TIDMRMP
RNS Number : 3585R
Red Emperor Resources NL
21 September 2017
21 September 2017
Red Emperor Resources NL
Annual Report for the Year Ending 30 June 2017
Please see below extracts from the Company's Annual Report for
the Year Ending 30 June 2017, being the:
-- Directors' Report
-- Consolidated Statement of Comprehensive Income
-- Consolidated Statement of Financial Position
-- Consolidated Statement of Cash Flows
A copy of the entire Annual Report will be sent to shareholders
and is available on the Company's website -
www.redemperorresources.com.
The information contained within this announcement is considered
to be inside information prior to its release, as defined in
Article 7 of the Market Abuse Regulation No. 596/2014, and is
disclosed in accordance with the Company's obligations under
Article 17 of those Regulations.
For further information please visit www.redemperorresources.com
or contact:
Red Emperor
Greg Bandy +61 8 9212 0102
Grant Thornton UK LLP
Philip Secrett/Jamie Barklem +44 20 7383 5100
Directors' Report
The Directors present their report for Red Emperor Resources NL
("Red Emperor", or "the Company") and its subsidiaries ("the
Group") for the year ended 30 June 2017.
Directors
The persons who were directors of Red Emperor during the year
are:
Mr Greg Bandy (Managing Director)
Mr Jason Bontempo (Non-Executive Director)
Mr Nathan Rayner (Non-Executive Director)
RESULTS OF OPERATIONS
The Company's net loss after taxation attributable to the
members of Red Emperor for the year to 30 June 2017 was $758,918
(2016: $9,034,572).
DIVIDS
No dividend was paid or declared by the Company during the year
and up to the date of this report.
CORPORATE STRUCTURE
Red Emperor Resources NL is a company limited by shares, which
is incorporated and domiciled in Australia.
NATURE OF OPERATIONS AND PRINCIPAL ACTIVITIES
The principal activity of the Company during the financial year
was oil and gas exploration and project identification.
REVIEW OF OPERATIONS
PHILIPPINES (SC55)
Red Emperor provided further information to the Philippines
Department of Energy (DoE) on request in the hope that the approval
to have its equity interest in Block SC55 increased (from 15% to
37.5%) so a work program consisting of geological and interpretive
studies can be undertaken.
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 remains a key asset
for the Company to maintain exposure to.
GEORGIA
Red Emperor has been negotiating with Range Resources Limited to
sell its 20% interest in Strait Oil & Gas for a nominal sum and
a royalty. After a long and frustrating Joint Venture and
uncertainty over the tenure of Blocks VIa and VIb, the company
concluded that a divestment was both prudent and opportunistic.
Full details of any proposed sale will be made available to
shareholders in due course after formal documentation has been
agreed and executed. The carrying value of this asset was written
down to nil some time ago and the Company does not consider its
shareholding to be of a core nature to its ongoing business
activities or strategy.
CORPORATE
Red Emperor reviewed a number of new opportunities within the
oil & gas sector with both its Australian and UK advisers
respectively during the year. The Company also undertook due
diligence on two assets outside the oil & gas space,
specifically resource projects. While it remains focused on its
current main undertaking, the board believes it to be a prudent
strategy to widen its focus to include opportunities in all sectors
that could potentially add value to shareholders, while it awaits
formal approval from the Philippines DoE.
SIGNIFICANT CHANGES IN THE STATE OF AFFAIRS
There have been no significant changes in the state of affairs
of the Group during the financial year, other than as set out in
this report.
SIGNIFICANT EVENTS AFTER THE REPORTING DATE
There have been no other significant events subsequent to the
end of the financial year to the date of this report.
LIKELY DEVELOPMENTS AND EXPECTED RESULTS OF OPERATIONS
The Group will continue its investment in resource projects with
the object of identifying commercial resources. The Company intends
to pursue acquisition and investment opportunities to secure new
projects in the natural resources sector.
Greg Bandy
Managing Director - Perth, Western Australia,
21 September 2017
Consolidated Statement of Profit or Loss and Other Comprehensive
Income
for the year ended 30 June 2017
Note 30 June 30 June
2017 2016
$ $
------------------------------------- ------ ---------- -----------
Continuing Operations
Interest received 158,634 239,406
Employee and director benefits
expense (274,103) (265,950)
Professional and Consultants (308,959) (570,771)
ASX and AIM and share registry
fees (69,969) (83,731)
Travel expenditure (66,922) (72,799)
Impairment expense - (7,711,110)
Realised Foreign exchange gain - 28,341
Unrealised Foreign exchange
loss (112,584) (423,331)
Share based payment expense - (30,934)
Other expenses (85,015) (143,693)
Loss before income tax (758,918) (9,034,572)
Income tax expense - -
Loss after Income Tax (758,918) (9,034,572)
Other comprehensive loss
Items that may be reclassified
to profit or loss
Other comprehensive income/(loss) (607) 13,938
---------- -----------
Other comprehensive income/(loss)
for the year net of tax (607) 13,938
---------- -----------
Total comprehensive loss for
the year (759,525) (9,020,634)
---------- -----------
Loss per share
Basic loss per share (cents) (0.18) (2.13)
The above Consolidated Statement of Profit or Loss
and Other Comprehensive Income should be read in conjunction
with the accompanying notes.
Consolidated Statement of Financial Position
as at 30 June 2017
Note 2017 2016
$ $
------------------------------------------------------------ ---- ------------- -------------
Current Assets
Cash and cash equivalents 1 10,921,315 11,715,540
Trade and other receivables 51,727 33,415
Total Current Assets 10,973,042 11,748,955
------------- -------------
Non-Current Assets
Financial assets at fair value through profit or loss 400 400
Exploration and evaluation expenditure - -
Total Non-Current Assets 400 400
------------- -------------
Total Assets 10,973,442 11,749,355
------------- -------------
Current Liabilities
Trade and other payables 53,558 69,946
Total Current Liabilities 53,558 69,946
------------- -------------
Total Liabilities 53,558 69,946
------------- -------------
Net Assets 10,919,884 11,679,409
------------- -------------
Equity
Issued capital 57,329,505 57,329,505
Reserves 4,096,272 4,096,879
Accumulated losses (50,505,893) (49,746,975)
------------- -------------
Total Equity 10,919,884 11,679,409
------------- -------------
The above Consolidated Statement of Financial Position should be read in conjunction with
the accompanying notes.
Consolidated Statement of Changes in Equity
for the year ended 30 June 2017
Foreign Share
exchange based
Issued Accumulated translation payments
capital losses reserve reserve Total
$ $ $ $ $
--------------------------- ----------- ------------- ------------- ---------- ------------
Balance at 1 July
2015 52,167,148 (40,712,403) (28,761) 3,867,905 15,293,889
----------- ------------- ------------- ---------- ------------
Total comprehensive
loss for the year
Loss for the year - (9,034,572) - - (9,034,572)
Other Comprehensive
income - - 13,938 - 13,938
Total comprehensive
loss for the year - (9,034,572) 13,938 - (9,020,634)
----------- ------------- ------------- ---------- ------------
Transactions with
owners in their capacity
as owners
Issue of shares 5,763,718 - - - 5,763,718
Share based payments - - - 30,934 30,934
Cost of issue (601,361) - - 212,863 (388,498)
Balance at 30 June
2016 57,329,505 (49,746,975) (14,823) 4,111,702 11,679,409
----------- ------------- ------------- ---------- ------------
Balance at 1 July
2016 57,329,505 (49,746,975) (14,823) 4,111,702 11,679,409
----------- ------------- --------- ---------- -----------
Total comprehensive
loss for the year
Loss for the year - (758,918) - - (758,918)
Other Comprehensive
loss - - (607) - (607)
Total comprehensive
loss for the year - (758,918) (607) - (759,525)
----------- ------------- --------- ---------- -----------
Transactions with
owners in their capacity
as owners
Balance at 30 June
2017 57,329,505 (50,505,893) (15,430) 4,111,702 10,919,884
----------- ------------- --------- ---------- -----------
The above Consolidated Statement of Changes in Equity should be
read in conjunction with the accompanying notes.
Consolidated Statement of Cash Flows
for the year ended 30 June 2017
2017 2016
Note $ $ $
---------------------------------------------------------------------------- ------- ---------- -----------
Cash flows from operating activities
Payments to suppliers and employees (840,275) (1,113,641)
Interest received 158,634 239,406
Finance cost - 28,341
Net cash used in operating activities (681,641) (845,894)
---------- -----------
Cash flows from investing activities
Payments for exploration and evaluation - (5,119,286)
Refund of Hawkeye-1 well costs - 397,822
Net cash used in investing activities - (4,721,464)
---------- -----------
Cash flows from financing activities
Proceeds from issue of shares and options - 5,600,300
Payment of share issue costs - (388,498)
Net cash provided by financing activities - 5,211,802
---------- -----------
Net decrease in cash and cash equivalents (681,641) (355,556)
Cash and cash equivalents at beginning of year 11,715,540 12,494,427
Effects of exchange rate changes on cash and cash equivalents (112,584) (423,331)
---------- -----------
Cash and cash equivalents at the end of the year 10,921,315 11,715,540
---------- -----------
The above Consolidated Statement of Cash Flows should be read in conjunction with the
accompanying
notes.
Notes to the Consolidated Financial Statements for the year
ended 30 June 2017
2017 2016
$ $
1. Cash and Cash Equivalents
Reconciliation of cash
Cash comprises of:
Cash at bank 10,921,315 11,715,540
----------- ------------
Reconciliation of operating loss after tax to net cash flow from operations
Loss after tax (758,918) (9,034,572)
Non-cash items
Impairment expense - 7,678,546
Share based payment - 243,797
Net exchange differences 111,977 428,327
Change in assets and liabilities
Decrease/(increase) in trade and other receivables (18,312) 584,901
Increase/(decrease) in trade and other payables (16,388) (746,893)
----------- ------------
Net cash flow used in operating activities (681,641) (845,894)
----------- ------------
This information is provided by RNS
The company news service from the London Stock Exchange
END
FR BRGDCRXDBGRG
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