We could not find any results for:
Make sure your spelling is correct or try broadening your search.
Register for streaming realtime charts, analysis tools, and prices.
| Share Name | Share Symbol | Market | Type | Share ISIN | Share Description |
|---|---|---|---|---|---|
| Red Emperor Resources Nl | LSE:RMP | London | Ordinary Share | AU000000RMP0 | ORD NPV (DI) |
| Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
|---|---|---|---|---|---|---|---|---|---|---|
| 0.00 | 0.00% | 0.76 | 0.74 | 0.78 | 0.00 | 01:00:00 |
| Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
|---|---|---|---|---|---|
| 0 | 0 | N/A | 0 |
From Apr 2019 to Apr 2024
TIDMRMP
RNS Number : 2512X
Red Emperor Resources NL
20 February 2017
17 February 2017
Red Emperor Resources NL ("Red Emperor")
Half Year Report for the Period Ending 31 December 2016
Please see below extracts from the Company's Half Year Report for the period ended 31 December 2016, being the:
-- Directors' Report -- Consolidated Statement of Comprehensive Income -- Consolidated Statement of Financial Position -- Consolidated Statement of Changes in Equity -- Consolidated Statement of Cash Flows
A copy of the full Half Year Report is available on the Company's website - www.redemperorresources.com
The information contained within this announcement is considered to be inside information, for the purposes of Article 7 of EU Regulation 596/2014, prior to its release.
For further information please visit www.redemperorresources.com or contact:
Red Emperor Resources:
Greg Bandy +61 8 9212 0102
Grant Thornton UK LLP (Nominated Adviser):
Philip Secrett/ Jamie Barklem +44 20 7383 5100
Directors Report
The Directors present their report for Red Emperor Resources NL ("Red Emperor" or "the Company") and its subsidiaries ("the Group") for the half year ended 31 December 2016.
Directors
The persons who were directors of Red Emperor Resources NL during the half year and up to the date of this report are:
-- Mr. Greg Bandy (Managing Director)
-- Mr. Jason Bontempo (Non-Executive Director)
-- Mr. Nathan Rayner (Non-Executive Director)
Review of Operations for the Half Year ended 31 December 2016
Philippines (SC 55)
After providing the Philippines Department of Energy with all relevant documentation for the transfer of Otto Energy Limited's (ASX: OEL "Otto") equity interest in Block SC 55, Red Emperor have been awaiting formal approval and ratification for its equity interest to increase from 15% to 37.5%. Subsequent to the half year end, the DoE has requested further information from Otto, which the Joint Venture believes it has already provided. Red Emperor continues to await the outcome of this process and acknowledges it has taken far longer than anticipated.
In June last year, the DoE formally granted a two-year moratorium, until 23 December 2017, on required work activity under Service Contract 55. During the moratorium period, the JV will conduct specialised geophysical studies in the area surrounding the Hawkeye Prospect, which encountered gas shows when it was drilled in August 2015. Although the Hawkeye well did not encounter gas in commercial quantities, it proved the presence of an active petroleum system in the contract area that hosts the "Cinco Prospect" as well as several other leads.
Georgia
Red Emperor continues to be advised that sale negotiations continue with at least one interested party for the purchase of Block VIa. Red Emperor is not involved in the negotiations, although remains a 20% shareholder of Strait Oil and Gas Ltd which currently holds the Production Sharing Contract across Block VIa.
Corporate
The Board of Red Emperor have been particularly active during the period and made an offer to acquire a US based exploration company with assets in the United States. Discussions were very well advanced and while they did not result in a transaction, both parties continue to engage with each other. Red Emperor are currently in separate negotiations with a potential strategic partner regarding both financing and asset participation. The focus of these discussions has been on opportunities in the USA.
Events subsequent to Reporting Date
There have been no significant events subsequent to the half-year to the date of this report.
Auditor's Independence Declaration
Section 307C of the Corporations Act 2001 requires our auditors, to provide the Directors of the Company with an Independence Declaration in relation to the review of the half-year financial report. This Independence Declaration is set out on page 3 and forms part of this Directors' report for the half-year ended 31 December 2016.
This report is signed in accordance with a resolution of the Board of Directors made pursuant to section 306(3) of the Corporations Act 2001.
Greg Bandy
Managing Director
Perth, Western Australia,
17 February 2017
Consolidated Statement of Profit or Loss and Other Comprehensive Income
for the half-year ended 31 December 2016
Hot Features
Premium
Note 31 December 31 December
2016 2015
$ $
---------------------------------- ----- ----------- -----------
Continuing Operations
Interest received 85,434 125,806
Employee and director benefits
expense (140,216) (132,975)
Professional and Consultants (146,303) (340,633)
ASX and AIM and share registry
fees (44,878) (64,138)
Impairment expense - (7,691,458)
Unrealised FX gain/(loss) 39,624 (309,400)
Realised FX gain - 28,341
Other expenses (68,609) (105,566)
Share based payment expense - (23,267)
Loss before income tax (274,948) (8,513,290)
Income tax expense - -
Loss after income tax for the
period (274,948) (8,513,290)
Other comprehensive (loss)/profit
Items that may be reclassified
to profit or loss
Other comprehensive (loss)/profit (360) 13,753
----------- -----------
Other comprehensive (loss)/profit
for the period net of tax (360) 13,753
----------- -----------
Total comprehensive loss for
the period (275,308) (8,499,537)
----------- -----------
Loss per share
Basic loss per share (cents) (0.06) (2.00)
Diluted loss per share (cents) N/A N/A
The above Statement of Profit or Loss and Other
Comprehensive Income should be read in conjunction
with the accompanying notes.
Consolidated Statement of Financial Position
as at 31 December 2016
31 December 30 June
Note 2016 2016
$ $
----------------------------------------------------------- ----- ------------- -------------
Current Assets
Cash and cash equivalents 11,403,205 11,715,540
Trade and other receivables 4 43,234 33,415
Total Current Assets 11,446,439 11,748,955
------------- -------------
Non-Current Assets
Financial assets at fair value through profit or loss 400 400
Exploration and evaluation expenditure 5 - -
------------- -------------
Total Non-Current Assets 400 400
------------- -------------
Total Assets 11,446,839 11,749,355
------------- -------------
Current Liabilities
Trade and other payables 6 42,738 69,946
Total Current Liabilities 42,738 69,946
------------- -------------
Total Liabilities 42,738 69,946
------------- -------------
Net Assets 11,404,101 11,679,409
------------- -------------
Equity
Issued capital 7 57,329,505 57,329,505
Reserves 8 4,096,519 4,096,879
Accumulated losses (50,021,923) (49,746,975)
------------- -------------
Total Equity 11,404,101 11,679,409
------------- -------------
The above Consolidated Statement of Financial Position should be read in conjunction with
the accompanying notes in the Half Year Report.
Consolidated Statement of Changes in Equity
for the half-year ended 31 December 2016
Foreign Share based
exchange payments
Issued Accumulated translation reserve
capital losses reserve $ Total
$ $ $ $
------------------------------------ ----------- ------------- ------------- ------------ ------------
Balance at 1 July 2015 52,167,148 (40,712,403) (28,761) 3,867,905 15,293,889
----------- ------------- ------------- ------------ ------------
Total comprehensive income for the
period
Loss for the period - (8,513,290) - - (8,513,290)
Other Comprehensive Income - - 13,753 - 13,753
Total comprehensive income/(loss)
for the period - (8,513,290) 13,753 - (8,499,537)
----------- ------------- ------------- ------------ ------------
Transactions with owners in their
capacity as owners
Shares issued during the half-year 5,763,718 - - - 5,763,718
Share based payment - - - 23,267 23,267
Cost of issue (601,361) - - 212,862 (388,499)
Balance at 31 December 2015 57,329,505 (49,225,693) (15,008) 4,104,034 12,192,838
----------- ------------- ------------- ------------ ------------
Balance at 1 July 2016 57,329,505 (49,746,975) (14,823) 4,111,702 11,679,409
----------- ------------- --------- ---------- -----------
Total comprehensive income for the
period
Loss for the period - (274,948) - - (274,948)
Other Comprehensive Income - - (360) - (360)
Total comprehensive income/(loss)
for the period - (274,948) (360) - (275,308)
----------- ------------- --------- ---------- -----------
Transactions with owners in their
capacity as owners
Balance at 31 December 2016 57,329,505 (50,021,923) (15,183) 4,111,702 11,404,101
----------- ------------- --------- ---------- -----------
The above Consolidated Statement of Changes in Equity should be read in conjunction with the accompanying notes in the Half Year Report.
Consolidated Statement of Cash Flows
for the half-year ended 31 December 2016
31 December 31 December
2016 2015
$ $
------------------------------------------------------------------------- --- ------------ ------------
Cash flows from operating activities
Payments to suppliers and employees (437,392) (597,910)
Interest received 85,434 125,806
Other receipts - 28,341
------------ ------------
Net cash used in operating activities (351,958) (443,763)
------------ ------------
Cash flows from investing activities
Payments for exploration and evaluation - (4,701,812)
Net cash used in investing activities - (4,701,812)
------------ ------------
Cash flows from financing activities
Proceeds from issue of shares - 5,600,300
Payment of share issue costs - (388,498)
------------ ------------
Net cash provided by financing activities - 5,211,802
------------ ------------
Net (decrease) increase in cash and cash equivalents (351,958) 66,227
Cash and cash equivalents at beginning of the period 11,715,540 12,494,427
Effects of exchange rate changes on cash and cash equivalents 39,623 (309,400)
Cash and cash equivalents at the end of the period 11,403,205 12,251,254
------------ ------------
The above Consolidated Statement of Cash Flows should be read in conjunction with the accompanying
notes in the Half Year Report.
This information is provided by RNS
The company news service from the London Stock Exchange
END
IR TMMITMBBTMRR
(END) Dow Jones Newswires
February 20, 2017 02:00 ET (07:00 GMT)
1 Year Red Emperor Resources Nl Chart |
1 Month Red Emperor Resources Nl Chart |
It looks like you are not logged in. Click the button below to log in and keep track of your recent history.
Support: +44 (0) 203 8794 460 | support@advfn.com
By accessing the services available at ADVFN you are agreeing to be bound by ADVFN's Terms & Conditions
