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Red Emperor Resources (LON:RMP) said today pilot drilling has started on a second well on its Puntland project in Somalia.
Drilling started earlier this month at the Shabeel-1 well in the Dharoor Valley, the first exploration well in Puntland for twenty years
Red Emperor added today that pilot drilling operations have also commenced at the Shabeel North-1 well, with the setting of 30 inch surface casing and the drilling of a 50-meter pilot hole.
Red Emperor has an option over this second well and will make a decision whether to participate fully over the coming period.
The Shabeel and Shabeel North prospects are located on a Jurassic aged rift System. Internal estimates are for 300 million barrels of recoverable oil.
Red Emperor and Range Resources (LON:RRL) each hold a 20 per cent working interest in the two licences that encompass the Dharoor and Nugaal valleys.
Site construction has also commenced in readiness for the spudding of a second exploration well in Georgia - the Namakhvani well (TD circa 3,500m) that is the Kursebi 6 prospect – Red Emperor said.
It closed its latest quarter to December with cash of A$5.8 million following a A$6.3 million placing in December.
