LONDON (Alliance News) - Red Emperor Resources NL Thursday posted a widened pretax loss in the half-year ended December 31, 2013, and said it expects to begin its drilling programme at its Georgian project in the second-half of 2014.
The company posted a pretax loss of GBP307,914 pence, widened from a pretax loss of USD12,969 in the previous year, as a USD450,257 gain on derivative liability in 2012 did not recur. The company does not yet produce revenues.
Red Emperor said that during the first-half its Georgian Joint Venture partner Range Resources Ltd and Operator Strait Oil & Gas UK completed an extensive review of all geological data of the Vla and Vlb blocks.
The company's partners advised that drilling permits for the drilling programme at the blocks were anticipated in the second quarter of 2014, and it expects to be able to begin drilling in the second half of 2014.
The joint venture continued to advance discussions with potential farm-in and purchase participant.
At its Puntland Project in Somalia little on-ground activity was carried out by the joint venture during the year, Red Emperor said. It expects to begin preliminary work at the site in the first quarter with partner and operator Horn Petroleum.
Shares in Red Emperor were trading down 7.8% at 2.95 pence Thursday afternoon.
By Hana Stewart-Smith; hanassmith@alliancenews.com; @HanaSSAllNews
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