Red Emperor Resources NL Update in relation to Georgian project

 
TIDMRMP 
 
14 April 2015 
 
Red Emperor Resources NL 
 
Red Emperor Resources NL (ASX/AIM: RMP) announces the following update with 
respect to its Georgian Project. 
 
Despite Red Emperor again being advised last quarter by the operator, Strait 
Oil & Gas ("Strait"), that an agreed drilling program and a valid drilling 
licence was in place with the Georgian Oil and Gas Ministry, drilling activity 
is yet to commence in Block VIb. Whilst a drill rig and all required services 
remain available, Strait's major shareholder, Range Resources Limited 
("Range"), who are obligated to fund the drilling program and the costs to the 
end of Phase III of the Production Sharing Contract ("PSC") on behalf of the 
Joint Venture, has been focused on the disposal of the asset as opposed to 
continued further investment. 
 
Red Emperor understands that representatives of Strait will be negotiating to 
extend the PSC that covers Block VIb, which was due to expire in March 2015, 
however there is no certainty that such an outcome can or will be achieved. 
While Red Emperor is hopeful that it will, in the meantime the Company 
continues to stand by its position with respect to Range's obligations to drill 
a second well and cover the costs of Phase III on Block VIb, which formed part 
of the "drilling program" contemplated in its 2011 Subscription Agreement (the 
"Agreement"). Red Emperor has met its financial commitment with respect to the 
Agreement and is disappointed that drilling activity is yet to commence. The 
company will continue to protect its interests with respect to both blocks and 
the value they represent. 
 
For further information please visit www.redemperorresources.com or contact: 
 
Red Emperor 
Greg Bandy [phone] 
 
Grant Thornton UK LLP 
Philip Secrett/Jen Clarke/Jamie Barklem [phone] 
 
 
 
END