Emperor is pleased to update the market concerning its activities in Northern Sudan and Turkey.
-Negotiations continue with the Sudan Oil Ministry concerning the Production Sharing Agreement ("EPSA") encompassing the Block 7 oil and gas concession ("Block 7") in the Rawat oil field. Good progress is being made and the company looks forward to further updating the market in due course.
-TSX approval has been granted for the NI 51-101 Report on the Block 7 concession. The NI 51-101 calculates the 3P reserves of 94.7 million barrels of recoverable oil (3P) located in the Rawat oil field, which is located within a 20 square kilometre area of the 10,000 square kilometre Block 7 concession. The Rawat oil field is located 60 kilometres from Sudan's oil export pipeline.
-Emperor plans to prepare the 3 discovery wells for commercial production after securing the EPSA. The company is entitled to a 42.5% ownership interest in the Block 7 concession, through a Memorandum of Understanding with State Petroleum Overseas Inc. To date, the Company has identified an inventory of 6 undrilled prospective oil fields within the 10,000 square kilometre area of Block 7, which are geologically similar to the Rawat oil field.
-The Company has commenced the expansion of its senior management team, experienced in international oil and gas exploration and production, to support its strategy.
-The Company recently raised $13,677,397.20 through the issuance of stock subscriptions at $0.40 per unit under a private placement agreement. Each unit consists of one common share and one half share purchase warrant which is exercisable at $0.75 for a period of 12 months from the closing date. (Final closing of the private placement remains subject to TSX Venture Exchange approval).
-Emperor also recently reported that it has drilled its first Turkish gas exploration well. Completion and testing will be conducted by Schlumberger. The well is located within the 39,429 hectare Catalca license, which is located 3 kilometres from a major gas pipeline and 30 kilometres from Istanbul. Emperor has a 22.5% working interest in the Catalca license.
-Management is not aware of any fact that would explain the recent unusual trading activity in the Company's shares.
Emperor Oil is an international oil and gas company with projects in Sudan and Turkey. For further information please contact the Company at (403) 695-1794 or email at firstname.lastname@example.org.
Andrew McCarthy, President and CEO +001 403 695 1794
Matthew Tyler+44 (0)20 7457 2020
Neither TSX Venture Exchange nor its Regulations Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this news release.
Cautionary Statement Regarding "Forward-Looking" Information
Some of the statements contained in this press release are forward-looking statements and information within the meaning of applicable securities laws. Forward-looking statements and information can be identified by the use of words such as "expects", "intends", "is expected", "potential", "suggests" or variations of such words or phrases, or statements that certain actions, events or results "may", "could", "should", "would", "might" or "will" be taken, occur or be achieved. Forward-looking statements and information are not historical facts and are subject to a number of risks and uncertainties beyond Emperor's control. Actual results and developments are likely to differ, and may differ materially, from those expressed or implied by the forward-looking statements contained in this news release. Accordingly, readers should not place undue reliance on forward-looking statements. The Company undertakes no obligation to update publicly or otherwise revise any forward-looking statements, except as may be required by law.
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