Red Emperor Resources jumps as partner signs drilling contract in the Philippines
Shares in Red Emperor Resources jumped over 30% on Tuesday, after the oil explorer said its partner in the Block SC55 project has clinched a deal for a drill ship to carry out work on the site.
FTSE AIM All-Share
728.67
15:45 15/11/24
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Oil & Gas Producers
8,043.72
15:45 15/11/24
1.32%
105.17
Red Emperor Resources NL (DI)
0.76p
05:32 13/05/21
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In a statement released on Tuesday, the London-listed company said Otto Energy signed a contract with Maersk Drilling to operate the Maersk Venturer ultra-deepwater drill ship, which will drill the Hawkeye-1 exploration well at the site in the Palawin Basin in the Philippines.
The group added that it expected total costs for the well to remain within guidance of $30m (£19.8m) and $35m.
Red Emperor Resources shares were up 36.73% to 3.35p at 14:15 on Tuesday.