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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 : 7365L
Red Emperor Resources NL
23 April 2018
23 April 2018
Red Emperor Resources NL ("Red Emperor")
Quarterly Reports
For the Period Ending 31 March 2018 and Appendix 5B
The Board of Red Emperor Resources NL ("Red Emperor" or the "Company") provides the following commentary and Appendix 5B for the March 2018 Quarter.
California
During the quarter, after extensive work to establish a full and legal chain of title to a number of leases believed to be prospective for oil & gas in the Sacramento Gas Basin of California, Red Emperor continued to negotiate with relevant landowners in an attempt to secure binding lease agreements across two prospect areas. This was done via a local "landman" in California and in conjunction with the proposed Joint Venture partner, Oil Ventures Limited (Oil Ventures). Landowners were presented with formal lease agreements and were given ample time to consider terms, which were believed to be reasonable and consistent with the typical terms for Californian oil and gas leases; payment of an annual rental based on net mineral acreage and payment of a royalty on any hydrocarbon production. The leases contemplated had a 5-year term. To date however, Oil Ventures has been unsuccessful in both agreeing terms and securing any executed lease agreements with the relevant landowners. As a result, Red Emperor is now considering its options with respect to the two prospect areas.
While the specific location of the leases still remains confidential, 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 was to 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 was USD640,000, after which RMP would be responsible for its 60% equity interest.
Philippines (SC 55)
Subsequent to the quarter end, the Company finally received official confirmation from the Philippine Department of Energy (DoE) ratifying the request for the transfer of participating interests in Service Contract no. 55 (SC55) from Otto Energy Limited (ASX: OEL) (Otto Energy) to its partners, Century Red Pte. Ltd (a 100% owned subsidiary of Red Emperor), PaIawan55 Exploration & Production Corporation (Palawan55) and Pryce Gases, Inc.
Red Emperor's equity interest in SC55 is now 37.5% (previously 15%) after the DoE found the partners to be "Financially qualified to assume the proposed interests. Legally qualified to assume the participating interest from Otto Energy considering that they are existing petroleum companies operating either as operator and/or consortium members in petroleum service contracts; And technically qualified, as exemplified by the joint cooperation and completion of previous exploration activities, such as the drilled Hawkeye-1 well."
As a result, the participating interests in SC55 are as follows:
Hot Features
Premium
Company Participating Interests
--------------------------- ------------------------
Palawan55 (Operator) 37.50%
--------------------------- ------------------------
Century Red Pte. Ltd (Red
Emperor) 37.50%
--------------------------- ------------------------
Pryce Gases, Inc. 25.00%
--------------------------- ------------------------
Total 100%
--------------------------- ------------------------
It is also understood that Palawan55 will be the "Operator" of SC 55 as endorsed by the other remaining partners.
Likewise, the timeline for the moratorium period and Sub-Phase (SP) 5 has now been revised to reflect the transfer of interest. It is understood that the minimum work program and budget for the moratorium period and SP 5 are unaffected by the transfer of interest, as shown below:
Sub-Phase (SP) Work Program and Budget (WP&B)
---------------------------- -------------------------------------
Moratorium Period Conduct a Qualitative Interpretation
(Date of approval of (QI) study of the greater
transfer until 13 months Hawkeye area, lithology and
thereafter) petrophysical modeling and
a contingent program of AVO
studies = US$ 478,750
---------------------------- -------------------------------------
SP 5 Drill one (1) Ultra-deepwater
(date of end of moratorium well = US$ 3,000,000.00
period until 12 months
thereafter)
---------------------------- -------------------------------------
As nominated "Operator" Palawan55 has suggested that the partners hold an Operating Committee Meeting to formalise their appointment as successor Operator, establish an Operating Committee and agree on related amendments to the JOA.
With respect to the committed work program, Palawan55 are currently conducting an inventory of the technical data that had been turned over by Otto Energy. They have also advised that they are engaging with consulting groups with respect to the programmed specialised geophysical studies in order to refine the budget.
Red Emperor participated in a USD $25m exploration well (Hawkeye-1) within the block in 2015 and contributed in excess of AUD $5m towards drilling costs. Over USD $50m 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 1.6tcf recoverable gas. Given the Hawkeye well discovered gas and a working petroleum system relatively close to Cinco, Red Emperor believes that SC55 remains a key asset for the Company to maintain exposure to.
Proposed Management Changes
During the quarter the Company underwent a strategic review of its board and management and as a result proposes to make significant changes over the coming months to the structure of the business. Specifically, a Chief Executive Officer with over 20 years' industry experience has been identified to oversee the day-to-day management of the assets and portfolio of the Company with a specific mandate of identifying and introducing new opportunities. While an appointment is potentially weeks away, the Company is mindful of informing shareholders of its strategic plans and intentions at this stage. There is also expected to be Board changes made in the coming weeks.
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, Jen Clarke 020 7383 5100
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
Name of entity
-------------------------------------------
RED EMPEROR RESOURCES NL
-------------------------------------------
ABN Quarter ended ("current
quarter")
--------------- ------------------------
99 124 734 961 31 March 2018
--------------- ------------------------
Consolidated statement Current quarter Year to date
of cash flows $A'000
(9 months)
$A'000
--------------------------------------- ---------------- -------------
1. Cash flows from operating
activities
1.1 Receipts from customers - -
1.2 Payments for
(a) exploration & evaluation (124) (137)
(b) development - -
(c) production - -
(d) staff costs - -
(e) administration
and corporate costs (145) (632)
1.3 Dividends received - -
(see note 3)
1.4 Interest received 33 102
1.5 Interest and other - -
costs of finance paid
1.6 Income taxes paid - -
1.7 Research and development - -
refunds
Other (provide details
1.8 if material) - 10
---------------- -------------
Net cash from / (used
1.9 in) operating activities (236) (657)
----- -------------------------------- ---------------- -------------
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 10,478 10,921
Net cash from / (used
in) operating activities
4.2 (item 1.9 above) (236) (657)
---------------- -------------
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 rates on
4.5 cash held 66 44
---------------- -------------
Cash and cash equivalents
4.6 at end of period 10,308 10,478
------- ------------------------------ ---------------- -------------
5. Reconciliation of cash Current quarter Previous
and cash equivalents $A'000 quarter
at the end of the quarter $A'000
(as shown in the consolidated
statement of cash flows)
to the related items
in the accounts
---- ------------------------------- ---------------- ---------
5.1 Bank balances 10,308 10,478
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) 10,308 10,478
---- ------------------------------- ---------------- ---------
6. Payments to directors of the entity Current quarter
and their associates $A'000
----------------
Aggregate amount of payments to
these parties included in item
6.1 1.2 29
----------------
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 -
$29k
--------------------------------------------------------------
7. Payments to related entities of Current quarter
the entity 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 Total facility Amount drawn
available amount at at quarter
Add notes as necessary quarter end end
for an understanding $A'000 $A'000
of the position
--------------- -------------
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 $A'000
for next quarter
---- ------------------------------ --------
9.1 Exploration and evaluation 150,000
9.2 Development -
9.3 Production -
9.4 Staff costs -
Administration and corporate
9.5 costs 100,000
9.6 Other (provide details if -
material)
--------
9.7 Total estimated cash outflows 150,000
---- ------------------------------ --------
10. Changes in Tenement Nature of interest Interest Interest
tenements reference at beginning at end
(items 2.1(b) and location of quarter of quarter
and 2.2(b)
above)
----- ---------------------- -------------- ------------------- -------------- ------------
10.1 Interests N/A
in mining
tenements
and petroleum
tenements
lapsed, relinquished
or reduced
----- ---------------------- -------------- ------------------- -------------- ------------
10.2 Interests N/A
in 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.
Sign here: Date: 23 April 2018
(Company secretary)
Print name: Aaron Bertolatti
Notes
1. The quarterly report provides a basis for informing the market how the entity's activities have been financed for the past quarter and the effect on its cash position. An entity that wishes to disclose additional information is encouraged to do so, in a note or notes included in or attached to this report.
2. If this quarterly report has been prepared in accordance with Australian Accounting Standards, the definitions in, and provisions of, AASB 6: Exploration for and Evaluation of Mineral Resources and AASB 107: Statement of Cash Flows apply to this report. If this quarterly report has been prepared in accordance with other accounting standards agreed by ASX pursuant to Listing Rule 19.11A, the corresponding equivalent standards apply to this report.
3. Dividends received may be classified either as cash flows from operating activities or cash flows from investing activities, depending on the accounting policy of the entity.
This information is provided by RNS
The company news service from the London Stock Exchange
END
MSCSEUSMDFASESL
(END) Dow Jones Newswires
April 23, 2018 02:12 ET (06:12 GMT)
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