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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