Red Emperor Resources NL Company Update (2970Y)
04 December 2017 - 11:07PM
UK Regulatory
TIDMRMP
RNS Number : 2970Y
Red Emperor Resources NL
04 December 2017
4 December 2017
Red Emperor Resources NL ("Red Emperor")
Company Update
The Board of Red Emperor Resources NL ("Red Emperor" or the
"Company") is pleased to provide the following update with respect
to its current activities.
As announced in its most recent quarterly report, the Company
has signed a binding Heads of Agreement (HoA) with an experienced
Oil & Gas exploration firm to acquire a number of strategic
leases in California, prospective for oil & gas. This leasing
process has now commenced with the Joint Venture hopeful of
assembling the majority of the relevant leases covering two highly
prospective areas within the coming weeks. During this leasing
period, the JV also expects to acquire and reprocess historical
seismic data across the two prospects.
Red Emperor will earn a 60% interest in the newly established
Joint Venture and all subsequent leases acquired by contributing
100% of the total budget for the proposed acquisition (USD640,000)
after which Red Emperor will be responsible for its 60% equity
interest.
Notwithstanding the significant size and potential of the
current lease acquisitions and the respective prospects contained
therein, the Board continues to work diligently in pursuing other
opportunities within the oil & gas sector. A number of
transactions have failed to materialise over the past 12-months,
despite best endeavours, although current opportunities remain
under review. In light of recent circumstances and current market
conditions, however, the Board has made the decision to reduce all
director and corporate advisory fees by 50% until further notice,
effective immediately.
Red Emperor and its Board would like to again thank all
shareholders for their continued patience and looks forward to
updating them again in the coming weeks.
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, Jen Clarke 020 7383 5100
The information contained within this announcement is deemed to
constitute inside information as stipulated under the Market Abuse
Regulations (EU) No. 596/2014. Upon the publication of this
announcement, this inside information is now considered to be in
the public domain.
This information is provided by RNS
The company news service from the London Stock Exchange
END
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