- Red Emperor Resources said it had withdrawn from a joint venture in the Philippines.

The company said its board had decided that participating in the Block SC55 venture would not represent an optimum use of shareholder funds.

The venture's most recent plans would involve significant expenditure including the commitment to drill an exploration well in 2020.

Red Emperor said it had advised the operator, Palawan55, of its intention to withdraw from the joint venture and have its equity interest re-assigned.

'Red Emperor still awaits formal approval of this reassignment from the Department of Energy and will advise shareholders once this has occurred,' the company said. Story provided by