As it filed full year results Red Rock Resources highlighted the ‘post balance sheet event’ that is says charts the company’s new course.
It pointed to the investment in Elephant Oil, which has oil exploration interest in West Africa, and an option in Northcote’s Shoats Creek project in Louisiana as ‘transformative prospects’ which give the possibility of a significant flow of income in the current financial year.
The financial year reported on, however, was described as “a period of great difficulty”.
Red Red chairman Andrew Bell, in his statement, said the company’s frustrations were not restricted to the general ills of the natural resources sector and acknowledged that the previously set out restructuring strategy had continued with “agonising slowness”.
On the list of frustrations identified by Bell was the delayed completion of a sale of Colombian gold mining operations which closed in May, he also noted problems related to the Mid Migori Mining operation and a possible deal for Star Striker Ltd (was Resource Star).
Red Rock reported a £8.4mln loss for the twelve months to June 30 of which around £6.7mln came from impairments and provision for bad debt.
The company said ‘other expenses’ amounted to £1.3mln for the year, down from £1.5mln in 2014 and £2.2mln in the year before that.