Future Metals NL

Earnings Release • Oct 30, 2014

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RED EMPEROR RESOURCES NL - Quarterly Report

PR Newswire

London, October 30

30 October 2014Red Emperor Resources NLQUARTERLY REPORT FOR THE PERIOD ENDING 30 SEPTEMBER 2014Issued Capital: 266MASX Code: RMP Closing price: A$0.047AIM Code: RMP Closing Price: £0.024The Board of Red Emperor Resources NL (Red Emperor or the Company) is pleasedto provide the following commentary and Appendix 5B for the period ending 30September 2014.PuntlandDuring the reporting period, the Federal Government hardened its position withregards to the requirement of contracts to flow through the Federal Ministry ofEnergy, as evidenced by the statement of the Federal Minister at the SomaliaOil & Gas Conference in late October. That said, a three-day visit by theFederal Prime Minister to Garowe was a welcome and positive indication of thepotential for the State government to work with Mogadishu and a joint statementwas released to that effect. As a result, the overall situation remains unclearand whilst the JV is determined to continue exploration activity, it must seekto clarify outstanding matters of control before doing so.GeorgiaDuring the quarter, the shareholders of Strait Oil and Gas ("Strait") continuedto pursue discussions and negotiations with respect to a potential disposal ofits interests in the Production Sharing Contracts (PSCs) in Georgia. Subsequentto the quarter end, Strait made the decision to terminate negotiations with oneinterested party, however the JV remains committed to pursuing a transaction atsome level and continues discussions with market participants.At the same time, Red Emperor is currently conducting a detailed review of thegeological merits of the proposed obligation well in Block VIb, which isrequired to be drilled before March 2015. Whilst Red Emperor is to be freecarried for this well, options to potentially fund the well in return for alarger equity share of Strait are being discussed.CorporateRed Emperor continues to review new opportunities as it has done throughout theyear in accordance with its outlined strategic philosophy. With a restructuredBoard and strong cash position, the Company believes it is extremely wellplaced to take advantage of a slightly depressed global oil & gas market.For and on behalf of the BoardGreg BandyManaging DirectorAppendix 5B Summary - Consolidated statement of cash flowsCash flows related to operating Current quarter Year to dateactivities (3 months) $A'000 $A'000Receipts from product sales and - -related debtorsPayments for (a) exploration & (101) (101)evaluation - -(b) development - -(c) production (263) (263)(d) administrationDividends received - -Interest and other items of a 85 85similar nature receivedInterest and other costs of finance - -paidIncome taxes paid - -Other (provide details if material) - -Net Operating Cash Flows (279) (279)Cash flows related to investingactivitiesPayment for purchases of: (a) - -prospects(b) equity investments (182) (182)(c) investment in associate (59) (59)Proceeds from sale of: (a) prospects - -(b) equity investments - -(c) other fixed assets - -Loans to other entities - -Loans repaid by other entities - -Other (provide details if material) - -Net investing cash flows (241) (241)Total operating and investing cash (520) (520)flowsCash flows related to financingactivitiesProceeds from issues of shares, - -options, etc.Proceeds from sale of forfeited - -sharesProceeds from borrowings - -Repayment of borrowings - -Dividends paid - -Other (provide details if material) - -Net financing cash flows - -Net increase (decrease) in cash held (520) (520)Cash at beginning of quarter/year to 10,321 10,321dateExchange rate adjustments - -Cash at end of quarter 9,801 9,801For further information please visit www.redemperorresources.com or contact:Red EmperorGreg Bandy +61 8 9225 2826Grant Thornton UK LLPPhilip Secrett/Jen Clarke/Jamie Barklem +44 20 7383 5100Fox-Davies Capital LimitedJonathan Evans +44 20 3463 5010