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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 : 3585R
Red Emperor Resources NL
21 September 2017
21 September 2017
Red Emperor Resources NL
Annual Report for the Year Ending 30 June 2017
Please see below extracts from the Company's Annual Report for the Year Ending 30 June 2017, being the:
-- Directors' Report
-- Consolidated Statement of Comprehensive Income
-- Consolidated Statement of Financial Position
-- Consolidated Statement of Cash Flows
A copy of the entire Annual Report will be sent to shareholders and is available on the Company's website - www.redemperorresources.com.
The information contained within this announcement is considered to be inside information prior to its release, as defined in Article 7 of the Market Abuse Regulation No. 596/2014, and is disclosed in accordance with the Company's obligations under Article 17 of those Regulations.
For further information please visit www.redemperorresources.com or contact:
Red Emperor
Greg Bandy +61 8 9212 0102
Grant Thornton UK LLP
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 year ended 30 June 2017.
Directors
The persons who were directors of Red Emperor during the year are:
Mr Greg Bandy (Managing Director) Mr Jason Bontempo (Non-Executive Director) Mr Nathan Rayner (Non-Executive Director)
RESULTS OF OPERATIONS
The Company's net loss after taxation attributable to the members of Red Emperor for the year to 30 June 2017 was $758,918 (2016: $9,034,572).
DIVIDS
No dividend was paid or declared by the Company during the year and up to the date of this report.
CORPORATE STRUCTURE
Red Emperor Resources NL is a company limited by shares, which is incorporated and domiciled in Australia.
NATURE OF OPERATIONS AND PRINCIPAL ACTIVITIES
The principal activity of the Company during the financial year was oil and gas exploration and project identification.
REVIEW OF OPERATIONS
PHILIPPINES (SC55)
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
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 any 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 reviewed a number of new opportunities within the oil & gas sector with both its Australian and UK advisers respectively during the year. 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.
SIGNIFICANT CHANGES IN THE STATE OF AFFAIRS
There have been no significant changes in the state of affairs of the Group during the financial year, other than as set out in this report.
SIGNIFICANT EVENTS AFTER THE REPORTING DATE
There have been no other significant events subsequent to the end of the financial year to the date of this report.
LIKELY DEVELOPMENTS AND EXPECTED RESULTS OF OPERATIONS
The Group will continue its investment in resource projects with the object of identifying commercial resources. The Company intends to pursue acquisition and investment opportunities to secure new projects in the natural resources sector.
Greg Bandy
Managing Director - Perth, Western Australia,
21 September 2017
Consolidated Statement of Profit or Loss and Other Comprehensive Income
for the year ended 30 June 2017
Note 30 June 30 June 2017 2016 $ $ ------------------------------------- ------ ---------- ----------- Continuing Operations Interest received 158,634 239,406 Employee and director benefits expense (274,103) (265,950) Professional and Consultants (308,959) (570,771) ASX and AIM and share registry fees (69,969) (83,731) Travel expenditure (66,922) (72,799) Impairment expense - (7,711,110) Realised Foreign exchange gain - 28,341 Unrealised Foreign exchange loss (112,584) (423,331) Share based payment expense - (30,934) Other expenses (85,015) (143,693) Loss before income tax (758,918) (9,034,572) Income tax expense - - Loss after Income Tax (758,918) (9,034,572) Other comprehensive loss Items that may be reclassified to profit or loss Other comprehensive income/(loss) (607) 13,938 ---------- ----------- Other comprehensive income/(loss) for the year net of tax (607) 13,938 ---------- ----------- Total comprehensive loss for the year (759,525) (9,020,634) ---------- ----------- Loss per share Basic loss per share (cents) (0.18) (2.13) The above Consolidated 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 30 June 2017
Note 2017 2016 $ $ ------------------------------------------------------------ ---- ------------- ------------- Current Assets Cash and cash equivalents 1 10,921,315 11,715,540 Trade and other receivables 51,727 33,415 Total Current Assets 10,973,042 11,748,955 ------------- ------------- Non-Current Assets Financial assets at fair value through profit or loss 400 400 Exploration and evaluation expenditure - - Total Non-Current Assets 400 400 ------------- ------------- Total Assets 10,973,442 11,749,355 ------------- ------------- Current Liabilities Trade and other payables 53,558 69,946 Total Current Liabilities 53,558 69,946 ------------- ------------- Total Liabilities 53,558 69,946 ------------- ------------- Net Assets 10,919,884 11,679,409 ------------- ------------- Equity Issued capital 57,329,505 57,329,505 Reserves 4,096,272 4,096,879 Accumulated losses (50,505,893) (49,746,975) ------------- ------------- Total Equity 10,919,884 11,679,409 ------------- ------------- The above Consolidated Statement of Financial Position should be read in conjunction with the accompanying notes.
Consolidated Statement of Changes in Equity
for the year ended 30 June 2017
Foreign Share exchange based Issued Accumulated translation payments capital losses reserve reserve Total $ $ $ $ $ --------------------------- ----------- ------------- ------------- ---------- ------------ Balance at 1 July 2015 52,167,148 (40,712,403) (28,761) 3,867,905 15,293,889 ----------- ------------- ------------- ---------- ------------ Total comprehensive loss for the year Loss for the year - (9,034,572) - - (9,034,572) Other Comprehensive income - - 13,938 - 13,938 Total comprehensive loss for the year - (9,034,572) 13,938 - (9,020,634) ----------- ------------- ------------- ---------- ------------ Transactions with owners in their capacity as owners Issue of shares 5,763,718 - - - 5,763,718 Share based payments - - - 30,934 30,934 Cost of issue (601,361) - - 212,863 (388,498) Balance at 30 June 2016 57,329,505 (49,746,975) (14,823) 4,111,702 11,679,409 ----------- ------------- ------------- ---------- ------------ Balance at 1 July 2016 57,329,505 (49,746,975) (14,823) 4,111,702 11,679,409 ----------- ------------- --------- ---------- ----------- Total comprehensive loss for the year Loss for the year - (758,918) - - (758,918) Other Comprehensive loss - - (607) - (607) Total comprehensive loss for the year - (758,918) (607) - (759,525) ----------- ------------- --------- ---------- ----------- Transactions with owners in their capacity as owners Balance at 30 June 2017 57,329,505 (50,505,893) (15,430) 4,111,702 10,919,884 ----------- ------------- --------- ---------- -----------
The above Consolidated Statement of Changes in Equity should be read in conjunction with the accompanying notes.
Consolidated Statement of Cash Flows
for the year ended 30 June 2017
2017 2016 Note $ $ $ ---------------------------------------------------------------------------- ------- ---------- ----------- Cash flows from operating activities Payments to suppliers and employees (840,275) (1,113,641) Interest received 158,634 239,406 Finance cost - 28,341 Net cash used in operating activities (681,641) (845,894) ---------- ----------- Cash flows from investing activities Payments for exploration and evaluation - (5,119,286) Refund of Hawkeye-1 well costs - 397,822 Net cash used in investing activities - (4,721,464) ---------- ----------- Cash flows from financing activities Proceeds from issue of shares and options - 5,600,300 Payment of share issue costs - (388,498) Net cash provided by financing activities - 5,211,802 ---------- ----------- Net decrease in cash and cash equivalents (681,641) (355,556) Cash and cash equivalents at beginning of year 11,715,540 12,494,427 Effects of exchange rate changes on cash and cash equivalents (112,584) (423,331) ---------- ----------- Cash and cash equivalents at the end of the year 10,921,315 11,715,540 ---------- ----------- The above Consolidated Statement of Cash Flows should be read in conjunction with the accompanying notes.
Notes to the Consolidated Financial Statements for the year ended 30 June 2017
2017 2016 $ $ 1. Cash and Cash Equivalents
Reconciliation of cash
Cash comprises of: Cash at bank 10,921,315 11,715,540 ----------- ------------ Reconciliation of operating loss after tax to net cash flow from operations Loss after tax (758,918) (9,034,572) Non-cash items Impairment expense - 7,678,546 Share based payment - 243,797 Net exchange differences 111,977 428,327 Change in assets and liabilities Decrease/(increase) in trade and other receivables (18,312) 584,901 Increase/(decrease) in trade and other payables (16,388) (746,893) ----------- ------------ Net cash flow used in operating activities (681,641) (845,894) ----------- ------------
This information is provided by RNS
The company news service from the London Stock Exchange
END
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(END) Dow Jones Newswires
September 21, 2017 02:00 ET (06:00 GMT)
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