REMINDER: Our user survey closes on Friday, please submit your responses here.
Sale Opportunity
You’ll be able to sell the shares once the Australian suspension is lifted and the transfer to HSBC is complete, which is likely to take a number of weeks, although we’ll work to ensure it is concluded as quickly as possible.
We recognise the charges detailed above are considerably higher than those for selling the existing shares. We’ll therefore offer you a chance to take part in a bulk sale facility, in which we’ll waive the three charges detailed above. We’ll write to you shortly after the transfer to HSBC has been completed, outlining full details of this sale option.
Nothing here is a recommendation. If you have any questions please contact us here.
Yours sincerely
Charlie Balmer
Corporate Actions
Red Emperor Resources NL- Consolidation and Delisting
Your holding of****** Shares held within your Stocks & Shares ISA
Red Emperor Resources NL shares are currently listed on both the Alternative Investment Market (‘AIM’) in the UK and the Australian Stock Exchange. At present the shares are suspended from trading on both exchanges so they can’t be traded. The company has announced it is going to cancel the AIM listing on 19 May 2021 and just retain its Australian one.
Conversion to Australian shares
We’ll automatically convert your current holding into the Australian shares so you can sell them when the Australian suspension is lifted.
To do this we’ll need to transfer the shares to our global custodian (HSBC) – we’ll do this from 14 May. The shares will continue to show in your Hargreaves Lansdown portfolio, but as the underlying custodian will be HSBC, or a sub-custodian of HSBC, there are certain implications you should be aware of:
We’ll only allow sale instructions and you’ll be unable to buy more of these shares.
You’ll only be able to sell your shares over the phone by calling our Dealers on 0117 980 9800. We’ll convert the proceeds from Australian Dollars into Sterling, subject to the prevailing exchange rate at that time and our standard currency conversion fees.
The following three charges will be applied to a sale:
Our telephone commission of 1% of the proceeds, subject to a minimum of £20 and a maximum of £50.
Our Australian Broker (DBS Vickers) will charge you 0.35% of the proceeds subject to a minimum of AUD200 (approximately £112 at present)
HSBC will charge you a transaction fee of £15.
The shares will be held with our third party custodian, HSBC, who may in turn hold the shares through a sub-custodian in the home country of the investment. The settlement, legal or regulatory requirements that apply to the shares may differ from those applicable in the UK. Your investment may not benefit from the same protections in the event of the insolvency of the third party that may apply under UK law. A more detailed explanation of these additional risks is provided in section A25 of our terms & conditions, which are available at hl.co.uk/terms-and-conditions
The company has proposed a 14 for 100 consolidation, effective around 8 June 2021. Any shares you own at this time will therefore be replaced on a 14 for 100 basis. The company will also be changing name to Future Metals NL.
Sale Opportunity
You’ll be able to sell the shares once the Australian suspension is lifted and the transfer to HSBC is complete, which is likely to take a number of weeks, although we’ll work to ensure it is concluded as quickly as possible.
We recognise the charges detailed above are considerably higher than those for selling the existing shares. We’ll therefore offer you a chance to take part in a bulk sale facility, in which we’ll waive the three charges detailed abov
WINX-1 DRILLING UPDATE
? Comprehensive wireline logging program successfully completed at Winx-1, full petrophysical
analysis and review commenced
? Provisional petrophysical analysis ofthe wireline logging program indicates low oil saturations
in the primary Nanushuk Topset objectives; testing and fluid sampling indicates that reservoir
quality and fluid mobility at this location is insufficient to warrant production testing, despite
encouragement from oil shows and logging while drilling (LWD) data
? Zones ofinterest in the Torok formation, secondary objectives, were identified on wireline logs,
which similarly exhibited low oil saturations and did not flow hydrocarbons during the Modular
Formation Dynamics Test (MDT) pressure testing and fluid sampling program
Otto Energy Limited (ASX:OEL) (“Otto” or the “Company”) is pleased to provide the following update
on the drilling of the Winx-1 well in its Alaska Western Blocks.
Petrophysical interpretation of the LWD data at Winx-1 indicated elevated resistivities associated with
increased mud gas ratios (C1 – C5) in the distinctive Nanushuk Topset sequence comparable with
other successful neighbouring wells in the Nanushuk play fairway. Early indications were encouraging
and, on this basis, a comprehensive wireline program was undertaken to further evaluate the interval
of interest.
The wireline program was designed to fully evaluate and quantify the reservoir potential and
associated shows in the Nanushuk Topsets. The suite comprised specialist logging tools capable of
quantifying laminated pay zones, including nuclear magnetic resonance; a triaxial induction tool that
measures both horizontal and vertical resistivity, FMI (formation micro imager) and an MDT program
to determine pressure gradients and sample fluids from the zones of interest.
Provisional wireline results indicate low oil saturations in the Nanushuk Topsets not conducive to
successfully flowing the formation, as borne out by the MDT sampling results, which did not retrieve
hydrocarbon samples. Reservoir properties appear to be compromised by dispersed clay in the matrix
at Winx-1. This clay is often present in other successful Nanushuk wells but in discrete laminations
with decent quality, high resistivity, oil saturated sandstones in between. The dispersed clay in the
Nanushuk at Winx impacts both fluid mobility and oil saturations. The clay serves to bind much of the
fluid present in place so it cannot flow. It also occupies pore space within the formation, resulting in
a lower relative hydrocarbon saturation. This means that, whilst oil is present in the reservoir, there
is less of it and it is not mobile. Further evaluation will be undertaken post drill to fully understand
the implications of the petrophysical results.
The reservoir performance in the Torok Channel Sequence was better than the Nanushuk in the Winx1 well as evidenced by relatively faster influx of fluid during MDT sampling. On comp