Red Emperor 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 Limited - 60% interest and Key Petroleum Limited - 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.