Red Emperor losses widen as work at Alaskan and Filipino projects ramp-up

Red Emperor Resources saw losses widen in its last trading year, as it forged ahead with development prospects in the US and the Philippines.

On Thursday, the AIM-listed exploration outfit reported a loss of $1.4m in 2018 - a 221% widening of the $435,035 in losses reported a year earlier due to growing expenses.

Red Emperor, along with fellow London-listed firm 88 Energy and ASX traded Otto Energy, inked an agreement with Great Bear Petroleum during the year to acquire the majority of Great Bear's working interest in four leases across the western flank of Alaska's North Slope region.

88 Energy, via its subsidiary Captivate Energy Alaska, began drilling at its Winx prospect, a 3D seismic defined oil prospect with a gross mean unrisked prospective resource of 400m barrels and a geological chance of success around 25% to 30%.

In the Philippines, Red Emperor started work at block SC55 following the award of a seismic data reprocessing and quantitative interpretation contract as part of an ongoing effort to help de-risk previously identified targets and identify new highly prospective leads.

As of 1455 GMT, Red Emperor shares had tumbled 59.46% to 1.64p.