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Red Emperor Resource (RMP)

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Tuesday 07 November, 2017

Red Emperor Resource

Suspension of trading on the ASX

RNS Number : 7701V
Red Emperor Resources NL
07 November 2017
 

7 November 2017

 

Red Emperor Resources NL ("Red Emperor")

 

Suspension of Trading on the Australian Securities Exchange

 

 

Red Emperor Resources NL ("Red Emperor" or the "Company") announces that trading of the Company's securities on the Australian Securities Exchange ("ASX") has been suspended today as the ASX has determined that the Company does not have sufficient operations to warrant the continued quotation of its securities in accordance with ASX Listing Rule 12.1. The suspension will continue until the Company is able to demonstrate either compliance with Chapter 12 of the ASX Listing Rules or it recompiles with Chapters 1 and 2 of the ASX Listing Rules.

 

The Company disagrees with the ASX's position and continues to engage the ASX to seek further clarification on this ruling.

 

As announced in the Company's Quarterly Report, dated 31 October 2017, the Company retains a holding in Block SC55 in the Philippines and an agreed work program is scheduled to commence once all JV equity interests are confirmed. However there have been lengthy delays in ratifying the Company's equity interest increase from 15% to 37.5% at the Philippines Department of Energy.

 

The Company also announced that last week it signed a binding Heads of Agreement with an exploration firm to identify a number of leases in California, prospective for oil & gas, with a view to acquiring those leases.

 

Trading of the Company's securities on AIM will continue at this time.

 

 

 

For further information, please visit http://www.redemperorresources.com/ or contact:

 

Red Emperor Resources:                       

Greg Bandy                                                                              +61 8 9212 0102                                                                       

Grant Thornton UK LLP (Nominated Adviser):
Philip Secrett, Jen Clarke                                                           020 7383 5100                                      

 


This information is provided by RNS
The company news service from the London Stock Exchange
 
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