Red Emperor Recovers Drilling at Georgia Prospect

Red Emperor along with its joint venture partners Strait Oil and Gas UK Ltd and Range Resources announced that while drilling has been hampered over the past 10-12 days due to the loss of a drill collar in the hole, the drill collar has been successfully recovered with new drill collars having been sourced and delivered to site late last week. Drilling recommenced over the weekend and is currently at 1,452m, with a target depth of 3,500m.

The Mukhiani Well is targeting the Vani 3 prospect which has the following estimated undiscovered stock tank oil-in-place ("STOIIP"):

Vani 3 Prospect - STOIIP (MMbbls)

  P90 P50 P10 Mean
Gross (100%) 41.79 2.7 178.2 15.2
Net Attributable to RMP (20%) 8.3 18.5 35.6 23.0

The geochemical helium survey undertaken by JV partner, Range Resources, confirmed the suitability of the first drill location with oil exploration and development prospectivity complementing the earlier seismic work completed on the target.