TIDMOEX
RNS Number : 6052F
Oilex Ltd
29 July 2016
29 JULY 2016
OILEX LTD - JUNE 2016 qUARTERLY rEPORT
HIGHLIGHTS
CAMBAY FIELD, ONSHORE GUJARAT, INDIA
>> Oilex reaffirms its commitment to unlocking the multi
TCF in-place tight gas potential in its onshore Cambay Block.
>> Planning underway to complete a vertical well with the
dual objective of developing un-depleted OS-II sand and to obtain
core samples from the EP-IV Zone reservoir for drilling and
stimulation studies.
>> Gas sales from Cambay-77H continue with an average gas
production rate for the quarter of 152,000 scfd, or 26 boepd (Oilex
net 68,000 scfd, or 12 boepd) and with an average associated
condensate & oil rate of 6 bpd (Oilex net 3 bpd).
>> Reserve volumes have been re-classified to Contingent
Resources, reflecting deferral of the development timetable and
prevailing oil and gas prices.
>> Negotiations continue with our Joint Venture partner to
address payment of outstanding cash calls, contributions to
programmed activities and approval of the annual budget resulting
in delays to planned activities.
>> During the quarter, the Joint Venture partner released
US$575,000 towards part payment of outstanding cash calls.
>> Application seeking permission for Extending Well
Testing of Cambay-73 and Cambay-77H for another six months for each
well and sale of test gas submitted for regulatory approval.
BHANDUT FIELD, ONSHORE GUJARAT, INDIA
>> Production from the Bhandut facility commenced in April.
>> Test Gas Production at Bhandut-3 well averaged 503,000
scfd, or 87 boepd (Oilex net 201,400 scfd, or 35 boepd) and with an
average associated condensate rate of 18 bpd (Oilex net 7 bpd).
>> The Joint Venture and the Government of India approved
the Work Programme & Budget for Bhandut Field for the Indian
financial year starting 1 April 2016.
>> During the quarter, the Joint Venture partner released
US$302,000 towards payment of outstanding cash calls for the Indian
FY 2015-16.
>> Application for three-year extension of Petroleum
Mining Lease under active consideration of the government.
>> Field Development Plan under preparation for commercial gas production from Bhandut-3.
>> CORPORATE
>> During the quarter Oilex reached a settlement with Zeta
Resources Limited that ends the legal proceedings between the
parties.
>> Mark Bolton was appointed Chief Financial Officer and Company Secretary.
>> Cash balance at 30 June 2016 was $5.2 million.
operations review
OVERVIEW
India's growing domestic gas supply demand imbalance continues
to grow apace with the shortfall being principally filled with a
rapid expansion in LNG imports. In 2015, domestic gas production
fell by 3.8% and LNG imports increased by 14.8% on backdrop of a
5.2% overall increase in primary energy consumption(1) .
Unconventional gas fields, including the substantial gas resources
at Cambay, have yet to play an important role in the Indian energy
market.
The appointment of new executive management and changes to
Oilex's Board in recent months has seen Oilex adopt a revitalised
and positive culture to actively enhance value creation for all
stakeholders.
In this regard, Oilex has extracted itself from a complex and
costly litigation with Zeta Resources Limited (Zeta). Management
has now turned its attention to Oilex's principal asset, the 45%
interest in Cambay. The project retains its strong fundamentals
centred around the proven rich petroleum system of the Cambay Basin
and the multiple wells that have intersected and produced
hydrocarbons. Multiple targets are present at stacked stratigraphic
levels and commercial success requires the further refining of
proven technologies focussed around long horizontal well sections,
and the application of optimal drilling and completions
technology.
Oilex is at an advanced stage in completing a detailed working
plan to take the Cambay project forward and the results to date
support a vertical well with the dual objective of (i) targeting
recovery of core from the Eocene siltstone (EP-IV or Y Zone) and
(ii) developing the un-depleted OS-II reservoir zone.
A lower cost vertical well will seek to obtain core samples from
the EP-IV Zone reservoir for drilling and stimulation studies. This
is essential prior to drilling a horizontal extension for
exploitation of the Eocene siltstones. The well will also have the
potential to develop gas in the shallower, productive OS-II
conventional reservoir zone, or based on analysis of core results,
could be used later to test the EP-IV Zone.
Subject to the success of the planned work programme, inclusive
of the vertical well, Oilex anticipates lodging its Field
Development Plan (FDP) in the first half of 2017 in support of its
Cambay PSC extension application.
HEALTH, SAFETY, SECURITY AND ENVIRONMENT
No lost time incidents recorded during the quarter.
CAMBAY FIELD, GUJARAT, INDIA
(Oilex: Operator and 45% interest)
Oilex reaffirms its commitment to unlocking the multi TCF
in-place tight gas potential in its onshore Cambay Block, Gujarat
State, India. Oilex is at an advanced stage in completing a
detailed working plan to take the Cambay project forward and the
results to date support a vertical well with the dual objective of
developing the undepleted OS-II reservoir sand and also targeting
recovery of core from the Eocene siltstone (EP-IV or Y Zone).
The vertical well will seek to obtain core samples from the
EP-IV Zone reservoir for drilling and stimulation studies. This is
essential prior to drilling a horizontal extension for potential
later exploitation of the Eocene siltstones. The well will also
have the potential to test the shallower, productive, OS-II
conventional reservoir or may be later used to test the EP-IV based
on results of the core. The detailed planning for this well is
being finalised and is subject to Joint Venture approvals. This
approach allows Oilex to take advantage of the lower cost vertical
well drilling rates in India at present.
Production from the block for the quarter was approximately 152
mscfd plus 6 bpd liquids (32 boepd; Oilex net 15 boepd) with the
bulk of production coming from the Cambay-77H EP-IV reservoir.
Cambay-77H was on production test up to 3 June 2016 and, along with
Cambay-73, is presently shut-in awaiting Government of India (GoI)
approval for the continued production of test gas. Oilex has
submitted a proposal to the GoI for extended well testing for six
months for each well and the proposal is under active consideration
of the GoI.
Cambay gas is sold into the local low pressure gas market.
Resource Update
In April 2015, Oilex tabled the reserve and contingent resource
volumes associated with the EP-III/IV (X and Y Zones) resulting
from the review undertaken by third party certifier, RISC. Since
that time, a number of key factors have changed including:
i) a change in economic assumptions related to lower gas prices
being realised because of the world wide fall in oil and gas
prices;
ii) Oilex's Joint Venture partner's failure to approve ongoing work; and
iii) the resultant deferral in project timing which pushes the
recovery of Reserves to beyond the current term of the PSC. Note
that under the PSC extension policy dated 28 March 2016 announced
by the GoI, on Oilex's request the PSC can be extended for 10 years
or the economic life of the block, whichever is earlier. Oilex
shall be exercising its PSC extension right under the policy at an
appropriate time.
On this basis, RISC has recommended in June 2016 that the
Reserve volumes be re-classified to Contingent Resources. It should
be noted that the total estimated volume of hydrocarbons has not
been amended. The updated recoverable hydrocarbon volumes are
tabulated below:
Net Condensate
Net Gas Volume Volume
Bcf million bbl
------------------- -----------------------------
1P 2P 3P 1P 2P 3P
---------------------------------- ----- ----- ----- --------------- ----- -----
At April
2015 Reserves Y Zone 0 93 170 0 3.6 7.8
------------ ----------
At June
2016 0 0 0 0 0 0
----- -----
1C 2C 3C 1C 2C 3C
---------------------------------- ----- ----- ----- --------------- ----- -----
At April Contingent X and
2015 Resources Y Zones 215 324 558 12 23.8 46.8
------------ ----------
At June
2016 215 417 728 12 27.4 54.6
------------------------------------ ----- ----- ----- --------------- ----- -----
Table shows Oilex Net Working Interest
(45%) Reserves and Contingent Resources
Reserves in Y Zone have been
reclassified Contingent Resources
Refer to ASX announcement
24 June 2016 for further details
BHANDUT FIELD, GUJARAT, INDIA
(Oilex: Operator and 40% interest)
Production of gas commenced from the Bhandut Field early in the
June 2016 quarter. Production from the Bhandut-3 well averaged 503
mscfd with 18 bpd associated liquids (87 boepd; Oilex net 35 boepd)
during the quarter. The field is being closely monitored while an
extension of the permitted production plan is being approved. While
tubing head pressure at the well has been maintained, some
formation water has been identified with the gas.
Oilex is Operator and holds 40% equity in the Bhandut Field,
with Gujarat State Petroleum Corporation (GSPC) holding the
remaining participating interest. Previous drilling in the Bhandut
Field intersected a number of hydrocarbon zones, some of which have
been produced and are now shut-in. The Bhandut-3 well commenced
production from a previously undeveloped sandstone at a depth of
1,010 metres at virgin reservoir pressure.
Gas produced from Bhandut-3 is initially processed at the
on-site production facilities and then delivered to a third party
operated gas processing plant where it is further treated to the
required pipeline specification. It is subsequently compressed for
entry into the high pressure gas network for delivery to an end
user.
Currently the JV has approval to sell test gas from this project
until 5 October 2016 pending completion and approval of a FDP.
During this period, Oilex shall be submitting an FDP on single well
basis and seek GoI permission for commercial gas sale. In case the
FDP is approved earlier than 5 October 2016, Oilex will switch over
to early commercial gas production.
Currently the Bhandut Petroleum Mining Lease (PML) is valid
until 22 September 2016. An extension application for three years
starting from 23 September 2016 has been submitted to the GoI.
Figure 1: Bhandut Processing Facilities (see Oilex website)
Joint Venture Management
Oilex continues to engage with its JV partner, GSPC to resolve
the unpaid cash calls and to obtain a commitment from GSPC to
participate in future activities or to find an alternative
solution. At the end of the quarter, the total unpaid cash calls
were approximately US$6.5 million. During the quarter Oilex
received payments from GSPC totalling approximately US$575,000 for
Cambay and approximately US$302,000 for Bhandut. Oilex continues to
manage payment of JV creditors under a staged plan.
Negotiations on a budget acceptable to the JV partner for the
Cambay Block have been ongoing. Oilex previously submitted a
reduced budget for the Cambay Project for the Indian financial year
starting 1 April 2016. This work programme concentrated primarily
on maintenance of the asset however it has not been approved by the
Joint Venture at this time. Oilex will shortly submit a revised
work programme to the Joint Venture for approval, inclusive of the
planned new vertical well. In the absence of a timely and mutually
acceptable approval by the JV, Oilex may elect to sole risk the
programme pursuant to the Joint Operating Agreement (JOA).
The Cambay PSC primary term expires in September 2019, and the
JV has the possibility of applying for an extension of up to 10
years, such that the PSC could be extended to 2029 or economic life
of the block, whichever is earlier, subject to submission of a
field development plan. Subject to the success of the planned work
programme, inclusive of the vertical well, Oilex anticipates
lodging its FDP in the first half of 2017 in support of its PSC
extension application.
The JV partner has approved the Work Programme & Budget
(WP&B) for the Bhandut Field for the Indian financial year
starting 1 April 2016. The JV partner has also approved the Revised
Budget for the Indian financial year ended on 31 March 2016.
WALLAL GRABEN, WESTERN AUSTRALIA (CANNING BASIN)
(Oilex: Operator and 100% interest)
The Wallal Graben asset is located adjacent to the Pilbara, a
global resource centre for iron ore and LNG in Western
Australia.
The Wallal Graben blocks are frontier exploration blocks that
represent a potential low cost entry to an underexplored area.
Oilex continues to investigate low cost exploration de-risking
tools and approaches that address the geological uncertainties in
this basin and that potentially provides an alternative lower cost
work programme.
Final award of the blocks requires signing of Heritage
Agreements with the Nyangumarta and Njamal People and is linked to
a request to the Department of Mines and Petroleum (DMP) that all
three blocks be awarded simultaneously. Consultations on the
Heritage Agreements are nearly complete following which the DMP
will make an offer to grant a Petroleum Exploration Permit for each
of the three blocks to Oilex for acceptance.
JPDA 06-103, TIMOR SEA
(Oilex: Operator and 10% interest)
Oilex as operator, and on behalf of the JPDA 06-103 Joint
Venture participants, continues to seek a resolution to the dispute
with Autoridade Nacional do Petroleo (ANP) in relation to matters
associated with the termination of JPDA 06-103 PSC. In July 2015,
the ANP rejected the Joint Venture request to terminate the PSC by
mutual agreement in good standing and without penalty and sought to
impose a penalty of approximately US$17 million upon the Joint
Venture. The Joint Venture carried out significantly more
exploration than required during the PSC term and believes the
excess was not properly credited in accordance with the PSC. The
Joint Venture continues its discussions with ANP.
The Joint Venture remains hopeful an amicable settlement will be
reached with the ANP. In the event the parties are unable to reach
an amicable settlement, any party may refer the matter to
arbitration. If this occurs, the obligations and liabilities of the
Joint Venture participants under the PSC are joint and several,
with parent company guarantees provided by all JV participants.
Oilex has a 10% participating interest in the Joint Venture.
WEST KAMPAR PSC, CENTRAL SUMATRA, INDONESIA
(Oilex: 45% interest and further 22.5% secured(3) )
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.
A technical review was commenced during the June quarter.
CORPORATE
At the end of the quarter Oilex retained cash resources of $5.2
million.
Oilex continues to engage with its JV partner, GSPC, to resolve
outstanding cash calls and gain approval of the work programme and
budget for the Indian financial year beginning 1 April 2016. The
resolution of these matters is essential for Oilex to extract
maximum value from the Cambay Field. Various approaches to progress
work at Cambay are being considered.
Whilst the working plans for the field are being finalised and
approved, Oilex as operator, continues to bear all of the ongoing
costs of the Joint Venture.
Zeta Litigation
During the quarter Oilex reached an agreement with Zeta that
ends the legal proceedings between the parties. The terms of the
settlement are that each party will no longer pursue its claim
against the other, with the legal proceedings dismissed on a no
admission of liability basis. Oilex has also agreed to make a
payment to Zeta on account of costs of the litigation of
$490,000.
In reaching this settlement with Zeta, Oilex has taken into
account the significant costs and inherent uncertainty of
litigation, and the substantial time commitments and distraction
that the litigation presents for the Board and management.
Executive Appointments
Oilex has appointed Mr Mark Bolton as Chief Financial Officer
and Company Secretary, with effect from 10 June 2016.
Mark has worked as CFO and Company Secretary for a number of
resource companies since 2003. Prior to that he worked with Ernst
& Young stepping down as Executive Director in Corporate
Finance. Mark has a Bachelor of Business Degree in Accounting and
Finance. His strengths are in the commercial management and
financing of resource projects internationally. Coupled with this,
he has extensive experience in capital and equity markets in a
number of jurisdictions including ASX and AIM.
Capital Structure as
at 30 June 2016
Ordinary Shares 1,180,426,999
Unlisted Options 20,250,000
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 20 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
Brad Lingo Independent Non-Executive
Director
Joe Salomon Managing Director
Company Secretary
Mark Bolton 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
PERMIT SCHEDULE
PERMIT SCHEDULE - 30 JUNE 2016
----------------------------------------------------------------------------
ASSET LOCATION ENTITY EQUITY OPERATOR
%
--------------- ------------------ -------------- -------- -------------
Cambay Field Gujarat, Oilex Ltd 30.0 Oilex Ltd
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
(2) (India) (India)
Limited Limited
--------------- ------------------ -------------- -------- -------------
West Kampar Sumatra, Oilex (West 67.5 PT Sumatera
PSC Indonesia Kampar) (3) 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 (4) Ltd (4)
--------------- ------------------ -------------- -------- -------------
STP-EPA-0106 Western Admiral 100.0 Admiral
Australia Oil and (5) Oil and
Gas (106) Gas (106)
Pty Ltd Pty Ltd
(4) (4)
--------------- ------------------ -------------- -------- -------------
STP-EPA-0107 Western Admiral 100.0 Admiral
Australia Oil and (5) Oil and
Gas (107) Gas (107)
Pty Ltd Pty Ltd
(4) (4)
--------------- ------------------ -------------- -------- -------------
(1) BP Statistical Review of World Energy June 2015 and 2016
(2) Sabarmati Field relinquishment proposal has been submitted
to the Government of India and accepted. Awaiting formal approval
for the cancellation of the Sabarmati Field PSC.
(3) 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 be entitled to also pursue this assignment.
(4) Ultimate parent entity is Oilex Ltd.
(5) Current status is a Preferred Applicant
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
-------------------------- ------------------------------------------------
SCFD Standard cubic feet (of gas) per day
-------------------------- ------------------------------------------------
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
-------------------------- ------------------------------------------------
TCF Trillion 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
OILEX LTD
ABN Quarter ended (current
quarter)
50 078 652 632 30 June 2016
----------------- ----------------------
1 Consolidated statement of cash flows
------------ ----------------------------------------------------------------------------------------------------------------------------
Current Year to
quarter date
$A'000 (12 months)
$A'000
------------------------------------ --------------------------
Cash flows related to operating
activities
Receipts from product
1.1 sales and related debtors 186 439
Payments for (a) exploration
1.2 and evaluation (642) (5,724)
(b) development (783) (1,921)
(c) production (266) (984)
(d) administration (net) (1,142) (4,726)
(d) litigation settlement (490) (490)
1.3 Dividends received - -
Interest and other items
1.4 of a similar nature received 8 63
1.5 Interest and other costs
of finance paid - -
1.6 Income taxes paid - -
1.7 Other - R&D Grant - 325
-------------------- -------------------------------------------------- ------------------------------------ --------------------------
Net operating cash flows (3,129) (13,018)
---------------- ------------------------------------------------------ ------------------------------------ --------------------------
Cash flows related to investing
activities
Payment for purchases
of:
(a) prospects - -
(b) equity investments - -
1.8 (c) other fixed assets (8) (46)
Proceeds from sale of:
(a) prospects (refer
2.2 below) - -
(b) equity investments - -
1.9 (c) other fixed assets - (3)
Loans from/(to) other - -
1.10 entities
Loans repaid by other - -
1.11 entities
1.12 Other - -
-------------------- -------------------------------------------------- ------------------------------------ --------------------------
Net investing cash flows (8) (43)
-------------------- -------------------------------------------------- ------------------------------------ --------------------------
Total operating and investing
1.13 cash flows (carried forward) (3,137) (13,061)
-------------------- -------------------------------------------------- ------------------------------------ --------------------------
Current Year to
quarter date
$A'000 (12 months)
$A'000
---------------- ------------------------------------------------------ ------------------------------------ ----------------------------
Total operating and investing
1.13 cash flows (brought forward) (3,137) (13,061)
---------------- ------------------------------------------------------ ------------------------------------ ----------------------------
Cash flows related to financing
activities
Proceeds from issues of
1.14 shares, options, etc (net) - 17,270
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 - 17,270
---------------- ------------------------------------------------------ ------------------------------------ ----------------------------
Net (decrease) / increase
in cash held (3,137) 4,209
Cash at beginning of quarter/year
1.20 to date 8,136 1,187
Exchange rate adjustments
1.21 to item 1.20 159 (238)
---------------- ------------------------------------------------------ ------------------------------------ ----------------------------
1.22 Cash at end of quarter 5,158 5,158
---------------- ------------------------------------------------------ ------------------------------------ ----------------------------
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 1.2 140
---------------- ---------------------------------------------------------------------------------------------- --------------------------
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 - -
------------------------------------ --------------------------------
3.2 Credit standby arrangements - -
-------------- ---------------------------------------------------- ------------------------------------ --------------------------------
4 Estimated cash outflows for next $A'000
quarter
---------------
4.1 Exploration and evaluation 1,340
---------------
4.2 Development -
---------------
4.3 Production 230
---------------
4.4 Administration 1,110
---------------
Total 2,680
-------------- ------------------------------------------------------------------------------------------ ---------------
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 5,158 7,620
5.2 Deposits at call - 516
5.3 Bank overdraft - -
5.4 Other (provide details) - -
------------------------------------ ----------------------------
Total: cash at end
of quarter (item 1.22) 5,158 8,136
---------------- ---------------------------------------------------- ------------------------------------ ----------------------------
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)
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
875,000 - $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
875,000 - $0.35 05/08/2018
500,000 - $0.35 16/02/2019
1,500,000 - $0.35 25/08/2019
---------------------- ----------------------
Total 20,250,000 -
---------------- ---------------------------- ---------------------- ---------------------- ------------------ ----------------------
7.8 Issued during - - - -
quarter
---------------- ---------------------------- ---------------------- ---------------------- ------------------ ----------------------
7.9 Exercised during - - - -
quarter
---------------- ---------------------------- ---------------------- ---------------------- ------------------ ----------------------
Expired during
7.10 quarter 500,000 - $0.15 27/06/2016
200,000 - $0.25 05/08/2017
200,000 - $0.35 05/08/2018
---------------- ---------------------------- ---------------------- ---------------------- ------------------ ----------------------
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.
Mark Bolton
CFO & Company Secretary
Date: 29 July 2016
This information is provided by RNS
The company news service from the London Stock Exchange
END
DRLPGUMUMUPQUWB
(END) Dow Jones Newswires
July 29, 2016 02:00 ET (06:00 GMT)
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