It looks like Red Emperor (RMP) has been conserving cash to actually get the operations moving in both Georgia and Puntland in 2014.

Drilling in Georgia is set to commence in the 2nd half of 2014, where the State Agency have agreed the proposed timetable for drilling. Red Emperor’s 20% interest according to the recent CPR in blocks Via and Vib is set to contain 3.68 (Tcf) best estimate of conventional gas and 80mmbbls of conventional oil best estimate.

Puntland is where the interest lies for many RMP investors – RMP confirmed that field research and reconnaissance will be carried out across both blocks, face to face liaison with key stakeholders and updated security assessments. It was also noted that Horn CEO Mark Dingley attended at the presidential inauguration with the newly elected president.

Certainly sounds that the newly formed parliament is very supportive of the JV efforts to find and exploit the potential that lies in Puntland. As highlighted recently, Nugaal would be the obvious choice with drill ready prospects ready.

Red Emperor announced in the quarterly accounts ending 31/12/13, that they have cash balances at over $11million

Interesting few months ahead here.

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