Red Emperor Resources has taken the decision not to exercise its option to acquire a 70% operated interest in the offshore Perth Basin exploration permit, WA-481-P.
As announced on 2 December, 2019, Red Emperor agreed to fund the completion of an existing committed work programme (comprising geological and geophysical studies) for the final year of the existing permit term, up to a capped amount of A$150,000. Contemporaneous with such work programme being completed, the existing JV partners, Pilot Energy - 60% interest and Key Petroleum - 40% interest, in conjunction with Red Emperor, formally applied to the National Offshore Petroleum Titles Administrator (NOPTA) for a renewal of the permit, which expired on 19 February 2020.
NOPTA recently advised the joint venture partners that their renewal application was successful, however Red Emperor has decided not to exercise its option, which expired at midnight on Friday, 5 June 2020.
The Company continues to conduct high level due diligence on a number of projects around the world and looks forward to updating its evaluation of such opportunities as they progress.
Source: Red Emperor Resources