TIDMOEX
RNS Number : 5130M
Oilex Ltd
31 July 2017
oilex ltd
JUNE 2017 QUARTERLY REPORT
HIGHLIGHTS
CAMBAY FIELD, ONSHORE GUJARAT, INDIA
>> During the quarter, the Joint Venture partner, GSPC,
paid the equivalent of US$1.43 million (gross) against outstanding
cash calls.
>> EP-IV core analysis and modelling of optimal drilling
and stimulation parameters is underway by Schlumberger and Baker
Hughes - results anticipated shortly.
>> During the quarter, gas production re-started from the C-77H well at the Cambay Field.
>> Preparation of the application for an extension of the
PSC is in its final stage. The application is required to be lodged
by late September 2017 ahead of PSC expiry date of September
2019.
>> The field programme involving the workover of wells
C-70 and C-23z was completed in June 2017 and did not return
commercial volumes of oil and or gas.
BHANDUT FIELD, ONSHORE GUJARAT, INDIA
>> During the quarter, the Joint Venture partner, GSPC,
paid the equivalent of US$109,000 (gross) against outstanding cash
calls.
>> Preparation of the application for an extension of the
PSC is in final stages. The application is required to be lodged by
September 2017.
>> In May 2017 gas production re-started at Bhandut-3
however the well was shut-in following increased water
production.
>> Potential opportunities for sale of the PSC continue to be explored.
CORPORATE
>> Shareholders approved Tranche 2 of the capital raising,
announced in March 2017, at a General Meeting held on 3 May
2017.
>> Mr Paul Haywood appointed as Non-Executive Director.
>> Cash resources at 30 June 2017 were $3.2 million.
>> Actively reviewing new opportunities to create value by
expanding the Company's project portfolio.
OPERATIONS REVIEW
OVERVIEW
The Company's primary objective is to maximise shareholder value
from its principal asset in the Cambay Basin, located onshore
Gujarat State in India, whilst also continuing to review other
opportunities to create value by adding new assets to the Company's
portfolio.
To that end, Oilex continues to evaluate and implement a range
of technical programme options to progress the main objective of
accessing the significant gas resource present in siltstones in the
EP-IV reservoir. North American unconventional drilling, completion
and stimulation technologies have been applied by the Joint Venture
over the last six years with positive but commercially modest
results and work is underway to optimise results for future work
programmes. The current technical work programmes are focused
on:
-- Extracting geological and engineering information from core
data analysis with associated studies to match advanced North
American drilling and completion technologies with the local basin
geology of the EP-IV;
-- The preparation of the application for an extension of the
Cambay PSC (incorporating a proposed Field Development Program).
The application for an extension of the PSC term beyond September
2019 is required to be lodged by September 2017; and
-- Resolution of outstanding cash calls payable by the Company's Joint Venture partner GSPC.
HEALTH, SAFETY, SECURITY AND ENVIRONMENT
No lost time incidents recorded during the quarter.
CAMBAY FIELD, GUJARAT, INDIA
(Oilex: Operator and 45% interest)
During the quarter gas production re-started from the C-77H well
at the Cambay Field. Production from the C-77H well averaged 209
mscfd with 13.8 bpd associated liquids (49.8 boepd; Oilex net 22.4
boepd) during the quarter. The current gas sales agreements were
renegotiated to take any additional produced volumes as and when
required. The Company plans to cycle production between C-77 and
C-73 as part of its reservoir management.
The preparation of the Field Development Plan, in support of the
application for an extension of the PSC, is in its final stages.
The application for an extension of the PSC term beyond September
2019 is required to be lodged by September 2017.
During the March 2017 quarter, historical core samples from
C-23z were provided to Schlumberger for detailed analysis and
testing with completion of the work and delivery of results
anticipated shortly. Baker Hughes is currently completing an
initial desk study on EP-IV wells in the PSC in advance of
undertaking evaluation work on the geomechanical model and to
provide direction on the optimal stimulation methodologies for
future drilling and testing. The results of the evaluation work by
Baker Hughes are anticipated in August.
The Company has a significant gas resource at the Cambay PSC in
the EP-IV tight siltstones that requires drilling optimisation and
stimulation technologies to achieve commercial flow rates. The
analysis of the core from C-23z is essential in the planning and
design of future wells and the stimulation process at the Cambay
PSC. Both Schlumberger and Baker Hughes are global leaders in the
stimulation of tight gas reservoirs.
The recent field programme involving the workover of two older
wells C-70 and C-23z to test potential production flow rates from
the OS-II reservoir was completed in June. The results of these
wells did not return commercial volumes of oil and or gas. The
Company is considering whether further stimulation is warranted.
The workovers targeted potential production from the OS-II
reservoir whilst the Company's primary objective remains the
development of the potential of the EP-IV reservoir.
The Company is currently in discussions with several potential
partners who are undertaking data room reviews of the EP-IV tight
gas potential at Cambay. Should any change in the structure of the
joint venture eventuate, a restructure of the Company's ongoing
funding commitment to the Cambay Project may ensue.
In December 2016, Oilex participated in a formal tender process
initiated by Gujarat State Petroleum Corporation Limited (GSPC),
its Joint Venture partner, by submitting a conditional offer for a
possible additional 55% interest in the Cambay PSC (Cambay). The
Company has received informal advice that the sale process is
unlikely to proceed in the near term.
Joint Venture Management
During the quarter the Company made material progress in the
resolution of the outstanding cash calls owing to the Cambay Joint
Venture by GSPC. The Cambay joint venture have received the
equivalent of US$1.4 million in regards to outstanding cash calls
from its joint venture partner.
As at 30 June 2017, gross unpaid cash calls issued to GSPC
totalled approximately US$5.5 million. The Company continues to
maintain a constructive dialogue with its joint venture partner to
resolve the remaining outstanding cash call balances. Oilex as
Operator, has continued to bear the ongoing costs of the Joint
Venture. It is anticipated that GSPC will commence regular
contributions to ongoing operating cash calls going forward.
BHANDUT FIELD, GUJARAT, INDIA
(Oilex: Operator and 40% interest)
Oilex holds a 40% equity in the Bhandut Field, with 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.
During the June 2017 quarter production recommenced from the
Bhandut Field having previously ceased on 6 October 2016.
Production from the Bhandut-3 well averaged 148 mscfd (25.2 boepd;
Oilex net 10.2 boepd) during the quarter. In June 2017, the
Bhandut-3 well was shut-in following increased water
production.
The preparation of the Field Development Plan, in support of the
application for an extension of the PSC, is underway. The
application for an extension of the PSC term beyond September 2019
is required to be lodged by late September 2017.
The field has ongoing production and exploration potential,
coupled with existing production facilities. The Company is
currently in discussion with several parties, seeking expressions
of interest in a possible sale of its participating interest in the
PSC.
During the quarter Oilex received gross US$109,000 from GSPC
against outstanding cash calls for Bhandut.
At the end of the quarter, total unpaid cash calls by GSPC had
been reduced to US$63,000 (gross).
Sabarmati FIELD, GUJARAT, INDIA
(Relinquished)
During the current quarter, Oilex received gross US$23,000 owing
by the Joint Venture partner, GSPC.
The Sabarmati PSC was relinquished in 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 currently under application with
the Department of Mines and Petroleum (DMP). They are frontier
exploration blocks that represent a potential low cost entry to an
underexplored area.
Final award of the blocks requires signing of Heritage
Agreements with the Nyangumarta and Njamal People and is linked to
a request to the DMP that all three blocks be awarded
simultaneously. Consultations on the Heritage Agreements are nearly
complete following which it is anticipated that the DMP will make
an offer to grant a Petroleum Exploration Permit for each of the
three blocks to Oilex for its final acceptance. Oilex can review
its interest in pursuing these applications at any time.
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 e Minerais (ANPM) in relation
to matters associated with the termination of JPDA 06-103 PSC. In
July 2015, the ANPM rejected the Joint Venture request to terminate
the PSC by mutual agreement in good standing and without penalty,
and the ANPM sought to impose a penalty of approximately US$17
million upon the Joint Venture. The Joint Venture undertook
significantly more exploration expenditure than required during the
PSC term and believes the excess was not properly accounted for in
accordance with the terms of the PSC.
The Joint Venture continues its discussions with the ANPM and
remains hopeful an amicable settlement will be reached. If 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
Joint Venture 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 (1) )
At the end of 2016 the Indonesian Operator applied to the
Indonesian courts for a debt payment obligation suspension. This
was denied and the operating company, PT Sumatera Persada Energi
(SPE) was declared bankrupt. A number of creditors meetings were
held during the quarter. Oilex has instructed its Indonesian based
lawyers to pursue its claim in the courts covering refund of monies
provided by Oilex to the Operator, accrued interest, arbitration
and legal costs and loss of profits.
During the March 2017 quarter, Oilex received confirmation from
the Indonesian Government regulator, SKK Migas that Oilex continues
to retain a 45% participating interest in the PSC. In the absence
of a commercial settlement, the Company intends to preserve its
rights. Oilex continues to pursue enforcement of the Arbitration
Award and a commercial settlement.
CORPORATE
At the end of the quarter Oilex retained cash resources of $3.2
million.
New Non-Executive Director Appointed
During the quarter the Company appointed Mr Paul Haywood as a
Non-Executive Director. Mr Haywood has a wealth of experience in
capital markets, investment advisory, corporate affairs and the
operational management of early stage and growth companies
including six years in the Middle East. More recently, Mr Haywood
has held senior management positions with UK and Australian public
companies in the natural resource and energy sectors, with
International experience in the UK, Middle East and Eurasia. Mr
Haywood is currently Executive Director of Block Energy Plc and
resource focussed advisory firm, Plutus Strategies Ltd and resides
in the United Kingdom.
General Meeting of Shareholders
On 3 May 2017, the Company held a General Meeting of
Shareholders. All resolutions put to Shareholders, including the
approval of the issue of the shares and options pursuant to the
March 2017 Placement, were passed by a show of hands.
Placement to Fund Cambay Work Programme
On 16 March 2017, the Company agreed to a capital raising
(Placement) to secure funding of approximately GBP1.1 million
(A$1.78 million) to support its 2017 work programme and working
capital requirements. The Placement, part of which required
shareholder approval, secured approximately GBP1.1 million before
expenses through the issue of 488,888,888 new fully paid ordinary
shares at an average price of 0.225 pence (A$0.0036) per share and
190,353,386 options in the issued capital of the Company.
The Placement was in two tranches with the issue of the first
tranche of 298,353,502 shares issued for GBP0.67 million
(approximately A$1.07 million) completed during the March 2017
quarter. Following shareholder approval, on 10 May 2017 the Company
issued the second tranche of 190,535,386 shares for GBP0.43 million
(approximately A$0.76 million).
On 22 May 2017, pursuant to the second tranche, the Company also
issued 190,535,386 unlisted options exercisable at 0.35 pence
(A$0.0062) per share on or before 22 November 2017. In addition,
pursuant to the capital raising mandate with Cornhill Capital
Limited, the Company issued 88,888,888 unlisted options exercisable
at 0.225 pence (A$0.0040) per share exercisable within 3 years of
grant.
Capital Structure as
at 30 June 2017
Ordinary Shares 1,684,302,899
Unlisted Options 286,974,273
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 Jonathan Salomon, Managing Director employed by
Oilex Ltd. Mr Salomon has over 30 years' experience in petroleum
geology and is a member of the Society of Petroleum Engineers and
AAPG. Mr Salomon 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 Salomon 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.
Board of Directors
Brad Lingo Non-Executive Chairman
Max Cozijn Non-Executive Director
Paul Haywood 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
AIM Nomad AIM Broker
Strand Hanson Limited Cornhill Capital Limited
Share Registry
Australia United Kingdom
Link Market Services Limited Computershare Investor
Level 12 Services PLC
250 St. Georges Terrace The Pavilions
Perth WA 6000 Australia Bridgwater Road
Telephone: 1300 554 474 Bristol BS13 8AE United
Website: Kingdom
http://investorcentre.linkmarketservices.com.au Telephone: +44 (0) 870
703 6149
Website:
www.computershare.com
PERMIT SCHEDULE
PERMIT SCHEDULE - 30 JUNE 2017
----------------------------------------------------------------------------
ASSET LOCATION ENTITY EQUITY OPERATOR
%
--------------- ------------------ -------------- -------- -------------
Cambay Field Gujarat, Oilex Ltd 30.0 Oilex Ltd
PSC India
--------------- ------------------ -------------
Oilex N.L.
Holdings
(India)
Limited 15.0
------------------------------------------------- -------- -------------
Bhandut Gujarat, Oilex N.L. 40.0 Oilex N.L.
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 (2) Development 06-103) 06-103)
Area Ltd Ltd
Timor Leste
and Australia
--------------- ------------------ -------------- -------- -------------
STP-EPA-0131 Western Admiral 100.0 Admiral
Australia Oil Pty Oil Pty
Ltd (3) Ltd (3)
--------------- ------------------ -------------- -------- -------------
STP-EPA-0106 Western Admiral 100.0 Admiral
Australia Oil and (4) Oil and
Gas (106) Gas (106)
Pty Ltd Pty Ltd
(3) (3)
--------------- ------------------ -------------- -------- -------------
STP-EPA-0107 Western Admiral 100.0 Admiral
Australia Oil and (4) Oil and
Gas (107) Gas (107)
Pty Ltd Pty Ltd
(3) (3)
--------------- ------------------ -------------- -------- -------------
(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 request has been provided to BPMigas (now SKK Migas) but
has not yet been approved or rejected. If Oilex is paid the funds
due it will not be entitled to pursue this assignment.
(2) PSC terminated 15 July 2015
(3) Ultimate parent entity is Oilex Ltd.
(4) 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 5.5
Appendix 5B
Mining exploration entity and oil and gas exploration entity
quarterly report
Introduced 01/07/96 Origin Appendix 8 Amended 01/07/97,
01/07/98, 30/09/01, 01/06/10, 17/12/10, 01/05/13, 01/09/16
Name of entity
------------------------------------------
OILEX LTD
------------------------------------------
ABN Quarter ended (current
quarter)
--------------- -----------------------
50 078 652 632 30 JUNE 2017
--------------- -----------------------
Consolidated statement Current quarter Year to date
of cash flows $A'000 (12 months)
$A'000
----------------------------------- ---------------- -------------
1. Cash flows from operating
activities
1.1 Receipts from customers 26 131
1.2 Payments for
(a) exploration & evaluation (242) (1,113)
(b) development - (2)
(c) production (336) (666)
(d) staff costs (262) (1,185)
(e) administration
and corporate costs (321) (1,604)
1.3 Dividends received
(see note 3) - -
1.4 Interest received 2 56
1.5 Interest and other
costs of finance paid - -
1.6 Income taxes paid - -
1.7 Research and development
refunds - -
1.8 Other (provide details
if material)
Litigation legal fees - (726)
Recovery of prior year
outstanding cash calls 1,856 1,856
Recovery of prior year
Indian tax refunds - 348
Redundancy and entitlement
costs - (464)
Net cash from / (used
1.9 in) operating activities 723 (3,369)
---- ----------------------------- ---------------- -------------
Consolidated statement Current quarter Year to date
of cash flows $A'000 (12 months)
$A'000
2. Cash flows from investing
activities
2.1 Payments to acquire:
(a) property, plant
and equipment - (24)
(b) tenements (see - -
item 10)
(c) investments - -
(d) other non-current - -
assets
2.2 Proceeds from the disposal
of:
(a) property, plant
and equipment - -
(b) tenements (see - -
item 10)
(c) investments - -
(d) other non-current - -
assets
2.3 Cash flows from loans - -
to other entities
2.4 Dividends received - -
(see note 3)
2.5 Other (provide details - -
if material)
----- --------------------------- ---------------- -------------
Net cash from / (used
2.6 in) investing activities - (24)
----- --------------------------- ---------------- -------------
3. Cash flows from financing
activities
Proceeds from issues
3.1 of shares 762 1,836
3.2 Proceeds from issue - -
of convertible notes
3.3 Proceeds from exercise - -
of share options
Transaction costs related
to issues of shares,
convertible notes or
3.4 options (108) (250)
3.5 Proceeds from borrowings - -
3.6 Repayment of borrowings - -
3.7 Transaction costs related
to loans and borrowings - -
3.8 Dividends paid - -
3.9 Other (provide details - -
if material)
----- --------------------------- ---------------- -------------
Net cash from / (used
3.10 in) financing activities 654 1,586
----- --------------------------- ---------------- -------------
Consolidated statement Current quarter Year to date
of cash flows $A'000 (12 months)
$A'000
4. Net increase / (decrease)
in cash and cash equivalents
for the period
---- ------------------------------ ---------------- -------------
Cash and cash equivalents
4.1 at beginning of period 1,834 5,158
Net cash from / (used
in) operating activities
4.2 (item 1.9 above) 723 (3,369)
Net cash from / (used
in) investing activities
4.3 (item 2.6 above) - (24)
Net cash from / (used
in) financing activities
4.4 (item 3.10 above) 654 1,586
Effect of movement
in exchange rates on
4.5 cash held 5 (135)
---- ------------------------------ ---------------- -------------
Cash and cash equivalents
4.6 at end of period 3,216 3,216
---- ------------------------------ ---------------- -------------
5. Reconciliation of cash
and cash equivalents
at the end of the
quarter (as shown in
the consolidated statement
of cash flows) to the Previous
related items in the Current quarter quarter
accounts $A'000 $A'000
---- ---------------------------- ---------------- ---------
5.1 Bank balances 3,216 1,834
5.2 Call deposits - -
5.3 Bank overdrafts - -
5.4 Other (provide details) - -
---- ---------------------------- ---------------- ---------
Cash and cash equivalents
at end of quarter (should
5.5 equal item 4.6 above) 3,216 1,834
---- ---------------------------- ---------------- ---------
Payments to directors of the entity Current quarter
6. and their associates $A'000
----------------
Aggregate amount of payments to
these parties included in item
6.1 1.2 103
----------------
6.2 Aggregate amount of cash flow
from loans to these parties included
in item 2.3 -
----------------
6.3 Include below any explanation necessary
to understand the transactions included
in items 6.1 and 6.2
---- --------------------------------------------------------
Payments to related entities of Current quarter
7. the entity and their associates $A'000
----------------
7.1 Aggregate amount of payments to
these parties included in item
1.2 -
----------------
7.2 Aggregate amount of cash flow
from loans to these parties included
in item 2.3 -
----------------
7.3 Include below any explanation necessary
to understand the transactions included
in items 7.1 and 7.2
---- --------------------------------------------------------
8. Financing facilities Total facility Amount drawn
available amount at at quarter
Add notes as necessary quarter end end
for an understanding $A'000 $A'000
of the position
--------------- -------------
8.1 Loan facilities - -
--------------- -------------
8.2 Credit standby arrangements - -
--------------- -------------
8.3 Other (please specify) - -
--------------- -------------
8.4 Include below a description of each facility
above, including the lender, interest rate
and whether it is secured or unsecured.
If any additional facilities have been entered
into or are proposed to be entered into
after quarter end, include details of those
facilities as well.
---- ------------------------------------------------------------
9. Estimated cash outflows $A'000
for next quarter
---- ------------------------------ -------
9.1 Exploration and evaluation 300
9.2 Development -
9.3 Production 191
9.4 Staff costs 314
Administration and corporate
9.5 costs 350
Other (provide details if
9.6 material) 265
---- ------------------------------ -------
9.7 Total estimated cash outflows 1,420
---- ------------------------------ -------
10. Changes in
tenements
(items 2.1(b) Tenement Interest Interest
and 2.2(b) reference at beginning at end
above) and location Nature of interest of quarter of quarter
----- ---------------------- -------------- ------------------- -------------- ------------
10.1 Interests Refer to Permit
in mining Schedule in
tenements Quarterly Report
and petroleum
tenements
lapsed, relinquished
or reduced
----- ---------------------- -------------- ------------------- -------------- ------------
10.2 Interests Refer to Permit
in mining Schedule in
tenements Quarterly Report
and petroleum
tenements
acquired
or increased
----- ---------------------- -------------- ------------------- -------------- ------------
Compliance statement
1 This statement has been prepared in accordance with accounting
standards and policies which comply with Listing Rule 19.11A.
2 This statement gives a true and fair view of the matters disclosed.
Sign here: Date: 31 July 2017
CFO & Company Secretary
Print name: Mark Bolton
This information is provided by RNS
The company news service from the London Stock Exchange
END
MSCWGUCAMUPMUCG
(END) Dow Jones Newswires
July 31, 2017 02:00 ET (06:00 GMT)
Synergia Energy (LSE:SYN)
Historical Stock Chart
From Mar 2024 to Apr 2024
Synergia Energy (LSE:SYN)
Historical Stock Chart
From Apr 2023 to Apr 2024
