Red Emperor Resources NL Quarterly Report and Appendix 5B (1042V)
October 31 2017 - 6:12AM
UK Regulatory
TIDMRMP
RNS Number : 1042V
Red Emperor Resources NL
31 October 2017
31 October 2017
Red Emperor Resources NL ("Red Emperor")
Quarterly Reports
For The Period Ending 30 September 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 September 2017.
New Activities
Subsequent to the period end, on 31 October 2017, Red Emperor
signed a binding Heads of Agreement (HoA) with an experienced Oil
& Gas exploration firm to identify a number of strategic leases
in California, prospective for oil & gas, with a view to
acquiring those leases. While the specific location of the areas of
interest will remain confidential until some or all of the leases
have been acquired, the Company can advise that in return for
funding 100% of the lease acquisition costs, as well as the
acquisition and reprocessing of relevant seismic data, Red Emperor
will 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 is USD640,000, after
which RMP will be responsible for its 60% equity interest. The
Company looks forward to updating shareholders on this exciting new
venture over the coming weeks.
Along with signing the above-mentioned Heads of Agreement, Red
Emperor and its board continue to review and conduct due diligence
on various oil & gas projects around the world. It is currently
reviewing two exploration opportunities at high level, with a
number of other assets having been introduced and considered. The
board remains committed to adding new projects to its portfolio and
deploying its strong balance sheet within the oil & gas
sector.
Philippines (SC 55)
Red Emperor continues to be frustrated by the process and
progress of the Philippines Department of Energy and lengthy delays
associated with the ratification of the Company's equity interest
increase in Block SC55 - from 15% to 37.5%. An agreed work program
outlined by JV partner Trans-Asia, consisting of geological and
interpretive studies, remains the preferred operational course of
action, however this work program cannot begin until such time as
all JV equity interests are confirmed. 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 still offers significant value, despite
the frustrations associated with the intended work program.
Georgia
As previously announced, Red Emperor continues to negotiate the
sale of its 20% interest in Strait Oil & Gas for a nominal sum
and a royalty to Range Resources Limited. The Company hopes to
conclude these negotiations in the near term.
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
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
Name of entity
-------------------------------------------
RED EMPEROR RESOURCES NL
-------------------------------------------
ABN Quarter ended ("current
quarter")
--------------- ------------------------
99 124 734 961 30 September 2017
--------------- ------------------------
Consolidated statement Current quarter Year to date
of cash flows $A'000
(3 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 (193) (193)
1.3 Dividends received - -
(see note 3)
1.4 Interest received 35 35
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
1.9 in) operating activities (158) (158)
----- -------------------------------- ---------------- -------------
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 10,921 10,921
Net cash from / (used
in) operating activities
4.2 (item 1.9 above) (158) (158)
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 (34) (34)
---------------- -------------
Cash and cash equivalents
4.6 at end of period 10,729 10,729
------- ------------------------------ ---------------- -------------
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 10,729 10,921
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) 10,729 10,921
---- ------------------------------- ---------------- ---------
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 59
----------------
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 -
$59k
--------------------------------------------------------------
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 -
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 100,000
---- ------------------------------ --------
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.
Date: 31 October 2017
Print name: Aaron Bertolatti
This information is provided by RNS
The company news service from the London Stock Exchange
END
MSCOKDDKDBDDDKN
(END) Dow Jones Newswires
October 31, 2017 07:12 ET (11:12 GMT)
Red Emperor Resources Nl (LSE:RMP)
Historical Stock Chart
From Apr 2024 to May 2024
Red Emperor Resources Nl (LSE:RMP)
Historical Stock Chart
From May 2023 to May 2024