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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 |
From Apr 2019 to Apr 2024
TIDMRMP
RNS Number : 8055L
Red Emperor Resources NL
24 July 2017
24 July 2017
Red Emperor Resources NL ("Red Emperor")
Quarterly Reports
For The Period Ending 30 June 2017 and Appendix 5B
The Board of Red Emperor Resources NL ("Red Emperor" or the "Company") provides the following commentary and Appendix 5B for the period ending 30 June 2017.
Philippines (SC 55)
During the quarter, Red Emperor provided further information to the Philippines Department of Energy (DoE) on request in the hope that the approval to have its equity interest in Block SC55 increased (from 15% to 37.5%) so a work program consisting of geological and interpretive studies can be undertaken. Red Emperor participated in a USD $25m exploration well (Hawkeye) within the block in 2015 and contributed in excess of AUD $5m towards drilling costs. Over USD $50m 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. Given the Hawkeye well discovered gas and a working petroleum system relatively close to Cinco, Red Emperor believes that Block SC 55 remains a key asset for the Company to maintain exposure to.
Georgia
Over the course of the past month, Red Emperor has been negotiating with Range Resources Limited to sell its 20% interest in Strait Oil & Gas for a nominal sum and a royalty. After a long and frustrating Joint Venture and uncertainty over the tenure of Blocks VIa and VIb, the company concluded that a divestment was both prudent and opportunistic. Full details of the proposed sale will be made available to shareholders in due course after formal documentation has been agreed and executed. The carrying value of this asset was written down to nil some time ago and the Company does not consider its shareholding to be of a core nature to its ongoing business activities or strategy.
Corporate
Red Emperor continued to review and assess a number of opportunities within the oil & gas sector during the quarter. The company also undertook due diligence on two assets outside the oil & gas space, specifically resource projects. While it remains focused on its current main undertaking, the board believes it to be a prudent strategy to widen its focus to include opportunities in all sectors that could potentially add value to shareholders, while it awaits formal approval from the Philippines DoE. This philosophy, coupled with the continued depressed oil & gas market and the company's strong cash balance, has the support of the company's major shareholders, the full board and its advisors.
For further information, please visit http://www.redemperorresources.com/ or contact:
Red Emperor Resources:
Greg Bandy +61 8 9212 0102
Grant Thornton UK LLP (Nominated Adviser):
Philip Secrett, Jamie Barklem 020 7383 5100
The information contained within this announcement is deemed to constitute inside information as stipulated under the Market Abuse Regulations (EU) No. 596/2014. Upon the publication of this announcement, this inside information is now considered to be in the public domain.
Appendix 5B
Mining exploration entity and oil and gas exploration entity quarterly report
Introduced 01/07/96 Origin Appendix 8 Amended 01/07/97, 01/07/98, 30/09/01, 01/06/10, 17/12/10, 01/05/13, 01/09/16
Hot Features
Premium
Name of entity
-----------------------------------------------------
RED EMPEROR RESOURCES NL
ABN Quarter ended ("current quarter")
--------------- ----------------------------------
99 124 734 961 30 June 2017
----------------------------------
Consolidated statement of cash Current quarter Year to date
flows $A'000
(12 months)
$A'000
1. Cash flows from operating
activities
1.1 Receipts from customers - -
1.2 Payments for
(a) exploration & evaluation - -
(b) development - -
(c) production - -
(d) staff costs - -
(e) administration and corporate
costs (166) (840)
1.3 Dividends received (see note - -
3)
1.4 Interest received 36 159
1.5 Interest and other costs of - -
finance paid
1.6 Income taxes paid - -
1.7 Research and development refunds - -
1.8 Other (provide details if - -
material)
---------------- ----------------
Net cash from / (used in)
1.9 operating activities (130) (681)
----- ------------------------------------- ---------------- ----------------
2. Cash flows from investing
activities
2.1 Payments to acquire:
(a) property, plant and equipment - -
(b) tenements (see item 10) - -
(c) investments - -
(d) other non-current assets - -
2.2 Proceeds from the disposal
of:
(a) property, plant and equipment - -
(b) tenements (see item 10) - -
(c) investments - -
(d) other non-current assets - -
2.3 Cash flows from loans to - -
other entities
2.4 Dividends received (see note - -
3)
2.5 Other (provide details if - -
material)
---------------- ----------------
2.6 Net cash from / (used in) - -
investing activities
------- ----------------------------------- ---------------- ----------------
3. Cash flows from financing
activities
3.1 Proceeds from issues of shares - -
3.2 Proceeds from issue of convertible - -
notes
3.3 Proceeds from exercise of - -
share options
3.4 Transaction costs related - -
to issues of shares, convertible
notes or options
3.5 Proceeds from borrowings - -
3.6 Repayment of borrowings - -
3.7 Transaction costs related - -
to loans and borrowings
3.8 Dividends paid - -
3.9 Other (provide details if - -
material)
---------------- ----------------
3.10 Net cash from / (used in) - -
financing activities
------- ----------------------------------- ---------------- ----------------
4. Net increase / (decrease)
in cash and cash equivalents
for the period
Cash and cash equivalents
4.1 at beginning of period 11,046 11,715
Net cash from / (used in)
operating activities (item
4.2 1.9 above) (130) (681)
4.3 Net cash from / (used in)
investing activities (item - -
2.6 above)
4.4 Net cash from / (used in)
financing activities (item - -
3.10 above)
Effect of movement in exchange
4.5 rates on cash held 5 (113)
---------------- ----------------
Cash and cash equivalents
4.6 at end of period 10,921 10,921
------- ----------------------------------- ---------------- ----------------
5. Reconciliation of cash and Current quarter Previous quarter
cash equivalents $A'000 $A'000
at the end of the quarter
(as shown in the consolidated
statement of cash flows) to
the related items in the accounts
5.1 Bank balances 10,921 11,046
5.2 Call deposits - -
5.3 Bank overdrafts - -
5.4 Other (provide details) - -
---------------- -----------------
Cash and cash equivalents
at end of quarter (should
5.5 equal item 4.6 above) 10,921 11,046
---- ----------------------------------- ---------------- -----------------
6. Payments to directors of the entity and Current quarter
their associates $A'000
Aggregate amount of payments to these parties
6.1 included in item 1.2 66
----------------
6.2 Aggregate amount of cash flow from loans -
to these parties included in item 2.3
----------------
6.3 Include below any explanation necessary to understand
the transactions included in items 6.1 and 6.2
----- -----------------------------------------------------------------
Payment of Directors Fees and Remuneration - $66k
7. Payments to related entities of the entity Current quarter
and their associates $A'000
7.1 Aggregate amount of payments to these parties -
included in item 1.2
----------------
7.2 Aggregate amount of cash flow from loans -
to these parties included in item 2.3
----------------
7.3 Include below any explanation necessary to understand
the transactions included in items 7.1 and 7.2
---- ----------------------------------------------------------------
N/A
8. Financing facilities available Total facility Amount drawn
Add notes as necessary for amount at quarter at quarter end
an understanding of the position end $A'000
$A'000
8.1 Loan facilities - -
------------------- ----------------
8.2 Credit standby arrangements - -
------------------- ----------------
8.3 Other (please specify) - -
------------------- ----------------
8.4 Include below a description of each facility above, including
the lender, interest rate and whether it is secured or
unsecured. If any additional facilities have been entered
into or are proposed to be entered into after quarter
end, include details of those facilities as well.
---- -------------------------------------------------------------------------
N/A
9. Estimated cash outflows for next $A'000
quarter
9.1 Exploration and evaluation -
9.2 Development -
9.3 Production -
9.4 Staff costs -
9.5 Administration and corporate costs 125,000
9.6 Other (provide details if material) -
--------
9.7 Total estimated cash outflows 125,000
---- ------------------------------------ --------
10. Changes in tenements Tenement Nature of interest Interest Interest
(items 2.1(b) reference at beginning at end
and 2.2(b) above) and location of quarter of quarter
10.1 Interests in N/A
mining tenements
and petroleum
tenements lapsed,
relinquished
or reduced
----- --------------------- -------------- ------------------- -------------- ------------
10.2 Interests in N/A
mining tenements
and petroleum
tenements acquired
or increased
----- --------------------- -------------- ------------------- -------------- ------------
Compliance statement
1 This statement has been prepared in accordance with accounting standards and policies which comply with Listing Rule 19.11A.
2 This statement gives a true and fair view of the matters disclosed.
Date: 24 July 2017
Print name: Aaron Bertolatti
This information is provided by RNS
The company news service from the London Stock Exchange
END
MSCSEAFIFFWSEDW
(END) Dow Jones Newswires
July 24, 2017 02:00 ET (06:00 GMT)
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