(Alliance News) - Red Emperor Resources NL on Thursday reported a substantially narrowed loss for 2019 due to absence of a share-based expense charge and lower recurring costs.
For the year, the exploration company reported a pretax loss of AUD498,016, around GBP254,087, narrowed from AUD1.4 million the year before.
This was due to a share-based payment expense of AUD700,330 incurred in 2018 that was not repeated in 2019, as well as lower costs from employee & director benefits, and professional consultants.
During the year, Australia Red Emperor signed a letter of intent with Pilot Energy Ltd and Key Petroleum Ltd to secure an option to acquire a 70% stake in the offshore Perth Basin exploration permit, WA-481-P.
The group has agreed to fund the completion of an existing work programme, comprising geological and geophysical studies required to be undertaken in the final year of the current permit term.
As part of the programme, Red Emperor and the existing joint venture partners have applied for a renewal of the permit, which expired on Wednesday last week.
Past the period-end, Red Emperor has provided AUD150,000 to the joint venture partners of the offshore Perth basin permit to fund the completion of the work programme.
In Alaska North Slope, consortium partners purchased additional 3D seismic data within the Western Blocks and are reviewing plans to either reprocess or reinterpret the legacy 3D data.
Shares in Red Emperor Resources were 11% lower at 0.57 pence each on Thursday in London.
By Dayo Laniyan; dayolaniyan@alliancenews.com
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