Red Emperor Resources said trading of its shares on the Australian Securities Exchange has been suspended because the exchange operator has ruled the company doesn't have sufficient operations to justify a current quotation.
The company said it disagreed with the ASX's position and continues to seek further clarification on the ruling.
Trading of the company's securities on the UK's AIM market "will continue at this time", it said.
Red Emperor said it retains a a holding in Block SC55 in the Philippines and an agreed work program is scheduled to commence once all JV equity interests are confirmed.
"However there have been lengthy delays in ratifying the company's equity interest increase from 15% to 37.5% at the Philippines Department of Energy," it added.
At 9:47am: (LON:RMP) Red Emperor Resources share price was +0.02p at 1.22p