All eyes are on Red Emperor in the coming months, as activity looks set to recommence in both Georgia and the highly prosperous Nugaal Valley.
The recent elections should create a new path forward for political stability in Somalia. However, Nugaal is most likely candidate to see activity, where the most recent drilling on the block was undertaken in the early 1990’s - The prospectively of Dharoor remains significant now that a working hydrocarbon system exists, but further seismic work is required to find the presence of a trapping system.
The Dharoor and Nugaal valley have been independently assessed to potentially contain over 19.9 billion barrels of oil in-place, which allocated a potential 4billion barrels to this tidler.
In Georgia, Red Emperor have been lucky enough to attract GIG (Georgia Industrial Group) who will be looking to unlock the significant potential that lies on block VIb with a pilot drilling program.
Furthermore, additional announcements are overdue on further strategic farm-in’s on Georgia block VIa and VIb.
The company’s strong balance sheet still provides it with the flexibility to meet operational requirements and new ventures.
Watch this space as it looks a bargain.
Enjoy yourselves boys. I am just anold partypooper trying to avoid excess volatility. Have fun by all means. That is what life is about.
