14th May 2019 10:53
LONDON (Alliance News) - Red Emperor Resources NL on Tuesday confirmed it has received a USD1.1 million refund for work in Alaska.
Red Emperor shares were 12% higher at a price of 0.60 pence each in morning trade.
The funds had been given in the form of a performance bond, for work at the Winx-1 exploration well on Alaska's North Slope.
"Red Emperor is financially well placed to proceed with its evaluation plans for the Western Blocks and continue its ongoing evaluation of other project opportunities, with a current cash balance of approximately AUD5.9 million," said the company.
Late March, operator 88 Energy Ltd plugged and abandoned the Winx-1 well site following disappointing results.
Related Shares:
88 EnergyRMP.L