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Red Emperor Resources NL #RMP announced, in its quarterly activities and cashflow report for the period ended 31 March 2020, that the company funded the completion of the existing committed work programme required under the final year of exploration permit WA-481-P in the offshore Perth Basin. It has an exclusive option to acquire a 70% interest in, and the right to operate, WA-481-P, in return for paying the JV partners collectively A$500,000. The company has until 15 business days after NOPTA's approval of the abovementioned permit renewal application to exercise such option. During the quarter, the company received the requisite formal approval for the previously announced reassignment of its equity interest in Block SC55 from the Philippine's Department of Energy.
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