the Kursebi 2 prospect. Spudding of the second well is targeted for late December 2011 / early January 2012.

As identified in the RPS report announced in December 2010, the Kursebi 2 prospect has mean unrisked gross undiscovered estimated oil in place of 160MMbbls (Red Emperor's 20% attributable interest is 32MMbbls).
 

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