We could not find any results for:
Make sure your spelling is correct or try broadening your search.
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 29 January 2015 Red Emperor Resources NL QUARTERLY ACTIVITIES REPORT FOR THE PERIOD ENDING 31 DECEMBER 2014 AND APPENDIX 5B The Board of Red Emperor Resources NL ("Red Emperor" or the "Company") is pleased to provide the following commentary and Appendix 5B for the period ending 31 December 2014. Puntland As reported in our last quarterly update, during the previous reporting period, the Federal Government hardened its position with regards to the requirement of contracts to flow through the Federal Ministry of Energy, as evidenced by the statement of the Federal Minister at the Somalia Oil & Gas Conference in late October 2014. As a result, and subsequent to the quarter end, the JV is currently in the process of closing down its office in Bosaso and releasing its entire staff. In addition, all contracts will be terminated, with exception of the production sharing agreements ("PSAs"), but including those for the lease of the villas and the lay-down yard, with all remaining inventory in Puntland being disposed of or sold. The aim of these actions is to reduce the JV's cost exposure until there is clarity and contractual certainty around the PSAs and the legal regime that currently exists in country. The JV has proposed that the Puntland government offers it a two-year extension to both PSAs, free of any consideration, so that we may work together to properly establish the environment required for further investment in this exploration program. Red Emperor is obviously disappointed that the above-mentioned actions have had to be taken, however we are very supportive of the operator, Horn Petroleum, and feel that the JV was left with no other alternative. The Company remains hopeful that an extension can be granted and the JV can once again operate in Puntland with the aim of unlocking the enormous oil & gas potential that is believed to exist. Georgia During the quarter, Strait Oil and Gas ("Strait") stepped up on-ground activities in preparation for the scheduled drilling program, which was to see the JV drill a well on Block VIb by March 2015. The drilling of this well is to be funded by Range Resources Limited ("Range") as part of the Subscription Agreement signed between the two companies in 2011. Range has advised Red Emperor that it is negotiating a financing deal with a third party that is designed to reduce its financial exposure to the well. Red Emperor cannot provide any guarantees that such negotiations will result in a successful transaction and is cognizant of Range's current financial position. Red Emperor is awaiting further correspondence from Range. We will update the market as soon as possible in relation to the outcome of these discussions. Corporate Red Emperor continues to review new opportunities as it has done throughout the year, in accordance with its previously outlined strategic philosophy. The Company is in advanced discussions in respect of at least one transaction and hopes to be able to provide more detail to the market in the coming weeks. Meanwhile, Red Emperor continues to hold 1m shares in Highfield Resources, which last traded at $0.755, valuing the holding at $755,000, a $275,000 unrealised profit on its original investment of $480,000. Appendix 5B Summary - Consolidated statement of cash flows Cash flows related to operating Current quarter Year to date (6 months) activities $A'000 $A'000 1.1 Receipts from product sales and - - related debtors 1.2 Payments for (a) exploration & (114) (215) evaluation - - (b) development - - (c) production (259) (522) (d) administration 1.3 Dividends received - - 1.4 Interest and other items of a 98 183 similar nature received 1.5 Interest and other costs of finance - - paid 1.6 Income taxes paid - - 1.7 Other (provide details if material) - - Net Operating Cash Flows (275) (554) Cash flows related to investing activities 1.8 Payment for purchases of: (a) - - prospects - (182) (b) equity investments - (59) (c) investment in associate 1.9 Proceeds from sale of: (a) - - prospects - - (b) equity investments - - (c) other fixed assets 1.10 Loans to other entities - - 1.11 Loans repaid by other entities - - 1.12 Other (provide details if material) - - Net investing cash flows - (241) 1.13 Total operating and investing cash (275) (795) flows (carried forward) 1.13 Total operating and investing cash (275) (795) flows (brought forward) Cash flows related to financing activities 1.14 Proceeds from issues of shares, - - options, etc. 1.15 Proceeds from sale of forfeited - - shares 1.16 Proceeds from borrowings - - 1.17 Repayment of borrowings - - 1.18 Dividends paid - - 1.19 Other (provide details if material) - - Net financing cash flows - - Net increase (decrease) in cash (275) (795) held 1.20 Cash at beginning of quarter/year 9,801 10,321 to date 1.21 Exchange rate adjustments to item - - 1.20 1.22 Cash at end of quarter 9,526 9,526 For further information please visit www.redemperorresources.com or contact: Red Emperor Greg Bandy +61 8 9212 0102 Grant Thornton UK LLP Philip Secrett/Jen Clarke/Jamie Barklem +44 20 7383 5100 Fox-Davies Capital Limited Jonathan Evans +44 20 3463 5010 END
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