Red Emperor Resources NL Quarterly Activities and Cashflow Report (4398A)
23 Gennaio 2020 - 08:00AM
UK Regulatory
TIDMRMP
RNS Number : 4398A
Red Emperor Resources NL
23 January 2020
23 January 2020
Red Emperor Resources NL
Quarterly Activities and Cashflow Report
For the Period ended 31 December 2019
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 December 2019.
North Perth Basin, Western Australia
In early December 2019, the Company entered into a binding
Letter of Intent ("LOI") with Pilot Energy Limited (ASX: PGY)
("Pilot Energy") and Key Petroleum Limited (ASX: KEY) ("Key
Petroleum") (together, the Joint Venture ("JV") partners) in order
to secure an option to acquire a 70% operated interest in the
offshore Perth Basin exploration permit, WA-481-P.
Pursuant to the terms of the LOI, Red Emperor agreed to fund the
completion of an existing committed work programme comprising
geological and geophysical studies required to be undertaken within
the final year of the current permit term, up to a capped amount of
A$150,000. Contemporaneous with such work programme being
completed, the existing JV partners, Pilot Energy - 60% interest
and Key Petroleum - 40% interest, in conjunction with Red Emperor,
will formally apply to the National Offshore Petroleum Titles
Administrator (NOPTA) for a renewal of the permit, which currently
expires on 19 February 2020.
On completion of the work programme, currently being managed and
administered by Key Petroleum, and a favourable renewal decision
from NOPTA, Red Emperor will have the 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 permit renewal
application to exercise such option. A renewal decision is
currently expected to be received in Q1 2020.
For further details, please refer to the Company's announcement
of 2 December 2019.
Alaska North Slope
After purchasing additional regional 3D seismic data within the
Western Blocks, the Joint Venture is still reviewing its plans to
either reprocess / reinterpret the legacy 3D seismic data or seek
to monetise the blocks.
Philippines (Block SC55)
Red Emperor still awaits formal approval of the reassignment of
its equity interest in Block SC55 from the Philippine's Department
of Energy and will advise shareholders once this has occurred.
Corporate
Red Emperor continues to conduct high level due diligence on a
number of potential projects around the world. The Company looks
forward to updating its evaluation of such opportunities as they
progress.
At the end of the quarter, the Company had cash at bank of
approximately AUD5.1m. Refer to the Appendix 5B for further
details[, which can be viewed at the following link
http://www.rns-pdf.londonstockexchange.com/rns/4398A_1-2020-1-21.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
December 2019.
Alaska
Western Blocks
(ADL#s 391718, 391719, 319720
& 391721) North Slope, Alaska 92km(2) 31.5%
Philippines
SC55 Palawan Basin, Philippines 9,880km(2) 37.5%
-------------------------------- ---------------------------- ----------- ------
No tenements were acquired or relinquished during the December
Quarter.
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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