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Red Emperor Resources confirmed it had become a cash shell, having relinquished blocks on Alaska's North Slope.
The company was now required under AIM listing rules to make an acquisition that constituted a reverse takeover within six months from 21 July, or to become an investing company.
Red Emperor said it had cash at bank of at 30 June of about A$4.6m.
'The company will continue to evaluate a number of oil and gas opportunities in line with its strategy and principal activities since being admitted to trading on AIM in 2011,' it said.
At 1:27pm: (LON:RMP) Red Emperor Resources share price was +0.09p at 0.54p