Yesterday morning Red Emperor Resources requested a temporary suspension of trading in its shares on AIM pending an announcement in relation to a drilling update on the Shabeel North well.
Red Emperor’s partner in Puntland (Somalia) – Range Resources, issued a statement later in the morning that “Range wishes to advise that final downhole logging is currently underway but that no results are yet available from the operator, Horn Petroleum Corp”. As a conseqence, investors in Range and Red Emperor are waiting with collective baited breath for the results of the downhole logging which generally takes a couple of days. Why Red Emperor’s decided to suspend both on AIM and the Australian ASX is unclear, particularly if the news is good from Puntland after the disappointing updates over the last few months?
Borders and Southern Petroleum has also perked up over the last couple of days and is currently up 3% to 20p as expectations rise of an imminent update on the Darwin East gas condensate analysis which is due by the end of the month. The exact composition of the condensate will determine the potential commerciality of the find. After the Stebbing well drill setback, the company badly needs some good news.
Xcite Energy has moved up 8% to 92p as called out on the previous blog post. A solid move up since the 77p stasis of last week. Expectations are high….will the company deliver?
Contrarian Investor UK