Red Emperor Resources (ASX:RMP) has secured a 15% interest in Service Contract 55 offshore Philippines from Otto Energy (ASX:OEL), which is preparing to drill a deep-water oil exploration well in the third quarter.
The Hawkeye prospect was originally identified in 2007 and has Best Estimate Prospective Resources of 112 million barrels of oil, or 14.3MMbbl net to Red Emperor.
The company is paying its 15% share of well costs to a cap of US$5.625 million to earn its interest.
Other targets in SC55 include the Cinco carbonate gas/condensate prospect that could host 11 trillion cubic feet of gas and 403MMbbl of condensate.
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