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Red Emperor Resources NL

("Red Emperor" or "the Company")

Georgian Drilling Update - Clarification of Previous Announcement

Red Emperor Resources NL (ASX: RMP | AIM: RMP) advises the previous
announcement lodged this morning was incorrect due to an administrative error.
Please see below correct announcement.

Red Emperor Resources NL (ASX: RMP | AIM: RMP) along with its joint venture
partners Strait Oil and Gas UK Ltd and Range Resources Limited is pleased to
announce that while drilling has been hampered over the past 10-12 days due to
the loss of a drill collar in the hole, the drill collar has been successfully
recovered with new drill collars having been sourced and delivered to site late
last week. Drilling recommenced over the weekend and is currently at 1,452m,
with a target depth of 3,500m.

The Mukhiani Well is targeting the Vani 3 prospect which has the following
estimated undiscovered stock tank oil-in-place ("STOIIP"):

Vani 3 Prospect - STOIIP (MMbbls)

P90 P50 P10 Mean

Gross (100%) 41.7 9 2.7 178.2 15.2

Net Attributable to RMP (20%) 8.3 18.5 35.6 23.0

The geochemical helium survey undertaken by JV partner, Range Resources,
confirmed the suitability of the first drill location with oil exploration and
development prospectivity complementing the earlier seismic work completed on
the target.

Old park lane capital report



http://oilbarrel.com/media/pub/var/release_downloadable_file/33351.pdf

There not your 100 a time top ups gibby. lol

They are not mine either!!! Have never seen the sp alter by 0.16, 0.17 and 0.22 before
ususally 0.12, 0.25, 0.38 etc. What is happening to these DC getting a little worried now and don't know whether to bail out or hang fire. They should have at least been 11p on Tuesday at closing but didn't make it (that is of course my opinion).

RRL or RRR or even EOG? ..... spot the difference

I know what will happen 3 monkies, you will bail and you do not need me to tell you the rest. Company fundamentals still the same. I do not like what we are seeing. I am
going to hold now for the future.

Thanks to mickdee on LSE,

Following is an answer to my email to PL. Appears an honest reply. He obviously still has faith in RRL

appreciate your comments and accept the criticism but few points should be made:



- if people want to exit / sell range on delays in announcements/ activities we can't control that - especially in highly tempremental markets - our main objective is delivery of exploration and development targets - we are continually asked to time frame those targets - very difficult



- wildcat wells in frontier regions are what they are are - most companies will have to sub out to a drilling contractor - can't control the contractor on time frames - all you have are legal remedies with regards to recovery of certain costs - the drilling contract was a 4 month tender process - is certainly a stuff up to date given delays but again - if shareholders want to exit range because all of a sudden they think the oil isn't there we can't help that



- panmure are organising a comprehensive investor roadshow on the back of their research note due in a few weeks - crap investment universe at the minute so may or may not help - junior oil stocks have taken a beating and whilst not denying we have had our problems we aren't a basket case and the value proposition is as strong as ever



Regards pete

Get the feeling institutions are loading up.

Tangiers petroleum quart report due 30th sept.

post 2025 - 11% rise for rrr, what is wrong with that?

Some TA from the londonstockexchange website:

Settlement as of 29/09/2011, at 5:45 p.m.
Range Resources Limited Npv (Di) in disarray as it suffers losses of -2.83%. After a feeble opening at 10, below the previous session's low, prices were whittled down further as the share's performance deteriorated in the course of the day. In the last week Range Resources Limited Npv (Di) underperformed the FTSE AIM 100 Ix index, and could fall prey to traders who are ready to exploit potential weaknesses.

Status and Trend Analysis
The technical picture is visibly deteriorating, with support in the 9.61 area. On the upside, the main exit level is seen at 10.65. Range Resources Limited Npv (Di)'s decline is highlighted by the 5-day moving average crossing below the 34-day moving average. In the immediate future we are likely to see a further decline towards a target of 9.27.

Risk Analysis
Here is an investment for risk-loving investors, who will choose to venture large sums despite the security's high daily volatility of 5.39. With daily volume equalling 12,296,585, above the moving average of 10,605,871, Range Resources Limited Npv (Di) is clearly attracting interest in the market.

RRL down 3.03% on the ASX

Nice 10% rise today

excellent

5% spread atm :-)

Even better gibby with another 0. lol

Still think this was pulled down for accumulation by the BIG BOYS.

Definitely pulled down and is being kept down for what reason I haven't a clue. Range and RMP are on brokerman daniels blog with a password oil shows but it won't let me in so can't find out what it is about!!!!! Don't know if anybody can help.

Range doing very well. Something has leaked 3 monkies.

I feel Pete does not like public investors/ day traders and is trying to get more into
institutions hands to stop the share being so volatile. He has stated this.