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| Share Name | Share Symbol | Market | Type | Share ISIN | Share Description |
|---|---|---|---|---|---|
| Synergia Energy Ltd | LSE:SYN | London | Ordinary Share | AU0000233538 | ORD NPV |
| Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
|---|---|---|---|---|---|---|---|---|---|---|
| 0.00 | 0.00% | 0.12 | 0.115 | 0.125 | 0.1225 | 0.12 | 0.12 | 26,332,476 | 16:10:19 |
| Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
|---|---|---|---|---|---|
| Crude Petroleum & Natural Gs | 1.3M | -5.38M | -0.0006 | -2.00 | 10.1M |
From Apr 2019 to Apr 2024
TIDMOEX
RNS Number : 6766U
Oilex Ltd
31 July 2015
Highlights
CAMBAY PSC, ONSHORE GUJARAT, INDIA
-- Maiden Reserves achieved for the Cambay Field
o Gross 2P Reserves of 206 Bcf gas and 8.0 MMbbls of condensate (C5(+) ) in the Y zone
(Oilex net working interest 93 Bcf gas and 3.6 MMbbls of C5(+) )
o Gross 3P Reserves of 377 Bcf gas and 17.3 MMbbls of condensate (C5(+) ) in the Y zone
(Oilex net working interest 170 Bcf gas and 7.8 MMbbls of C5(+) )
o Gross 2C Unrisked Contingent Resources of 720 Bcf gas and 52.8 MMbbls of C5(+) in the X and Y zones
(Oilex net working interest 324 Bcf gas and 23.8 MMbbls of C5(+) )
-- 2P Reserves validate Oilex's programme for commercial development of the Cambay Field
-- Establishment of Reserves provides a strong foundation for the expedited development of the Cambay Field to achieve key corporate objectives of increasing reserves, production and cashflow
-- Cambay-73 production facilities completed, with gas sales commenced in June 2015 and Cambay-77H production expected to commence during August 2015
-- Targeting cash flow positive operations in India by the end of 2015
BHANDUT FIELD, ONSHORE GUJARAT, INDIA
-- During the quarter scope of works was completed and the tendering process was initiated and completed for the construction of the gas production facility. Bids received have been technically and commercially evaluated. Bhandut-3 production anticipated to commence in September 2015.
CORPORATE
-- Subsequent to the end of the quarter, Oilex announced a two tranche placement and underwritten rights issue to raise US$23 million (A$30 million) (Capital Raising)
-- First tranche placement completed to raise US$1.4 million (A$1.8 million)
-- Fully underwritten rights issue to raise US$5.3 million (A$7.0 million), in progress
-- Second tranche placement completed to raise US$16.3 million (A$21.2 million), subject to shareholder approval at a General Meeting to be held on 12 August 2015
-- Upon successful completion of the Capital Raising, Oilex will be fully funded to deliver the Cambay Field 2015/16 work programme, a transformational event for the Company
Operations review
HEALTH, SAFETY, SECURITY AND ENVIRONMENT
No Lost Time Incidents recorded during the quarter.
CAMBAY FIELD, GUJARAT, INDIA
(Oilex: Operator and 45% interest)
Independent Reserves and Resources
RISC Operations Pty Ltd (RISC), an Australian based, internationally recognised independent petroleum advisory group, completed an independent Resource Report of the Eocene Formation of the Cambay Field in April 2015. This work follows on from its evaluation of Cambay-77H flowback and test data in December 2014.
Table 1: Reserves
Hot Features
Premium
Estimated Cambay Field Reserves
------------------- ---------------------------------------------------
1P* 2P 3P
----------------- --------------- ---------------
Gas C5(+) Gas C5(+) Gas C5(+)
Y Zone Bcf MMbbls Bcf MMbbls Bcf MMbbls
------------------- ------ --------- ----- -------- ----- --------
Total - Gross Nil Nil 206 8.0 377 17.3
------------------- ------ --------- ----- -------- ----- --------
Oilex net working
interest Nil Nil 93 3.6 170 7.8
------------------- ------ --------- ----- -------- ----- --------
*Gross 90 Bcf of gas and 2.9 MMbbls of C5+ (Oilex net working interest of 40.5 Bcf of gas and 1.3 MMbbls of C5+) would be categorised as 1P subject to securing finance for the development, according to the PRMS guidelines. These quantities are included in the 1C Contingent Resources in Table 2.
Table 2: Contingent Resources
Unrisked Cambay Field Contingent Resource
Estimates
------------------- ----------------------------------------------------
1C 2C 3C
------------------- ----------------- --------------- ----------------
X and Y Zones Gas C5+ Gas C5+ Gas C5+
Bcf MMbbls Bcf MMbbls Bcf MMbbls
------------------- ------- -------- ----- -------- ------ --------
Total - Gross 388 23.7 720 52.8 1239 104
------------------- ------- -------- ----- -------- ------ --------
Oilex net working
interest 215** 12** 324 23.8 557.6 46.8
------------------- ------- -------- ----- -------- ------ --------
**Includes Oilex net working interest of 40.5 Bcf of gas and 1.3 MMbbls of C5+ that would be categorised as 1P subject to securing finance for the development.
The Reserves are attributed to an area of the Cambay Field having multiple vintage and modern well intersections of the X and Y zones with hydrocarbon flows. The area encompasses recent Oilex operated drilling and production testing activity including the successful Cambay-77H well, the first successfully production tested multi-stage frac'd horizontal well in India.
Gas Market
Gas is currently marketed on a competitive tender basis to buyers and will be sold into a low pressure local market, commencing with production from Cambay-73. Contractual commitments are in place from previous tendering activities and cover gas sales for up to 2 years.
Production and Facilities
Cambay-73
During the quarter Oilex completed the Cambay-73 oil and gas production facilities on budget and ahead of schedule. Construction of the pipeline commenced during the quarter, with tie in to the production facilities completed in June, followed by pre commissioning and start up activities.
Gas sales commenced from Cambay-73 into the low pressure local market near the Cambay Field at the end of June. Average daily production from Cambay-73 is 50.5 boepd including condensate. This is the first gas to be sold from the Y zone in the Eocene EP-IV Formation that contains 2P gas Reserves of 206 Bcf (gross) and 2P oil Reserves of 8 MMbbls (gross) as independently assessed by RISC Operations Pty Ltd. For further information, please refer to Oilex's announcement dated 16 April 2015 for details of the independently classified Cambay Field Reserves and Contingent Resources.
Demand for gas from local light industrial businesses is ongoing, with expressions of interest to purchase gas continuing to be received by Oilex including from buyers who previously bid for Cambay-73 gas. Later this year, Oilex intends to recommence production from Cambay-77H to increase gas sales to the local low pressure market as well as commencing gas sales from Bhandut-3. In addition, the approved firm work programme for 2015/16, which is subject to available funding (including successful completion of the Capital Raise) includes 5 well workovers and consideration is being given to those which have penetrated the same formation and could be capable of gas production for the local market.
Condensate (API 49 ) co-produced with gas is separated at the Cambay Field, combined with other Cambay Field crude oil and transported by truck to be sold to a nearby refinery at import parity price using Bonny Light Crude as a marker reference.
Oilex has also started an assessment of nearby legacy wells which may be capable of being tied into the Cambay-73 facilities should they have surplus capacity. In conjunction with this, the Cambay Joint Venture will evaluate expanding supply to the local low pressure gas market as a method to increase production and cash flow with minimal investment.
The scheduled commencement of gas sales into the Indian domestic market reinforces Oilex's strategic advantage as an early mover in tight gas production in India and highlights the Company's ability to access infrastructure and successfully execute its work programmes.
Infrastructure
The Cambay Field is located approximately 10km from the high pressure gas pipeline network with spare capacity. The pipeline connection to the high pressure grid will be constructed and owned by a third party, which is likely to be an affiliate of Oilex's joint venture partner, Gujarat State Petroleum Corporation (GSPC). Timing of construction has yet to be determined.
The 2P Reserves are anticipated to support a plateau gas production rate of 50MMscfd, whilst the 2P + 2C combined volumes may support a plateau gas production rate of 125 - 250MMscfd. Studies, yet to be completed, will determine an optimum field gas production profile and incorporate data from wells drilled as part of the 2015/16 budget.
The establishment of Reserves provides a strong foundation for the expedited development of the Cambay Field and achievement of our key corporate goals of increasing production, cash flow and reserves. Oilex's first-mover advantage in opening the Cambay Basin (and India) to development of its significant tight oil and gas resources, places the Company on a strong growth trajectory in a robust energy market.
TOTAL NET PRODUCTION - 301 BBLS and 487 MSCF for the quarter
The Cambay Field delivered net oil production of 301 barrels and 487 MSCF for the three months to 30 June, an increase for oil of 46% on the previous quarter.
Work Programme and Budget 2015/16
The work programme and budget for the 2015/16 year has been approved by both the Joint Venture and the Government of India. Oilex has commenced work on schedule critical, tendering activities and expects to take advantage of the recent decrease in global oil & gas activity to achieve a reduction in drilling and other costs.
The work programme consists of a firm 2 well drilling campaign and 2 contingent wells for which all long lead items will be procured concurrently such that a timely decision can be made to commit to the contingent wells. The first well is expected to spud late in H2 2015, subject to the finalisation of funding. Full diameter core across the Y zone will be collected in each firm well. Special analyses will be conducted on each core and the data obtained from the analyses will be used to finalise the frac design for each well. Core analysis is widely undertaken in North America and it is anticipated that core data will lead to better frac efficiency compared to Cambay-77H. Prior to the commencement of the horizontal well drilling campaign, the JV plans to commence a legacy well work-over campaign to boost oil and possibly gas production. This work-over campaign is integral to achieving the Company's target of cash flow positive operations (excluding exploration and field development costs) in India during 2015.
Engineering studies for permanent production and gas treatment facilities have commenced. These studies will examine the cost and schedule parameters of a range of throughput sizes as part of the development planning for the field. The work includes conceptual design of a small throughput plant that would enable pipeline quality gas to be sold into the gas grid relatively quickly and thus tapping into a larger market.
Oilex has concluded two gas sale agreements (GSA) to date. GSAs are conducted via a bid system, with buyers submitting offers to purchase via a tender process. Given the demand for gas by nearby industrial users, strong pricing has been secured.
Existing industry located within 15km of the Cambay Field also means very low capital cost is associated with sales of gas to the local market and the tie-in to the existing gas transmission pipeline network. The network has excess capacity for additional gas that can be used for gas from the Cambay Field.
Oilex continues working towards bringing Cambay-77H and Bhandut-3 into production during H2 2015, noting the increase in gas demand around the Cambay Field area.
BHANDUT FIELD, GUJARAT, INDIA
(Oilex: Operator and 40% interest)
Harvesting Conventional Gas
Bhandut-3 has previously flowed at a maximum rate of 6.5MMscfd through a 10mm choke with a flowing tubing head pressure of 1,190 psia during an isochronal test. The test confirmed the reservoir sand has a permeability of 124mD, making it a conventional reservoir. It is planned to deliver approximately 0.5-1MMscfd from the Bhandut-3 well. The Company anticipates the cost of the production facilities payback in 7 months from commencement of production based upon the contracted gas price.
Having received endorsement of the gas sales agreement, the Bhandut Joint Venture has commenced establishing the appropriate production facilities for Bhandut-3. This will include a compressed natural gas (CNG) loading facility that will enable CNG "bullet" trucks to be loaded at site for transportation of the gas to end users. Bhandut-3 gas is "lean" and therefore no material condensate production is expected.
During the quarter scope of works was completed, the tendering process was initiated and completed for the construction of the gas production facility. Bids received have been technically and commercially evaluated, with award expected in Q3.
CANNING BASIN, WESTERN AUSTRALIA STP-EPA-0131, STP-EPA-0106, STP-EPA-0107
Wallal Graben
(Oilex: Operator and 100% interest)
The Canning Basin asset is located adjacent to the Pilbara, a global resource centre for iron ore and LNG in Western Australia. Oilex has a low cost entry into a province with the key determinates for successful development, being:
-- Markets -- Infrastructure -- Geology
The acreage is in a unique position in the Canning Basin as it is adjacent to many world class mining projects in the Pilbara region. There has been development of a significant amount of infrastructure in the area with the Great Northern Highway, numerous sealed roads, good quality graded roads and multiple airstrips being present within the Oilex acreage. The Telfer Gas pipeline traverses STP-EPA-0131 and any future pipelines from the Canning Basin to the main export terminals at Port Hedland and Karratha would have to pass through the Company's acreage (Figure 1).
The recently acquired airborne gravity and magnetic survey, together with 2D seismic, regional gravity, magnetic, surface geological and well data has confirmed Oilex's structural model of the Wallal Graben.
The graben is present in Oilex's three, 100%-owned, exploration areas encompassing approximately 11,900 km(2) (3 million acres).
During the quarter Oilex completed the burial history modelling and source rock maturity study. The source rock maturity study confirms there is excellent source rock potential. A Prospects and Leads portfolio was completed for conventional plays and unconventional plays.
JPDA 06-103, TIMOR SEA
(Oilex: Operator and 10% interest)
The Joint Venture submitted a request to the Autoridade Nacional do Petroleo (ANP) to terminate the PSC by mutual agreement in accordance with its terms and without penalty or claim on 12 July 2013 (Request to Terminate).
The Request to Terminate followed Joint Venture concerns over the security of PSC tenure as a result of developments within the JPDA, including JPDA (06-103), which are outside the control and influence of the Joint Venture Participants, including:
(a) existence of separate unilateral rights to terminate the Certain Maritime Arrangements in the Timor Sea (CMATS) arising in 2013 in favour of both the Government of Timor Leste and the Government of Australia; and
(b) formal arbitration proceedings being initiated by the Timor Leste Government against the Government of Australia to have CMATS declared void ab initio.
On 15 January, 2014 the ANP suspended the PSC for 3 months to provide sufficient time for a response to the Request to Terminate be determined. The ANP subsequently granted successive 3 month extensions to the PSC.
During the quarter the ANP responded to the Joint Venture and advised that the Request to Terminate had been rejected. Shortly thereafter, the Joint Venture received a Notice of Intent to Terminate the PSC (Notice) from the ANP.
The Notice asserts a monetary claim against the Joint Venture for payment of the estimated cost of exploration activities not carried out in 2013 and certain local content obligations set out in the PSC. The total amount sought to be recovered by the ANP in the Notice is approximately US$17 million (Oilex share US$1.7million). The Company has not provided for a monetary settlement in its accounts and given the significant overpayment in the work programme would not anticipate making such a provision.
The Joint Venture has previously requested credit for excess expenditure on the approved work programme in the amount of circa US$56 million and this issue remains unresolved. The Notice does not include any reference to, nor allowance for, credit for excess monies which have been spent by the Joint Venture during the PSC term. Oilex considers such excess expenditure should be included as part of any financial assessment incorporated in the termination process.
Subsequent to the end of the quarter, the ANP issued the Notice of Termination of the PSC JPDA 06-103 effective 15 July 2015.
The Joint Venture continue to discuss the financial liability of the Contractor upon termination.
WEST KAMPAR PSC, CENTRAL SUMATRA, INDONESIA
(Oilex: 45% interest and further 22.5% secured*)
A Court approved Scheme of Arrangement has been implemented over the Operator, however Oilex continues to pursue enforcement of the Arbitration Award and a commercial settlement.
NEW OPPORTUNITIES
No work on new opportunities completed during the quarter.
CORPORATE
During the quarter Oilex appointed PAC Partners Pty Ltd as its Australian Broker. PAC Partners is a leading independent equities provider with a focus on leading emerging and mid cap companies and also the wholesale business partner of PhillipCapital in Australia.
At the end of the quarter the Company retained a cash position of $1.2 million.
Subsequent to the end of the quarter Oilex announced a two tranche placement and underwritten rights issue to raise US$23 million (A$30 million) to fund the 2015/16 work programme, Canning Basin work programme and working capital. The components of the funding are as follows:
-- First tranche placement completed to raise US$1.4 million (A$1.8 million) -- Fully underwritten rights issue to raise US$5.3 million (A$7.0 million), in progress
-- Second tranche placement completed to raise US$16.3 million (A$21.2 million), subject to shareholder approval at a General Meeting to be held on 12 August 2015
Upon successful completion of the Capital Raising, Oilex will be fully funded to deliver the Cambay Field 2015/16 work programme, a transformational event for the Company.
Following the establishment of 2P reserves at Cambay during the quarter, a review of additional funding options has commenced as part of a strategy to consider accessing appropriate debt facilities to assist in the further development of the Cambay Field.
The Company's website www.oilex.com.au is regularly updated with current information.
CORPORATE DETAILS
Board of Directors Share Registry
Max Cozijn Non-Executive Chairman Link Market Services Limited
Central Park
Level 4
152 St. Georges Terrace
Perth, WA 6000 Australia
Telephone: +1300 554 474
Website:
https://investorcentre.linkmarketservices.com.a
u
Computershare Investor Services
PLC
The Pavilions
Bridgwater Road
Bristol BS13 8AE United Kingdom
Telephone: +44 (0) 870 703 6149
Facsimile: +44 (0) 870 703 6116
Sundeep Bhandari Non-Executive Vice
Chairman
Jeffrey Auld Non-Executive Director
Ron Miller Managing Director
Company Secretary
Chris Bath Chief Financial Officer
& Company Secretary
Stock Exchange Listing
Australian Securities Exchange
Code: OEX
AIM Market of London Stock Exchange
Code: OEX
Capital Structure as at 30 June
2015
Ordinary Shares 677,906,039
Listed Options 188,596,471
Unlisted Options 33,975,000
ASSET SCHEDULE - 30 JUNE 2015
-----------------------------------------------------------------------------------------------------------------
ASSET LOCATION ENTITY EQUITY % OPERATOR
--------------------- ------------------------- ------------------ ------------------ -----------------------
Cambay Field Cambay/Gujarat/India Oilex Ltd 30.0 Oilex Ltd
PSC
--------------------- ------------------------- -----------------------
Oilex NL
Holdings
(India)
Limited 15.0
------------------ ------------------ -----------------------
Bhandut Field Cambay/Gujarat/India Oilex NL 40.0 Oilex NL Holdings
PSC Holdings (India) Limited
(India)
Limited
--------------------- ------------------------- ------------------ ------------------ -----------------------
Sabarmati Field Cambay/Gujarat/India Oilex NL 40.0 Oilex NL Holdings
PSC Holdings (India) Limited
(India)
Limited
--------------------- ------------------------- ------------------ ------------------ -----------------------
West Kampar Central Sumatra/ Oilex (West 67.5 (1) PT Sumatera
PSC Indonesia Kampar) Persada Energi
Limited
--------------------- ------------------------- ------------------ ------------------ -----------------------
JPDA 06-103 Flamingo/ Joint Oilex (JPDA 10.0 Oilex (JPDA
PSC Petroleum Development 06-103) 06-103) Ltd
Area/Timor-Leste Ltd
& Australia
Canning/Western
Australia
--------------------- ------------------------- ------------------ ------------------ -----------------------
STP-EPA-0131 Canning/Western Admiral 100.0 Admiral Oil
Australia Oil Pty Pty Ltd
Ltd
--------------------- ------------------------- ------------------ ------------------ -----------------------
STP-EPA-0106 Canning/Western Admiral 100.0 Admiral Oil
Australia Oil and and Gas (106)
Gas (106) Pty Ltd
Pty Ltd
--------------------- ------------------------- ------------------ ------------------ -----------------------
STP-EPA-0107 Canning/Western Admiral 100.0 Admiral Oil
Australia Oil and and Gas (107)
Gas (107) Pty Ltd
Pty Ltd
--------------------- ------------------------- ------------------ ------------------ -----------------------
(1) Oilex (West Kampar) Limited is entitled to have assigned an additional 22.5% to its holding through the exercise of its rights under a Power of Attorney granted by SPE following the failure of SPE to repay funds due. The assignment has been provided to BPMigas (now SKK Migas) but has not yet been approved or rejected. If Oilex is paid the funds due it will not pursue this assignment.
LIST OF ABBREVIATIONS AND DEFINITIONS
Barrel/bbl Standard unit of measurement for all oil and condensate
production. One barrel is equal to 159 litres or
35 imperial gallons.
------------- ------------------------------------------------------------
MMBO Million standard barrels of oil or condensate
------------- ------------------------------------------------------------
MSCFD Thousand standard cubic feet (of gas) per day
------------- ------------------------------------------------------------
MMSCFD Million standard cubic feet (of gas) per day
------------- ------------------------------------------------------------
BBO Billion standard barrels of oil or condensate
------------- ------------------------------------------------------------
BCF Billion Cubic Feet of gas at standard temperature
and pressure conditions
------------- ------------------------------------------------------------
Discovered Is that quantity of petroleum that is estimated,
in place as of a given date, to be contained in known accumulations
volume prior to production
------------- ------------------------------------------------------------
Undiscovered Is that quantity of petroleum estimated, as of a
in place given date, to be contained within accumulations
volume yet to be discovered
------------- ------------------------------------------------------------
PSC Production Sharing Contract
------------- ------------------------------------------------------------
Prospective Those quantities of petroleum which are estimated,
Resources as of a given date, to be potentially recoverable
from undiscovered accumulations.
------------- ------------------------------------------------------------
Contingent Those quantities of petroleum estimated, as of a
Resources given date, to be potentially recoverable from known
accumulations by application of development projects,
but which are not currently considered to be commercially
recoverable due to one or more contingencies.
Contingent Resources may include, for example, projects
for which there are currently no viable markets,
or where commercial recovery is dependent on technology
under development, or where evaluation of the accumulation
is insufficient to clearly assess commerciality.
Contingent Resources are further categorized in
accordance with the level of certainty associated
with the estimates and may be sub-classified based
on project maturity and/or characterised by their
economic status.
------------- ------------------------------------------------------------
Reserves Reserves are those quantities of petroleum anticipated
to be commercially recoverable by application of
development projects to known accumulations from
a given date forward under defined conditions.
Proved Reserves are those quantities of petroleum,
which by analysis of geoscience and engineering
data, can be estimated with reasonable certainty
to be commercially recoverable, from a given date
forward, from known reservoirs and under defined
economic conditions, operating methods and government
regulations.
Probable Reserves are those additional Reserves
which analysis of geoscience and engineering data
indicate are less likely to be recovered than Proved
Reserves but more certain to be recovered than Possible
Reserves.
Possible Reserves are those additional reserves
which analysis of geoscience and engineering data
indicate are less likely to be recoverable than
Probable Reserves.
Reserves are designated as 1P (Proved), 2P (Proved
plus Probable) and 3P (Proved plus Probable plus
Possible).
Probabilistic methods
P90 refers to the quantity for which it is estimated
there is at least a 90% probability the actual quantity
recovered will equal or exceed. P50 refers to the
quantity for which it is estimated there is at least
a 50% probability the actual quantity recovered
will equal or exceed. P10 refers to the quantity
for which it is estimated there is at least a 10%
probability the actual quantity recovered will equal
or exceed.
------------- ------------------------------------------------------------
Qualified Petroleum Reserves and Resources Evaluator statement
Pursuant to the requirements of Chapter 5 of the ASX Listing Rules, the information in this report relating to petroleum reserves and resources is based on and fairly represents information and supporting documentation prepared by or under the supervision of Mr. Peter Bekkers, Chief Geoscientist employed by Oilex Ltd. Mr. Bekkers has over 19 years experience in petroleum geology and is a member of the Society of Petroleum Engineers and AAPG. Mr. Bekkers meets the requirements of a qualified petroleum reserve and resource evaluator under Chapter 5 of the ASX Listing Rules and consents to the inclusion of this information in this report in the form and context in which it appears. Mr. Bekkers also meets the requirements of a qualified person under the AIM Note for Mining, Oil and Gas Companies and consents to the inclusion of this information in this report in the form and context in which it appears.
Rule 5.3
Appendix 5B
Mining exploration entity quarterly report
Introduced 1/07/96. Origin: Appendix 8. Amended 1/07/97, 1/07/98, 30/09/01, 1/06/10, 17/12/10, 01/05/13.
Name of entity
OILEX LTD
ABN Quarter ended (current quarter)
50 078 652 632 30 June 2015
----------------- -------------------------------
1 Consolidated statement of cash flows
----- -------------------------------------------------------------------------------------
Current quarter Year to date
$A'000 (12 months)
$A'000
---------------- -------------
Cash flows related to operating activities
Receipts from product sales and
1.1 related debtors 22 314
Payments for (a) exploration
1.2 and evaluation (788) (8,741)
(b) development (150) (150)
(c) production (38) (530)
(d) administration (net) (554) (2,890)
1.3 Dividends received - -
Interest and other items of a
1.4 similar nature received 3 39
1.5 Interest and other costs of finance
paid - -
1.6 Income taxes paid - -
1.7 Other - R&D Grant - 358
------- -------------------------------------------------- ---------------- -------------
Net Operating Cash Flows (1,505) (11,600)
------- -------------------------------------------------- ---------------- -------------
Cash flows related to investing activities
Payment for purchases of:
(a) prospects - -
(b) equity investments - -
1.8 (c) other fixed assets (26) (108)
1.9 Proceeds from sale of:
(a) prospects (refer 2.2 below) - -
(b) equity investments - -
(c) other fixed assets -
1.10 Loans from/(to) other entities (13) 3
1.11 Loans repaid by other entities - -
1.12 Other - -
----------- ---------------------------------------------- ---------------- -------------
Net investing cash flows (39) (105)
----------- ---------------------------------------------- ---------------- -------------
Total operating and investing
1.13 cash flows (carried forward) (1,544) (11,705)
----------- ---------------------------------------------- ---------------- -------------
Current quarter Year to date
$A'000 (12 months)
$A'000
----- ---------------------------------- ---------------- -------------
Total operating and investing
1.13 cash flows (brought forward) (1,544) (11,705)
----- ---------------------------------- ---------------- -------------
Cash flows related to financing
activities
Proceeds from issues of shares,
1.14 options, etc (net) (28) 5,325
Proceeds from sale of forfeited - -
1.15 shares
1.16 Proceeds from borrowings (net) - -
1.17 Repayment of borrowings - -
1.18 Dividends paid - -
1.19 Other - -
----- ---------------------------------- ---------------- -------------
Net financing cash flows (28) 5,325
----- ---------------------------------- ---------------- -------------
Net increase (decrease) in cash
held (1,572) (6,380)
Cash at beginning of quarter/year
1.20 to date 2,744 7,456
Exchange rate adjustments to
1.21 item 1.20 15 111
----- ---------------------------------- ---------------- -------------
1.22 Cash at end of quarter 1,187 1,187
----- ---------------------------------- ---------------- -------------
Payments to directors of the entity and associates Current quarter
of the directors $A'000
Payments to related entities of the entity and associates
of the related entities
--------------------------------------------------------------- ----------------
Aggregate amount of payments to the parties
1.23 included in item 1.2 210
------- ------------------------------------------------------ ----------------
Aggregate amount of loans to the parties included
1.24 in item 1.10
------- ------------------------------------------------------ ----------------
1.25 Explanation necessary for an understanding of the transactions
------- ------------------------------------------------------------------------
2 Non-cash financing and investing activities
---- ------------------------------------------------------------
2.1 Details of financing and investing transactions which
have had a material effect on consolidated assets and
liabilities but did not involve cash flows
------------------------------------------------------------
N/A
---- ------------------------------------------------------------
2.2 Details of outlays made by other entities to establish
or increase their share in projects in which the reporting
entity has an interest
------------------------------------------------------------
N/A
---- ------------------------------------------------------------
3 Financing facilities available Amount available Amount used
Add notes as necessary for $A'000 $A'000
an understanding of the position.
---- -----------------------------------
3.1 Loan facilities - -
----------------- ------------
3.2 Credit standby arrangements - -
---- ----------------------------------- ----------------- ------------
4 Estimated cash outflows for next quarter $A'000
-------
4.1 Exploration and evaluation 300
-------
4.2 Development 200
-------
4.3 Production 200
-------
4.4 Administration 800
-------
Total 1,500
---- ----------------------------------------- -------
5 Reconciliation of cash
----- ----------------------------------------------------------------------
Reconciliation of cash at the
end of the quarter (as shown
in the consolidated statement
of cash flows) to the related Current quarter Previous quarter
items in the accounts is as follows. $A'000 $A'000
---------------------------------------- ---------------- -----------------
5.1 Cash on hand and at bank 1,187 2,604
5.2 Deposits at call - 140
5.3 Bank overdraft - -
5.4 Other (provide details) - -
---------------- -----------------
Total: cash at end of quarter
(item 1.22) 1,187 2,744
----- --------------------------------- ---------------- -----------------
6 Changes in interests in mining tenements and petroleum
tenements
----
Interest Interest
Tenement Nature of interest at beginning at end
reference (note (2)) of quarter of quarter
---- ------------------------- ----------- ----------------------- -------------- ------------
6.1 Interests in
mining tenements
and petroleum Refer to Asset
tenements relinquished, Schedule in Quarterly
reduced or lapsed Report
---- ------------------------- ----------- ----------------------- -------------- ------------
6.2 Interests in
mining tenements
and petroleum Refer to Asset
tenements acquired Schedule in Quarterly
or increased Report
---- ------------------------- ----------- ----------------------- -------------- ------------
7 Issued and quoted securities at end of current quarter
Description includes rate of interest and any redemption
or conversion rights together with prices and dates.
---- ------------------------------------------------------------------------------------------
Issue price Amount paid
Total number Number quoted per security up per security
------------------------------ ------------- -------------- -------------- -----------------
7.1 Preference +securities
(description) - - - -
------------- -------------- -------------- -----------------
7.2 Changes during
quarter
(a) Increases through
issues - - - -
(b) Decreases through
returns of capital,
buy-backs, redemptions - - - -
---- ------------------------ ------------- -------------- -------------- -----------------
7.3 +Ordinary securities 677,906,039 677,906,039 Various -
------------- -------------- -------------- -----------------
7.4 Changes during
quarter
(a) Increases through
rights issue or -
placement - - - -
(b) Increases through
employee performance
rights issues - - - -
(c) Increases through
issues (options
exercised) - - - -
(d) Decreases through
returns of capital,
buy-backs - - - -
---- ------------------------ ------------- -------------- -------------- -----------------
Amount
Issue price paid up
Total number Number quoted per security per security
----- -------------------------- ------------- ---------------- -------------- --------------
7.5 +Convertible debt
securities (description) - - - -
------------- ---------------- -------------- --------------
7.6 Changes during quarter
(a) Increases through
issues - - - -
(b) Decreases through
securities matured,
converted - - - -
----- -------------------------- ------------- ---------------- -------------- --------------
Exercise Expiry
7.7 Options price date
------------- ---------------- -------------- --------------
(description and
conversion factor)
188,596,471 188,596,471 $0.15 07/09/2015
75,000 - $0.63 01/08/2015
3,000,000 - $0.15 17/12/2015
5,000,000 - $0.25 08/03/2016
500,000 - $0.15 27/06/2016
2,000,000 - $0.15 04/11/2016
2,000,000 - $0.15 11/11/2016
3,000,000 - $0.15 05/12/2016
250,000 - $0.15 10/03/2017
500,000 - $0.25 27/06/2017
1,325,000 - $0.25 05/08/2017
1,500,000 - $0.25 25/08/2017
2,000,000 - $0.25 11/11/2017
5,000,000 - $0.10 22/12/2017
500,000 - $0.25 16/02/2018
250,000 - $0.25 10/03/2018
1,075,000 - $0.35 05/08/2018
500,000 - $0.35 16/02/2019
4,000,000 - $0.15 29/04/2019
1,500,000 - $0.35 25/08/2019
------------- ----------------
Total 222,571,471 188,596,471
----- -------------------------- ------------- ---------------- -------------- --------------
7.8 Issued during quarter - - - -
----- -------------------------- --------------- -------------- -------------- --------------
7.9 Exercised during - - - -
quarter
----- -------------------------- --------------- -------------- -------------- --------------
7.10 Expired during quarter 250,000 - $0.35 15/08/2018
----- -------------------------- --------------- -------------- -------------- --------------
7.11 Debentures Nil Nil
(totals only)
----- -------------------------- --------------- --------------
7.12 Unsecured notes Nil Nil
(totals only)
----- -------------------------- --------------- -------------- -------------- --------------
Compliance statement
1 This statement has been prepared under accounting policies which comply with accounting standards as defined in the Corporations Act or other standards acceptable to ASX.
2 This statement does give a true and fair view of the matters disclosed. Sign here: Date: 31 July 2015
CFO & Company Secretary
Print name: Chris Bath
This information is provided by RNS
The company news service from the London Stock Exchange
END
MSCWGUQWMUPAUQG
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