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Red Emperor confirms oil shows at Somalia well
Stock Market Wire
Thursday, July 19, 2012
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Red Emperor Resources has confirmed. that the Shabeel North well in Puntland, Somalia, has penetrated a 50-metre gross section of upper Jesomma sands with oil shows.
The well - which is being drilled by Red Emperor's joint venture partner Horn Petroleum - is at a current depth of 1,967 metres.
Red Emperor says an open hole drill stem test is currently under way to determine if this zone is oil or water bearing and should be concluded within the next 24 to 48 hours.
Regardless of the result of this test, the well will continue to drill to the base of the Jesomma sands to evaluate any additional lower Jesomma potential pay zones.
Red Emperor holds a 20% working interest in two licences in Puntland.
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