Red Emperor Resources NL Quarterly Activities and Cashflow Report (0126U)
2020年7月24日 - 4:35PM
RNSを含む英国規制内ニュース (英語)
TIDMRMP
RNS Number : 0126U
Red Emperor Resources NL
24 July 2020
24 July 2020
Red Emperor Resources NL
Quarterly Activities and Cashflow Report
For the Period ended 30 June 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 30 June 2020.
North Perth Basin, Western Australia
During the quarter, Red Emperor announced that it had taken the
decision not to exercise its option to acquire a 70% operated
interest in the offshore Perth Basin exploration permit,
WA-481-P.
In December 2019, in connection with the option, 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 which was completed on time and on budget.
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.
Whilst the renewal application was successful and ultimately
granted to the JV, the Board felt it prudent not to exercise the
Company's option, which therefore expired on 5 June 2020.
Alaska North Slope
During the previous quarter, the operator, on behalf of the JV,
held discussions with the relevant regulatory authorities in Alaska
in relation to seeking relief on the rentals due on 1 May 2020.
Unfortunately, these discussions were unsuccessful and as a result
the Western Blocks were relinquished by the JV during the
quarter.
Corporate
Over the past 3 months, the oil price has somewhat stabilised
after dipping sharply, particularly towards the end of April 2020,
however global uncertainty due to COVID-19 remains the industry's
biggest challenge. Red Emperor and its Board have been very mindful
of protecting the Company's balance sheet and by extension,
shareholder value. We remain patient in our approach to reviewing
and evaluating new ventures and opportunities, but at the same time
the Company is ready, willing and able to transact at the
appropriate time. Red Emperor would like to thank all shareholders
for their contined patience and remains extremely confident of
securing a suitable transaction and generating long term
shareholder value.
At the end of the quarter, the Company had cash at bank of
approximately A$4.6m. Please refer to the Appendix 5B for further
details, which can be be viewed at the following link:
http://www.rns-pdf.londonstockexchange.com/rns/0126U_1-2020-7-24.pdf
For further information, please visit www.redemperorresources.com or contact :
Red Emperor Resources NL - Greg
Bandy +61 8 9212 0102
Strand Hanson Limited (Nominated +44 (0) 20 7409
Adviser) - James Harris 3494
+44 (0) 203 463
Brandon Hill Capital (UK Broker) 5010
708 Capital Pty Ltd (Australian +61 (0) 2 9112
Broker) 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.
Table 1: Payments to Related Parties of the Entity and their
Associates
Directors' Remuneration
Managing Director's Fees and Superannuation 49,275 49,275
Non-Executive Director Fees and Superannuation 8,213 8,213
Company Secretarial and CFO Fees 15,000 15,000
------------------------------------------------------ -------- --------
Total payments to related parties of the entity and
their associates 72,488 72,488
------------------------------------------------------ -------- --------
Table 2: Red Emperor's Tenements
The Company's 31.5% interest in the Western Blocks (ADL#s
391718, 391719, 319720 & 391721) on the North Slope, Alaska was
formally relinquished during the quarter ended 30 June 2020.
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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