26 Jun 2012 08:02
26 June 2012 Red Emperor Resources NL ("Red Emperor" or "the Company") Issue of Equity and Capital Structure Update
Red Emperor Resources NL , the oil and gas exploration company with interests in Puntland and Georgia, announces that it has received notice to exercise unlisted options over 250,000 ordinary shares at an exercise price of AUD$0.30 per share, raising approximately AUD$75,000 for the Company. Application has been made for admission of the newly issued shares to trading on AIM which is expected to occur on or around 27 June 2012.
Following admission of these shares, the Company will have 258,734,221 ordinary shares in issue. The Company holds no shares in treasury and each share carries one vote. This figure may be used by shareholders in the Company as the denominator for calculations by which they will determine if they are required to notify their interest in, or a change to their interest, under the Disclosure and Transparency Rules.
For further information please visit www.redemperorresources.com or contact:
Red EmperorGreg Bandy +61 8 9225 2826Rebecca Sandford +44 20 7025 7040Cairn Financial Advisers LLP (Nominated Adviser)Jo Turner +44 20 7148 7900
Tony Rawlinson
Fox-Davies Capital Limited (Joint Broker)Daviel Fox-Davies +44 20 3463 5000
Richard Hail
Old Park Lane Capital plc (Joint Broker)Luca Tenuta +44 20 7493 8188Michael ParnesTavistock CommunicationsPaul Youens +44 20 7920 3150Ed PortmanBackground:
Red Emperor Resources NL is a natural resources exploration company with interests in the frontier state of Puntland, Somalia and the Republic of Georgia.
* In Puntland, Red Emperor holds a 20% working interest in the Dharoor and Nugaal Valley Production Sharing Agreements (PSA) along with Horn Petroleum Corp. and Range Resources Limited . These two exploration areas cover over 36,000km2. Horn, the operator and 60% interest holder, has completed drilling the first well (Shabeel 1) in a two well program and has now spudded the second well (Shabeel North). Target Depth for Shabeel North is 2,400m with the primary target being Upper Cretaceous Jesomma sands, which had good oil and gas shows and 12 . 20m of potential net pay in the Shabeel 1 well 3.5 kilometers to the south. Shabeel 1 will be flow tested following completion of Shabeel North. * In the Republic of Georgia, Red Emperor has a 20% working interest in onshore blocks VIa and VIb, covering approx. 6,500km2. Joint Venture partner Range Resources Limited previously funded a 410km 2D seismic program with independent consultants RPS Energy identifying 68 potential structures containing an estimated 2.045 billion barrels of undiscovered oil-in-place (on a mean 100% basis) with the first (Mukhiani-1) of two conventional exploration wells having spudded in July 2011. The Joint Venture is now focussing on a revised development strategy that will target low-cost, shallow appraisal drilling of the contingent resources around the Tkibuli Shaori (Tkibuli) coal deposit, which straddles the central sections of the two blocks.
XLON