Future Metals NL

Earnings Release • Oct 25, 2016

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RNS Number : 3430N

Red Emperor Resources NL

25 October 2016

25 October 2016

Red Emperor Resources NL ("Red Emperor")

Quarterly Reports

For The Period Ending 30 September 2016 and Appendix 5B

The Board of Red Emperor Resources NL ("Red Emperor" or the "Company") provides the following commentary and Appendix 5B for the period ending 30 September 2016.

Philippines (SC 55)

During the quarter, all relevant documentation for the transfer of Otto Energy Limited's (ASX: OEL "Otto") equity interest in Block SC 55 was prepared by Otto, approved by the Joint Venture and has now been submitted to the Philippines Department of Energy (DoE) for final approval. Once ratified by the DoE, Red Emperor's equity interest will increase from 15% to 37.5%.

In June this year, the DoE formally granted a two-year moratorium, until 23 December 2017, on required work activity under Service Contract 55. During the moratorium period, the JV will conduct specialised geophysical studies in the area surrounding the Hawkeye Prospect, which encountered gas shows when it was drilled last year. Although the Hawkeye well did not encounter gas in commercial quantities, it proved the presence of an active petroleum system in the contract area that hosts the "Cinco Prospect" as well as several other leads. 

Georgia 

Sale negotiations continue with at least one interested party for the purchase of Block VIa. Red Emperor is not involved in the negotiations, although remains a 20% shareholder of Strait Oil and Gas Ltd which currently holds the Production Sharing Contract across Block VIa.

Corporate

The Board is currently reviewing a number of opportunities, both at specific asset level as well as at a corporate level and believes it is well placed to advance these discussions further during the current quarter.

For further information please visit http://www.redemperorresources.com/ or contact:

Red Emperor

Greg Bandy +61 8 9212 0102

Grant Thornton UK LLP

Philip Secrett / Jamie Barklem +44 20 7383 5100

Appendix 5B

Mining exploration entity and oil and gas exploration entity quarterly report

Introduced 01/07/96  Origin Appendix 8  Amended 01/07/97, 01/07/98, 30/09/01, 01/06/10, 17/12/10, 01/05/13, 01/09/16

Name of entity
RED EMPEROR RESOURCES NL
ABN		Quarter ended ("current quarter")
99 124 734 961		30 September 2016

Consolidated statement of cash flows			Current quarter $A'000	Year to date (3 months) $A'000
1.	Cash flows from operating activities		-	-
1.1	Receipts from customers
1.2	Payments for		-	-
	(a)    exploration & evaluation
	(b)   development		-	-
	(c)    production		-	-
	(d)   staff costs		-	-
	(e)   administration and corporate costs		(279)	(279)
1.3	Dividends received (see note 3)		-	-
1.4	Interest received		44	44
1.5	Interest and other costs of finance paid		-	-
1.6	Income taxes paid		-	-
1.7	Research and development refunds		-	-
1.8	Other (provide details if material)		-	-
1.9	Net cash from / (used in) operating activities		(235)	(235)
2.		Cash flows from investing activities	-	-
2.1		Payments to acquire:
		(a)    property, plant and equipment
		(b)   tenements (see item 10)	-	-
		(c)    investments	-	-
		(d)   other non-current assets	-	-
2.2		Proceeds from the disposal of:	-	-
		(a)    property, plant and equipment
		(b)   tenements (see item 10)	-	-
		(c)    investments	-	-
		(d)   other non-current assets	-	-
2.3		Cash flows from loans to other entities	-	-
2.4		Dividends received (see note 3)	-	-
2.5		Other (provide details if material)	-	-
2.6		Net cash from / (used in) investing activities	-	-
3.		Cash flows from financing activities	-	-
3.1		Proceeds from issues of shares
3.2		Proceeds from issue of convertible notes	-	-
3.3		Proceeds from exercise of share options	-	-
3.4		Transaction costs related to issues of shares, convertible notes or options	-	-
3.5		Proceeds from borrowings	-	-
3.6		Repayment of borrowings	-	-
3.7		Transaction costs related to loans and borrowings	-	-
3.8		Dividends paid	-	-
3.9		Other (provide details if material)	-	-
3.10		Net cash from / (used in) financing activities	-	-
4.		Net increase / (decrease) in cash and cash equivalents for the period	11,715	11,715
4.1		Cash and cash equivalents at beginning of period
4.2		Net cash from / (used in) operating activities (item 1.9 above)	(235)	(235)
4.3		Net cash from / (used in) investing activities (item 2.6 above)	-	-
4.4		Net cash from / (used in) financing activities (item 3.10 above)	-	-
4.5		Effect of movement in exchange rates on cash held	(95)	(95)
4.6		Cash and cash equivalents at end of period	11,385	11,385

5.	Reconciliation of cash and cash equivalents at the end of the quarter (as shown in the consolidated statement of cash flows) to the related items in the accounts	Current quarter $A'000	Previous quarter $A'000
5.1	Bank balances	11,385	11,716
5.2	Call deposits	-	-
5.3	Bank overdrafts	-	-
5.4	Other (provide details)	-	-
5.5	Cash and cash equivalents at end of quarter (should equal item 4.6 above)	11,385	11,716

6.	Payments to directors of the entity and their associates	Current quarter $A'000
6.1	Aggregate amount of payments to these parties included in item 1.2	65
6.2	Aggregate amount of cash flow from loans to these parties included in item 2.3	-
6.3	Include below any explanation necessary to understand the transactions included in items 6.1 and 6.2
Payment of Directors Fees and Remuneration - $65k

7.	Payments to related entities of the entity and their associates	Current quarter $A'000
7.1	Aggregate amount of payments to these parties included in item 1.2	-
7.2	Aggregate amount of cash flow from loans to these parties included in item 2.3	-
7.3	Include below any explanation necessary to understand the transactions included in items 7.1 and 7.2
N/A

8.	Financing facilities available Add notes as necessary for an understanding of the position	Total facility amount at quarter end $A'000	Amount drawn at quarter end $A'000
8.1	Loan facilities	-	-
8.2	Credit standby arrangements	-	-
8.3	Other (please specify)	-	-
8.4	Include below a description of each facility above, including the lender, interest rate and whether it is secured or unsecured. If any additional facilities have been entered into or are proposed to be entered into after quarter end, include details of those facilities as well.
N/A

9.	Estimated cash outflows for next quarter	$A'000
9.1	Exploration and evaluation	-
9.2	Development	-
9.3	Production	-
9.4	Staff costs	-
9.5	Administration and corporate costs	200,000
9.6	Other (provide details if material)	-
9.7	Total estimated cash outflows	200,000

10.	Changes in tenements (items 2.1(b) and 2.2(b) above)	Tenement reference and location	Nature of interest	Interest at beginning of quarter	Interest at end of quarter
10.1	Interests in mining tenements and petroleum tenements lapsed, relinquished or reduced	N/A
10.2	Interests in mining tenements and petroleum tenements acquired or increased	N/A

Compliance statement

1          This statement has been prepared in accordance with accounting standards and policies which comply with Listing Rule 19.11A.

2          This statement gives a true and fair view of the matters disclosed.

Sign here:                                                                           Date: 25 October 2016

(Company secretary)

Print name:        Aaron Bertolatti

Notes

1.         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 that wishes to disclose additional information is encouraged to do so, in a note or notes included in or attached to this report.

2.         If this quarterly report has been prepared in accordance with Australian Accounting Standards, 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. If this quarterly report has been prepared in accordance with other accounting standards agreed by ASX pursuant to Listing Rule 19.11A, the corresponding equivalent standards apply to this report.

3.         Dividends received may be classified either as cash flows from operating activities or cash flows from investing activities, depending on the accounting policy of the entity.

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