Shares in Red Emperor Resources (LON:RMP) soared on Monday after the company announced it is set to acquire a large oil prospect acquisition in Alaska.

Shares have jumped over 100 per cent after the company announced it had formed a consortium with “well-funded and experienced” JV partners” to commence drilling in early 2019.

Red Emperor’s working interest in the prospect will be 31.5 per cent in the prospect leases, and the company will be fully funded to meet its share of commitments associated with the deal.

Red Emperor’s Managing Director, Greg Bandy, commented: “We are delighted to have been able to negotiate such an exciting new acquisition alongside quality consortium partners 88 Energy and Otto Energy. We would also like to thank Otto’s technical team for their hard work in generating the prospect and working with us to get this deal done. The impending drill program represents a significant opportunity for Red Emperor to gain exposure to one of the most prospective oil provinces in the world.”

Gracjan Lambert, the firm’s Chief Executive, commented: “I am extremely pleased to have joined the company as CEO on the back of such exciting news. I look forward to our continued success building on the acquisition of this high-quality asset.”

Red Emperor Resources is a natural resources exploration company, founded in 2007 and headquartered in Australia.

Alongside its latest acquisition in Alaska, the firm has interests in South East Asia and the Republic of Georgia.

Red Emperor Resources is currently listed on the AIM market of the London Stock Exchange.

Shares in the company are currently trading +105.78 percent as of 13.51PM (GMT), as investors react to the announcement.