Hawkeye-1 Well Reaches 8,740 Feet

Junior explorer Red Emperor Resources reported Monday that its Hawkeye-1 well, in the Palawan Basin offshore the Philippines, has been drilled through to 8,740 feet.

Spud at the end of July, the Hawkeye-1 well has seen operations "run smoothly" and with "excellent performance from both the rig and service companies," Red Emperor said. After the installation a 36-inch conductor at 6,253 feet the well was drilled and cased to 8,035 feet. Installation and testing of the blow-out preventer has been completed, along with the 17.5-inch hole to 8,740 feet.

Current operations involve the setting of the casing in preparation of the drill into the primary target resevoir.

Hawkeye contains an estimated 480 million barrels of oil and a 'best estimate' gross prospective resource of 112 million barrels (RMP net 14.3 million barrels).

The well is being drilled by the Maersk Venturer (DW drillship).



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