TIDMRMP
RNS Number : 3206E
Red Emperor Resources NL
27 February 2020
27 February 2020
Red Emperor Resources NL
Half Year Report for the Six Months Ended 31 December 2019
The Board of Red Emperor Resources NL (ASX/AIM: RMP) ("RMP",
"Red Emperor" or the "Company"), the natural resource exploration
company with oil and gas interests on the Alaska North Slope and in
South East Asia, is pleased to announce its unaudited interim
results for the 6 months to 31 December 2019 .
Please see below extracts from the Company's Half Year Report
for the period ended 31 December 2019, being the:
- Directors' Report
- Consolidated Statement of Profit or Loss and Other 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
For further information, please visit www.redemperorresources.com or contact :
Red Emperor Resources NL +61 8 9212 0102
Greg Bandy
Strand Hanson Limited (Nominated Adviser) +44 (0) 20 7409 3494
James Harris
Brandon Hill Capital (UK Broker) +44 (0) 203 463 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.
Directors' Report
The Directors are pleased to 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
2019.
DIRECTORS
The persons who were directors of Red Emperor during the half
year and up to the date of this report are:
-- Greg Bandy (Managing Director)
-- Aaron Bertolatti (Director & Company Secretary)
-- Jason Bontempo (Non-Executive Director)
REVIEW OF OPERATIONS
Perth Basin, Western Australia
In early December 2019, the Company entered into a binding
Letter of Intent ("LOI") with Pilot Energy Limited (ASX: PGY)
("Pilot Energy") and Key Petroleum Limited (ASX: KEY) ("Key
Petroleum") (together, the Joint Venture ("JV") partners) in order
to secure an option to acquire a 70% operated interest in the
offshore Perth Basin exploration permit, WA-481-P.
Pursuant to the terms of the LOI, Red Emperor agreed to fund the
completion of an existing committed work programme comprising
geological and geophysical studies required to be undertaken within
the final year of the current permit term, up to a capped amount of
A$150,000. Contemporaneous with such work programme, the existing
JV partners, Pilot Energy (60% interest) and Key Petroleum (40%
interest), in conjunction with Red Emperor, have formally applied
to the National Offshore Petroleum Titles Administrator ("NOPTA")
for a renewal of the permit, which expired on 19 February 2020.
On completion of the work programme, currently being managed and
administered by Key Petroleum, and a favourable renewal decision
from NOPTA, Red Emperor will have the exclusive option to acquire a
70% interest in, and the right to operate (subject to any requisite
regulatory approval(s)), WA-481-P, in return for paying the JV
partners, collectively, A$500,000. Red Emperor has until 15
business days after NOPTA's approval of the permit renewal
application to exercise such option. A renewal decision is
currently expected to be received in Q1 2020.
For further details, please refer to the Company's AIM
announcement of 2 December 2019.
Alaska North Slope
During the reporting period, the consortium partners purchased
additional regional 3D seismic data within ADL#s 391718, 391719,
391720 & 391721 (collectively, the "Western Blocks"), and the
consortium is currently reviewing its plans to either reprocess /
reinterpret the legacy 3D seismic data or seek to monetise the
blocks.
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 then 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 Q4 2019, the Company
advised the operator, Palawan55, of its intention to withdraw from
the Joint Venture and have its equity interest re-assigned. Red
Emperor still awaits formal approval of the reassignment of its
equity interest in Block SC55 from the PoE 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
his other business interests.
During the Period, 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, Middle East and
the USA.
SIGNIFICANT EVENTS AFTER THE REPORTING DATE
Subsequent to the reporting period end, the Company transferred
A$150,000 to the JV partners of the offshore Perth Basin
exploration permit WA-481-P to fund the completion of an existing
committed work programme comprising geological and geophysical
studies required to be undertaken within the final year of the
current permit term.
There are no other significant events subsequent to the end of
the Period to the date of this report.
AUDITOR'S INDEPENCE DECLARATION
Section 307C of the Corporations Act 2001 requires the Company's
auditors to provide the Directors of the Company with an
Independence Declaration in relation to their review of the interim
financial report. This Independence Declaration is set out on page
4 and forms part of this Directors' report for the half-year ended
31 December 2019.
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.
Signed on behalf of the board in accordance with a resolution of
the Directors.
Greg Bandy
Managing Director
Perth, Western Australia
27 February 2020
Consolidated Statement of Profit or Loss and Other Comprehensive
Income
for the half-year ended 31 December 2019
31-Dec-19 31-Dec-18
--------------------------------------------
$ $
--------------------------------------------
Continuing Operations
Interest received 13,412 52,602
Sale of subsidiary - Georgian Oil Pty Ltd - 26,976
Unrealised foreign exchange gain 1,154 26,585
Employee and director benefits expense (136,706) (245,049)
Professional and consultants (114,124) (123,742)
ASX and AIM and share registry fees (86,550) (70,996)
Exploration expenditure written off (93,999) -
Share based payment expense - (700,330)
Other expenses (81,203) (324,406)
Loss before income tax (498,016) (1,358,360)
Income tax expense - -
Loss after Income Tax (498,016) (1,358,360)
Other comprehensive income/(loss)
Items that may be reclassified to profit
or loss
Foreign currency translation differences 54 160,936
---------- ------------
Other comprehensive income for the period
net of tax 54 160,936
---------- ------------
Total comprehensive loss for the period (497,962) (1,197,424)
---------- ------------
Loss per share for the period attributable
to the members of Red Emperor Resources
NL
Basic and diluted loss per share (cents) (0.09) (0.32)
The above Consolidated 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 2019
31-Dec-19 30-Jun-19
-----------------------------------------------
Note $ $
----------------------------------------------- -----
Current Assets
Cash and cash equivalents 5,105,357 5,642,936
Trade and other receivables 40,171 36,881
Total Current Assets 5,145,528 5,679,817
------------- -------------
Non-Current Assets
Deferred exploration & evaluation expenditure 3 - -
Total Non-Current Assets - -
------------- -------------
Total Assets 5,145,528 5,679,817
------------- -------------
Current Liabilities
Trade and other payables 28,952 65,279
Total Current Liabilities 28,952 65,279
------------- -------------
Total Liabilities 28,952 65,279
------------- -------------
Net Assets 5,116,576 5,614,538
------------- -------------
Equity
Issued capital 4 61,811,451 61,811,451
Reserves 5 5,270,442 5,270,388
Accumulated losses 6 (61,965,317) (61,467,301)
------------- -------------
Total Equity 5,116,576 5,614,538
------------- -------------
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 2019
Issued Accumulated Foreign Share Total
capital losses exchange based payments
translation reserve
reserve
---------------------------
$ $ $ $ $
--------------------------- ----------- ------------- ------------- ---------------- ------------
Balance at 1 July 2018 57,329,505 (51,195,990) (14,874) 4,111,702 10,230,343
----------- ------------- ------------- ---------------- ------------
Total comprehensive
loss for the period
Loss for the period - (1,358,360) - - (1,358,360)
Other comprehensive
income - - 160,936 - 160,936
Total comprehensive
income/(loss) for the
period - (1,358,360) 160,936 - (1,197,424)
----------- ------------- ------------- ---------------- ------------
Transactions with owners
in their capacity as
owners
Proceeds from options
issued during the period - - - 2,400 2,400
Share based payments - - - 700,330 700,330
----------- ------------- ------------- ---------------- ------------
Balance at 31 December
2018 57,329,505 (52,554,350) 146,062 4,814,432 9,735,649
----------- ------------- ------------- ---------------- ------------
Balance at 1 July 2019 61,811,451 (61,467,301) 255,417 5,014,971 5,614,538
----------- ------------- -------- ---------- ----------
Total comprehensive loss
for the period
Loss for the period - (498,016) - - (498,016)
Other comprehensive income - - 54 - 54
Total comprehensive income/(loss)
for the period - (498,016) 54 - (497,962)
----------- ------------- -------- ---------- ----------
Transactions with owners
in their capacity as
owners
Balance at 31 December
2019 61,811,451 (61,965,317) 255,471 5,014,971 5,116,576
----------- ------------- -------- ---------- ----------
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 2019
31-Dec-19 31-Dec-18
---------------------------------------------
$ $
---------------------------------------------
Cash flows from operating activities
Payments to suppliers and employees (457,045) (796,261)
Interest received 13,412 52,602
Net cash used in operating activities (443,633) (743,659)
---------- ------------
Cash flows from investing activities
Payments for exploration and evaluation (93,999) (3,890,334)
Payment of performance bond - (1,454,779)
Proceeds from sale of subsidiary - Georgian
Oil Pty Ltd - 26,976
---------- ------------
Net cash used in investing activities (93,999) (5,318,137)
---------- ------------
Cash flows from financing activities
Proceeds from issue of options - 2,400
---------- ------------
Net cash provided by financing activities - 2,400
---------- ------------
Net decrease in cash and cash equivalents (537,632) (6,059,396)
Cash and cash equivalents at beginning
of period 5,642,936 10,344,621
Effects of exchange rate changes on cash
and cash equivalents 53 160,936
---------- ------------
Cash and cash equivalents at the end of
the period 5,105,357 4,446,161
---------- ------------
The above Consolidated Statement of Cash Flows should be read in
conjunction with the accompanying notes.
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. In addition, in December 2019 it entered into a binding
letter of intent to secure an option to acquire a 70 per cent.
operated interest in the offshore Perth Basin exploration permit
WA-481-P.
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
IR GLGDDXSDDGGR
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