26 Apr 2012 07:01
26 April 2012 Red Emperor Resources NL ("Red Emperor" or "the Company") Raises £6.24 Million in Placing and Appoints Fox-Davies as Joint Broker
Red Emperor Resources NL , the oil and gas exploration company with interests in Puntland and Georgia, is pleased to announce a placing, through Fox-Davies Capital Limited and Old Park Lane Capital, of 19,500,000 new ordinary shares at 32 pence per share (the "Placing Shares") to raise £6.24 million before expenses (the "Placing").
The funds raised under the Placing will be used for exploration activities at the Company's high impact exploration projects in Puntland and in the Republic of Georgia.
Application has been made to the London Stock Exchange for admission of the Placing Shares to trading on AIM ("Admission"). It is expected that Admission will become effective and that trading in the Placing Shares will commence on or about 1 May 2012. The Placing Shares will rank pari passu in all respects with existing ordinary shares in the Company.
Following Admission, the Company will have 258,484,221 ordinary shares in issue. 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.
The Company also announces the appointment of Fox-Davies Capital Limited as joint broker to the Company with immediate effect. Fox-Davies is an established investment bank that specializes in supporting growth companies in the Oil & Gas and Mining sectors internationally and is an AIM NOMAD and broker.
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 / Tony Rawlinson +44 20 7148 7900Fox-Davies Capital Limited (Joint Broker)Daniel Fox-Davies / Richard Hail +44 20 3463 5000Old Park Lane Capital plc (Joint Broker)Luca Tenuta / Michael Parnes +44 20 7493 8188Tavistock CommunicationsPaul Youens / Ed Portman +44 20 7920 3150
Background
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 two licences encompassing the highly prospective Dharoor and Nugaal valleys. These two exploration areas cover over 36,000km2. The operator and 60% interest holder, Horn Petroleum Corp. is currently drilling the first well in a two well programme targeting 300mmbls of best estimate Prospective Resources (100% basis). Site construction is nearing completion on the second well (targeting 375mmbls) with the setting of the 30 inch surface casing and drilling of a 50 meter pilot hole in readiness for spudding following completion of the first well. * 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 exploration wells having spudded in July 2011. Re-interpreted seismic supported by the Mukhiani-1 vertical seismic profiling has identified new fault and stratigraphic trapping potential with the possibility of a side track well to be drilled post additional seismic in 2H 2012.
XLON