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Share Name | Share Symbol | Market | Type | Share ISIN | Share Description |
---|---|---|---|---|---|
Oilex Ld | LSE:OEX | London | Ordinary Share | AU000000OEX8 | 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% | 0.165 | 0.00 | 01:00:00 |
Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
---|---|---|---|---|---|
0 | 0 | N/A | 0 |
TIDMOEX
RNS Number : 3852N
Oilex Ltd
29 January 2016
29 January 2016
OILEX LTD - dECEMBER 2015 qUARTERLY rEPORT
HIGHLIGHTS
CAMBAY FIELD, ONSHORE GUJARAT, INDIA
>> Workover on Cambay-77H completed, production from Cambay-77H has gradually increased from 51 boepd to average 70 boepd by end of December 2015
>> Cambay-19z is now producing oil and associated gas from the Eocene Formation and is performing to expectations
>> Cambay-20 workover successfully completed and workover rig demobilised
>> Negotiations continue with our joint venture partner to address payment of outstanding cash calls, contributions to workovers, timetable and contribution to drilling of Cambay-78H and Cambay-80H wells resulting in delays to planned activities and cashflows
BHANDUT FIELD, ONSHORE GUJARAT, INDIA
>> Construction of the gas production facility completed and ready for start up
>> Gas buyer responsible for construction of pipeline and estimates completion by end of January 2016
>> Bhandut-3 commercial production is anticipated to commence mid-February
CORPORATE
>> During the quarter, the Company commenced a review of its organisational structure, overhead and corporate costs, with cost savings of between 15%-20% per annum identified and being implemented in Q1 2016
>> Appointed Joe Salomon as Independent NED, having 30 years' experience in the oil and gas industry, in November 2015
>> With the retirement of two non-executive directors pursuant to the AGM, the Board is reviewing the existing Board structure and the appointment of additional suitably qualified and experienced directors
>> Zeta Resources Limited (10.3% shareholder) defaulted on its deferred funding commitment of $9.4 million and commenced legal action against the Company. The Company filed its defence and counterclaim on 16 December 2015. The parties have agreed to a standstill on legal action until 1 March 2016 for parties to explore a possible commercial resolution.
operations review
OVERVIEW
Despite the depressed global oil price, the Company continues to focus on completion of the Cambay workovers and production from Bhandut-3 to improve its short term revenue stream, as imported LNG is the only major competitor for the Company's Indian domestic gas production and therefore gas prices have remained somewhat resilient. The Company continues to seek a solution to progress the development of the broader Cambay project, taking into account the joint venture partner funding arrears and the difficult financial markets for funding early stage development projects.
HEALTH, SAFETY, SECURITY AND ENVIRONMENT
No Lost Time Incidents recorded during the quarter.
TOTAL NET OIL AND GAS PRODUCTION - 324 BBLS and 5.5 MMscf for the quarter (1,278 boe)
The Cambay Field delivered net oil and gas production of 324 bbls and 5.5 MMscf for the three months to 31 December. This is a decrease of 115 boe on the previous quarter, reflecting lower offtake from small variations in the buyer consumption over the quarter.
At the end of the quarter, Bhandut Field production had not commenced due to a delay by the gas buyer in completing the pipeline installation.
During 2015 the Company implemented a plan to target a daily production rate of 340 boepd gross from Cambay and Bhandut Fields. Production during the December quarter was below the plan due to the delay in commencement of Bhandut-3 production, delays in undertaking workovers as a result of unpaid cash calls and constraints on the existing gas buyer. The Company will assess a new targeted daily production rate after commencement of Bhandut-3 production and an assessment of the local economic parameters.
CAMBAY FIELD, GUJARAT, INDIA
(Oilex: Operator and 45% interest)
The India workover campaign is targeting incremental oil and gas production from existing wells that will contribute cash flow to the Indian operations. Cambay-19z is now producing oil at 12 bopd plus associated gas from the Eocene (EP-IV) formation, and is within expectations. The associated gas is used at site to power the pump. The operation to reposition the downhole pump was successfully completed during the quarter. The well has also been fitted with a chemical injection system to improve flow performance. Cambay-19z is located approximately 1.4 km to the west of Cambay-77H.
During the quarter, installation of the HLP unit and downhole pump at Cambay-20 was completed and pumping out of the brine had commenced. Gas had been detected at surface in a similar manner to Cambay-19z and influx from the reservoir to the well bore is still being assessed. Cambay-20 has previously been an intermittent oil and gas producer without using a downhole pump.
Production and Facilities
Cambay-73
Cambay-73 remains shut in, as Cambay-77H can meet gas buyer's current demand in the low-pressure market. Pressure and production volume measurements are continually recorded to provide further information about the Y Zone reservoir.
Cambay-77H
During the quarter, the Company completed the workover at Cambay-77H which included replacement of the frac tree with a production tree and installation of production tubing.
Since restarting production, Cambay-77H has gradually increased from 51 boepd. The initial average production rate for 10 days (IP10) was 71.5 boepd and average IP10 condensate gas ratio (CGR) was 92.5 bbls/MMscf. Production for 30 days was achieved on 4 January 2016 and Cambay-77H averaged 70 boepd, meeting the buyer's demand, with an average tubing head pressure of 1,851psig and the CGR remained stable averaging 90 bbls/MMscf. With further production, it is still expected that the CGR may decrease to the anticipated 40-50 bbls/MMscf as the tubing head pressure decreases.
Cambay-78H and Cambay-80H
As previously advised, our joint venture partner has formally indicated to the Company that it wished to vary the approved work programme. In light of this and the change in the Company's funding arrangements resulting from non-receipt in November 2015 of the deferred settlement portion of the capital raising from Zeta Resources Limited, approved by Shareholders on 12 August 2015, the commencement of the approved two well drilling programme, including tendering, will be delayed. Any change to the approved work programme for the Joint Venture agreed between the parties requires subsequent approval by the Government of India (GOI), under the terms of the Cambay Production Sharing Contract, and will be announced to the market at that time.
Cambay Gas Market
Cambay-77H gas continues to be sold into the low-pressure gas market in the immediate vicinity of the field partially serviced by the gas buyer and has a peak demand rate of 0.57 MMscfd. The Company has been monitoring the licensing process by the GOI for expansion of a City Gas Distribution Network for the Anand Geographical Area (Area) which is 1,900 km(2) . The Cambay Field is located within the Area and has a natural competitive advantage to imported LNG, which is currently used to supply gas within the Area.
The award of the license to upgrade and enhance the gas distribution network is anticipated to be made during Q1 2016. Under these arrangements, existing and new commercial/industrial customers having a gas demand up to 2.5 MMscfd are expected to be supplied by the licensee who sources gas from upstream producers, such as the Cambay Joint Venture.
Joint Venture Management
As at 31 December 2015 the joint venture partner owed US$8.6 million to the Cambay Joint Venture. The Company has had a number of constructive meetings with its joint venture partner to resolve the outstanding joint venture receivable amount, the workover campaign, rescheduling the drilling of Cambay-78H and Cambay-80H wells, and the joint venture partner's participation in these wells. While these negotiations continue, various activities for the Cambay project will be delayed. As at 31 December 2015 Indian joint venture creditors totalled US$2.4 million, and payments are being managed by the Operator pending receipt of outstanding cash calls.
A draft budget for the 2016/17 year has been submitted to the Joint Venture for review and consideration.
Oilex has engaged the services of Mr Vijay Mishra to provide strategic advice for its entire Indian business. Mr Vijay Mishra has over 25 years' experience in the oil and gas industry in India, including senior positions with ONGC and Oil India Ltd including Staff Officer to the Chairman, Country Head for the Sapura Group (Malaysia). Mr Mishra has been Chairman of Interlink Petroleum Limited since October 2012.
BHANDUT FIELD, GUJARAT, INDIA
(Oilex: Operator and 40% interest)
Harvesting Conventional Gas
The Bhandut-3 well and the associated gas production facilities are ready for start-up at 0.70MMscfd. The gas buyer is responsible for construction of a pipeline to deliver the gas for further processing and had undertaken to have the pipeline completed no later than 31 December 2015. The buyer has now estimated the pipeline will be complete by the end of January 2016. The Company anticipates that Bhandut-3 commercial production may commence around mid-February. Bhandut gas is delivered to a third party operated gas processing plant where the gas is further treated to the required pipeline specification and subsequently compressed for entry into the gas network. Subject to assessing Bhandut-3's performance, it may be possible to increase the production rate to the facilities/flowline capacity of 1.3 MMscfd (220 boepd).
Figure 1: Bhandut Facility (see Oilex website)
Joint Venture Management
As at 31 December 2015 the joint venture partner owed US$0.3 million related to the Bhandut Joint Venture. The Company has had a number of constructive meetings with our joint venture partner to resolve the outstanding receivable amount.
WALLAL GRABEN - WESTERN AUSTRALIA (CANNING BASIN)
(Oilex: Operator and 100% interest)
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The Wallal Graben asset is located adjacent to the Pilbara, a global resource centre for iron ore and LNG in Western Australia. The Company has a low cost entry into a province with the key determinates for successful development, being:
-- Markets -- Infrastructure -- Geology
The Company has identified and evaluated a suite of 14 conventional prospects. An evaluation of the unconventional prospectivity was also undertaken which highlighted that unconventional plays are interpreted to exist and may be consistent with those identified by drilling in the Canning Basin. The leads and prospects inventory comprises multiple play-types ranging from simple structural traps to well-defined fan systems.
The Goldwyer Formation, an acknowledged resource play, is interpreted to exist within the Wallal Graben and is a focus objective for the Company. The Wallal Graben may be a relative sweet spot for these organic-rich source rocks due to its geological history.
Signing of Heritage Agreements with the Nyangumarta people in relation to the two northern blocks is linked to a request to the DMP that all three blocks be awarded simultaneously. Consultations on the Heritage Agreements for all blocks are ongoing.
Farmout efforts are still underway and the Company continues to review how to best market and fund this project given the current difficult economic climate for the oil and gas industry.
Figure 2: Significant infrastructure within and adjacent to Oilex's Wallal Graben permits (see Oilex website)
JPDA 06-103, TIMOR SEA
(Oilex: Operator and 10% interest)
Oilex in its capacity as Operator, on behalf of the Joint Venture Participants in the Joint Petroleum Development Area (JPDA) 06-103 Production Sharing Contract (PSC), received on 15 July 2015 a Notice of Termination and Demand for Payment (Notice) from the Autoridade Nacional do Petroleo (ANP). The Notice follows on from the rejection by the ANP of the Joint Venture request to terminate the PSC by mutual agreement, in good standing and without penalty.
The demand for payment of the monetary claim of US$17,018,790 is the ANP's estimate of the cost of exploration activities not undertaken in 2013, as well as certain local content obligations set out in the PSC. Since Oilex (JPDA 06-103) Ltd had a 10% equity interest in the PSC its share of the monetary claim is US$1,701,879. The Company has not provided for a monetary settlement in its financial statements. As the Joint Venture has made significant overpayments in the work programme, it is of the opinion that the excess expenditure should be included as part of any financial assessment incorporated in the termination process.
The Joint Venture continues to discuss the financial liability of the Contractor upon termination with the ANP.
WEST KAMPAR PSC, CENTRAL SUMATRA, INDONESIA
(Oilex: 45% interest and further 22.5% secured(1) )
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 VENTURES
The Company continues to search for attractive assets coming onto the market given the depressed nature of the industry, with a focus on Indian opportunities where the Company's experience in unconventional targets can be applied.
CORPORATE
At the end of the quarter the Company retained cash resources of $11.5 million.
During the quarter the Company commenced a review of its organisational structure, overhead and corporate costs. Subsequent to the end of the quarter the Company implemented cost reductions to achieve estimated savings of between 15%-20% per annum on its overhead and corporate costs. Cost reduction initiatives being implemented include:
-- 15% reduction in personnel on a full time equivalent basis, -- 10% reduction in salaries and wages for personnel, and -- 10% reduction in directors' fees.
Until a resolution on the way forward on the Cambay project is achieved, the Company continues to conserve its cash resources and further cost reduction initiatives may be necessary.
Zeta Litigation
The Company undertook a capital raising in July and August 2015 which included a 90 day deferred settlement component for the issue of shares and convertible notes to Zeta Resources Limited (Zeta). This consisted of the issue of $4,243,500 of 20 year, zero coupon unsecured convertible notes, as well as a subscription for 124,019,608 new ordinary shares at a price of $0.0418 per share (the Deferred Shares), with settlement to occur on 11 November and 12 November 2015 respectively. Zeta failed to settle the subscription for the Deferred Shares and the convertible notes and commenced legal action on or about 12 November 2015 against the Company in the Federal Court of Australia.
On 16 December 2015 the Company filed its defence in the Federal Court proceedings initiated by Zeta. The Company has also filed a cross-claim against Zeta seeking orders of specific performance requiring Zeta to perform its obligations and complete the relevant share subscription and convertible note agreements (or otherwise pay damages to the Company). With the agreement of the Court, the parties have established a standstill period until 1 March 2016 to explore a possible commercial resolution to the dispute.
The Company has incurred significant legal fees during the quarter as a result of this litigation which is reflected in the estimated Administration cash outflows reported in the Appendix 5B attached.
AIM Broker
Westhouse Securities withdrew as the Company's AIM broker on 13 November 2015 and was replaced by Strand Hanson who are also the Company's AIM Nomad. The Company is seeking to appoint a new full service AIM broker in the near future.
Board Composition
On 18 November 2015 Mr Sundeep Bhandari withdrew his nomination to stand for re-election as a Director of the Company and advised that he would retire at the close of the 25 November 2015 Annual General Meeting (AGM).
Shareholders at the AGM did not re-elect Mr Jeffrey Auld, and as a result, the Company needed to appoint a new director to satisfy its obligation under the Corporations Act to have a minimum of three directors.
The Company announced the appointment of Mr Jonathan (Joe) Salomon as an Independent Non-Executive Director of the Company effective 29 November 2015. Mr Salomon has over 30 years' experience working for upstream energy companies.
The Board is actively pursuing the appointment of suitable additional independent non-executive directors.
Capital Structure as at 31 December 2015 Ordinary Shares 1,180,426,999 Unlisted Options 26,150,000
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.
CORPORATE DETAILS Board of Directors Max Cozijn Non-Executive Chairman Joe Salomon Independent Non-Executive Director Ron Miller Managing Director Company Secretary Chris Bath CFO & Company Secretary Stock Exchange Listing Australian Securities Code: OEX Exchange AIM London Stock Code: OEX Exchange Share Registry Australia United Kingdom Link Market Services Limited Computershare Investor Central Park Services PLC Level 4 The Pavilions 152 St. Georges Terrace Bridgwater Road Perth, WA 6000 Australia Bristol BS13 8AE United Telephone: 1300 554 474 Kingdom Website: Telephone: +44 (0) 870 http://investorcentre.linkmarketservices.com.au 703 6149 Facsimile: +44 (0) 870 703 6116 Website: www.computershare.com
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PERMIT SCHEDULE
PERMIT SCHEDULE - 31 DECEMBER 2015 ---------------------------------------------------------------------------- ASSET LOCATION ENTITY EQUITY OPERATOR % --------------- ------------------ -------------- -------- ------------- Cambay Gujarat, Oilex Ltd 30.0 Oilex Ltd Field PSC India --------------- ------------------ ------------- Oilex NL Holdings (India) Limited 15.0 ------------------------------------------------- -------- ------------- Bhandut Gujarat, Oilex NL 40.0 Oilex NL Field PSC India Holdings Holdings (India) (India) Limited Limited --------------- ------------------ -------------- -------- ------------- Sabarmati Gujarat, Oilex NL 40.0 Oilex NL Field PSC India Holdings Holdings (India) (India) Limited Limited --------------- ------------------ -------------- -------- ------------- West Kampar Sumatra, Oilex (West 67.5 PT Sumatera PSC Indonesia Kampar) (1) Persada Limited Energi --------------- ------------------ -------------- -------- ------------- JPDA 06-103 Joint Petroleum Oilex (JPDA 10.0 Oilex (JPDA PSC Development 06-103) 06-103) Area Ltd Ltd Timor-Leste & Australia --------------- ------------------ -------------- -------- ------------- STP-EPA-0131 Western Admiral 100.0 Admiral Australia Oil Pty Oil Pty Ltd (2) Ltd (2) --------------- ------------------ -------------- -------- ------------- STP-EPA-0106 Western Admiral 100.0 Admiral Australia Oil and Oil and Gas (106) Gas (106) Pty Ltd Pty Ltd (2) (2) --------------- ------------------ -------------- -------- ------------- STP-EPA-0107 Western Admiral 100.0 Admiral Australia Oil and Oil and Gas (107) Gas (107) Pty Ltd Pty Ltd (2) (2) --------------- ------------------ -------------- -------- -------------
(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 PT Sumatera Persada Energi (SPE) following the failure of SPE to repay funds due. The assignment has been provided to BPMigas (now SKKMigas) but has not yet been approved or rejected. If Oilex is paid the funds due it will not pursue this assignment.
(2) Ultimate parent entity is Oilex Ltd.
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 in place estimated, as of a given date, to be volume contained in known accumulations prior to production ------------- ------------------------------------------------ Undiscovered Is that quantity of petroleum estimated, in place as of a given date, to be contained volume within accumulations yet to be discovered ------------- ------------------------------------------------ PSC Production Sharing Contract ------------- ------------------------------------------------ Prospective Those quantities of petroleum which Resources are estimated, as of a given date, to be potentially recoverable from undiscovered accumulations. ------------- ------------------------------------------------ Contingent Those quantities of petroleum estimated, Resources as of a 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. ------------- ------------------------------------------------
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
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OILEX LTD
ABN Quarter ended (current quarter) 50 078 652 632 31 December 2015 ----------------- ---------------------- 1 Consolidated statement of cash flows ----- ----------------------------------------------------------------------------- Current Year to quarter date $A'000 (6 months) $A'000 --------- ------------ Cash flows related to operating activities Receipts from product 1.1 sales and related debtors 60 162 Payments for (a) exploration 1.2 and evaluation (2,635) (4,416) (b) development (194) (194) (c) production (193) (429) (d) administration (net) (807) (1,882) 1.3 Dividends received - - Interest and other items 1.4 of a similar nature received 18 28 1.5 Interest and other costs of finance paid - - 1.6 Income taxes paid - - 1.7 Other - R&D Grant - - --------- ------------------------------------------------ --------- ------------ Net Operating Cash Flows (3,751) (6,731) ------- -------------------------------------------------- --------- ------------ Cash flows related to investing activities Payment for purchases of: (a) prospects - - (b) equity investments - - 1.8 (c) other fixed assets (10) (25) Proceeds from sale of: (a) prospects (refer 2.2 below) - - (b) equity investments - - 1.9 (c) other fixed assets 13 13 Loans from/(to) other - - 1.10 entities Loans repaid by other - - 1.11 entities 1.12 Other - - --------- ------------------------------------------------ --------- ------------ Net investing cash flows 3 (12) --------- ------------------------------------------------ --------- ------------ Total operating and investing 1.13 cash flows (carried forward) (3,748) (6,743) --------- ------------------------------------------------ --------- ------------ Current Year to quarter date $A'000 (6 months) $A'000 --------------------------------------- -------------------------------------- ------------------- ---------------- Total operating and investing 1.13 cash flows (brought forward) (3,748) (6,743) --------------------------------------- -------------------------------------- ------------------- ---------------- Cash flows related to financing activities Proceeds from issues of 1.14 shares, options, etc (net) (62) 17,178 Proceeds from sale of - - 1.15 forfeited shares Proceeds from borrowings - - 1.16 (net) 1.17 Repayment of borrowings - - 1.18 Dividends paid - - 1.19 Other - - --------------------------------------- -------------------------------------- ------------------- ---------------- Net financing cash flows (62) 17,178 --------------------------------------- -------------------------------------- ------------------- ---------------- Net increase in cash held (3,810) 10,435 Cash at beginning of quarter/year 1.20 to date 15,622 1,187 Exchange rate adjustments 1.21 to item 1.20 (265) (75) --------------------------------------- -------------------------------------- ------------------- ---------------- 1.22 Cash at end of quarter 11,547 11,547 --------------------------------------- -------------------------------------- ------------------- ---------------- Payments to directors of the entity and Current associates of the directors quarter Payments to related entities of the entity $A'000 and associates of the related entities ------------------------------------------------------------------------------------------------------ -------------- Aggregate amount of payments to the 1.23 parties included in item 1.2 149 --------------------------------------- ------------------------------------------------------------- -------------- Aggregate amount of loans to the 1.24 parties included 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 Amount available Amount used available $A'000 $A'000 Add notes as necessary for an understanding of the position. ----------------------------------- ---------------------------------------- 3.1 Loan facilities - - ------------------- ------------------
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3.2 Credit standby arrangements - - ----------------------------------- ---------------------------------------- ------------------- ------------------ 4 Estimated cash outflows for next $A'000 quarter ---------------- 4.1 Exploration and evaluation 2,520 ---------------- 4.2 Development 260 ---------------- 4.3 Production 315 ---------------- 4.4 Administration 1,400 ---------------- Total 4,495 ------------------------------------- ----------------------------------------------------------- ---------------- 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 items in Current quarter Previous quarter the accounts is as follows. $A'000 $A'000 ----------------------------------------------------------- ---------------------- --------------------------------- Cash on hand and at 5.1 bank 8,034 15,622 5.2 Deposits at call 3,513 - 5.3 Bank overdraft - - 5.4 Other (provide details) - - ---------------------- --------------------------------- Total: cash at end of quarter (item 1.22) 11,547 15,622 -------- ------------------------------------------------- ---------------------- --------------------------------- 6 Changes in interests in mining tenements and petroleum tenements -------- Nature of Interest Interest Tenement interest at beginning at end reference (note (2)) of quarter of quarter -------- ----------------------------- ---------------- ------------------ -------------------- ----------------- 6.1 Interests in mining tenements and petroleum Refer to tenements Permit relinquished, Schedule reduced or in Quarterly lapsed Report -------- ----------------------------- ---------------- ------------------ -------------------- ----------------- 6.2 Interests in mining tenements Refer to and petroleum Permit tenements Schedule acquired 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 Amount Total Number price paid up number quoted per security 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 1,180,426,999 1,180,426,999 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 paid Total Number price up per number quoted per security 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) 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 500,000 - $0.25 27/06/2017 1,075,000 - $0.25 05/08/2017
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