TIDMOEX
RNS Number : 7936W
Oilex Ltd
29 April 2016
29 April 2016
OILEX LTD - MARCH 2016 QUARTERLY REPORT
HIGHLIGHTS
CAMBAY FIELD, ONSHORE GUJARAT, INDIA
>> Gas sales from Cambay-77H continue with an average gas
production rate for the quarter of 248,870 scfd, 43 boepd (Oilex
net 111,992 scfd, 19 boepd) and with an average associated
condensate rate of 11 bopd (Oilex net 5 bopd).
>> A cost cutting programme has been undertaken covering
field operations and office costs in India in response to continued
low oil & gas prices and the reduced activity level.
>> A phased development plan for Cambay-77H and Cambay-73
is being finalised for government approval to allow continued
production from Cambay-77H and to bring Cambay-73 back on line.
>> Technical work is underway investigating alternative
low cost drilling and development strategies to access hydrocarbon
volumes present in the Eocene formation.
>> Geological review work is underway to identify workover
and/or new drilling opportunities in the shallower conventional
Oligocene OSII formation with the possibility of combining deeper
targets in one well.
>> Negotiations continue with our joint venture partner to
address payment of outstanding cash calls, contributions to
programmed activities, and annual budget resulting in delays to
planned activities and cashflows.
>> A revised base budget has been submitted to the JV
partner for the financial year starting April 2016.
BHANDUT FIELD, ONSHORE GUJARAT, INDIA
>> Preparation for production start-up continued during the quarter.
>> Gas production commenced in early April flowing at the
expected stabilised rate of 700,000 scfd, 120 boepd (Oilex net
280,000 scfd, 48 boepd) through a 8/64" choke.
>> The JV approved the Work Programme & Budget for
Bhandut Field for the Indian financial year starting April
2016.
CORPORATE
>> A cost cutting programme has been undertaken covering
Perth office in response to continued low oil & gas prices and
the reduced activity level.
>> Oilex continues to negotiate with Zeta Resources
Limited (Zeta) to resolve the current dispute. Zeta filed and
served its reply and defence to Oilex's cross claim in the Federal
Court.
>> Brad Lingo, who has 30 years of experience in the
industry was appointed as an independent non- executive director in
February.
>> Jonathan Salomon, was appointed as Managing Director following the resignation of Ron Miller.
OVERVIEW
While the Indian energy market remains relatively strong,
protracted low oil and gas prices have impacted Oilex's Indian
operations. A cost cutting initiative has been undertaken in both
the Perth and Indian offices and in field activities resulting in
the reduction of personnel and reduced work activity. Our JV
partner, GSPC, continues to be in arrears in paying cash calls and
in delaying approvals for budgets and work programmes. GSPC's
larger financial problems have recently been the subject of a
report from the Comptroller and Auditor General of India and
reported in the Indian press. As a result, Oilex has prepared a
reduced budget for the Cambay Field for the Indian financial year
starting 1 April 2016. The associated work programme concentrates
primarily on maintenance of the asset. The option to drill a well
would require a budget revision later in the year.
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.
India's ongoing requirement for gas resources provides the
opportunity to displace imported LNG with domestic production,
particularly from a new generation of unconventional projects such
as the Cambay Project. While the excess of demand over supply is
clear, each sale contract needs to take into account any local
constraints in accessing both buyers and infrastructure.
A technical review of the EP IV (Y Zone) potential is currently
underway, incorporating the results of the Cambay-77H well, and all
associated geological and engineering data. It had been previously
identified that new core samples are required to complete the
evaluation of the susceptibility of the rock to reservoir
stimulation through induced fracturing. Oilex is now broadening the
approach to include available drill cuttings and existing core in
adjoining blocks. The Oilex technical team is also reviewing
alternative, potentially lower cost, completion technologies.
Following current production data from Cambay-77H, and as a
consequence of current depressed oil and gas prices, a revised
resource and reserves estimate will be undertaken in respect of the
Cambay Field.
HEALTH, SAFETY, SECURITY AND ENVIRONMENT
No lost time incidents recorded during the quarter.
CAMBAY FIELD, GUJARAT, INDIA
(Oilex: Operator and 45% interest)
The main production during the quarter occurred from Cambay-77H.
The well averaged production of 248,870 scfd, 43 boepd (Oilex net
111,992 scfd, 19 boepd) with an average associated condensate rate
of 11 bopd (Oilex net 5 bopd) under Government of India (GoI)
approval to produce test gas. A phased field development plan is
being prepared to gain approval for continued production and to
bring Cambay-73 well back on line at an anticipated gas rate of
80,000 scfd, 14 boepd (Oilex net 36,000 scfd, 6 boepd) with an
associated condensate rate of 3 bopd (Oilex net 1.4 bopd).
Additional oil production occurred from nine intermittent low
rate wells. Five of these will be shut in as they no longer produce
economically.
Cambay gas continues to be sold into the low pressure gas market
in the vicinity of the field.
BHANDUT FIELD, GUJARAT, INDIA
(Oilex: Operator and 40% interest)
Gas production from the Bhandut Field commenced after the end of
the quarter at a stabilised rate of 700,000 scfd, 120 boepd (Oilex
net 280,000 scfd, 48 boepd) from one well. 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. All
environmental clearances for the commencement of gas production
have been obtained from the relevant authorities.
A field development plan is being prepared to gain approval to
continue production after September 2016.
Figure 1:Bhandut Facility
Figure2: Map Showing Bhandut location and surrounding
peipelines
Joint Venture Management
Oilex continues to engage with its joint venture 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 $US7.4 million. Adjustments have been made to the JV
receivable balance for reduced head office recharges, insurance
claim adjustment and reversal of accrued costs no longer required.
Two payments were received following the end of the quarter from
GSPC totalling A$275,000, of which A$120,000 was for Cambay, and
A$155,000 for Bhandut. Oilex continues to manage payment of JV
creditors under a staged plan.
Negotiations on a budget acceptable to the JV partner have been
ongoing. Oilex has prepared a reduced budget for the Cambay Project
for the Indian financial year starting 1 April 2016. The associated
work programme concentrates primarily on maintenance of the asset.
Any wells drilled within the year will require the submission of a
budget revision and approvals by the JV partner and the GoI.
The Cambay Production Sharing Contract (PSC) primary term
expires in September 2019, and the JV has the possibility of
applying for two five year extensions, such that the PSC could be
extended to 2029, subject to a field development plan being
submitted. The GoI has recently issued a policy proposal to extend
the term of 28 small and medium sized fields, which includes the
Cambay Field, to the economic life of the field. The GoI proposal
is anticipated to be finalised in 2016.
The JV Partner has approved the Work Programme & Budget
(WP&B) for the Bhandut Field for the Indian financial year
starting 1 April 2016. JV Partner approval of the WP&B for
Cambay Field for the same period has not yet been received.
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 Company has a low cost entry into a province with the key
determinates for successful development, being:
-- Markets
-- Infrastructure
-- Geology
-- Suitable Joint Venture funding support
Figure 3: Significant infrastructure within and adjacent to
OIlex's Wallal Graben permits
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.
Final award of the blocks requires signing of Heritage
Agreements with the Nyangumarta people in the two northern blocks
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 for all blocks are
ongoing. Subsequent to finalising Heritage Agreements with the
Native Title parties, the DMP will make an offer to grant a
Petroleum Exploration Permit for each of the three blocks to the
Company for acceptance.
JPDA 06-103, TIMOR SEA
(Oilex: Operator and 10% interest)
(MORE TO FOLLOW) Dow Jones Newswires
April 29, 2016 03:39 ET (07:39 GMT)
Oilex as operator and on behalf of the joint venture
participants continues to seek a resolution to the dispute with
Autoridade Nacional do Petroleo (ANP). The ANP has rejected a Joint
Venture request to terminate the PSC by mutual agreement, in good
standing and without penalty and is seeking to impose a penalty
US$13,585,790 (net US$1.4m to OEX) as full and final settlement.
The Joint Venture rejected this offer on the basis that it
considers a nil penalty should be imposed, and a much lower
settlement figure is applicable. The Joint Venture has made
significant overpayments in the work programme, and 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 upon
termination with the ANP and is attempting to reach an amicable
settlement.
WEST KAMPAR PSC, CENTRAL SUMATRA, INDONESIA
(Oilex: 45% interest and further 22.5% secured(2) )
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.
CORPORATE
At the end of the quarter the Company retained cash resources of
$8.1 million.
During the quarter the Company continued to implement cost
reductions to reduce ongoing operating costs by 47% per annum in
India and 23% per annum on its overhead and corporate costs. Cost
reduction initiatives being implemented include:
-- 45% reduction in headcount in India
-- 25% reduction in headcount in Perth
-- 10% reduction in salaries and wages for remaining personnel across both India and Australia
-- 10% reduction in directors' fees as at 31 January 2016
-- Reduced travel and other corporate costs
Cost savings implemented in the quarter were partially offset by
redundancy costs incurred. In addition, significant legal fees
continue to be incurred with respect to Zeta legal action.
Zeta Litigation
The Company continues to seek resolution to legal action
instituted in the Federal Court of Australia by Zeta on or about 12
November 2015 against the Company. On 16 December 2015 the Company
filed its defence in the Federal Court against 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).
The parties had agreed to a standstill on legal action until 1
March 2016 to explore a possible commercial resolution. A
resolution was unable to be agreed by that date, and as a result,
Zeta filed and served its reply and defence to Oilex's cross claim
on 29 March 2016. The parties are continuing discussions in an
effort to find a commercial resolution.
The Company has incurred significant legal fees during the
quarter as a result of this litigation which is reflected in the
administration cash outflows reported in the Appendix 5B
attached.
Board Composition
On 11 February 2016 the Company announced the appointment of Mr
Brad Lingo as an independent non-executive director. Mr Lingo has
over 30 years' experience in a diverse range of oil and gas
leadership roles, including business development, new ventures,
mergers and acquisitions and corporate finance.
On 18 March 2016 the Company announced the appointment of
Jonathan (Joe) Salomon, who at that time was an independent
non-executive director, as the new Managing Director of the Company
following the resignation of Mr Ron Miller.
Capital Structure as
at 31 March 2016
Ordinary Shares 1,180,426,999
Unlisted Options 21,150,000
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 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.
Board of Directors
Max Cozijn Non-Executive Chairman
Brad Lingo Independent Non-Executive
Director
Joe Salomon 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
PERMIT SCHEDULE - 31 MARCH 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(1) India Holdings Holdings
(India) (India)
Limited Limited
---------------- ------------------ -------------- -------- -------------
West Kampar Sumatra, Oilex (West 67.5 PT Sumatera
PSC Indonesia Kampar) (2) 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 (3) Ltd (3)
---------------- ------------------ -------------- -------- -------------
STP-EPA-0106 Western Admiral 100.0 Admiral
Australia Oil and Oil and
Gas (106) Gas (106)
Pty Ltd Pty Ltd
(3) (3)
---------------- ------------------ -------------- -------- -------------
STP-EPA-0107 Western Admiral 100.0 Admiral
Australia Oil and Oil and
Gas (107) Gas (107)
Pty Ltd Pty Ltd
(3) (3)
---------------- ------------------ -------------- -------- -------------
(1) 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.
(2) 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.
(MORE TO FOLLOW) Dow Jones Newswires
April 29, 2016 03:39 ET (07:39 GMT)
(3) Ultimate parent entity is Oilex Ltd.
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
------------- ------------------------------------------------
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 31 March 2016
----------------- ----------------------
1 Consolidated statement of cash flows
----- -----------------------------------------------------------------------------
Current Year to
quarter date
$A'000 (9 months)
$A'000
--------- ------------
Cash flows related to operating
activities
Receipts from product
1.1 sales and related debtors 91 253
Payments for (a) exploration
1.2 and evaluation (1,373) (5,808)
(b) development (25) (222)
(c) production (287) (717)
(d) administration (net) (1,709) (3,584)
1.3 Dividends received - -
Interest and other items
1.4 of a similar nature received 26 54
1.5 Interest and other costs
of finance paid - -
1.6 Income taxes paid - -
1.7 Other - R&D Grant 325 325
--------- ------------------------------------------------ --------- ------------
Net operating cash flows (2,952) (9,699)
------- -------------------------------------------------- --------- ------------
Cash flows related to investing
activities
Payment for purchases
of:
(a) prospects - -
(b) equity investments - -
1.8 (c) other fixed assets (13) (38)
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 (216) (191)
Loans repaid by other - -
1.11 entities
1.12 Other - -
--------- ------------------------------------------------ --------- ------------
Net investing cash flows (229) (226)
--------- ------------------------------------------------ --------- ------------
Total operating and investing
1.13 cash flows (carried forward) (3,181) (9,925)
--------- ------------------------------------------------ --------- ------------
Current Year to
quarter date
$A'000 (9 months)
$A'000
--------------------------------------- -------------------------------------- ------------------- ----------------
Total operating and investing
1.13 cash flows (brought forward) (3,181) (9,925)
--------------------------------------- -------------------------------------- ------------------- ----------------
Cash flows related to financing
activities
(MORE TO FOLLOW) Dow Jones Newswires
April 29, 2016 03:39 ET (07:39 GMT)
Proceeds from issues of
1.14 shares, options, etc (net) 92 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 92 17,270
--------------------------------------- -------------------------------------- ------------------- ----------------
Net (decrease) / increase
in cash held (3,089) 7,345
Cash at beginning of quarter/year
1.20 to date 11,547 1,187
Exchange rate adjustments
1.21 to item 1.20 (322) (396)
--------------------------------------- -------------------------------------- ------------------- ----------------
1.22 Cash at end of quarter 8,136 8,136
--------------------------------------- -------------------------------------- ------------------- ----------------
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 1.2 239
--------------------------------------- ------------------------------------------------------------- --------------
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 1,900
----------------
4.2 Development -
----------------
4.3 Production 300
----------------
4.4 Administration 1,900
----------------
Total 4,100
------------------------------------- ----------------------------------------------------------- ----------------
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 7,620 8,034
5.2 Deposits at call 516 3,513
5.3 Bank overdraft - -
5.4 Other (provide details) - -
---------------------- --------------------------------
Total: cash at end
of quarter (item 1.22) 8,136 11,547
-------- -------------------------------------------------- ---------------------- --------------------------------
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
(MORE TO FOLLOW) Dow Jones Newswires
April 29, 2016 03:39 ET (07:39 GMT)
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)
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
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
1,075,000 - $0.35 05/08/2018
500,000 - $0.35 16/02/2019
1,500,000 - $0.35 25/08/2019
---------------- --------------------
Total 21,150,000 -
-------- -------------------------------- ---------------- -------------------- ------------------ --------------
7.8 Issued during - - - -
quarter
-------- -------------------------------- ---------------- -------------------- ------------------ --------------
7.9 Exercised during - - - -
quarter
-------- -------------------------------- ---------------- -------------------- ------------------ --------------
Expired during
7.10 quarter 5,000,000 - $0.25 08/03/2016
-------- -------------------------------- ---------------- -------------------- ------------------ --------------
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.
Sign here: Date: 29 April 2016
CFO & Company Secretary
Print name: Chris Bath
This information is provided by RNS
The company news service from the London Stock Exchange
END
MSCEAXLNAAPKEEF
(END) Dow Jones Newswires
April 29, 2016 03:39 ET (07:39 GMT)
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