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Red Rock Resources plc

Publié le 08 juin 2016

Shoats Creek Update

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Shoats Creek Update

RNS Number : 5642A
Red Rock Resources plc
08 June 2016

Red Rock Resources plc

("Red Rock" or the "Company")

Shoats Creek Update

8 June 2016

Further to the announcements of 24th March 2016, and 5th May 2016, Red Rock announcesan update on the 2016 work programme at the Shoats Creek Field in Beauregard Parish, Louisiana.

Highlights:

· Identified new low cost recompletion opportunity at LM19 well

· Re-entry at LM19 completed in Frio Sands - 10 Feet of targeted pay

· Successful LM19 adds multiple potential new drilling locations

· Await verified quarterly production figures for the project

· Updated spud date for high priority LM21well

Red Rock Chairman Andrew Bell comments:"There have been development delays since production began earlier this year and the original spud date for the LM21 was not met, but the investor group has been quick to assess and seize the new opportunity at the LM19. As the operator gains experience, we expect to improve operational effectiveness, while retaining this flexibility and entrepreneurial drive.

The LM19 recompletion is a low cost and low risk attempt to exploit established Frio pay and add inexpensive and meaningful production to the project. We look forward to the results of this effort and to updating the market on quarterly production and the spudding of LM21. The 2016 work programme at Shoats Creek is focussed on driving production growth by taking advantage of current low drilling and development costs, and with improved oil prices this should flow through directly to the Company's bottom line."

Re-entry and Recompletion of Lutcher Moore 19 ('LM19') Well

The operator has completed a re-entry and recompletion of the Lutcher Moore 19 well, targeting production from the Frio formation. Re-entry of this well did not form part of the 2016 work plan, but on new advice and analysis a decision to proceed immediately with this initiative was made. Key factors were the low expected cost of re-entry and recompletion, and the potential to add meaningful reserves and production. The squeeze job (cement job to isolate the targeted Frio formation) is complete and the operator intends to perforate and swab the well this week. Updates to the economic viability and sustainable production rates from the well will be announced in due course.

A successful recompletion will potentially add several drilling locations to the inventory of viable Frio drilling locations at the Shoats Creek Field and total cost of the effort is expected to be around $40k, or approximately $8k to Red Rock. Red Rock will have a 20% working interest and a 14.4% net revenue interest.

Lutcher Moore 21 ('LM21') well

Preparatory work to drill the Lutcher Moore 21, in which Red Rock will have a 20% working interest and a 14.4% net revenue interest, as an offset to the Lutcher Moore 8 ('LM8'), is proceeding. The originally forecast spud date of around the middle of May was delayed by a number of regulatory and other factors that have since been remedied. An announcement on the revised spud date will follow.

The LM8, which was originally drilled to 9136' in 1950 and completed in the Cockfield-5 formation, initially produced 185 barrels of oil and 185 thousand cubic feet per day of natural gas with no water. The logs indicate Frio pay from 5029'-5036'. The LM21 will be located to the northwest of the LM8 to position it structurally higher in the formation with the hope of intersecting a thicker payzone than the LM8 encountered.

Quarterly Production Update

Production and sales of oil continue and the Company awaits verified and finalized production and sales data from the operator for the production period to date, following which a further announcement will be made.

Qualified Person

The technical information that is contained in this announcement has been reviewed by Mr. Kevin Green, a Petroleum Geologist who is a suitably qualified person with over 30 years' experience in assessing hydrocarbon reserves and who has consented to the inclusion of the technical information.

For further information, please contact:

Andrew Bell0207 747 9990 ChairmanRed Rock Resources Plc

Scott Kaintz0207 747 9990 DirectorRed Rock Resources Plc

Roland Cornish/ Rosalind Hill Abrahams0207 628 3396 NOMADBeaumont Cornish Limited

Jason Robertson0129 351 7744 BrokerDowgate Capital Stockbrokers Ltd


This information is provided by RNS
The company news service from the London Stock Exchange
ENDMSCFMGGVVRFGVZG
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Red Rock Resources plc

EXPLORATEUR
CODE : RRR.L
ISIN : GB00B0CQLF79
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Red Rock Res. est une société d’exploration minière d'or et de fer basée au Royaume-Uni.

Son principal projet en exploration est MIGORI GOLD au Kenya.

Red Rock Res. est cotée au Royaume-Uni et en Allemagne. Sa capitalisation boursière aujourd'hui est 27,7 millions GBX (32,2 millions US$, 30,2 millions €).

La valeur de son action a atteint son plus haut niveau récent le 11 avril 2014 à 9,87 GBX, et son plus bas niveau récent le 23 avril 2024 à 0,06 GBX.

Red Rock Res. possède 503 658 124 actions en circulation.

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Projets de Red Rock Resources plc
23/04/2015Australian Associate interest in Sugar Dragon
15/05/2011Red Rock Resources Plc
15/05/2011Red Rock Resources Plc
Communiqués de Presse de Red Rock Resources plc
28/07/2016Acquisition of Further Interest in Goldstone
28/07/2016Shoats Creek Update
14/07/2016Audited results for the year ended 31 December 2015
14/07/2016Shoats Creek Operations Update
13/07/2016Annual Results
20/06/2016Second Price Monitoring Extn
20/06/2016Price Monitoring Extension
16/06/2016Directors Dealings
14/06/2016Cancellation and Re-issue of Options
08/06/2016Shoats Creek Update
17/05/2016Holding(s) in Company
11/05/2016Update - Colombia
05/05/2016Transaction completion and operational update
29/04/2016Financing, Directors Dealings and TVR
14/04/2016Director/PDMR Shareholding
13/04/2016Holding(s) in Company
24/03/2016Shoats Creek Update
02/02/2016Infrastructure and production at Shoats Creek
01/02/2016Grant of Options and Directors' Shareholdings
01/02/2016Total Voting Rights
29/01/2016Partial sale of holding, update
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30/12/2015Holding(s) in Company
21/12/2015Result of AGM, Board change Capital reorganisation
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16/12/2015Loan Repayment and Update
14/12/2015Issue of Equity
05/11/2015Update on Star Striker Ltd
28/10/2015Option to Invest in Shoats Creek
19/10/2015Holding(s) in Company
09/10/2015Convertible Note Conversion
05/10/2015Update; Restructuring
21/09/2015Operations Update
07/09/2015Convertible Loan Note
02/09/2015Total Voting Rights
27/07/2015Holding(s) in Company
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13/07/2015Final Tranche of Subscription Shares
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