4 Jul 2012 10:03
4 July 2012 Red Emperor Resources NL ("Red Emperor" or the "Company") Red Emperor appoints Fox-Davies as Nominated Adviser
Red Emperor Resources NL is pleased to announce the appointment of Fox-Davies Capital Limited ("Fox-Davies") as nominated adviser to the Company with immediate effect.
Fox-Davies is an established investment bank that specialises in supporting growth companies in the oil & gas and mining sectors in the UK and internationally and is a full-service LSE broker, an AIM NOMAD and a financial advisor.
Fox-Davies has been working with the Red Emperor board since autumn 2011 and in that time has assisted in the Company's three fundraising rounds which together raised a total of £17.3 million (before expenses).
Fox Davies replaces Cairn Financial Advisers who have acted as Red Emperor's NOMAD since its AIM listing on the 23rd June, 2011. The company would like to acknowledge Cairn's support over this time and thank them for their assistance.
For further information please visit www.redemperorresources.com or contact:
Red EmperorGreg Bandy +61 8 9225 2826Rebecca Sandford +44 20 7025 7040 Fox-Davies Capital Limited (Nominated Adviser and Joint Broker)Barry Saint +44 20 3463 5010
Daniel Fox-Davies / Richard Hail +44 20 3463 5000
Old Park Lane Capital plc (Joint Broker)Luca Tenuta / Michael Parnes +44 20 7493 8188Tavistock CommunicationsEd Portman +44 20 7920 3150Background
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. 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 oilâ€"inâ€"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