Red Emperor Resources NL Quarterly Report and Appendix 5B
January 28 2016 - 2:00AM
UK Regulatory
TIDMRMP
28 January 2016
Red Emperor Resources NL ("Red Emperor")
Quarterly Reports
For The Period Ending 31 December 2015 and Appendix 5B
The Board of Red Emperor Resources NL ("Red Emperor" or the "Company") provides
the following commentary and Appendix 5B for the period ending 31 December
2015.
Philippines (SC 55)
Red Emperor advised during the December quarter that its Joint Venture partner
and Operator, Otto Energy Limited (ASX: OEL) requested that a two-year
moratorium be granted by the Philippines Department of Energy over SC 55. The
JV fulfilled the work obligation under the current exploration Sub-Phase by
drilling the Hawkeye-1 exploratory well in August 2015. Although the well did
not encounter gas in commercial quantities, it proved the presence of an active
petroleum system in the contract area, which hosts the "Cinco Prospect" as well
as several other leads.
The consortium intends to undertake further technical studies during the
moratorium period, including a Quantitative Interpretation (QI) Study. QI is a
relatively recent geophysical technique that is designed to gain a better
understanding of existing and potential petroleum reservoirs. The Joint Venture
expects a response from the Department of Energy with respect to its moratorium
request in Q1 2016.
Subsequent to the end of the quarter, Red Emperor was advised by Otto Energy of
its intention to exit the Joint Venture as part of its strategy to focus on its
North American assets. As a result, Red Emperor would have the option to either
maintain its 15% participating interest in SC 55 or be assigned a percentage of
Otto Energy's interest on a pro-rata basis. In this instance, Red Emperor's
participating interest could be increased by up to 22.5% to 37.5%. Red Emperor
is considering its options and will advise the market accordingly.
Georgia
Red Emperor, a 20% shareholder of Strait Oil and Gas Limited (Strait), a
Gibraltarian company with a valid Production Sharing Contract (PSC) across
Block VIa in the Republic of Georgia, continues to be advised of ongoing
negotiations with a potential purchaser of the PSC. Red Emperor understands
that delays in reaching agreement with the potential purchaser have been due to
volatility in the oil and gas price and political instability in the region.
Strait is still hopeful of a conclusion to the negotiations before the end of
Q1 2016.
For further information please visit http://www.redemperorresources.com/ or
contact:
Red Emperor Resources:
Greg Bandy
+61 8 9212
0102
Grant Thornton UK LLP (Nominated Adviser):
Philip Secrett, Jen Clarke, Jamie Barklem 020
7383 5100
Appendix 5B Mining exploration entity and oil and gas exploration entity
quarterly
report
Introduced 01/07/96 Origin Appendix 8 Amended 01/07/97, 01/07/98, 30/09/01,
01/06/10,
17/12/10, 01/05/2013
Name of entity
RED EMPEROR RESOURCES NL
ABN Quarter ended ("current
quarter")
99 124 734 961 31 December 2015
Consolidated statement of cash flows
Current quarter Year to date (6
Cash flows related to operating $A'000 months)
activities $A'000
1.1 Receipts from product sales and - -
related debtors
1.2 Payments for (a) exploration & - (5,100)
evaluation - -
(b) - -
development (184) (598)
(c)
production
(d)
administration
1.3 Dividends received - -
1.4 Interest and other items of a
similar nature received 62 126
1.5 Interest and other costs of - -
finance paid
1.6 Income taxes paid - -
1.7 Other: Refund of Hawkeye-1 well 398 426
costs
Net Operating Cash Flows 276 (5,146)
Cash flows related to investing
activities
1.8 Payment for purchases of: - -
(a) prospects - -
(b) equity - -
investments
(c)
investment in associate
1.9 Proceeds from sale of: (a) - -
prospects - -
(b) equity - -
investments
(c) other
fixed assets
1.10 Loans to other entities - -
1.11 Loans repaid by other entities - -
1.12 Other (provide details if - -
material)
Net investing cash flows - -
1.13 Total operating and investing cash
flows (carried forward) 276 (5,146)
1.13 Total operating and investing cash
flows (brought forward) 276 (5,146)
Cash flows related to financing
activities
1.14 Proceeds from issues of shares, - 5,600
options, etc.
1.15 Proceeds from sale of forfeited - -
shares
1.16 Proceeds from borrowings - -
1.17 Repayment of borrowings - -
1.18 Dividends paid - -
1.19 Other - fundraising costs - (388)
Net financing cash flows - 5,212
Net increase (decrease) in cash 276 66
held
1.20 Cash at beginning of quarter/year 12,118 12,494
to date
1.21 Exchange rate adjustments to item (143) (309)
1.20
1.22 Cash at end of quarter 12,251 12,251
Payments to directors of the entity, associates of the directors, related
entities of the entity and associates of the related entities
Current quarter
$A'000
1.23 Aggregate amount of payments to the parties 69
included in item 1.2
1.24 Aggregate amount of loans to the parties included Nil
in item 1.10
1.25 Explanation necessary for an understanding of the transactions
Payment of Directors fees and Remuneration $69k
Non-cash financing and investing activities
2.1 Details of financing and investing transactions which have had a
material effect on consolidated assets and liabilities but did not
involve cash flows
n/a
2.2 Details of outlays made by other entities to establish or increase
their share in projects in which the reporting entity has an interest
n/a
Financing facilities available
Add notes as necessary for an understanding of the position.
Amount available Amount used
$A'000 $A'000
3.1 Loan facilities - -
3.2 Credit standby arrangements - -
Estimated cash outflows for next quarter
$A'000
4.1 Exploration and evaluation -
4.2 Development -
4.3 Production -
4.4 Administration 200
200
Total
Reconciliation of cash
Reconciliation of cash at the end of the Current quarter Previous quarter
quarter (as shown in the consolidated $A'000 $A'000
statement of cash flows) to the related
items in the accounts is as follows.
5.1 Cash on hand and at bank 12,251 12,118
5.2 Deposits at call - -
5.3 Bank overdraft - -
5.4 Other (provide details) - -
Total: cash at end of quarter (item 12,251 12,118
1.22)
Changes in interests in mining tenements and petroleum tenements
Tenement Nature of Interest at Interest
reference interest beginning at end of
(note (2)) of quarter quarter
6 Interests in See Appendix 1 - - -
mining tenements below
held
6.1 Interests in mining - - -
tenements tenements -
relinquished,
reduced or lapsed
6.2 Interests in mining
(MORE TO FOLLOW) Dow Jones Newswires
January 28, 2016 02:00 ET (07:00 GMT)
Red Emperor Resources Nl (LSE:RMP)
Historical Stock Chart
From Aug 2024 to Sep 2024
Red Emperor Resources Nl (LSE:RMP)
Historical Stock Chart
From Sep 2023 to Sep 2024
