Interest has recently switched to Nugaal following two shabeel drills in Puntland in 2012. The drilling itself was not a failure, as it discovered the presence of a hydrocarbon system.
Both Range and Red Emperor have had a very difficult few years - watching the constant decline in the share price.
Red Emperor has a 20% working interest in onshore oil and gas exploration blocks VIa and VIb in Georgia. The Conventional Oil from the recent CPR on both blocks stands at 80mmbbl in place with 3.68 TCF Conventional Gas net to Red Emperor.
The CBM reserves have been classed as Proved, Probable & Possible (3P) category and are estimated to contain 3P gas reserves of 102 Bcf net to RMP – The free well carry could certainly multiply the current share price if successful. The proposed work program in Puntland awaits approval for the drill ready prospects in the Nugaal basin – This drill (if it goes ahead) would certainly be one of the most intriguing wells ever to be drilled on the planet.
Should be an interesting 6 months to come.
