Share Name Share Symbol Market Type Share ISIN Share Description
Red Emperor Resources Nl NEX:RMP.GB NEX Ordinary Share AU000000RMP0
  Price Change % Change Share Price Bid Price Offer Price High Price Low Price Open Price Shares Traded Last Trade
  +0.00p +0.00% 0.50p 0.10p 1.00p 0.50p 0.50p 0.50p 0 08:02:24
Industry Sector Turnover (m) Profit (m) EPS - Basic PE Ratio Market Cap (m)
- - - -

Red Emperor Resources NL Quarterly Activities and Cashflow Report

26/04/2019 7:00am

UK Regulatory (RNS & others)

Red Emperor Resources Nl (NEX:RMP.GB)
Historical Stock Chart

6 Months : From Feb 2019 to Aug 2019

Click Here for more Red Emperor Resources Nl Charts.


RNS Number : 0818X

Red Emperor Resources NL

26 April 2019

26 April 2019

Red Emperor Resources NL

Quarterly Activities and Cashflow Report

For the Period ended 31 March 2019

The Board of Red Emperor Resources NL (ASX/AIM: RMP) ("RMP", "Red Emperor" or the "Company") is pleased to provide the following commentary on its activities and an Appendix 5B for the quarter ended 31 March 2019.


-- The Winx-1 exploration well was spudded on 15 February 2019 and reached a total depth of 6,800ft on 3 March 2019

-- All pre-drill targets were intersected safely and efficiently with the well successfully plugged and abandoned on 18 March 2019

-- Drilling operations were completed on time and without incident, and it is anticipated that well costs will be on or slightly under budget

-- Along with its joint venture partners, RMP is proceeding with its plan to further evaluate the Nanushuk potential of the Western Blocks by using the valuable data obtained whilst drilling Winx-1, as well as potentially reprocessing the existing 3D seismic data

-- RMP remains well positioned financially with a current cash balance of approximately AUD4.625m, excluding its share of the performance bond refund - the process for obtaining the refund (RMP's share approx. AUD1.46m) is underway

-- Seismic data reprocessing and quantitative interpretation work ongoing on Block SC55 in the Philippines

Alaska North Slope

During the quarter, Red Emperor's Joint Venture partner 88 Energy Limited (ASX/AIM: 88E), in its capacity as consortium operator, spudded the Winx-1 exploration well on the Western Blocks, and intersected all pre-drill targets safely and efficiently. Total target depth of 6,800ft was reached on 3 March 2019.

Whilst early indications from the logging while drilling (LWD) data were encouraging, provisional wireline results indicated low oil saturations in the Nanushuk Topsets not conducive to successfully flowing the formation, as borne out by the Modular Formation Dynamics Test (MDT) sampling results, which did not retrieve hydrocarbon samples.

Additionally, on completion of the wireline logging programme in the Torok Channel Sequence, it was apparent that the oil saturations in the zone of interest were also low and not conducive to hydrocarbon flow.

The oil saturations are nevertheless evidence of an active petroleum system with charge, and further work is required to determine whether there is an effective trapping mechanism on the Western Blocks. The forward plan is to further evaluate and integrate the valuable data acquired at Winx-1 including potentially reprocessing the Nanuq 3D seismic (2004), in order to evaluate the remaining prospectivity on the Western Blocks, including the Nanushuk Fairway potential.

As announced by the Company on 26 March 2019, Winx-1 was successfully plugged and abandoned with the Nordic#3 rig and associated services fully demobilised prior to the end of the quarter.

Philippines (Block SC55)

Seismic data reprocessing and quantitative interpretation (QI) works are ongoing and being performed by DownUnder GeoSolutions. This activity is part of the continuing effort by the Block SC55 consortium to help further de-risk previously identified drill-ready targets, including the "Cinco" gas prospect which has a best estimate prospective resource of 1.6 trillion cubic feet ("tcf") recoverable gas, and identify new highly prospective leads whilst reducing overall uncertainty. By leveraging the extensive and robust data set the consortium hopes to ensure that it is on the strongest technical footing as it moves forward to the next phase of operations.


During the quarter, the Company placed 100,000,000 new ordinary shares at an issue price of AUD0.05 (2.8 pence) per share to raise AUD5m (approximately GBP2.8m) before expenses. The oversubscribed placing was made to both new and existing institutional and sophisticated investors, via the Company's UK Broker, Brandon Hill Capital, and its Australian Broker and Corporate Adviser, 708 Capital Pty Ltd and Max Capital. The Company remains active in reviewing other potential opportunities and at the end of the quarter had cash at bank of AUD4.625m, excluding its share of the performance bond refund. Refer to the Appendix 5B for further details which can be viewed here:

For further information, please visit or contact:

 Red Emperor Resources NL            +61 8 9212 0102 
 Greg Bandy 
 Strand Hanson Limited (Nominated    +44 (0) 20 7409 
  Adviser)                            3494 
 James Harris 
                                     +44 (0) 203 463 
 Brandon Hill Capital (UK Broker)     5010 
 708 Capital Pty Ltd (Australian 
  Broker)                            +61 (0) 2 9112 2500 

This announcement contains inside information for the purposes of Article 7 of Regulation (EU) 596/2014.

About Red Emperor Resources NL

Red Emperor Resources NL is an Australian natural resource exploration company listed on both the Australian Securities Exchange (ASX: RMP) and the AIM Market (AIM: RMP). Red Emperor has oil and gas interests on the Alaska North Slope and in South East Asia.


Red Emperor entered into Definitive Agreements in July 2018 with its consortium partners 88 Energy Limited and Otto Energy Limited that subsequently saw the Company earn a 31.5% working interesting in the Western Blocks on the North Slope Alaska by participating in the drilling of the Winx-1 exploration well in early 2019. Whilst results from the Winx-1 well indicated a technical if not commercial success, the valuable well data gathered has encouraged RMP to continue to evaluate the Nanushuk potential of the Western Blocks with its partners.

The Western Blocks are adjacent to third party acreage where the Horseshoe-1/1A oil well was successfully drilled in 2017. Horseshoe is part of the billion-barrel plus Nanushuk oil play-fairway, one of the largest conventional oil fields discovered in the US in more than 30 years.

Figure 1: Western Blocks, Alaska North Slope


Red Emperor also holds an equity interest of 37.5% of Block SC55, which is located in the southwest Palawan Basin. SC55 covers an area of 9,880km(2) and was awarded to Otto Energy Investments Ltd (formerly NorAsian Energy Ltd) in 2005. It is a deep-water block in the middle of a proven regional oil and gas fairway that extends from the productive offshore Borneo region in the southwest to the offshore Philippine production assets northwest of Palawan.

Red Emperor participated in a USD25m exploration well (Hawkeye-1) within the block in 2015 and contributed in excess of AUD5m towards drilling costs. Over USD50m has been spent exploring SC55 to date and a number of drill-ready targets remain, including the "Cinco" gas prospect which has a best estimate prospective resource of 1.6 tcf recoverable gas.

Figure 2: SC55 located in the southwest Palawan Basin, Philippines

Red Emperor's Tenements

The following listing of tenements held is provided in accordance with ASX Listing Rule 5.3 for the quarter ended 31 March 2019.

 Western Blocks    North Slope, Alaska           92km(2)      31.5% 
 SC55              Palawan Basin, Philippines    9,880km(2)   37.5% 
----------------  ----------------------------  -----------  ------ 

No tenements were acquired or relinquished during the quarter.

This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact or visit



(END) Dow Jones Newswires

April 26, 2019 02:00 ET (06:00 GMT)

1 Year Red Emperor Resources Nl Chart

1 Year Red Emperor Resources Nl Chart

1 Month Red Emperor Resources Nl Chart

1 Month Red Emperor Resources Nl Chart
Your Recent History
Red Empero..
Register now to watch these stocks streaming on the ADVFN Monitor.

Monitor lets you view up to 110 of your favourite stocks at once and is completely free to use.

By accessing the services available at ADVFN you are agreeing to be bound by ADVFN's Terms & Conditions

P: V:gb D:20190817 21:47:40