Red Emperor is an oil and gas exploration company. We have been...

Red Emperor is an oil and gas exploration company. We have been involved in a number of opportunities since inception, all with other partners, to explore for oil. All of these projects we have invested in have carried a level of risk and a commensurate level of return in a potential success case. We have always advised the market of such but what we have also done very prudently, as a board and management team, is protect our most valuable commodity in tough times, our cash. We still have close to $12m AUD in the bank and we are 100% focused and committed to adding value for our shareholders by delivering an asset, or a portfolio of assets, which we hope can bring about a significant share price re-rating. Since early last year, oil prices have been depressed and are still, today, significantly so. We have deliberately not rushed into transactions with struggling energy companies who have looked to off-load their worst assets but keep their best ones as they battle to survive. What we are now seeing are far more and significantly better opportunities becoming available with continued depressed oil prices shaking loose the type of assets we are looking for. We are currently working on and reviewing a number of opportunities, including discussing a strategy with a known group to take advantage of our cash, this market and their technical and industry expertise.

We look forward to updating the market at the appropriate time.