Red Emperor Resources NL Update re Perth Basin Exploration Permit Option (1814P)

TIDMRMP

RNS Number : 1814P

Red Emperor Resources NL

08 June 2020

8 June 2020

Red Emperor Resources NL

Red Emperor Elects Not to Exercise its Option Over Perth Basin Exploration Permit

The Board of Red Emperor Resources NL (ASX/AIM: RMP) ("RMP", "Red Emperor" or the "Company"), the natural resource exploration company, announces that it has taken the decision not to exercise its option to acquire a 70% operated interest in the offshore Perth Basin exploration permit, WA-481-P.

As announced on 2 December, 2019, Red Emperor agreed to fund the completion of an existing committed work programme (comprising geological and geophysical studies) for the final year of the existing permit term, up to a capped amount of A$150,000. Contemporaneous with such work programme being completed, the existing JV partners, Pilot Energy Limited - 60% interest and Key Petroleum Limited - 40% interest, in conjunction with Red Emperor, formally applied to the National Offshore Petroleum Titles Administrator (NOPTA) for a renewal of the permit, which expired on 19 February 2020.

NOPTA recently advised the joint venture partners that their renewal application was successful, however Red Emperor has decided not to exercise its option, which expired at midnight on Friday, 5 June 2020.

The Company continues to conduct high level due diligence on a number of projects around the world and looks forward to updating its evaluation of such opportunities as they progress.

   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) 207 409 
  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.

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June 08, 2020 02:00 ET (06:00 GMT)

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