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Future Metals NL — Regulatory Filings 2011
May 12, 2011
10485_rns_2011-05-12_82da245d-182f-46eb-a1db-d8901c555d13.pdf
Regulatory Filings
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13[th] May 2011
Manager of Company Announcements ASX Limited Level 8 Exchange Plaza 2 The Esplanade PERTH WA 6000
By E-Lodgement
Puntland Operator Signs Letter of Intent with Drilling Subcontractor
Red Emperor Resources NL (ASX: RMP) is pleased to advise that Africa Oil Corp. (TSXV: AOI), its Puntland joint venture partner and PSA operator, today announced it has signed a letter of intent with a drilling subcontractor to drill the first exploration well in Puntland in over 20 years.
For and on behalf of the Board
Greg Bandy Executive Director
Background
Red Emperor Resources NL (ASX: RMP) is a natural resources exploration company with interests in the frontier state of Puntland, Somalia, the Republic of Georgia and Western Australia.
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In Puntland, Red Emperor holds a 20% working interest in two licences encompassing the highly prospective Dharoor and Nugaal valleys with the operator and 45% interest holder Africa Oil Corp (TSXV:AOI) planning to drill two wells in 2011. Independent expert report produced by Gaffney, Cline & Associates suggests potential total oil in-place in excess of 19billion barrels across the two licences.
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In the Republic of Georgia, Red Emperor has a 20% working interest in onshore blocks VIa and VIb, covering approx. 6,500km[2] . Joint venture partner Range Resources (ASX: RRS; AIM: RRL) recently 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).
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In Western Australia, Red Emperor has a 25% free carried interest in the Jillawarra Project. The project consists of three mining tenements and covers part of the Mingah Range Greenstone Belt which is located between 50-75km WNW of Meekatharra, within the Meekatharra Mineral Field in the Murchison Province of Western Australia.
945 Wellington Street West Perth Western Australia 6005 PO Box 1263 West Perth Western Australia 6872 Telephone: +61 8 9322 7600 Facsimile: +61 8 9322 7602 Website: www.red-emperor.com Email: [email protected]