Red Emperor Resources NL Quarterly Activities and Cashflow Report (0927R)
October 25 2019 - 2:00AM
UK Regulatory
TIDMRMP
RNS Number : 0927R
Red Emperor Resources NL
25 October 2019
25 October 2019
Red Emperor Resources NL
Quarterly Activities and Cashflow Report
For the Period ended 30 September 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 September 2019.
Alaska North Slope
During the quarter, the Joint Venture purchased additional
regional 3D seismic data within the Western Blocks, with
reprocessing and reinterpretation of the existing 3D seismic
planned in order to assess further the prospectivity of the JV's
acreage.
Along with regional petrophysical analysis, the operator hopes
to report further to the JV during the coming month(s).
Philippines (Block SC55)
On 26 August 2019, the 4-month extension to the moratorium
period granted by the Philippine's Department of Energy ("DoE")
expired. The Joint Venture sought to enter into Sub-Phase 5 which
required further, significant expenditure including the commitment
to drill an exploration well in 2020.
The Board decided that this was not the optimum use of
shareholder funds and as a result during the quarter the Company
advised the operator, Palawan55, of its intention to withdraw from
the JV and have its equity interest re-assigned. Red Emperor still
awaits formal approval of this reassignment from the DoE and will
advise shareholders once this has occurred.
Corporate
In August 2019 Mr Gracjan Lambert, Chief Executive Officer,
resigned from the Company, by mutual agreement, in order to pursue
other business interests. During the quarter Red Emperor retained
the services of Mr John Begg on a part-time basis to assist with
introducing and reviewing business opportunities. John is an
expert, upstream oil and gas project generator and deal closer.
With decades of experience in equity capital markets, John is an
industry-leading geoscientist who has lived and worked with
consistently high business impact in Australia, developing SE Asian
countries, the UK, Mididle East and the USA.
Along with Mr Begg, Red Emperor has conducted high level due
diligence on a number of projects around the world. The Company
looks forward to updating its evaluation of such opportunities as
they progress.
At the end of the quarter, the Company had cash at bank of
approximately AUD5.3m. Refer to the Appendix 5B for further details
which can be viewed at:
http://www.rns-pdf.londonstockexchange.com/rns/0927R_1-2019-10-24.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
The information contained within this announcement is deemed by
the Company to constitute inside information as stipulated under
the Market Abuse Regulation (EU) No. 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 currently holds an equity interest of 37.5% in
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
September 2019.
Alaska
Western Blocks
(ADL#s 391718, 391719, 319720
& 391721) 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 September
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
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