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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 |
TIDMRMP
RNS Number : 0600E
Red Emperor Resources NL
06 February 2018
6 February 2018
Red Emperor Resources NL ("Red Emperor")
Half Year Report for the Period Ending 31 December 2017
Please see below extracts from the Company's Half Year Report for the period ended 31 December 2017, 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/ Jen Clarke +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 2017.
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 2017
California
During the period, a Joint Venture ("JV") was formed to identify a number of strategic leases in California, prospective for oil & gas. The JV made considerable progress in the complicated process of conducting the title searches required to identify and confirm the legal owners of the relevant mineral leases. While the work required to complete a full chain of title takes time, the majority of this work is now complete. Owners have now been presented with formal lease agreements and the JV hopes execution of these agreements will start occurring over the coming week(s).
While the specific location of the leases will remain confidential until a material amount of the prospect area(s) can be acquired, the Company again advises that in return for funding 100% of the lease acquisition costs, as well as the acquisition and reprocessing of relevant seismic data, Red Emperor will earn a 60% interest in the newly established Joint Venture and any subsequent leases acquired. The total budget, inclusive of Landman fees, for the proposed acquisition is USD640,000, after which RMP will be responsible for its 60% equity interest. Despite a delay in timing, the JV remains within budget to complete these acquisitions and looks forward to updating the market in the coming weeks.
Philippines (SC 55)
Red Emperor continues to be frustrated by the process and progress of the Philippines Department of Energy and the lengthy delays associated with the ratification of the Company's equity interest increase in Block SC55. To this end, Red Emperor is now considering the merits of maintaining its equity interest in the Block and has sought advice regarding the potential disposal of its interest. Despite participating in a USD25m exploration well (Hawkeye) within the block in 2015 and contributing in excess of AUD5m towards drilling costs, the Board must weigh the costs of maintaining the Block against its materiality in the current environment and the other assets currently being acquired by the Company. Over USD50m has been spent exploring the block to date and a number of drill-ready targets remain, including the "Cinco" gas prospect which has a best estimate prospective resource of 1.6tcf recoverable gas.
Georgia
Red Emperor had negotiated and in principally agreed to sell its 20% interest in Strait Oil & Gas to Range Resources Limited ("Range") for a nominal sum and a royalty, however the completion of this sale was delayed by Range's re-admission process to the AIM in the UK. Red Emperor remains in discussion with Range, although it acknowledges that the consideration being discussed is not material to the Company.
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 2017.
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,
6 February 2018
Consolidated Statement of Profit or Loss and Other Comprehensive Income
for the half-year ended 31 December 2017
Note 31 December 31 December 2017 2016 $ $ --------------------------------------- ----- ----------- ----------- Continuing Operations Interest received 68,746 85,434 Realised gain on investment 10,445 - Employee and director benefits expense (123,131) (140,216) Professional and Consultants (156,883) (146,303) ASX and AIM and share registry fees (30,923) (44,878) Exploration and evaluation expenditure (31,373) - Unrealised FX (loss)/gain (22,866) 39,624 Other expenses (149,050) (68,609) Loss before income tax (435,035) (274,948) Income tax expense - - Loss after income tax for the period (435,035) (274,948) Other comprehensive loss Items that may be reclassified to profit or loss Other comprehensive profit/(loss) 224 (360) ----------- ----------- Other comprehensive profit/(loss) for the period net of tax 224 (360) ----------- ----------- Total comprehensive loss for the period (434,811) (275,308) ----------- ----------- Loss per share Basic loss per share (cents) (0.10) (0.06) 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 2017
31 December 30 June Note 2017 2017 $ $ ------------------------------------------------------------ ------ ------------- ------------- Current Assets Cash and cash equivalents 10,478,073 10,921,315 Trade and other receivables 4 46,839 51,727 Total Current Assets 10,524,912 10,973,042 ------------- ------------- Non-Current Assets Financial assets at fair value through profit or loss 400 400 Total Non-Current Assets 400 400 ------------- ------------- Total Assets 10,525,312 10,973,442 ------------- ------------- Current Liabilities Trade and other payables 5 40,239 53,558 Total Current Liabilities 40,239 53,558 ------------- ------------- Total Liabilities 40,239 53,558 ------------- ------------- Net Assets 10,485,073 10,919,884 ------------- ------------- Equity Issued capital 6 57,329,505 57,329,505 Reserves 7 4,096,496 4,096,272 Accumulated losses (50,940,928) (50,505,893) ------------- ------------- Total Equity 10,485,073 10,919,884 ------------- -------------
The above Consolidated Statement of Financial Position should be read in conjunction with the accompanying notes.
Consolidated Statement of Changes in Equity
for the half-year ended 31 December 2017
Foreign Share based exchange payments Issued Accumulated translation reserve capital losses reserve $ Total $ $ $ $ -------------------------------- ----------- ------------- ------------- ------------ ----------- 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 loss - - (360) - (360) Total comprehensive loss for the period - (274,948) (360) - (275,308) ----------- ------------- ------------- ------------ ----------- Balance at 31 December 2016 57,329,505 (50,021,923) (15,183) 4,111,702 11,404,101 ----------- ------------- ------------- ------------ ----------- Balance at 1 July 2017 57,329,505 (50,505,893) (15,430) 4,111,702 10,919,884 ----------- ------------- --------- ---------- ----------- Total comprehensive income for the period Loss for the period - (435,035) - - (435,035) Other comprehensive loss - - 224 - 224 Total comprehensive loss for the period - (435,035) 224 - (434,811) ----------- ------------- --------- ---------- ----------- Balance at 31 December 2017 57,329,505 (50,940,928) (15,206) 4,111,702 10,485,073 ----------- ------------- --------- ---------- -----------
The above Consolidated Statement of Changes in Equity should be read in conjunction with the accompanying notes.
Consolidated Statement of Cash Flows
for the half-year ended 31 December 2017
31 December 31 December 2017 2016 $ $ ------------------------------------------------------------------------- --- ------------ ------------ Cash flows from operating activities Payments to suppliers and employees (486,509) (437,392) Interest received 68,746 85,434 Net cash used in operating activities (417,763) (351,958) ------------ ------------ Cash flows from investing activities Proceeds from sale of equities 10,445 - Payments for exploration and evaluation (13,059) - Net cash used in investing activities (2,614) - ------------ ------------ Net decrease in cash and cash equivalents (420,377) (351,958) Cash and cash equivalents at beginning of the period 10,921,315 11,715,540 Effects of exchange rate changes on cash and cash equivalents (22,865) 39,623 Cash and cash equivalents at the end of the period 10,478,073 11,403,205 ------------ ------------ The above Consolidated Statement of Cash Flows should be read in conjunction with the accompanying notes.
This information is provided by RNS
The company news service from the London Stock Exchange
END
IR TFMBTMBTMBMP
(END) Dow Jones Newswires
February 06, 2018 06:24 ET (11:24 GMT)
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