Red Emperor Resources NL Quarterly Reports and Appendix 5B (2288V)
January 26 2017 - 7:55AM
UK Regulatory
TIDMRMP
RNS Number : 2288V
Red Emperor Resources NL
26 January 2017
26 January 2017
Red Emperor Resources NL ("Red Emperor")
Quarterly Reports
For The Period Ending 31 December 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 31 December 2016.
Philippines (SC 55)
After providing the Philippines Department of Energy with all
relevant documentation for the transfer of Otto Energy Limited's
(ASX: OEL "Otto") equity interest in Block SC 55, Red Emperor have
been awaiting formal approval and ratification for its equity
interest to increase from 15% to 37.5%. Subsequent to the quarter
end, the DoE has requested further information from Otto, which the
Joint Venture believes it has already provided. Red Emperor
continues to await the outcome of this process and acknowledges it
has taken far longer than anticipated.
In June last year, the DoE formally granted a two-year
moratorium, until 23 December 2017, on required work activity under
Service Contract 55. During the moratorium period, the JV will
conduct specialised geophysical studies in the area surrounding the
Hawkeye Prospect, which encountered gas shows when it was drilled
in August 2015. 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.
Georgia
Red Emperor continues to be advised that sale negotiations
continue with at least one interested party for the purchase of
Block VIa. Red Emperor is not involved in the negotiations,
although remains a 20% shareholder of Strait Oil and Gas Ltd which
currently holds the Production Sharing Contract across Block
VIa.
Corporate
The Board of Red Emperor have been particularly active over the
past quarter and during the period made an offer to acquire a US
based exploration company with assets in the United States.
Discussions were very well advanced and while they did not result
in a transaction, both parties continue to engage with each other.
Red Emperor are currently in separate negotiations with a potential
strategic partner regarding both financing and asset participation.
The focus of these discussions has been on opportunities in the USA
and the Company will be represented at the NAPE Conference in
Houston next month, where it hopes to further these discussions
with the aim of completing a transaction in the near term. The
Board is mindful of the patience shown by its shareholders, both in
the UK and Australia, and thanks them for their support.
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, 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, 01/05/13, 01/09/16
Name of entity
-------------------------------------------
RED EMPEROR RESOURCES NL
-------------------------------------------
ABN Quarter ended ("current
quarter")
--------------- ------------------------
99 124 734 961 31 December 2016
--------------- ------------------------
Consolidated statement Current quarter Year to date
of cash flows $A'000
(6 months)
$A'000
--------------------------------------- ---------------- -------------
1. Cash flows from operating
activities
1.1 Receipts from customers - -
1.2 Payments for
(a) exploration & evaluation - -
(b) development - -
(c) production - -
(d) staff costs - -
(e) administration
and corporate costs (159) (437)
1.3 Dividends received - -
(see note 3)
1.4 Interest received 41 85
1.5 Interest and other - -
costs of finance paid
1.6 Income taxes paid - -
1.7 Research and development - -
refunds
1.8 Other (provide details - -
if material)
---------------- -------------
Net cash from / (used
1.9 in) operating activities (118) (352)
----- -------------------------------- ---------------- -------------
2. Cash flows from investing
activities
2.1 Payments to acquire:
(a) property, plant
and equipment - -
(b) tenements (see - -
item 10)
(c) investments - -
(d) other non-current - -
assets
2.2 Proceeds from the disposal
of:
(a) property, plant
and equipment - -
(b) tenements (see - -
item 10)
(c) investments - -
(d) other non-current - -
assets
2.3 Cash flows from loans - -
to other entities
2.4 Dividends received - -
(see note 3)
2.5 Other (provide details - -
if material)
---------------- -------------
2.6 Net cash from / (used - -
in) investing activities
------- ------------------------------ ---------------- -------------
3. Cash flows from financing
activities
3.1 Proceeds from issues
of shares - -
3.2 Proceeds from issue - -
of convertible notes
3.3 Proceeds from exercise - -
of share options
3.4 Transaction costs related - -
to issues of shares,
convertible notes or
options
3.5 Proceeds from borrowings - -
3.6 Repayment of borrowings - -
3.7 Transaction costs related - -
to loans and borrowings
3.8 Dividends paid - -
3.9 Other (provide details - -
if material)
---------------- -------------
3.10 Net cash from / (used - -
in) financing activities
------- ------------------------------ ---------------- -------------
4. Net increase / (decrease)
in cash and cash equivalents
for the period
Cash and cash equivalents
4.1 at beginning of period 11,385 11,715
Net cash from / (used
in) operating activities
4.2 (item 1.9 above) (118) (352)
4.3 Net cash from / (used
in) investing activities - -
(item 2.6 above)
4.4 Net cash from / (used
in) financing activities - -
(item 3.10 above)
Effect of movement
in exchange rates on
4.5 cash held 136 (40)
---------------- -------------
Cash and cash equivalents
4.6 at end of period 11,403 11,403
------- ------------------------------ ---------------- -------------
5. Reconciliation of cash Current quarter Previous
and cash equivalents $A'000 quarter
at the end of the quarter $A'000
(as shown in the consolidated
statement of cash flows)
to the related items
in the accounts
---- ------------------------------- ---------------- ---------
5.1 Bank balances 11,403 11,385
5.2 Call deposits - -
5.3 Bank overdrafts - -
5.4 Other (provide details) - -
---------------- ---------
Cash and cash equivalents
at end of quarter (should
5.5 equal item 4.6 above) 11,403 11,385
---- ------------------------------- ---------------- ---------
6. Payments to directors of the entity Current quarter
and their associates $A'000
----------------
Aggregate amount of payments to
these parties included in item
6.1 1.2 68
----------------
6.2 Aggregate amount of cash flow -
from loans to these parties included
in item 2.3
----------------
6.3 Include below any explanation necessary
to understand the transactions included
in items 6.1 and 6.2
---- --------------------------------------------------------
Payment of Directors Fees and Remuneration -
$68k
--------------------------------------------------------------
7. Payments to related entities of Current quarter
the entity and their associates $A'000
----------------
7.1 Aggregate amount of payments to -
these parties included in item
1.2
----------------
7.2 Aggregate amount of cash flow -
from loans to these parties included
in item 2.3
----------------
7.3 Include below any explanation necessary
to understand the transactions included
in items 7.1 and 7.2
---- --------------------------------------------------------
N/A
--------------------------------------------------------------
8. Financing facilities Total facility Amount drawn
available amount at at quarter
Add notes as necessary quarter end end
for an understanding $A'000 $A'000
of the position
--------------- -------------
8.1 Loan facilities - -
--------------- -------------
8.2 Credit standby arrangements - -
--------------- -------------
8.3 Other (please specify) - -
--------------- -------------
8.4 Include below a description of each facility
above, including the lender, interest rate
and whether it is secured or unsecured.
If any additional facilities have been entered
into or are proposed to be entered into
after quarter end, include details of those
facilities as well.
---- ------------------------------------------------------------
N/A
------------------------------------------------------------------
9. Estimated cash outflows $A'000
for next quarter
---- ------------------------------ --------
9.1 Exploration and evaluation -
9.2 Development -
9.3 Production -
9.4 Staff costs -
Administration and corporate
9.5 costs 150,000
9.6 Other (provide details if -
material)
--------
9.7 Total estimated cash outflows 150,000
---- ------------------------------ --------
10. Changes in Tenement Nature of interest Interest Interest
tenements reference at beginning at end
(items 2.1(b) and location of quarter of quarter
and 2.2(b)
above)
----- ---------------------- -------------- ------------------- -------------- ------------
10.1 Interests N/A
in mining
tenements
and petroleum
tenements
lapsed, relinquished
or reduced
----- ---------------------- -------------- ------------------- -------------- ------------
10.2 Interests N/A
in mining
tenements
and petroleum
tenements
acquired
or increased
----- ---------------------- -------------- ------------------- -------------- ------------
Compliance statement
1 This statement has been prepared in accordance with accounting
standards and policies which comply with Listing Rule 19.11A.
2 This statement gives a true and fair view of the matters disclosed.
Date: 26 January 2017
Print name: Aaron Bertolatti (Company secretary)
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 that wishes
to disclose additional information is encouraged to do so, in a
note or notes included in or attached to this report.
2. If this quarterly report has been prepared in accordance with
Australian Accounting Standards, 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. If this
quarterly report has been prepared in accordance with other
accounting standards agreed by ASX pursuant to Listing Rule 19.11A,
the corresponding equivalent standards apply to this report.
3. Dividends received may be classified either as cash flows
from operating activities or cash flows from investing activities,
depending on the accounting policy of the entity.
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.
This information is provided by RNS
The company news service from the London Stock Exchange
END
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