RED EMPEROR RESOURCES NL 31 October 2014
Manager of Company Announcements
ASX Limited
Level 8 Exchange Plaza
2 The Esplanade
PERTH WA 6000
Via E-Lodgement
QUARTERLY ACTIVITIES REPORT FOR THE PERIOD ENDING 30 SEPTEMBER 2014
Issued Capital: 266M ASX Code: RMP Closing price: A$0.047
AIM Code: RMP Closing Price: £0.024
The Board of Red Emperor Resources NL (Red Emperor or the Company) is pleased to provide the following commentary and Appendix 5B for the period ending 30 September
2014.
Puntland
During the reporting period, the Federal Government hardened its position with regards to the requirement of contracts to flow through the Federal Ministry of Energy, as evidenced by the statement of the Federal Minister at the Somalia Oil & Gas Conference in late October. That said, a three-day visit by the Federal Prime Minister to Garowe was a welcome and positive indication of the potential for the State government to work with Mogadishu and a joint statement was released to that effect. As a result, the overall situation remains unclear and whilst the JV is determined to continue exploration activity, it must seek to clarify outstanding matters of control before doing so.
Georgia
During the quarter, the shareholders of Strait Oil and Gas ("Strait") continued to pursue discussions and negotiations with respect to a potential disposal of its interests in the Production Sharing Contracts (PSCs) in Georgia. Subsequent to the quarter end, Strait made the decision to terminate negotiations with one interested party, however the JV remains committed to pursuing a transaction at some level and continues discussions with market participants.
At the same time, Red Emperor is currently conducting a detailed review of the geological
merits of the proposed obligation well in Block VIb, which is required to be drilled before March 2015. Whilst Red Emperor is to be free carried for this well, options to potentially fund the well in return for a larger equity share of Strait are being discussed.
Corporate
Red Emperor continues to review new opportunities as it has done throughout the year in accordance with its outlined strategic philosophy. With a restructured Board and strong cash position, the Company believes it is extremely well placed to take advantage of a slightly depressed global oil & gas market.
BOARD & MANAGEMENT
Mr Greg Bandy
MANAGING DIRECTOR
Mr Nathan Rayner
NON-EXECUTIVE DIRECTOR
Mr Jason Bontempo
NON-EXECUTIVE DIRECTOR
Mr Aaron Bertolatti
COMPANY SECRETARY
REGISTERED OFFICE
Level 1
35 Richardson Street
West Perth WA 6005
POSTAL ADDRESS
PO Box 1440
West Perth WA 6872
CONTACT DETAILS
Tel: +61 8 9212 0102
WEBSITE
www.redemperorresources.com
SHARE REGISTRY Computershare Level 2
45 St Georges Terrace
Perth WA 6000
Tel: 1300 555 159
NOMINATED ADVISER
Grant Thornton UK LLP
30 Finsbury Square
London EC2P 2YU
Tel: +44 (0) 207 383 5100
UK BROKER
Fox Davies Capital Limited
1 Tudor Street
London EC4Y 0AH
Tel: +44 (0) 203 463 5010
ASX CODE | AIM CODE
RMP
For and on behalf of the Board
Greg Bandy
Managing Director
Level 1, 35 Richardson Street, West Perth WA 6005 | Tel: +61 8 9212 0102 | http://www.redemperorresources.com/www.redemperorresources.com
ABN 99 124 734 961
Appendix 5B Mining exploration entity and oil and gas exploration entity quarterly report
Appendix 5BRule 5.5
Mining exploration entity and oil and gas exploration entity quarterly reportIntroduced 01/07/96 Origin Appendix 8 Amended 01/07/97, 01/07/98, 30/09/01, 01/06/10, 17/12/10, 01/05/2013
Name of entity
RED EMPEROR RESOURCES NL
ABN Quarter ended ("current quarter")
99 124 734 961 30 September 2014
Consolidated statement of cash flowsCash flows related to operating activities
1.1 Receipts from product sales and related debtors
1.2 Payments for (a) exploration & evaluation
(b) development
(c) production
(d) administration
1.3 Dividends received
1.4 Interest and other items of a similar nature
received
1.5 Interest and other costs of finance paid
1.6 Income taxes paid
1.7 Other (provide details if material)
Net Operating Cash Flows
+ See chapter 19 for defined terms.
01/05/2013 Appendix 5B Page 1
Appendix 5B
Mining exploration entity and oil and gas exploration entity quarterly report
1.13 Total operating and investing cash flows (brought forward) | (520) | (520) |
Cash flows related to financing activities 1.14 Proceeds from issues of shares, options, etc. 1.15 Proceeds from sale of forfeited shares 1.16 Proceeds from borrowings 1.17 Repayment of borrowings 1.18 Dividends paid 1.19 Other (provide details if material) Net financing cash flows | - - - - - - | - - - - - - |
Cash flows related to financing activities 1.14 Proceeds from issues of shares, options, etc. 1.15 Proceeds from sale of forfeited shares 1.16 Proceeds from borrowings 1.17 Repayment of borrowings 1.18 Dividends paid 1.19 Other (provide details if material) Net financing cash flows | - | - |
Net increase (decrease) in cash held 1.20 Cash at beginning of quarter/year to date 1.21 Exchange rate adjustments to item 1.20 1.22 Cash at end of quarter | (520) 10,321 - | (520) 10,321 - |
Net increase (decrease) in cash held 1.20 Cash at beginning of quarter/year to date 1.21 Exchange rate adjustments to item 1.20 1.22 Cash at end of quarter | 9,801 | 9,801 |
Current quarter
$A'000
1.23 Aggregate amount of payments to the parties included in item 1.2 43
1.24 Aggregate amount of loans to the parties included in item 1.10 Nil
1.25 Explanation necessary for an understanding of the transactions
Payment of Directors fees and Remuneration $43k
Non-cash financing and investing activities2.1 Details of financing and investing transactions which have had a material effect on consolidated assets and liabilities but did not involve cash flows
n/a
2.2 Details of outlays made by other entities to establish or increase their share in projects in which the reporting entity has an interest
n/a
+ See chapter 19 for defined terms.
Appendix 5B Page 2 01/05/2013
Appendix 5B Mining exploration entity and oil and gas exploration entity quarterly report
Financing facilities availableAdd notes as necessary for an understanding of the position.
3.1 Loan facilities
3.2 Credit standby arrangements
Estimated cash outflows for next quarter4.1 Exploration and evaluation
4.2 Development
4.3 Production
4.4 Administration
Reconciliation of cashReconciliation of cash at the end of the quarter (as shown in the consolidated statement of cash flows) to the related items in the accounts is as follows.
Changes in interests in mining tenements and petroleum tenements6 Interests in mining tenements held
6.1 Interests in mining tenements tenements relinquished, reduced or lapsed
6.2 Interests in mining tenements tenements acquired or increased
+ See chapter 19 for defined terms.
01/05/2013 Appendix 5B Page 3
Appendix 5B
Mining exploration entity and oil and gas exploration entity quarterly report
Issued and quoted securities at end of current quarterDescription includes rate of interest and any redemption or conversion rights together with prices and dates.
Total number | Number quoted | Issue price per security (see note 3) (cents) | Amount paid up per security (see note 3) (cents) | |
7.1 Preference +securities (description) 7.2 Changes during quarter (a) Increases through issues (b) Decreases through returns of capital, buy-backs, redemptions | ||||
7.1 Preference +securities (description) 7.2 Changes during quarter (a) Increases through issues (b) Decreases through returns of capital, buy-backs, redemptions | ||||
7.3 +Ordinary securities 7.4 Changes during quarter (a) Increases through issues (b) Decreases through returns of capital, buy-backs | 266,234,221 | 266,234,221 | Fully Paid | |
7.3 +Ordinary securities 7.4 Changes during quarter (a) Increases through issues (b) Decreases through returns of capital, buy-backs | ||||
7.5 +Convertible debt securities (description) 7.6 Changes during quarter (a) Increases through issues (b) Decreases through securities matured, converted | ||||
7.5 +Convertible debt securities (description) 7.6 Changes during quarter (a) Increases through issues (b) Decreases through securities matured, converted | ||||
7.7 Options - Unlisted options 7.8 Issued during quarter 7.9 Exercised during quarter 7.10 Expired during quarter | 1,394,324 5,492,000 112,966 3,690,403 1,170,000 | - - - - - | Exercise Price A$0.17 £0.265 £0.265 £0.265 £0.265 | Expiry Date 30 December 2014 28 March 2015 3 April 2015 30 December 2014 16 May 2015 |
7.7 Options - Unlisted options 7.8 Issued during quarter 7.9 Exercised during quarter 7.10 Expired during quarter | ||||
7.7 Options - Unlisted options 7.8 Issued during quarter 7.9 Exercised during quarter 7.10 Expired during quarter | ||||
7.7 Options - Unlisted options 7.8 Issued during quarter 7.9 Exercised during quarter 7.10 Expired during quarter | ||||
7.11 Debentures (totals only) | ||||
7.12 Unsecured notes (totals only) |
+ See chapter 19 for defined terms.
Appendix 5B Page 4 01/05/2013
Appendix 5B Mining exploration entity and oil and gas exploration entity quarterly report
Compliance statement1 This statement has been prepared under accounting policies which comply with accounting standards as defined in the Corporations Act or other standards acceptable to ASX (see note 5).
2 This statement does give a true and fair view of the matters disclosed.
Sign here: Date: 31 October 2014
Print name: GREG BANDY Managing Director
Notes1 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 wanting to disclose additional information is encouraged to do so, in a note or notes attached to this report.
2 The "Nature of interest" (items 6.1 and 6.2) includes options in respect of interests in mining tenements and petroleum tenements acquired, exercised or lapsed during the reporting period. If the entity is involved in a joint venture agreement and there are conditions precedent which will change its percentage interest in a mining tenement or petroleum tenement, it should disclose the change of percentage interest and conditions precedent in the list required for items 6.1 and 6.2.
3 Issued and quoted securities The issue price and amount paid up is not required in items 7.1 and 7.3 for fully paid securities.
4 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.
5 Accounting Standards ASX will accept, for example, the use of International Financial Reporting Standards for foreign entities. If the standards used do not address a topic, the Australian standard on that topic (if any) must be complied with.
== == == == ==
+ See chapter 19 for defined terms.
01/05/2013 Appendix 5B Page 5
Appendix 5B
Mining exploration entity and oil and gas exploration entity quarterly report
Appendix 1 - Interests in mining tenements heldWorking Interest at Beginning of Quarter | Acquired/ Disposed | Working Interest at End of Quarter | ||
Tenement Reference | Location | Working Interest at Beginning of Quarter | Acquired/ Disposed | Working Interest at End of Quarter |
Block Vla | Republic of Georgia | 20% | N/A | 20% |
Block Vlb | Republic of Georgia | 20% | N/A | 20% |
Dharoor Block | Puntland | 20% | N/A | 20% |
Nugaal Block | Puntland | 20% | N/A | 20% |
Holder: Oil & Gas Beneficial percentage interests held in farm-in or farm- out agreement.
+ See chapter 19 for defined terms.
Appendix 5B Page 6 01/05/2013
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