Red Rock Resources plc said it had been conducting due diligence on a private offer of “some promising hydrocarbon assets” in Central America.
PROGRESS
Chairman Andrew Bell added that the assets had the potential to restore the company’s “nine-year-old oil and gas function”.
“We are always ready to look at highly prospective projects, especially ones which are held out as potentially cash flow-generative, and conduct due diligence on many prospects which we never announced.
“This one was worth marking as standing out from the crowd, but also because some expense will be incurred in the due diligence exercise and should it look like progressing we will make an announcement in due time.”
Among Red Rock’s portfolio are copper-gold assets in the Democratic Republic of Congo, which are subject of an arbitration.
The company said it hoped to progress the matter further this week.