2nd Quarter Financial Report
30/01/2007 7:02am
UK Regulatory
RNS Number:3298Q
Gippsland Limited
30 January 2007
Rule 5.3
Appendix 5B
Mining exploration entity quarterly report
Introduced 1/7/96. Origin: Appendix 8. Amended 1/7/97, 1/7/98, 30/9/2001.
Name of entity
Gippsland Limited
ABN Quarter ended ("current quarter")
------------------- ------------------
31 004 766 376 31 December 2006
------------------- ------------------
Consolidated statement of cash flows
------------ ------------
Cash flows related to operating activities Current quarter Year to date
(6.months)
$A'000 $A'000
------------ ------------
------------
1.1 Receipts from product sales and related
debtors
1.2 Payments for (a) exploration and (253) (697)
evaluation
(b) development (138) (174)
(c) production
(d) administration (449) (835)
1.3 Dividends received
1.4 Interest and other items of a similar 5 58
nature received
1.5 Interest and other costs of finance paid
1.6 Income taxes paid
1.7 Other (provide details if material)
------------ ------------
Net Operating Cash Flows (835) (1,648)
------ ----------------------- ------------ ------------
Cash flows related to investing
activities
1.8 Payment for purchases of: (a)prospects
(b)equity investments
(c)other fixed assets (97) (131)
1.9 Proceeds from sale of: (a)prospects
(b)equity investments
(c)other fixed assets
1.10 Loans to other entities
1.11 Loans repaid by other entities
1.12 Other (provide details if material)
------------ ------------
Net investing cash flows (97) (131)
------------ ------------
1.13 Total operating and investing cash flows (932) (1,779)
------ (carried forward) ------------ ------------
-----------------------
1.13 Total operating and investing cash flows (932) (1,779)
------ (brought forward) ------------ ------------
----------------------
Cash flows related to financing activities
1.14 Proceeds from issues of shares, options,
etc.
1.15 Proceeds from sale of forfeited shares
1.16 Proceeds from borrowings
1.17 Repayment of borrowings
1.18 Dividends paid
1.19 Other (provide details if material)
------------ ------------
Net financing cash flows - -
------ ---------------------- ------------ ------------
Net increase (decrease) in cash held (932) (1,779)
1.20 Cash at beginning of quarter/year to date 3,124 3,934
1.21 Exchange rate adjustments to item 1.20 (3) 34
------------ ------------
1.22 Cash at end of quarter 2,189 2,189
------ ---------------------- ------------ ------------
Payments to directors of the entity and associates of the directors
Payments to related entities of the entity and associates of the related
entities
-------------
Current quarter
$A'000
-------------
-------------
1.23 Aggregate amount of payments to the parties included in 95
item 1.2 -------------
1.24 Aggregate amount of loans to the parties included in Nil
------ item 1.10 -------------
--------------------------------
1.25 Explanation necessary for an understanding of the transactions
-------------------------------------------
Payments of consulting fees and directors fees to directors and director
related entities
-------------------------------------------
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
--------------------------------------------
None
--------------------------------------------
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
--------------------------------------------
None
--------------------------------------------
Financing facilities available
Add notes as necessary for an understanding of the position.
------------- -------------
Amount Amount used
available
$A'000 $A'000
------------- -------------
3.1 Loan facilities - -
------------- -------------
3.2 Credit standby arrangements - -
----- ----------------------- ------------- -------------
Estimated cash outflows for next quarter
$A'000
------------------
4.1 Exploration and evaluation A$290,000
------------------
4.2 Development -
----- ----------------------------- ------------------
Total A$290,000
----- ----------------------------- ------------------
Reconciliation of cash
------------------------- ------------ -------------
Reconciliation of cash at the end of the quarter Current quarter Previous
(as shown in the consolidated statement of cash quarter
flows) to the related items in the accounts is
as follows.
$A'000 $A'000
------------------------- ------------ -------------
-------------
5.1 Cash on hand and at bank 2,189 3,124
------------ -------------
5.2 Deposits at call
------------ -------------
5.3 Bank overdraft
------------ -------------
5.4 Other (provide details)
----- ---------------------- ------------ -------------
Total: cash at end of quarter (item 1.22) 2,189 3,124
----- ---------------------- ------------ -------------
Changes in interests in mining tenements
-------- --------------- -------- --------
Tenement Nature of Interest at Interest at end
reference interest beginning of of quarter
quarter
(note (2))
-------- --------------- -------- --------
6.1 Interests in
mining tenements -------- --------------- -------- --------
relinquished,
reduced or
lapsed
6.2 Interests in
mining tenements -------- --------------- -------- --------
acquired or
increased
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.
Total number Number quoted Issue price per Amount paid up
-------------- ---------- ---------- security (see per security
note 3) (cents) (see note 3)
---------- (cents)
------------
------------
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 232,851,926 232,851,926
securities ---------- ---------- ---------- ------------
7.4 Changes
during
quarter
(a) Increases
through
issues
(b) Decreases
------ through ---------- ---------- ---------- ------------
returns of
capital,
buy-backs
----------
7.5 +Convertible
debt ---------- ---------- ---------- ------------
securities
(description)
7.6 Changes
during
quarter
(a) Increases
through
issues
(b) Decreases
------ through ---------- ---------- ---------- ------------
securities
matured,
converted
----------
7.7 Options Exercise price Expiry date
GIPO 43,738,393 43,738,393 9 cents 31/12/07
10,000,000 - 4 UK pence 31/12/07
4,500,000 - 15 cents 31/12/07
25,000,000 - 13.5 cents 26/05/12
---------- ---------- ---------- ------------
7.8 Issued during
quarter ---------- ---------- ---------- ------------
7.9 Exercised
during ---------- ---------- ---------- ------------
quarter
7.10 Expired
------ during ---------- ---------- ---------- ------------
quarter
----------
7.11 Debentures
(totals only)
------ ---------- ---------- ----------
7.12 Unsecured
notes (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 (see note 4).
2 This statement does give a true and fair view of the matters disclosed.
Director 2007-01-29
RJ Telford
Notes
1 The quarterly report provides a basis for informing the market how the
entity's activities have been financed for the past quarter and the effect on
its cash position. An entity wanting to disclose additional information is
encouraged to do so, in a note or notes attached to this report.
2 The "Nature of interest" (items 6.1 and 6.2) includes options in respect of
interests in mining tenements acquired, exercised or lapsed during the reporting
period. If the entity is involved in a joint venture agreement and there are
conditions precedent which will change its percentage interest in a mining
tenement, it should disclose the change of percentage interest and conditions
precedent in the list required for items 6.1 and 6.2.
3 Issued and quoted securities The issue price and amount paid up is not
required in items 7.1 and 7.3 for fully paid securities.
4 The definitions in, and provisions of, AASB 1022: Accounting for Extractive
Industries and AASB 1026: Statement of Cash Flows apply to this report.
5 Accounting Standards ASX will accept, for example, the use of International
Accounting Standards for foreign entities. If the standards used do not address
a topic, the Australian standard on that topic (if any) must be complied with.
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