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| Share Name | Share Symbol | Market | Type | Share ISIN | Share Description |
|---|---|---|---|---|---|
| Global Petroleum Limited | LSE:GBP | London | Ordinary Share | AU000000GBP6 | ORD NPV |
| Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
|---|---|---|---|---|---|---|---|---|---|---|
| -0.0025 | -3.03% | 0.08 | 0.075 | 0.085 | 0.0825 | 0.08 | 0.0825 | 12,129,811 | 09:00:20 |
| Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
|---|---|---|---|---|---|
| Crude Petroleum & Natural Gs | 0 | -1.28M | -0.0010 | -0.80 | 1.03M |
From May 2019 to May 2024
TIDMGBP
RNS Number : 3717Z
Global Petroleum Ltd
14 March 2017
14 March 2017
Global Petroleum Limited
("Global" or the "Company")
Unaudited interim results for the six months to 31 December 2016
Global Petroleum announces its unaudited interim financial results for the six months to 31 December 2016.
Copies of the full Half Year Financial Report are also available from the ASX website at www.asx.com and from the Company's web site at www.globalpetroleum.com.au.
For further information please contact:
Hot Features
Premium
Global Petroleum Limited
Peter Hill, Managing Director +44 (0) 20 7495
& CEO 6802
+61 (0) 7 3310
Damien Cronin, Company Secretary 8732
Cantor Fitzgerald Europe (Nominated
Adviser & Joint Broker)
+44 (0) 20 7894
Sarah Wharry / Craig Francis 7000
GMP FirstEnergy Capital LLP (Joint
Broker)
+44 (0) 20 7448
Hugh Sanderson 0200
Tavistock (Financial PR & IR)
+44 (0) 20 7920
Simon Hudson / Niall Walsh 3150
Directors' Report
We are pleased to present the Global Interim Financial Report for the half year ended 31 December 2016.
Oil prices increased in the latter part of 2016, with the Brent price averaging US$47 per barrel over the reporting period.
The Company's Petroleum Exploration Licence covering two blocks, 1910B and 2010A in the Walvis Basin Offshore Namibia, was extended in December 2015 into Phase 2, which is for a duration of 24 months with a reduced Minimum Work Programme. In place of the previous well commitment in Phase 2, the Company undertook to reprocess and re-interpret previously acquired 2D seismic data and to shoot 800 kilometres of new 2D. To this end the Company's technical team has evaluated reprocessed 2D seismic data from the 1990s and also reprocessed speculative 2D seismic data shot over its blocks in 2011/12 by seismic company TGS, both of which were purchased in 2016. The evaluation of this data has proven to be very encouraging with regard to the hydrocarbon potential in Global's blocks. Notably the work has increased confidence in a syn-rift oil play in the outboard or deep water region offshore Namibia and the likely presence of both reservoir and source within the Company's blocks. Combined with the existing prospect portfolio within the blocks, this has improved Global's view on the overall prospectivity of its acreage. Towards the end of 2016, the Company invited tenders for the new infill 2D seismic survey, and these tenders are currently being evaluated.
The Company previously announced that environmental decrees had been published by the Italian authorities in relation to two of the Company's four offshore permit applications (d 82 F.R-GP and d 83 F.R-GP). The Company was informed in December 2016 that relevant local authorities had appealed against the two environmental decrees. After the end of the reporting period, Global was informed that a further six appeals had been launched against the environmental decrees by a mixture of local urban authorities and special interest groups. The Company will take the necessary steps to oppose all of the appeals. The Company understands that local authorities have recently appealed against other environmental decrees in the Southern Adriatic, and that such appeals have been rejected by the competent legal tribunal.
Financial
During the half year ended 31 December 2016, the Group recorded a loss after tax of US$957,681 (31 December 2015: loss US$1,287,728). Cash balances at 31 December 2016 amounted to US$8,922,223 (30 June 2016: US$10,172,598). The Group has no debt.
Strategy and Outlook
The ability to raise the finance necessary for funding asset development following an acquisition has remained challenging in the context of the relative slump in the commodity price since 2014. However, oil prices increased in the latter part of 2016, and market conditions for E&P financings have shown some improvement recently.
Consistent with its previously announced strategy, over the course of the reporting period the Company has continued to engage with counterparties holding appropriate assets. Global remains in a strong cash position in comparison to many of its peers, and the Company remains confident of making a key investment in due course.
John van der Welle Peter Hill
Chairman Chief Executive
Officer
1. OPERATING AND FINANCIAL REVIEW
Namibian Project
The Namibian Project consists of an 85% participating interest in Petroleum Exploration Licence Number 29 ("Licence") covering Offshore Blocks 1910B and 2010A in the Republic of Namibia. The Licence, issued on 3 December 2010, originally covered 11,730 square kilometres and is located offshore Namibia in water depths ranging from 1,300 metres to 3,000 metres (Refer Figure 1). The Initial Exploration Period of the Licence expired in December 2014, and Global fulfilled its corresponding work obligations approximately halfway through the initial four year term. The Company agreed with the Namibian Ministry of Mines and Energy ("MME") a 12 month extension of the Initial Exploration Period to December 2015, on the basis of an agreed work programme which entailed further interpretation work on existing seismic data.
In December 2015, the Company entered into the First Renewal Exploration Period (Phase 2) of the Licence, making a mandatory relinquishment of 50% of the Licence Area. Phase 2 is for a duration of 24 months with a reduced Minimum Work Programme which does not now contain a well commitment. Instead, the Company has undertaken to reprocess and re-interpret previously acquired 2D seismic data and to shoot 800 kilometres of new 2D. To this end the Company's technical team has evaluated reprocessed 2D seismic data from the 1990s which was purchased in 2016, and has recently taken delivery of reprocessed speculative 2D seismic data shot over its blocks in 2011/12 by the seismic company, TGS. Work on the seismic continues to be very encouraging with regard to the hydrocarbon potential in Global's blocks. Notably the work has increased confidence in a syn-rift oil play in the outboard or deep water region offshore Namibia and the likely presence of both reservoir and source within the Company's blocks. Combined with the existing prospect portfolio within the blocks, this has improved Global's view on the overall prospectivity of the acreage. During the reporting period, the Company invited tenders for the new infill 2D seismic survey, and these tenders are currently being evaluated.
The Company's wholly owned subsidiary, Jupiter Petroleum (Namibia) Limited, remains operator with an 85% interest in the two blocks, with partners NAMCOR and Bronze Investments Pty Ltd holding 10% and 5% respectively, both as carried interests.
http://www.rns-pdf.londonstockexchange.com/rns/3717Z_-2017-3-14.pdf
Permit Applications in the Southern Adriatic, Offshore Italy
In August 2013, the Company submitted an application and proposed work programme and budget to the Italian Ministry of Economic Development for four exploration areas offshore Italy (the "Permit Applications" - Figure 2). The Permit Applications were then published on 30 September 2013 in the Official Bulletin allowing other competitive bids to be made over the subsequent three months. In accordance with Italian offshore regulations, Global subsequently submitted the relevant documentation to the respective authorities in relation to environmental requirements, and in connection with the satisfaction of certain technical and financial requirements. The Company was subsequently informed that it had duly satisfied the technical/financial requirements. The Company has previously announced that environmental decrees have been published by the Italian authorities in relation to two of the Company's four applications (d 82 F.R-GP and d 83 F.R -GP). In December 2016, the Company was informed that relevant local authorities had appealed against these two environmental decrees. The Regional Authority, Puglia, appealed against both environmental decrees and the town of Ostuni appealed against d 82 F.R-GP. The Company has opposed the three appeals by filing a response with the competent legal tribunal. After the end of the reporting period, Global was informed that a further six appeals had been launched against the two environmental decrees by a mixture of local urban authorities and special interest groups. The Company will also take the necessary steps to oppose all of the further appeals. The Company understands that similar appeals were recently made against environmental decrees granted to other companies in the Southern Adriatic, and that all such appeals were rejected by the competent legal tribunal.
http://www.rns-pdf.londonstockexchange.com/rns/3717Z_1-2017-3-14.pdf
The Southern Adriatic and adjacent areas continue to be the focus of industry activity. Within the Italian Southern Adriatic for example, seismic acquisition companies are planning to run large multi-client 2D acquisition programmes. Recent licensing rounds in neighbouring countries have attracted the interest of large companies.
In Montenegro, offshore concessions have very recently been awarded to Marathon, OMV and Eni, with these companies also having been awarded offshore licences in Croatia. In Albania, an onshore licensing round has concluded, with several applicants. Shell have operated with some success in Albania exploring and developing fields with similar geological characteristics to those encountered offshore in the Southern Adriatic.
In Greece, there has been a major offshore licensing round off the west coast of the country, and also to the south of Crete. This has followed a major multi-client seismic survey in the area. The offshore Katakolon field, which has similar geology to the Southern Adriatic area, has had a field development plan prepared by the operator.
Business Development
The ability to raise the finance necessary for funding asset development following an acquisition has remained challenging in the context of the relative slump in the commodity price since 2014. However, oil prices increased in the latter part of 2016, and market conditions for E&P financings have shown some improvement recently.
Global remains in a strong cash position in comparison to many of its peers, and is thus well placed to fund work activity on its Namibian acreage, its Italian application interests (subject to award), and to implement a change of focus through acquisition. We have continued over the latter period to engage with counterparties holding appropriate assets, and remain confident of making a key investment in due course.
Presentation currency
The financial information in this half year report is presented in United States dollars (US$).
2. DIRECTORS
The directors of the Company at any time during or since the end of the half year are:
Non-Executive
Mr John van der Welle - Chairman
Mr Peter Blakey
Mr Damien Cronin
Mr Andrew Draffin
Mr Peter Taylor
Executive
Mr Peter Hill - Managing Director and Chief Executive Officer
3. ASX LISTING RULE 5.4.3
The following information is provided in accordance with ASX Listing Rule 5.4.3:
-- The Company holds Petroleum Exploration Licence Number 29 covering Offshore Blocks 1910B and 2010A in the Republic of Namibia.
-- No petroleum tenements were acquired by the Company during the review period. During the review period the Company surrendered its Juan de Nova Est Permit in the French Dependency of Juan de Nova.
-- No beneficial percentage interests in joint venture, farm-in or farm-out agreements were acquired or disposed of by the Company during the review period.
4. SUBSEQUENT EVENTS
There has not arisen, in the interval between the end of the half year and the date of this report, any item, transaction or event of a material nature likely, in the opinion of the directors of the Company, to affect significantly the operations of the Group, the results of those operations or the state of affairs in subsequent financial periods.
5. AUDITOR'S INDEPENCE DECLARATION UNDER SECTION 307C OF THE CORPORATIONS ACT 2001
The lead auditor's independence declaration is set out on page 8 and forms part of the Directors' Report for the 6 month period ended 31 December 2016.
Signed in accordance with a resolution of the directors:
DAMIEN CRONIN
Director and Company Secretary
13 March 2017
CONDENSED CONSOLIDATED STATEMENT OF PROFIT AND LOSS AND OTHER COMPREHENSIVE INCOME
For the six months ended 31 December 2016
For the six months ended
31 December
Note 2016 2015
US$ US$
------------------------------------ ----- ---------- ------------
Continuing operations
Salaries and employee benefits
expense (216,290) (178,425)
Administrative expenses (400,499) (583,380)
Other expenses (225,719) (222,800)
Business development expenses 4 (77,267) (111,164)
Exploration expenditure expensed - (91,749)
Foreign exchange gain (loss) (37,467) (106,955)
Equity based remuneration 6 (22,348) (16,357)
Results from operating activities (979,590) (1,310,830)
------------------------------------ ----- ---------- ------------
Finance income 21,909 23,102
------------------------------------ ----- ---------- ------------
Net finance income 21,909 23,102
------------------------------------ ----- ---------- ------------
Profit (loss) before tax (957,681) (1,287,728)
Tax benefit (expense) - -
------------------------------------ ----- ---------- ------------
Profit (loss) from continuing
operations after tax (957,681) (1,287,728)
------------------------------------ ----- ---------- ------------
Profit (loss) for the period (957,681) (1,287,728)
------------------------------------ ----- ---------- ------------
Other comprehensive income
Foreign currency translation
differences - foreign operations - -
Other comprehensive income (loss)
for the period, net of tax - -
Total comprehensive income (loss)
for the period (957,681) (1,287,728)
==================================== ===== ========== ============
Earnings per share (cents)
Basic earnings (loss) per share (0.47) (0.65)
------------------------------------ ----- ---------- ------------
Diluted earnings (loss) per
share (0.47) (0.65)
------------------------------------ ----- ---------- ------------
The condensed consolidated statement of profit and loss and comprehensive income is to be read in conjunction with the accompanying notes to the Condensed Consolidated Interim Financial Statements.
CONDENSED CONSOLIDATED STATEMENT OF FINANCIAL POSITION
As at 31 December 2016
Note 31 December 30 June
2016 2016
US$ US$
------------------------------- ----- ------------- -------------
Assets
Cash and cash equivalents 8,922,223 10,172,598
Trade and other receivables 133,936 128,710
Prepayments 59,515 58,925
------------------------------- ----- ------------- -------------
Total current assets 9,115,674 10,360,233
------------------------------- ----- ------------- -------------
Plant and equipment 11,020 12,341
Exploration assets 4 526,067 286,667
------------------------------- ----- ------------- -------------
Total non-current assets 537,087 299,008
------------------------------- ----- ------------- -------------
Total assets 9,652,761 10,659,241
------------------------------- ----- ------------- -------------
Liabilities
Trade and other payables 99,437 193,543
Current tax payable - -
Provisions 121,512 98,553
------------------------------- ----- ------------- -------------
Total current liabilities 220,949 292,096
------------------------------- ----- ------------- -------------
Total non-current liabilities - -
------------------------------- ----- ------------- -------------
Total liabilities 220,949 292,096
------------------------------- ----- ------------- -------------
Net assets 9,431,812 10,367,145
=============================== ===== ============= =============
Equity
Issued share capital 39,221,112 39,198,764
Reserves 1,423,555 1,423,555
Accumulated losses (31,212,855) (30,255,174)
------------------------------- ----- ------------- -------------
Total equity 9,431,812 10,367,145
=============================== ===== ============= =============
The condensed consolidated statement of financial position is to be read in conjunction with the accompanying notes to the Condensed Consolidated Interim Financial Statements.
CONDENSED CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
For the six months ended 31 December 2016
Attributable to owners of the Company
-------------------------- --------------------------------------------------------------------------------
Share Option Foreign Accumulated Total
Capital Reserve Currency Losses Equity
Translation
Reserve
US$ US$ US$ US$
US$
-------------------------- ------------------ --------- -------------------- ------------- ------------
Six months ended
31 December 2016
Balance at 1
July 2016 39,198,764 836,728 586,827 (30,255,174) 10,367,145
Issued shares
(refer Note 6) 22,348 - - - 22,348
Total comprehensive
profit(loss)
for the period:
Net profit(loss)
for the period - - - (957,681) (957,681)
Other comprehensive
profit(loss):
Foreign exchange
translation differences - - - - -
------------------ ---------
Total comprehensive
profit(loss)
for the period - - - (957,681) (957,681)
Balance at 31
December 2016 39,221,112 836,728 586,827 (31,212,855) 9,431,812
================== ========= ==================== ============= ============
Six months ended
31 December 2015
Balance at 1
July 2015 39,145,581 836,728 586,827 (27,918,661) 12,650,475
Issued shares 16,357 - - - 16,357
Total comprehensive
profit(loss)
for the period:
Net profit(loss)
for the period - - - (1,287,728) (1,287,728)
Other comprehensive
profit(loss):
Foreign exchange
translation differences - - - - -
-------------------- ------------- ------------
Total comprehensive
profit(loss)
for the period - - - (1,287,728) (1,287,728)
------------------ --------- -------------------- ------------- ------------
Balance at 31
December 2015 39,161,938 836,728 586,827 (29,206,389) 11,379,104
================== ========= ==================== ============= ============
Amounts are stated net of tax
The condensed consolidated statement of changes in equity is to be read in conjunction with the accompanying notes to the Condensed Consolidated Interim Financial Statements
CONDENSED CONSOLIDATED STATEMENT OF CASH FLOWS
For the six months ended 31 December 2016
For the six months
ended
31 December
2016 2015
US$ US$
--------------------------------------- ------------ ------------
Cash flows from operating activities
Cash paid to suppliers and employees (1,059,606) (1,226,838)
Interest received 21,909 23,102
Refunds (payments) of GST and
VAT 96,438 151,110
Net cash provided by (used in)
operating activities (941,259) (1,052,626)
------------ ------------
Cash flows from investing activities
Exploration and business development
expenditure (316,667) (254,363)
Net cash from (used in) investing
activities (316,667) (254,363)
------------ ------------
Net increase (decrease) in cash
and cash equivalents (1,257,926) (1,306,989)
Cash and cash equivalents at
1 July 10,172,598 12,707,727
Effects of exchange rate fluctuations
on cash and cash equivalents 7,551 (9,062)
Cash and cash equivalents at
31 December 8,922,223 11,391,676
============ ============
The condensed consolidated statement of cash flows is to be read in conjunction with the accompanying notes to the Condensed Consolidated Interim Financial Statements.
NOTES TO THE CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS
For the six months ended 31 December 2016
1. REPORTING ENTITY
Global Petroleum Limited ("Global") is a company domiciled in Australia. Global is a company limited by shares incorporated in Australia and whose shares are publicly traded on the Australian Securities Exchange (ASX) and the London Stock Exchange (AIM). The condensed consolidated interim financial statements of the Company as at and for the six months ended 31 December 2016 comprise the Company and its controlled entities (together referred to as the "Group"). The Group is a for-profit entity and is primarily involved in oil and gas exploration and development.
The consolidated annual financial statements of the Group as at and for the year ended 30 June 2016 are available upon request from the Company's registered office at Level 5, Toowong Tower, 9 Sherwood Road, Brisbane, QLD 4066, Australia or at www.globalpetroleum.com.au.
2. BASIS OF PREPARATION
Statement of compliance
These interim financial statements have been prepared in accordance with AASB 134 Interim Financial Reporting, the Corporations Act 2001 and IAS 34 Interim Financial Reporting. They should be read in conjunction with the Group's last annual consolidated financial statements as at and for the year ended 30 June 2016 ('last annual financial statements'). They do not include all of the information required for a complete set of annual financial statements, however, selected explanatory notes are included to explain events and transactions that are significant to an understanding of the changes in the Group's financial position and performance since the last annual financial statements.
These interim financial statements were authorised for issue by the Company's board of directors on 13 March 2017
The financial information in this half year report is presented in United States dollars ("US$").
Use of judgement and estimates
In preparing these interim financial statements, management has made judgements, estimates and assumptions that affect the application of accounting policies and the reported amounts of assets and liabilities, income and expense. Actual results may differ from these estimates.
Any significant judgements made by management in applying the Group's accounting policies and the key sources of estimation uncertainty were the same as those that applied to the consolidated financial statements as at and for the year ended 30 June 2016.
3. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
The accounting policies applied in these interim financial statements are the same as those applied to the Group's consolidated financial statements as at and for the year ended 30 June 2016.
4. EXPLORATION ASSETS
6 months to 12 months
31 December to
2016 30 June 2016
US$ US$
-------------------------- ------------- --------------
Balance at beginning of 286,667 -
period
Expenditure incurred and
capitalised during the
period 239,400 286,667
-------------------------- ------------- --------------
Balance at end of period 526,067 286,667
-------------------------- ------------- --------------
The expenditure incurred and capitalised amount of US$239,400 (31 Dec 2015: US$51,450) relates to expenditure on the Group's Namibian licences.
An amount of US$77,267 (31 Dec 2015: US$111,164) was spent on business development, which relates to the Group's activities in assessing opportunities in the oil and gas sector.
5. EQUITY SECURITIES ISSUED
Discretionary grant of shares
On 26 August 2016, the Company made a discretionary grant of shares, following shareholder approval at the AGM on 17 November 2015, to the directors. 838,842 ordinary shares were issued for no consideration.
This share grant was accounted for as a share based payment and this resulted in US$22,348 being recognised as an expense in the half year period. (31 Dec 2015: US$16,357 was recognised as an expense arising from shares granted during the prior half year period.)
6 months to 31 Number of shares Value of shares December 2016 ------------------- ----------------- ----------------------- Peter Hill 517,545 AU$18,114 (US$13,788) ------------------- ----------------- ----------------------- John van der Welle 93,629 AU$3,277 (US$2,494) ------------------- ----------------- ----------------------- Peter Blakey 48,771 AU$1,707 (US$1,299) ------------------- ----------------- ----------------------- Damien Cronin 130,126 AU$4,554 (US$3,468) ------------------- ----------------- ----------------------- Andrew Draffin Nil Nil ------------------- ----------------- ----------------------- Peter Taylor 48,771 AU$1,707 (US$1,299) ------------------- ----------------- ----------------------- Total 838,842 AU$ 29,359 (US$22,348) ------------------- ----------------- -----------------------
Options cancelled and issued
No options were issued or cancelled in the 6 month period to 31 December 2016.
6. SHARE BASED PAYMENTS
Other than the grant of shares disclosed in Note 5, no other share based payments were made during the 6 month period to 31 December 2016. No options were issued, exercised, or cancelled in this period.
7. SEGMENT INFORMATION
The following is an analysis of the Group's revenue and results by reportable segment.
Africa - the Group currently holds prospective oil and gas exploration interests offshore Namibia.
Africa Consolidated
For the six months 2016 2015 2016 2015
ended 31 December US$ US$ US$ US$
----------------------------- ----------- ------------ ------------ --------------
Segment revenue
External revenue - - - -
----------------------------- ----------- ------------ ------------ --------------
Total revenue - - - -
============================= =========== ============ ============ ==============
Segment result
Segment result - (91,749) - (91,749)
- (91,749) - (91,749)
----------------------------- ----------- ------------ ------------ --------------
Interest income - - 21,909 23,102
Net foreign exchange
gain (loss) - - (37,467) (106,955)
Corporate and administration
costs - - (919,775) (1,095,769)
Equity based remuneration - - (22,348) (16,357)
Profit (loss) for
the period before
tax - - (957,681) (1,287,728)
----------------------------- ----------- ------------ ------------ --------------
Income tax benefit - - - -
----------------------------- ----------- ------------ ------------ --------------
Profit (loss) for
the 6 month period - - (957,681) (1,287,728)
============================= =========== ============ ============ ==============
Assets
Segment assets 561,175 301,912 561,175 301,912
Unallocated assets - - 9,091,586 10,357,329
----------------------------- ----------- ------------ ------------ --------------
Consolidated Assets 9,652,761 10,659,241
============================= =========== ============ ============ ==============
Liabilities
Segment liabilities 10,394 15,293 10,394 15,293
Unallocated liabilities - - 210,555 276,803
----------------------------- ----------- ------------ ------------ --------------
Consolidated liabilities 220,949 292,096
============================= =========== ============ ============ ==============
8. CAPITAL AND JOINT VENTURE COMMITMENTS
8.1 Exploration expenditure commitments
In order to maintain current rights of tenure to exploration tenements, the Group is required to perform minimum exploration work to meet the minimum expenditure requirements specified by various foreign governments where exploration tenements are held. These obligations are subject to renegotiation when application for a tenement is made and at other times. These obligations are not provided for in the financial statements. Financial commitments for subsequent periods can only be determined at future dates, as the success or otherwise of exploration programmes determines courses of action allowed under options available in tenements.
8.2 Joint venture commitments
On 26 August 2011, the Group acquired Jupiter Petroleum Limited ("Jupiter") which holds prospective oil and gas exploration interests in offshore Namibia. In order to maintain current rights of tenure to the exploration licences, Global is required to perform minimum exploration work to meet the minimum expenditure requirements specified in the Namibian Petroleum Exploration Agreement. The obligations include:
(a) First Renewal Exploration Period (Two years from 4 December 2015 to 3 December 2017):
The Ministry of Mines and Energy agreed a 2 year renewal period to run until 3 December 2017. They also agreed a 50% relinquishment of the licence area. Minimum exploration expenditure for the First Renewal Exploration Period:
-- The reprocessing of existing 2D seismic lines across that portion of the Licence Area which is retained following the mandatory 50% relinquishment. This was completed during the second and third quarter of 2016.
-- Acquisition of 800km of long offset 2D over the retained acreage. The reprocessed existing 2D data will be used to assist with the design and location of the new survey. The Company has invited tenders for the new 2D seismic survey, and these tenders are currently being evaluated.
(b) Second Renewal Period (Two years from 4 December 2017):
-- Acquisition, processing and interpretation of additional seismic data (if necessary) and the drilling of one exploration well. Minimum exploration expenditure for the Second Renewal Exploration Period: US$20 million, or US$21 million if new seismic is required.
Jupiter has an 85% interest in the Petroleum Exploration Licence, however, it is responsible for 100% of the expenditure requirements with its joint venture partners holding a total of 15% free carried interest.
9. FINANCIAL INSTRUMENTS
The financial assets and liabilities consist of trade and other receivables and trade and other payables. The financial assets and liabilities are carried at amortised cost, the carrying value is assumed to approximate their fair value.
10. SUBSEQUENT EVENTS
There has not arisen, in the interval between the end of the half year and the date of this report, any item, transaction or event of a material nature likely, in the opinion of the directors of the Company, to affect significantly the operations of the Group, the results of those operations or the state of affairs in subsequent financial periods.
DIRECTORS' DECLARATION
In the opinion of the directors of Global Petroleum Limited:
1. the condensed consolidated interim financial statements and notes, set out on pages 9 to 16 are in accordance with the Corporations Act 2001 including:
(a) giving a true and fair view of the Group's financial position as at 31 December 2016 and of its performance for the 6 month period ended on that date; and
(b) complying with Australian Accounting Standard AASB 134 Interim Financial Reporting and the Corporations Regulations 2001; and
2. there are reasonable grounds to believe that the Company will be able to pay its debts as and when they become due and payable.
Signed in accordance with a resolution of the directors:
DAMIEN CRONIN, Director and Company Secretary
13 March 2017
-ends-
This information is provided by RNS
The company news service from the London Stock Exchange
END
IR GIGDXBGBBGRS
(END) Dow Jones Newswires
March 14, 2017 04:11 ET (08:11 GMT)
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