Emperor Oil Ltd. (TSXV:EM) announced that it has received results from a National Instrument 51-101 technical report , reporting on the Rawat Basin of the Sudanese Block 7 prospect area, which the company intends to acquire.
As quoted in the press release:
The Report summarized Chapman’s calculation of 94.7 million barrels of recoverable oil is limited to a small 20 square kilometre area of the Block 7 known as the Rawat Basin Oil Field. This Field is located approximately 150 km south of Khartoum where the 3 discovery wells were drilled and capped. Emperor’s immediate development plan is to prepare the 3 discovery oil wells located within the Rawat Oil Field for commercial production. Early production from the Rawat Oil Field will be trucked until a planned 60 km. connecting pipeline is constructed; completion expected in 2013.
Emperor’s President and CEO, Andrew McCarthy, said:
We are especially pleased with the results from the Report for Block 7 and Emperor Oil will remain a committed investor in this “Best of Class” oil development opportunity. This valuation provides the evidence that our investment in Block 7 is very attractive for the Company. Emperor will realize profitable development of these oil projects in the near-term, and will be the defining project needed for the company to grow and compete in the emerging “African Oil Arena.