TIDMRMP
RNS Number : 0600E
Red Emperor Resources NL
06 February 2018
6 February 2018
Red Emperor Resources NL ("Red Emperor")
Half Year Report for the Period Ending 31 December 2017
Please see below extracts from the Company's Half Year Report
for the period ended 31 December 2017, being the:
-- Directors' Report
-- Consolidated Statement of Comprehensive Income
-- Consolidated Statement of Financial Position
-- Consolidated Statement of Changes in Equity
-- Consolidated Statement of Cash Flows
A copy of the full Half Year Report is available on the
Company's website - www.redemperorresources.com
The information contained within this announcement is considered
to be inside information, for the purposes of Article 7 of EU
Regulation 596/2014, prior to its release.
For further information please visit www.redemperorresources.com
or contact:
Red Emperor Resources:
Greg Bandy +61 8 9212 0102
Grant Thornton UK LLP (Nominated Adviser):
Philip Secrett/ Jen Clarke +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 half year ended 31 December 2017.
Directors
The persons who were directors of Red Emperor Resources NL
during the half year and up to the date of this report are:
-- Mr. Greg Bandy (Managing Director)
-- Mr. Jason Bontempo (Non-Executive Director)
-- Mr. Nathan Rayner (Non-Executive Director)
Review of Operations for the Half Year ended 31 December
2017
California
During the period, a Joint Venture ("JV") was formed to identify
a number of strategic leases in California, prospective for oil
& gas. The JV made considerable progress in the complicated
process of conducting the title searches required to identify and
confirm the legal owners of the relevant mineral leases. While the
work required to complete a full chain of title takes time, the
majority of this work is now complete. Owners have now been
presented with formal lease agreements and the JV hopes execution
of these agreements will start occurring over the coming
week(s).
While the specific location of the leases will remain
confidential until a material amount of the prospect area(s) can be
acquired, the Company again advises that in return for funding 100%
of the lease acquisition costs, as well as the acquisition and
reprocessing of relevant seismic data, Red Emperor will earn a 60%
interest in the newly established Joint Venture and any subsequent
leases acquired. The total budget, inclusive of Landman fees, for
the proposed acquisition is USD640,000, after which RMP will be
responsible for its 60% equity interest. Despite a delay in timing,
the JV remains within budget to complete these acquisitions and
looks forward to updating the market in the coming weeks.
Philippines (SC 55)
Red Emperor continues to be frustrated by the process and
progress of the Philippines Department of Energy and the lengthy
delays associated with the ratification of the Company's equity
interest increase in Block SC55. To this end, Red Emperor is now
considering the merits of maintaining its equity interest in the
Block and has sought advice regarding the potential disposal of its
interest. Despite participating in a USD25m exploration well
(Hawkeye) within the block in 2015 and contributing in excess of
AUD5m towards drilling costs, the Board must weigh the costs of
maintaining the Block against its materiality in the current
environment and the other assets currently being acquired by the
Company. Over USD50m 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.
Georgia
Red Emperor had negotiated and in principally agreed to sell its
20% interest in Strait Oil & Gas to Range Resources Limited
("Range") for a nominal sum and a royalty, however the completion
of this sale was delayed by Range's re-admission process to the AIM
in the UK. Red Emperor remains in discussion with Range, although
it acknowledges that the consideration being discussed is not
material to the Company.
Events subsequent to Reporting Date
There have been no significant events subsequent to the
half-year to the date of this report.
Auditor's Independence Declaration
Section 307C of the Corporations Act 2001 requires our auditors,
to provide the Directors of the Company with an Independence
Declaration in relation to the review of the half-year financial
report. This Independence Declaration is set out on page 3 and
forms part of this Directors' report for the half-year ended 31
December 2017.
This report is signed in accordance with a resolution of the
Board of Directors made pursuant to section 306(3) of the
Corporations Act 2001.
Greg Bandy
Managing Director
Perth, Western Australia,
6 February 2018
Consolidated Statement of Profit or Loss and Other Comprehensive
Income
for the half-year ended 31 December 2017
Note 31 December 31 December
2017 2016
$ $
--------------------------------------- ----- ----------- -----------
Continuing Operations
Interest received 68,746 85,434
Realised gain on investment 10,445 -
Employee and director benefits
expense (123,131) (140,216)
Professional and Consultants (156,883) (146,303)
ASX and AIM and share registry
fees (30,923) (44,878)
Exploration and evaluation expenditure (31,373) -
Unrealised FX (loss)/gain (22,866) 39,624
Other expenses (149,050) (68,609)
Loss before income tax (435,035) (274,948)
Income tax expense - -
Loss after income tax for the
period (435,035) (274,948)
Other comprehensive loss
Items that may be reclassified
to profit or loss
Other comprehensive profit/(loss) 224 (360)
----------- -----------
Other comprehensive profit/(loss)
for the period net of tax 224 (360)
----------- -----------
Total comprehensive loss for
the period (434,811) (275,308)
----------- -----------
Loss per share
Basic loss per share (cents) (0.10) (0.06)
Diluted loss per share (cents) N/A N/A
The above 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 31 December 2017
31 December 30 June
Note 2017 2017
$ $
------------------------------------------------------------ ------ ------------- -------------
Current Assets
Cash and cash equivalents 10,478,073 10,921,315
Trade and other receivables 4 46,839 51,727
Total Current Assets 10,524,912 10,973,042
------------- -------------
Non-Current Assets
Financial assets at fair value through profit or loss 400 400
Total Non-Current Assets 400 400
------------- -------------
Total Assets 10,525,312 10,973,442
------------- -------------
Current Liabilities
Trade and other payables 5 40,239 53,558
Total Current Liabilities 40,239 53,558
------------- -------------
Total Liabilities 40,239 53,558
------------- -------------
Net Assets 10,485,073 10,919,884
------------- -------------
Equity
Issued capital 6 57,329,505 57,329,505
Reserves 7 4,096,496 4,096,272
Accumulated losses (50,940,928) (50,505,893)
------------- -------------
Total Equity 10,485,073 10,919,884
------------- -------------
The above Consolidated Statement of Financial Position should be read in conjunction with
the accompanying notes.
Consolidated Statement of Changes in Equity
for the half-year ended 31 December 2017
Foreign Share based
exchange payments
Issued Accumulated translation reserve
capital losses reserve $ Total
$ $ $ $
-------------------------------- ----------- ------------- ------------- ------------ -----------
Balance at 1 July 2016 57,329,505 (49,746,975) (14,823) 4,111,702 11,679,409
----------- ------------- ------------- ------------ -----------
Total comprehensive income for
the period
Loss for the period - (274,948) - - (274,948)
Other comprehensive loss - - (360) - (360)
Total comprehensive loss for
the period - (274,948) (360) - (275,308)
----------- ------------- ------------- ------------ -----------
Balance at 31 December 2016 57,329,505 (50,021,923) (15,183) 4,111,702 11,404,101
----------- ------------- ------------- ------------ -----------
Balance at 1 July 2017 57,329,505 (50,505,893) (15,430) 4,111,702 10,919,884
----------- ------------- --------- ---------- -----------
Total comprehensive income for
the period
Loss for the period - (435,035) - - (435,035)
Other comprehensive loss - - 224 - 224
Total comprehensive loss for
the period - (435,035) 224 - (434,811)
----------- ------------- --------- ---------- -----------
Balance at 31 December 2017 57,329,505 (50,940,928) (15,206) 4,111,702 10,485,073
----------- ------------- --------- ---------- -----------
The above Consolidated Statement of Changes in Equity should be
read in conjunction with the accompanying notes.
Consolidated Statement of Cash Flows
for the half-year ended 31 December 2017
31 December 31 December
2017 2016
$ $
------------------------------------------------------------------------- --- ------------ ------------
Cash flows from operating activities
Payments to suppliers and employees (486,509) (437,392)
Interest received 68,746 85,434
Net cash used in operating activities (417,763) (351,958)
------------ ------------
Cash flows from investing activities
Proceeds from sale of equities 10,445 -
Payments for exploration and evaluation (13,059) -
Net cash used in investing activities (2,614) -
------------ ------------
Net decrease in cash and cash equivalents (420,377) (351,958)
Cash and cash equivalents at beginning of the period 10,921,315 11,715,540
Effects of exchange rate changes on cash and cash equivalents (22,865) 39,623
Cash and cash equivalents at the end of the period 10,478,073 11,403,205
------------ ------------
The above Consolidated Statement of Cash Flows should be read in conjunction with the accompanying
notes.
This information is provided by RNS
The company news service from the London Stock Exchange
END
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