Red Emperor Resources NL’s working interest in Block SC55 in the Palawan Basin was approved by the Philippines’ department of energy, the company said July 24. Red Emperor has a 15% farm-in interest in the block offshore Borneo.

The approval from the Philippines’ department of energy was the final condition for the farm-in agreement with Otto Energy Ltd. The agreement is now complete, Australia-based Red Emperor added.

Block SC55 covers 9,880 sq km in the southwest Palawan Basin, in a proven regional oil and gas fairway.

Otto told Red Emperor that the Maersk Venturer drillship is scheduled to arrive at the Hawkeye-1 well location at the end of July, and that drilling will begin soon after.

The Hawkeye prospect was identified on 2-D seismic in 2007 and further defined with a 600 sq km, 3-D seismic acquisition in late 2009. Hawkeye could contain about 480MMbbl of oil in a best estimate. Total gross prospective resources could be of 112MMbbl.