By OGJ editors
HOUSTON, Jan. 10 – Red Emperor Resources NL signed a heads of agreement to acquire 10% interest each from Range Resources Ltd., Perth, and Strait Oil & Gas UK Ltd. in the Via and VIb onshore blocks in Georgia.
Subject to regulatory approvals by mid-February 2011 and other conditions, Red Emperor would contribute 40% of the drilling costs up to $5.6 million of a gross $14 million, for a planned two-well program. Range Resources and Strait Oil & Gas each retains 40% interest.
An initial analysis of 24 areas identified 11 structures suitable for oil in place estimates and key targets for future drilling. Two are deeper than 2,500 m and the rest are at 600-2,500 m. The blocks also have gas and coalbed methane potential.
Photo from OKEA.
Rendering from Cedar LNG.
