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RED EMPEROR RESOURCES NL - Georgian Update

PR Newswire

London, April 29

29 April 2015 Red Emperor Resources NL GEORGIAN UPDATEFurther to its announcement on 14 April 2015, Red Emperor Resources NL (ASX/AIM: RMP) announces the following update with respect to its Georgian Project. The Georgian Ministry of Energy has formally notified Strait Oil & Gas Limited(Strait) that the Production Sharing Contract (PSC) over Block VIb has beenterminated. The Ministry cites the non-performance of obligations, specificallythe requirement to drill a well in accordance with the stipulated procedure.Red Emperor notes that this obligation has been acknowledged by its JointVenture partner, Range Resources Limited (ASX: RRS, AIM: RRL, "Range"), bothinternally within JV correspondence as well as publicly.The penalty to be imposed on the Contractor, Strait, is $1,000,000 USD andpayable immediately.Red Emperor believes it has fulfilled its obligations with respect to BlockVIb, specifically cash contributions towards the second well of a two (2) wellprogram, as per its Shareholder and Subscription Agreements (the Agreements).The Company continues to reserve any and all legal rights under theseagreements.This outcome does not, in any way, affect the validity of Block VIa.Red Emperor has continued to act in good faith and endeavoured to work with allparties to achieve a favourable outcome throughout its involvement in thisJoint Venture. It is extremely disappointed that it finds itself in thisposition, but reaffirms that it has met all required obligations under theAgreements.For further information please visit www.redemperorresources.com or contact:Red EmperorGreg Bandy +61 8 9212 0102Grant Thornton UK LLPPhilip Secrett/Jen Clarke/Jamie Barklem +44 20 7383 5100Brandon Hill Capital Limited

Jonathan Evans +44 20 3463 5010