Red Emperor Resources NL - oil and gas exploration firm with headquarters in West Perth, Australia - Posts AUD1.0 million pretax loss for financial year ended June 30, around GBP563,000, sharply narrowed from prior year's AUD10.3 million loss. This narrowed loss is due to the AUD8.4 million of exploration expenditure written off the previous year after writing down exploration and evaluation expenditure on its Alaska asset on discouraging drill results from the Winx-1 exploration well to nil, as well as the decision not to exercise an option over the WA-481-P offshore Perth Basin exploration permit. The AUD8.4 million also reflects the firm's decision to withdraw from the SC55 consortium in the Philippines and write down exploration and evaluation expenditure there to nil as well. Red Emperor reports exploration expenditure written off of AUD249,595 for financial 2020, far less than the AUD8.4 million, and relating to exploration and evaluation expenditure incurred during the year. Red Emperor has become as rule 15 cash shell since relinquishing the Western Blocks in Alaska. It must either undertake a reverse takeover or seek re-admission as an investing company within six months from July 21 or else have its share suspended. Its shares will be cancelled if it fails to do so six months after suspension.
Current stock price: 0.68 pence; up 16% on Friday
Year-to-date change: up 5.9%
By Anna Farley; annafarley@alliancenews.com
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