Red Emperor Resources NL Quarterly Reports and Appendix 5B
April 12 2016 - 9:26AM
UK Regulatory
TIDMRMP
12 April 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 March 2016.
Philippines (SC 55)
The joint venture is still awaiting a formal response from the Philippines
Department of Energy (DoE) to its request for a two-year moratorium over Block
SC 55. The request has been processed by the Petroleum Resources Development
Division with the JV hopeful of written confirmation from the DoE in the coming
weeks. The consortium intends to undertake further technical studies during the
moratorium period, including a Quantitative Interpretation (QI) Study.
As announced previously, Otto Energy Limited (ASX: OEL) has advised the JV of
its intention to exit the Block SC 55 as part of its strategy to focus on its
North American assets. Red Emperor intends to have its full, proportionate
interest be assigned and as a result its working interest will increase from
15% to 37.5%.
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 an agreement with the potential purchaser have been due
to volatility in the oil and gas price and political instability in the region.
Red Emperor is not involved in these negotiations and can provide no certainty
as to the likelihood of a successful outcome. The market will be updated when
further information becomes available.
Corporate
Over the course of the last 3 months, Red Emperor has reviewed and conducted
high level due diligence on a number of projects and opportunities, both in the
oil & gas and resources sector. While committed to its existing JV in the
Philippines, the Board believes additional asset(s) would better diversify the
Company and could potentially take advantage of the Company's substantial cash
balance. To date, the Red Emperor has not progressed any of these opportunities
beyond due diligence, however it remains committed and focused on identifying
value for shareholders while at the same time, responsibly managing the
Company's healthy cash position.
For further information please visit http://www.redemperorresources.com/ or
contact:
Red Emperor
Greg Bandy +61 8 9212 0102
Grant Thornton UK LLP
Philip Secrett/Jen Clarke/Jamie Barklem +44 20 7383 5100
Brandon Hill Capital Limited
Jonathan Evans +44 20 3463 5010
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 March 2016
Consolidated statement of cash flows
Current quarter Year to date (9
Cash flows related to operating activities $A'000 months)
$A'000
1.1 Receipts from product sales and - -
related debtors
1.2 Payments for (a) exploration & - (5,100)
evaluation - -
(b) - -
development (282) (880)
(c)
production
(d)
administration
1.3 Dividends received - -
1.4 Interest and other items of a similar
nature received 61 187
1.5 Interest and other costs of finance - -
paid
1.6 Income taxes paid - -
1.7 Other: Refund of Hawkeye-1 well costs - 426
Net Operating Cash Flows (221) (5,367)
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) (221) (5,367)
1.13 Total operating and investing cash
flows (brought forward) (221) (5,367)
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 held (221) (155)
1.20 Cash at beginning of quarter/year to 12,251 12,494
date
1.21 Exchange rate adjustments to item 1.20 (160) (469)
1.22 Cash at end of quarter 11,870 11,870
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 included 71
in item 1.2
1.24 Aggregate amount of loans to the parties included in Nil
item 1.10
1.25 Explanation necessary for an understanding of the transactions
Payment of Directors fees and Remuneration $71k
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 11,870 12,251
5.2 Deposits at call - -
5.3 Bank overdraft - -
5.4 Other (provide details) - -
Total: cash at end of quarter (item 11,870 12,251
1.22)
Changes in interests in mining tenements and petroleum tenements
Tenement Nature of Interest at Interest at
reference interest beginning of end of
(note (2)) quarter quarter
(MORE TO FOLLOW) Dow Jones Newswires
April 12, 2016 09:26 ET (13:26 GMT)
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
tenements tenements - - - -
acquired or increased
Issued and quoted securities at end of current quarter
Description includes rate of interest and any redemption or conversion rights
together with prices and dates.
Total number Number quoted Issue price Amount paid up
per security per security
(see note 3) (see note 3)
(cents) (cents)
7.1 Preference
+securities
(description)
7.2 Changes during
quarter
(a) Increases
through issues
(b) Decreases
through returns
of capital,
buy-backs,
redemptions
7.3 +Ordinary 425,292,776 425,292,776 Fully Paid
securities
7.4 Changes during
quarter
(a) Increases
through issues
(b) Decreases
through returns
of capital,
buy-backs
7.5 +Convertible debt
securities
(description)
7.6 Changes during
quarter
(a) Increases
through issues
(b) Decreases
through
securities
matured,
converted
7.7 Options Exercise Price Expiry Date
4,500,000 - $0.055 31 December
4,320,000 $0.08 2017
2 July 2018
7.8 Issued during
quarter
7.9 Exercised during
quarter
7.10 Expired during
quarter
7.11 Debentures
(totals only)
7.12 Unsecured notes
(totals only)
Compliance statement
1 This statement has been prepared under accounting policies which
comply with accounting standards as defined in the Corporations Act or other
standards acceptable to ASX (see note 5).
2 This statement does give a true and fair view of the matters
disclosed.
Sign here: Date: 12 April 2016
Print name: GREG BANDY
Managing Director
Notes
1 The quarterly report provides a basis for informing the market
how the entity's activities have been financed for the past quarter and the
effect on its cash position. An entity wanting to disclose additional
information is encouraged to do so, in a note or notes attached to this report.
2 The "Nature of interest" (items 6.1 and 6.2) includes options in
respect of interests in mining tenements and petroleum tenements acquired,
exercised or lapsed during the reporting period. If the entity is involved in
a joint venture agreement and there are conditions precedent which will change
its percentage interest in a mining tenement or petroleum tenement, it should
disclose the change of percentage interest and conditions precedent in the list
required for items 6.1 and 6.2.
3 Issued and quoted securities The issue price and amount paid up
is not required in items 7.1 and 7.3 for fully paid securities.
4 The definitions in, and provisions of, AASB 6: Exploration for
and Evaluation of Mineral Resources and AASB 107: Statement of Cash Flows apply
to this report.
5 Accounting Standards ASX will accept, for example, the use of
International Financial Reporting Standards for foreign entities. If the
standards used do not address a topic, the Australian standard on that topic
(if any) must be complied with.
== == == == ==
Appendix 1 - Interests in mining tenements held
Tenement Location Acquired/ Working
Reference Working Interest (Disposed) Interest at End
at of Quarter
Beginning of
Quarter
Block Vla Republic of 20% - 20%
Georgia
Service Contract Philippines 15% - 15%
55
Holder: Oil & Gas Beneficial percentage interests held in
farm-in or farm- out agreement.
Mining tenements acquired and disposed during the March 2016 quarter: Nil
Beneficial percentage interests in farm-in or farm-out agreements acquired or
disposed of during the March 2016 quarter: Nil
END
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