Red Emperor Resources NL Quarterly Activities and Cashflow Report (7252K)
April 24 2020 - 1:00AM
UK Regulatory
TIDMRMP
RNS Number : 7252K
Red Emperor Resources NL
24 April 2020
24 April 2020
Red Emperor Resources NL
Quarterly Activities and Cashflow Report
For the Period ended 31 March 2020
The Board of Red Emperor Resources NL (ASX/AIM: RMP) ("RMP",
"Red Emperor" or the "Company") is pleased to provide the following
commentary on its activities and an Appendix 5B for the quarter
ended 31 March 2020.
North Perth Basin, Western Australia
During the quarter, Red Emperor funded the completion of the
existing committed work programme (comprising geological and
geophysical studies) required under the final year of exploration
permit WA-481-P in the offshore Perth Basin. This work, which was
managed by Key Petroleum, was completed on time and on budget
(A$150,000). The existing JV partners, Pilot Energy - 60% interest
and Key Petroleum - 40% interest, duly applied to the National
Offshore Petroleum Titles Administrator (NOPTA) for a renewal of
the permit prior to its scheduled expiry date of 19 February 2020
and are still awaiting a formal response.
Red Emperor has an exclusive option to acquire a 70% interest
in, and the right to operate (subject to any requisite regulatory
approval(s)), WA-481-P, in return for paying the JV partners
collectively A$500,000. Red Emperor has until 15 business days
after NOPTA's approval of the abovementioned permit renewal
application to exercise such option.
Alaska North Slope
The Joint Venture ("JV"), as part of a collective strategy,
engaged with a number of major Alaskan operating companies during
the quarter with respect to a potential sale of its interest in the
Western Blocks. Despite receiving indicative interest from three
parties, the current state of global equity and specifically oil
markets have made progressing any such potential transaction(s)
particularly difficult. The operator, on behalf of the JV, is in
discussions with the relevant regulatory authorities in Alaska in
relation to seeking relief on the rentals due on 1 May 2020 and
whilst there is no guarantee that such discussions will result in
any relief being granted, the Company will provide an update upon
any such eventuality.
Philippines (Block SC55)
During the quarter, Red Emperor received the requisite formal
approval for the previously announced reassignment of its equity
interest in Block SC55 from the Philippine's Department of
Energy.
Corporate
Whilst the Company has continued to conduct high level due
diligence on a number of potential projects around the world, it
must be noted that the current state of the global economy, and in
particular depressed oil prices, has made valuing companies and
assets in the sector particularly difficult. With a strong balance
sheet and no debt or onerous obligations, Red Emperor can afford to
continue to be patient in the knowledge that it is well positioned
to take advantage of any opportunistic attractive prospects as and
when they become available and at a time when investment in such
assets is prudent.
At the end of the quarter, the Company had cash at bank of
approximately A$4.7m. Please refer to the Appendix 5B for further
details, which can be viewed at the following link:
http://www.rns-pdf.londonstockexchange.com/rns/7252K_1-2020-4-23.pdf
Red Emperor's Tenements
The following listing of tenements held is provided in
accordance with ASX Listing Rule 5.3 for the quarter ended 31 March
2020.
Tenement Location Area Interest
--------------------- ---------
Alaska
-------------------------------- --------------------- --------- ---------
Western Blocks
(ADL#s 391718, 391719, 319720
& 391721) North Slope, Alaska 92 km(2) 31.5%
-------------------------------- --------------------- --------- ---------
The Company's interest in Block SC55 (Palawan Basin,
Philippines) was formally relinquished during the quarter ended 31
March 2020.
For further information, please visit www.redemperorresources.com or contact:
Red Emperor Resources NL +61 8 9212 0102
Greg Bandy
Strand Hanson Limited (Nominated +44 (0) 20 7409
Adviser) 3494
James Harris
+44 (0) 203 463
Brandon Hill Capital (UK Broker) 5010
708 Capital Pty Ltd (Australian
Broker) +61 (0) 2 9112 2500
The information contained within this announcement is deemed by
the Company to constitute inside information as stipulated under
the Market Abuse Regulation (EU) No. 596/2014.
This information is provided by RNS, the news service of the
London Stock Exchange. RNS is approved by the Financial Conduct
Authority to act as a Primary Information Provider in the United
Kingdom. Terms and conditions relating to the use and distribution
of this information may apply. For further information, please
contact rns@lseg.com or visit www.rns.com.
END
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