TIDMRMP
RNS Number : 4930G
Red Emperor Resources NL
24 July 2019
24 July 2019
Red Emperor Resources NL
Quarterly Activities and Cashflow Report
For the Period ended 30 June 2019
The Board of Red Emperor Resources NL (ASX/AIM: RMP) ("RMP",
"Red Emperor" or the "Company") is pleased to provide the following
commentary on its activities and an Appendix 5B for the quarter
ended 30 June 2019.
Highlights
-- The performance bond for the Western Blocks, North Slope
Alaska, was refunded (RMP's share USD1.05m)
-- RMP remains well positioned financially with a cash balance
of approximately AUD5.6m as at the end of the quarter
-- Alongside its JV partners, RMP is proceeding to further
evaluate the Nanushuk potential of the Western Blocks utilising the
valuable data obtained while drilling Winx-1
-- A JV decision has been made to reprocess the Nanuq 3D seismic
data as well as to acquire new seismic data, expected to become
available in Q3 2019
-- The moratorium period on Block SC55 in the Philippines has been extended to 26 August 2019
Alaska North Slope
During the quarter, the performance bond for drilling of Winx-1
on the Western Blocks, North Slope of Alaska, was refunded with
RMP's share being USD1.05m.
Evaluation of the data acquired at Winx-1 is ongoing. The JV
expects to go out to tender for the reprocessing of the Nanuq 3D
seismic, incorporating data acquired at Winx-1, and acquisition of
new seismic data in Q3 2019. This will allow sufficient time for
the JV to complete all required technical and evaluation work prior
to the 2020/2021 drilling season.
The announcement by Oil Search Limited on 28 June 2019, doubling
its interests in acreage abutting the Western Blocks, lends further
support to our view of the high potential of our acreage.
Philippines (Block SC55)
On 19 November 2018, SC55 Operator, Palawan55, on behalf of the
consortium, requested that the Philippine's Department of Energy
("DOE") extend the moratorium period to allow sufficient time for
the then ongoing reprocessing and quantitative interpretation
("QI") work to be completed. On 22 April 2019, the DOE granted a
4-month extension, from 26 April to 26 August 2019.
Reprocessing of the seismic data has now been completed, with
the draft final report currently being reviewed, and the QI work is
on track to be completed before the end of the moratorium
period.
This activity is part of the continuing effort by the Block SC55
consortium to help further de-risk previously identified
drill-ready targets, including the "Cinco" gas prospect which has a
best estimate prospective resource of 1.6 trillion cubic feet
("tcf") recoverable gas, and identify new highly prospective leads
whilst reducing overall uncertainty. By leveraging its extensive
and robust data set, the consortium hopes to ensure that it is on
the strongest technical footing as it moves forward to the next
phase of operations.
Corporate
During the quarter, Red Emperor engaged an external consultant
to assist with evaluating oil and gas opportunities across a number
of jurisdictions. This process is ongoing, and the Company is
actively evaluating a number of potential leads.
At the end of the quarter, the Company had cash at bank of
AUD5.6m. Refer to the Appendix 5B for further details which can be
viewed here:
http://www.rns-pdf.londonstockexchange.com/rns/4930G_1-2019-7-24.pdf
For further information, please visit
www.redemperorresources.com or contact:
Red Emperor Resources NL +61 8 9212 0102
Greg Bandy
Strand Hanson Limited (Nominated +44 (0) 20 7409
Adviser) 3494
James Harris
+44 (0) 203 463
Brandon Hill Capital (UK Broker) 5010
708 Capital Pty Ltd (Australian
Broker) +61 (0) 2 9112 2500
This announcement contains inside information for the purposes
of Article 7 of Regulation (EU) 596/2014.
About Red Emperor Resources NL
Red Emperor Resources NL is an Australian natural resource
exploration company listed on both the Australian Securities
Exchange (ASX: RMP) and the AIM Market (AIM: RMP). Red Emperor has
oil and gas interests on the Alaska North Slope and in South East
Asia.
Alaska
Red Emperor entered into Definitive Agreements in July 2018 with
its consortium partners 88 Energy Limited and Otto Energy Limited
that subsequently saw the Company earn a 31.5% working interest in
the Western Blocks on the North Slope Alaska by participating in
the drilling of the Winx-1 exploration well in early 2019. Whilst
results from the Winx-1 well indicated a technical if not
commercial success, the valuable well data gathered has encouraged
RMP to continue to evaluate the Nanushuk potential of the Western
Blocks with its partners.
The Western Blocks are adjacent to third party acreage where the
Horseshoe-1/1A oil well was successfully drilled in 2017. Horseshoe
is part of the billion-barrel plus Nanushuk oil play-fairway, one
of the largest conventional oil fields discovered in the US in more
than 30 years.
Philippines
Red Emperor also holds an equity interest of 37.5% of Block
SC55, which is located in the southwest Palawan Basin. SC55 covers
an area of 9,880km(2) and was awarded to Otto Energy Investments
Ltd (formerly NorAsian Energy Ltd) in 2005. It is a deep-water
block in the middle of a proven regional oil and gas fairway that
extends from the productive offshore Borneo region in the southwest
to the offshore Philippine production assets northwest of
Palawan.
Red Emperor participated in a USD25m exploration well
(Hawkeye-1) within the block in 2015 and contributed in excess of
AUD5m towards drilling costs. Over USD50m has been spent exploring
SC55 to date and a number of drill-ready targets remain, including
the "Cinco" gas prospect which has a best estimate prospective
resource of 1.6 tcf recoverable gas.
Red Emperor's Tenements
The following listing of tenements held is provided in
accordance with ASX Listing Rule 5.3 for the quarter ended 30 June
2019.
Tenement Location Area Interest
---------------------------- -----------
Alaska
Western Blocks North Slope, Alaska 92km(2) 31.5%
Philippines
SC55 Palawan Basin, Philippines 9,880km(2) 37.5%
---------------- ---------------------------- ----------- ---------
No tenements were acquired or relinquished during the
quarter.
This information is provided by RNS, the news service of the
London Stock Exchange. RNS is approved by the Financial Conduct
Authority to act as a Primary Information Provider in the United
Kingdom. Terms and conditions relating to the use and distribution
of this information may apply. For further information, please
contact rns@lseg.com or visit www.rns.com.
END
DRLUSRRRKAABURR
(END) Dow Jones Newswires
July 24, 2019 02:01 ET (06:01 GMT)
Red Emperor Resources Nl (LSE:RMP)
Historical Stock Chart
From Mar 2024 to Apr 2024
Red Emperor Resources Nl (LSE:RMP)
Historical Stock Chart
From Apr 2023 to Apr 2024