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Red Emperor Resources losses deepen after Alaska well disappoints

By BFN News | 09:55 AM | Monday 16 September, 2019


Red Emperor Resources posted a deeper annual loss, owing to a hefty exploration write off in Alaska. Pre-tax losses for the year through June amounted to A$10.3m, compared to loss of A$0.7m on-year, and included an A$8.4m exploration write off. The company had an interest in the Winx-1 exploration well in Alaska operated by 88 Energy, which indicated low oil saturations. Evaluation of data acquired at Winx-1 was ongoing ahead of completion of required technical and evaluation work for the 2020/2021 drilling season. At 9:55am: (LON:RMP) Red Emperor Resources share price was -0.01p at 0.56p Story provided by StockMarketWire.com

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