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Red Emperor Resources NL With Joint Venture Partners Strait Oil and Gas UK Limited and Range Resources Limited Executes Heads Of Agreement With Georgian Industrial Group

Monday, 18 Feb 2013 04:27am EST 

Red Emperor Resources NL announced that the Company, along with its joint venture partners, Strait Oil and Gas UK Limited (Strait) and Range Resources Limited (Range) (together the Consortium) have executed a heads of agreement with the Georgian Industrial Group (GIG) with respect to the joint development of the Coal Bed Methane project (CBM) and conventional gas potential around the Tkibuli–Shaori Coal Field (Tkibuli Project) in the Republic of Georgia. GIG and the Consortium will jointly establish a Development Company on a 50:50 basis. The Development Company will be commencing feasibility and technical studies, followed by an initial three or four well pilot project. The initial pilot project will focus on appraising area already known to be venting methane, thus ensuring a higher chance of success. The work programme is anticipated to commence in the second half of 2013 and will be predominantly debt financed, resulting in limited capital commitments for Red Emperor moving forward. 

Company Quote

28 Jan 2015