TIDMRMP
RNS Number : 4365F
Red Emperor Resources NL
28 July 2016
28 July 2016
Red Emperor Resources NL ("Red Emperor")
Quarterly Reports
For The Period Ending 30 June 2016 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 30 June 2016.
Philippines (SC 55)
The Company announced during the quarter that the Joint Venture
(JV) had formally received approval from the Philippines Department
of Energy for a two-year moratorium, until 23 December 2017, on
required work activity under Service Contract 55. During the
moratorium period, the consortium will conduct specialised
geophysical studies in the area surrounding the Hawkeye Prospect,
which encountered gas shows when it was drilled last year. Although
the Hawkeye well did not encounter gas in commercial quantities, it
proved the presence of an active petroleum system in the contract
area that hosts the "Cinco Prospect" as well as several other
leads.
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
During the quarter Red Emperor, a 20% shareholder of Strait Oil
and Gas Limited (Strait), was advised that the Georgian Government
had confirmed the validity of the Production Sharing Contract (PSC)
across Block VIa and the ability for Strait to access existing gas
pipeline infrastructure, free of taxes. This important confirmation
paves the way for ongoing sales negotiations with a potential
purchaser of the PSC to continue. Red Emperor is not involved in
these negotiations and can provide no certainty as to the
likelihood of a successful outcome. Due diligence by both parties
remains ongoing.
Corporate
Red Emperor reviewed a number of new opportunities with both its
Australian and UK advisers respectively during the quarter. Whilst
none of the projects reviewed resulted in a transaction, the Board
remains committed to finding suitable new asset(s) to compliment
the Company's current portfolio while oil & gas prices remain
subdued.
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 30 June 2016
-------------- -----------------------
Consolidated statement of cash flows
Current quarter Year to date
(12 months)
Cash flows related to $A'000 $A'000
operating activities
---------------- -------------
1.1 Receipts from product - -
sales and related debtors
Payments for (a) exploration
& evaluation (20) (5,120)
(b) development - -
(c) production - -
1.2 (d) administration (234) (1,114)
1.3 Dividends received - -
Interest and other
items of a similar
1.4 nature received 52 239
1.5 Interest and other - -
costs of finance paid
1.6 Income taxes paid - -
Other: Refund of Hawkeye-1
1.7 well costs - 426
Net Operating Cash
Flows (202) (5,569)
----- ----------------------------- ---------------- -------------
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
---------------- -------------
Total operating and
investing cash flows
1.13 (carried forward) (202) (5,569)
----- ----------------------------- ---------------- -------------
Total operating and
investing cash flows
1.13 (brought forward) (202) (5,569)
----- --------------------------
Cash flows related
to financing activities
Proceeds from issues
of shares, options,
1.14 etc. - 5,600
1.15 Proceeds from sale - -
of forfeited shares
1.16 Proceeds from borrowings - -
1.17 Repayment of borrowings - -
1.18 Dividends paid - -
Other - fundraising
1.19 costs - (388)
-------- ----------
Net financing cash
flows - 5,212
----- -------------------------- ----------
Net increase (decrease)
in cash held (202) (357)
Cash at beginning of
1.20 quarter/year to date 11,870 12,494
Exchange rate adjustments
1.21 to item 1.20 47 (421)
-------- ----------
1.22 Cash at end of quarter 11,716 11,716
----- -------------------------- -------- ----------
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
----------------
Aggregate amount of payments
to the parties included in item
1.23 1.2 68
----------------
1.24 Aggregate amount of loans to Nil
the parties included in item
1.10
------- ---------------------------------- ----------------
1.25 Explanation necessary for an understanding
of the transactions
Payment of Directors fees and Remuneration
$68k
----------------------------------------------------
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
-------
Total 200
---- --------------------------- -------
Reconciliation of cash
Reconciliation of cash Current quarter Previous quarter
at the end of the quarter $A'000 $A'000
(as shown in the consolidated
statement of cash flows)
to the related items in
the accounts is as follows.
--------------------------------- ---------------- -----------------
Cash on hand and at
5.1 bank 11,716 11,870
---------------- -----------------
5.2 Deposits at call - -
---------------- -----------------
5.3 Bank overdraft - -
---------------- -----------------
5.4 Other (provide details) - -
---------------- -----------------
Total: cash at end of
quarter (item 1.22) 11,716 11,870
----- -------------------------- ---------------- -----------------
Changes in interests in mining tenements and petroleum
tenements
Tenement Nature Interest Interest
reference of interest at beginning at end
(note of quarter of quarter
(2))
------------- ------------- -------------- ------------
6 Interests See Appendix - - -
in mining 1 below
tenements
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 Issue Amount
number quoted price paid up
per security per security
(see note (see note
3) (cents) 3) (cents)
------------------------------- ------------ ------------ -------------- --------------
7.1 Preference
+securities
(description)
------------ ------------ -------------- --------------
7.2 Changes
during quarter
(a) Increases
through
issues
(b) Decreases
through
returns
of capital,
buy-backs,
redemptions
----- ------------------------ ------------ ------------ -------------- --------------
+Ordinary
7.3 securities 425,292,776 425,292,776 Fully Paid
------------ ------------ -------------- --------------
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
Exercise Expiry
7.7 Options Price Date
31 December
* Unlisted options 4,500,000 - $0.055 2017
2 July
4,320,000 $0.08 2018
------------ ------------ -------------- --------------
7.8 Issued during
quarter
------------ ------------ -------------- --------------
7.9 Exercised
during quarter
------------ ------------ -------------- --------------
7.10 Expired
during quarter
* Unlisted options
------------ ------------ -------------- --------------
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.
Date: 28 July 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
Working Interest Working
at Interest
Tenement Beginning Acquired/ at End
Reference Location of Quarter (Disposed) of Quarter
----------------- ------------ ------------------ ----------- -------------
Republic
Block Vla of Georgia 20% - 20%
----------------- ------------ ------------------ ----------- -------------
Service Contract
55 Philippines 15% - 15%
----------------- ------------ ------------------ ----------- -------------
Holder: Oil & Gas Beneficial percentage interests held in
farm-in or farm- out agreement.
Mining tenements acquired and disposed during the June 2016
quarter: Nil
Beneficial percentage interests in farm-in or farm-out
agreements acquired or disposed of during the June 2016 quarter:
Nil
This information is provided by RNS
The company news service from the London Stock Exchange
END
MSCSEWFIWFMSEEW
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