TIDMOEX
RNS Number : 6766U
Oilex Ltd
31 July 2015
Highlights
CAMBAY PSC, ONSHORE GUJARAT, INDIA
-- Maiden Reserves achieved for the Cambay Field
o Gross 2P Reserves of 206 Bcf gas and 8.0 MMbbls of condensate
(C5(+) ) in the Y zone
(Oilex net working interest 93 Bcf gas and 3.6 MMbbls of C5(+)
)
o Gross 3P Reserves of 377 Bcf gas and 17.3 MMbbls of condensate
(C5(+) ) in the Y zone
(Oilex net working interest 170 Bcf gas and 7.8 MMbbls of C5(+)
)
o Gross 2C Unrisked Contingent Resources of 720 Bcf gas and 52.8
MMbbls of C5(+) in the X and Y zones
(Oilex net working interest 324 Bcf gas and 23.8 MMbbls of C5(+)
)
-- 2P Reserves validate Oilex's programme for commercial development of the Cambay Field
-- Establishment of Reserves provides a strong foundation for
the expedited development of the Cambay Field to achieve key
corporate objectives of increasing reserves, production and
cashflow
-- Cambay-73 production facilities completed, with gas sales
commenced in June 2015 and Cambay-77H production expected to
commence during August 2015
-- Targeting cash flow positive operations in India by the end of 2015
BHANDUT FIELD, ONSHORE GUJARAT, INDIA
-- During the quarter scope of works was completed and the
tendering process was initiated and completed for the construction
of the gas production facility. Bids received have been technically
and commercially evaluated. Bhandut-3 production anticipated to
commence in September 2015.
CORPORATE
-- Subsequent to the end of the quarter, Oilex announced a two
tranche placement and underwritten rights issue to raise US$23
million (A$30 million) (Capital Raising)
-- First tranche placement completed to raise US$1.4 million
(A$1.8 million)
-- Fully underwritten rights issue to raise US$5.3 million
(A$7.0 million), in progress
-- Second tranche placement completed to raise US$16.3 million
(A$21.2 million), subject to shareholder approval at a General
Meeting to be held on 12 August 2015
-- Upon successful completion of the Capital Raising, Oilex will
be fully funded to deliver the Cambay Field 2015/16 work programme,
a transformational event for the Company
Operations review
HEALTH, SAFETY, SECURITY AND ENVIRONMENT
No Lost Time Incidents recorded during the quarter.
CAMBAY FIELD, GUJARAT, INDIA
(Oilex: Operator and 45% interest)
Independent Reserves and Resources
RISC Operations Pty Ltd (RISC), an Australian based,
internationally recognised independent petroleum advisory group,
completed an independent Resource Report of the Eocene Formation of
the Cambay Field in April 2015. This work follows on from its
evaluation of Cambay-77H flowback and test data in December
2014.
Table 1: Reserves
Estimated Cambay Field Reserves
------------------- ---------------------------------------------------
1P* 2P 3P
----------------- --------------- ---------------
Gas C5(+) Gas C5(+) Gas C5(+)
Y Zone Bcf MMbbls Bcf MMbbls Bcf MMbbls
------------------- ------ --------- ----- -------- ----- --------
Total - Gross Nil Nil 206 8.0 377 17.3
------------------- ------ --------- ----- -------- ----- --------
Oilex net working
interest Nil Nil 93 3.6 170 7.8
------------------- ------ --------- ----- -------- ----- --------
*Gross 90 Bcf of gas and 2.9 MMbbls of C5+ (Oilex net working
interest of 40.5 Bcf of gas and 1.3 MMbbls of C5+) would be
categorised as 1P subject to securing finance for the development,
according to the PRMS guidelines. These quantities are included in
the 1C Contingent Resources in Table 2.
Table 2: Contingent Resources
Unrisked Cambay Field Contingent Resource
Estimates
------------------- ----------------------------------------------------
1C 2C 3C
------------------- ----------------- --------------- ----------------
X and Y Zones Gas C5+ Gas C5+ Gas C5+
Bcf MMbbls Bcf MMbbls Bcf MMbbls
------------------- ------- -------- ----- -------- ------ --------
Total - Gross 388 23.7 720 52.8 1239 104
------------------- ------- -------- ----- -------- ------ --------
Oilex net working
interest 215** 12** 324 23.8 557.6 46.8
------------------- ------- -------- ----- -------- ------ --------
**Includes Oilex net working interest of 40.5 Bcf of gas and 1.3
MMbbls of C5+ that would be categorised as 1P subject to securing
finance for the development.
The Reserves are attributed to an area of the Cambay Field
having multiple vintage and modern well intersections of the X and
Y zones with hydrocarbon flows. The area encompasses recent Oilex
operated drilling and production testing activity including the
successful Cambay-77H well, the first successfully production
tested multi-stage frac'd horizontal well in India.
Gas Market
Gas is currently marketed on a competitive tender basis to
buyers and will be sold into a low pressure local market,
commencing with production from Cambay-73. Contractual commitments
are in place from previous tendering activities and cover gas sales
for up to 2 years.
Production and Facilities
Cambay-73
During the quarter Oilex completed the Cambay-73 oil and gas
production facilities on budget and ahead of schedule. Construction
of the pipeline commenced during the quarter, with tie in to the
production facilities completed in June, followed by pre
commissioning and start up activities.
Gas sales commenced from Cambay-73 into the low pressure local
market near the Cambay Field at the end of June. Average daily
production from Cambay-73 is 50.5 boepd including condensate. This
is the first gas to be sold from the Y zone in the Eocene EP-IV
Formation that contains 2P gas Reserves of 206 Bcf (gross) and 2P
oil Reserves of 8 MMbbls (gross) as independently assessed by RISC
Operations Pty Ltd. For further information, please refer to
Oilex's announcement dated 16 April 2015 for details of the
independently classified Cambay Field Reserves and Contingent
Resources.
Demand for gas from local light industrial businesses is
ongoing, with expressions of interest to purchase gas continuing to
be received by Oilex including from buyers who previously bid for
Cambay-73 gas. Later this year, Oilex intends to recommence
production from Cambay-77H to increase gas sales to the local low
pressure market as well as commencing gas sales from Bhandut-3. In
addition, the approved firm work programme for 2015/16, which is
subject to available funding (including successful completion of
the Capital Raise) includes 5 well workovers and consideration is
being given to those which have penetrated the same formation and
could be capable of gas production for the local market.
Condensate (API 49 ) co-produced with gas is separated at the
Cambay Field, combined with other Cambay Field crude oil and
transported by truck to be sold to a nearby refinery at import
parity price using Bonny Light Crude as a marker reference.
Oilex has also started an assessment of nearby legacy wells
which may be capable of being tied into the Cambay-73 facilities
should they have surplus capacity. In conjunction with this, the
Cambay Joint Venture will evaluate expanding supply to the local
low pressure gas market as a method to increase production and cash
flow with minimal investment.
The scheduled commencement of gas sales into the Indian domestic
market reinforces Oilex's strategic advantage as an early mover in
tight gas production in India and highlights the Company's ability
to access infrastructure and successfully execute its work
programmes.
Infrastructure
The Cambay Field is located approximately 10km from the high
pressure gas pipeline network with spare capacity. The pipeline
connection to the high pressure grid will be constructed and owned
by a third party, which is likely to be an affiliate of Oilex's
joint venture partner, Gujarat State Petroleum Corporation (GSPC).
Timing of construction has yet to be determined.
The 2P Reserves are anticipated to support a plateau gas
production rate of 50MMscfd, whilst the 2P + 2C combined volumes
may support a plateau gas production rate of 125 - 250MMscfd.
Studies, yet to be completed, will determine an optimum field gas
production profile and incorporate data from wells drilled as part
of the 2015/16 budget.
The establishment of Reserves provides a strong foundation for
the expedited development of the Cambay Field and achievement of
our key corporate goals of increasing production, cash flow and
reserves. Oilex's first-mover advantage in opening the Cambay Basin
(and India) to development of its significant tight oil and gas
resources, places the Company on a strong growth trajectory in a
robust energy market.
TOTAL NET PRODUCTION - 301 BBLS and 487 MSCF for the quarter
The Cambay Field delivered net oil production of 301 barrels and
487 MSCF for the three months to 30 June, an increase for oil of
46% on the previous quarter.
Work Programme and Budget 2015/16
The work programme and budget for the 2015/16 year has been
approved by both the Joint Venture and the Government of India.
Oilex has commenced work on schedule critical, tendering activities
and expects to take advantage of the recent decrease in global oil
& gas activity to achieve a reduction in drilling and other
costs.
The work programme consists of a firm 2 well drilling campaign
and 2 contingent wells for which all long lead items will be
procured concurrently such that a timely decision can be made to
commit to the contingent wells. The first well is expected to spud
late in H2 2015, subject to the finalisation of funding. Full
diameter core across the Y zone will be collected in each firm
well. Special analyses will be conducted on each core and the data
obtained from the analyses will be used to finalise the frac design
for each well. Core analysis is widely undertaken in North America
and it is anticipated that core data will lead to better frac
efficiency compared to Cambay-77H. Prior to the commencement of the
horizontal well drilling campaign, the JV plans to commence a
legacy well work-over campaign to boost oil and possibly gas
production. This work-over campaign is integral to achieving the
Company's target of cash flow positive operations (excluding
exploration and field development costs) in India during 2015.
Engineering studies for permanent production and gas treatment
facilities have commenced. These studies will examine the cost and
schedule parameters of a range of throughput sizes as part of the
development planning for the field. The work includes conceptual
design of a small throughput plant that would enable pipeline
quality gas to be sold into the gas grid relatively quickly and
thus tapping into a larger market.
Oilex has concluded two gas sale agreements (GSA) to date. GSAs
are conducted via a bid system, with buyers submitting offers to
purchase via a tender process. Given the demand for gas by nearby
industrial users, strong pricing has been secured.
Existing industry located within 15km of the Cambay Field also
means very low capital cost is associated with sales of gas to the
local market and the tie-in to the existing gas transmission
pipeline network. The network has excess capacity for additional
gas that can be used for gas from the Cambay Field.
Oilex continues working towards bringing Cambay-77H and
Bhandut-3 into production during H2 2015, noting the increase in
gas demand around the Cambay Field area.
BHANDUT FIELD, GUJARAT, INDIA
(Oilex: Operator and 40% interest)
Harvesting Conventional Gas
Bhandut-3 has previously flowed at a maximum rate of 6.5MMscfd
through a 10mm choke with a flowing tubing head pressure of 1,190
psia during an isochronal test. The test confirmed the reservoir
sand has a permeability of 124mD, making it a conventional
reservoir. It is planned to deliver approximately 0.5-1MMscfd from
the Bhandut-3 well. The Company anticipates the cost of the
production facilities payback in 7 months from commencement of
production based upon the contracted gas price.
Having received endorsement of the gas sales agreement, the
Bhandut Joint Venture has commenced establishing the appropriate
production facilities for Bhandut-3. This will include a compressed
natural gas (CNG) loading facility that will enable CNG "bullet"
trucks to be loaded at site for transportation of the gas to end
users. Bhandut-3 gas is "lean" and therefore no material condensate
production is expected.
During the quarter scope of works was completed, the tendering
process was initiated and completed for the construction of the gas
production facility. Bids received have been technically and
commercially evaluated, with award expected in Q3.
CANNING BASIN, WESTERN AUSTRALIA STP-EPA-0131, STP-EPA-0106,
STP-EPA-0107
Wallal Graben
(Oilex: Operator and 100% interest)
The Canning Basin asset is located adjacent to the Pilbara, a
global resource centre for iron ore and LNG in Western Australia.
Oilex has a low cost entry into a province with the key
determinates for successful development, being:
-- Markets
-- Infrastructure
-- Geology
The acreage is in a unique position in the Canning Basin as it
is adjacent to many world class mining projects in the Pilbara
region. There has been development of a significant amount of
infrastructure in the area with the Great Northern Highway,
numerous sealed roads, good quality graded roads and multiple
airstrips being present within the Oilex acreage. The Telfer Gas
pipeline traverses STP-EPA-0131 and any future pipelines from the
Canning Basin to the main export terminals at Port Hedland and
Karratha would have to pass through the Company's acreage (Figure
1).
The recently acquired airborne gravity and magnetic survey,
together with 2D seismic, regional gravity, magnetic, surface
geological and well data has confirmed Oilex's structural model of
the Wallal Graben.
The graben is present in Oilex's three, 100%-owned, exploration
areas encompassing approximately 11,900 km(2) (3 million
acres).
During the quarter Oilex completed the burial history modelling
and source rock maturity study. The source rock maturity study
confirms there is excellent source rock potential. A Prospects and
Leads portfolio was completed for conventional plays and
unconventional plays.
JPDA 06-103, TIMOR SEA
(Oilex: Operator and 10% interest)
The Joint Venture submitted a request to the Autoridade Nacional
do Petroleo (ANP) to terminate the PSC by mutual agreement in
accordance with its terms and without penalty or claim on 12 July
2013 (Request to Terminate).
The Request to Terminate followed Joint Venture concerns over
the security of PSC tenure as a result of developments within the
JPDA, including JPDA (06-103), which are outside the control and
influence of the Joint Venture Participants, including:
(a) existence of separate unilateral rights to terminate the
Certain Maritime Arrangements in the Timor Sea (CMATS) arising in
2013 in favour of both the Government of Timor Leste and the
Government of Australia; and
(b) formal arbitration proceedings being initiated by the Timor
Leste Government against the Government of Australia to have CMATS
declared void ab initio.
On 15 January, 2014 the ANP suspended the PSC for 3 months to
provide sufficient time for a response to the Request to Terminate
be determined. The ANP subsequently granted successive 3 month
extensions to the PSC.
During the quarter the ANP responded to the Joint Venture and
advised that the Request to Terminate had been rejected. Shortly
thereafter, the Joint Venture received a Notice of Intent to
Terminate the PSC (Notice) from the ANP.
The Notice asserts a monetary claim against the Joint Venture
for payment of the estimated cost of exploration activities not
carried out in 2013 and certain local content obligations set out
in the PSC. The total amount sought to be recovered by the ANP in
the Notice is approximately US$17 million (Oilex share
US$1.7million). The Company has not provided for a monetary
settlement in its accounts and given the significant overpayment in
the work programme would not anticipate making such a
provision.
The Joint Venture has previously requested credit for excess
expenditure on the approved work programme in the amount of circa
US$56 million and this issue remains unresolved. The Notice does
not include any reference to, nor allowance for, credit for excess
monies which have been spent by the Joint Venture during the PSC
term. Oilex considers such excess expenditure should be included as
part of any financial assessment incorporated in the termination
process.
Subsequent to the end of the quarter, the ANP issued the Notice
of Termination of the PSC JPDA 06-103 effective 15 July 2015.
The Joint Venture continue to discuss the financial liability of
the Contractor upon termination.
WEST KAMPAR PSC, CENTRAL SUMATRA, INDONESIA
(Oilex: 45% interest and further 22.5% secured*)
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 OPPORTUNITIES
No work on new opportunities completed during the quarter.
CORPORATE
During the quarter Oilex appointed PAC Partners Pty Ltd as its
Australian Broker. PAC Partners is a leading independent equities
provider with a focus on leading emerging and mid cap companies and
also the wholesale business partner of PhillipCapital in
Australia.
At the end of the quarter the Company retained a cash position
of $1.2 million.
Subsequent to the end of the quarter Oilex announced a two
tranche placement and underwritten rights issue to raise US$23
million (A$30 million) to fund the 2015/16 work programme, Canning
Basin work programme and working capital. The components of the
funding are as follows:
-- First tranche placement completed to raise US$1.4 million (A$1.8 million)
-- Fully underwritten rights issue to raise US$5.3 million (A$7.0 million), in progress
-- Second tranche placement completed to raise US$16.3 million
(A$21.2 million), subject to shareholder approval at a General
Meeting to be held on 12 August 2015
Upon successful completion of the Capital Raising, Oilex will be
fully funded to deliver the Cambay Field 2015/16 work programme, a
transformational event for the Company.
Following the establishment of 2P reserves at Cambay during the
quarter, a review of additional funding options has commenced as
part of a strategy to consider accessing appropriate debt
facilities to assist in the further development of the Cambay
Field.
The Company's website www.oilex.com.au is regularly updated with
current information.
CORPORATE DETAILS
Board of Directors Share Registry
Max Cozijn Non-Executive Chairman Link Market Services Limited
Central Park
Level 4
152 St. Georges Terrace
Perth, WA 6000 Australia
Telephone: +1300 554 474
Website:
https://investorcentre.linkmarketservices.com.a
u
Computershare Investor Services
PLC
The Pavilions
Bridgwater Road
Bristol BS13 8AE United Kingdom
Telephone: +44 (0) 870 703 6149
Facsimile: +44 (0) 870 703 6116
Sundeep Bhandari Non-Executive Vice
Chairman
Jeffrey Auld Non-Executive Director
Ron Miller Managing Director
Company Secretary
Chris Bath Chief Financial Officer
& Company Secretary
Stock Exchange Listing
Australian Securities Exchange
Code: OEX
AIM Market of London Stock Exchange
Code: OEX
Capital Structure as at 30 June
2015
Ordinary Shares 677,906,039
Listed Options 188,596,471
Unlisted Options 33,975,000
ASSET SCHEDULE - 30 JUNE 2015
-----------------------------------------------------------------------------------------------------------------
ASSET LOCATION ENTITY EQUITY % OPERATOR
--------------------- ------------------------- ------------------ ------------------ -----------------------
Cambay Field Cambay/Gujarat/India Oilex Ltd 30.0 Oilex Ltd
PSC
--------------------- ------------------------- -----------------------
Oilex NL
Holdings
(India)
Limited 15.0
------------------ ------------------ -----------------------
Bhandut Field Cambay/Gujarat/India Oilex NL 40.0 Oilex NL Holdings
PSC Holdings (India) Limited
(India)
Limited
--------------------- ------------------------- ------------------ ------------------ -----------------------
Sabarmati Field Cambay/Gujarat/India Oilex NL 40.0 Oilex NL Holdings
PSC Holdings (India) Limited
(India)
Limited
--------------------- ------------------------- ------------------ ------------------ -----------------------
West Kampar Central Sumatra/ Oilex (West 67.5 (1) PT Sumatera
PSC Indonesia Kampar) Persada Energi
Limited
--------------------- ------------------------- ------------------ ------------------ -----------------------
JPDA 06-103 Flamingo/ Joint Oilex (JPDA 10.0 Oilex (JPDA
PSC Petroleum Development 06-103) 06-103) Ltd
Area/Timor-Leste Ltd
& Australia
Canning/Western
Australia
--------------------- ------------------------- ------------------ ------------------ -----------------------
STP-EPA-0131 Canning/Western Admiral 100.0 Admiral Oil
Australia Oil Pty Pty Ltd
Ltd
--------------------- ------------------------- ------------------ ------------------ -----------------------
STP-EPA-0106 Canning/Western Admiral 100.0 Admiral Oil
Australia Oil and and Gas (106)
Gas (106) Pty Ltd
Pty Ltd
--------------------- ------------------------- ------------------ ------------------ -----------------------
STP-EPA-0107 Canning/Western Admiral 100.0 Admiral Oil
Australia Oil and and Gas (107)
Gas (107) Pty Ltd
Pty Ltd
--------------------- ------------------------- ------------------ ------------------ -----------------------
(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 SPE following the failure of
SPE to repay funds due. The assignment 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 pursue this assignment.
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 estimated,
in place as of a given date, to be contained in known accumulations
volume prior to production
------------- ------------------------------------------------------------
Undiscovered Is that quantity of petroleum estimated, as of a
in place given date, to be contained within accumulations
volume yet to be discovered
------------- ------------------------------------------------------------
PSC Production Sharing Contract
------------- ------------------------------------------------------------
Prospective Those quantities of petroleum which are estimated,
Resources as of a given date, to be potentially recoverable
from undiscovered accumulations.
------------- ------------------------------------------------------------
Contingent Those quantities of petroleum estimated, as of a
Resources 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.
------------- ------------------------------------------------------------
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.
Rule 5.3
Appendix 5B
Mining exploration entity quarterly report
Introduced 1/07/96. Origin: Appendix 8. Amended 1/07/97,
1/07/98, 30/09/01, 1/06/10, 17/12/10, 01/05/13.
Name of entity
OILEX LTD
ABN Quarter ended (current quarter)
50 078 652 632 30 June 2015
----------------- -------------------------------
1 Consolidated statement of cash flows
----- -------------------------------------------------------------------------------------
Current quarter Year to date
$A'000 (12 months)
$A'000
---------------- -------------
Cash flows related to operating activities
Receipts from product sales and
1.1 related debtors 22 314
Payments for (a) exploration
1.2 and evaluation (788) (8,741)
(b) development (150) (150)
(c) production (38) (530)
(d) administration (net) (554) (2,890)
1.3 Dividends received - -
Interest and other items of a
1.4 similar nature received 3 39
1.5 Interest and other costs of finance
paid - -
1.6 Income taxes paid - -
1.7 Other - R&D Grant - 358
------- -------------------------------------------------- ---------------- -------------
Net Operating Cash Flows (1,505) (11,600)
------- -------------------------------------------------- ---------------- -------------
Cash flows related to investing activities
Payment for purchases of:
(a) prospects - -
(b) equity investments - -
1.8 (c) other fixed assets (26) (108)
1.9 Proceeds from sale of:
(a) prospects (refer 2.2 below) - -
(b) equity investments - -
(c) other fixed assets -
1.10 Loans from/(to) other entities (13) 3
1.11 Loans repaid by other entities - -
1.12 Other - -
----------- ---------------------------------------------- ---------------- -------------
Net investing cash flows (39) (105)
----------- ---------------------------------------------- ---------------- -------------
Total operating and investing
1.13 cash flows (carried forward) (1,544) (11,705)
----------- ---------------------------------------------- ---------------- -------------
Current quarter Year to date
$A'000 (12 months)
$A'000
----- ---------------------------------- ---------------- -------------
Total operating and investing
1.13 cash flows (brought forward) (1,544) (11,705)
----- ---------------------------------- ---------------- -------------
Cash flows related to financing
activities
Proceeds from issues of shares,
1.14 options, etc (net) (28) 5,325
Proceeds from sale of forfeited - -
1.15 shares
1.16 Proceeds from borrowings (net) - -
1.17 Repayment of borrowings - -
1.18 Dividends paid - -
1.19 Other - -
----- ---------------------------------- ---------------- -------------
Net financing cash flows (28) 5,325
----- ---------------------------------- ---------------- -------------
Net increase (decrease) in cash
held (1,572) (6,380)
Cash at beginning of quarter/year
1.20 to date 2,744 7,456
Exchange rate adjustments to
1.21 item 1.20 15 111
----- ---------------------------------- ---------------- -------------
1.22 Cash at end of quarter 1,187 1,187
----- ---------------------------------- ---------------- -------------
Payments to directors of the entity and associates Current quarter
of the directors $A'000
Payments to related entities of the entity and associates
of the related entities
--------------------------------------------------------------- ----------------
Aggregate amount of payments to the parties
1.23 included in item 1.2 210
------- ------------------------------------------------------ ----------------
Aggregate amount of loans to the parties included
1.24 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 available Amount available Amount used
Add notes as necessary for $A'000 $A'000
an understanding of the position.
---- -----------------------------------
3.1 Loan facilities - -
----------------- ------------
3.2 Credit standby arrangements - -
---- ----------------------------------- ----------------- ------------
4 Estimated cash outflows for next quarter $A'000
-------
4.1 Exploration and evaluation 300
-------
4.2 Development 200
-------
4.3 Production 200
-------
4.4 Administration 800
-------
Total 1,500
---- ----------------------------------------- -------
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 Current quarter Previous quarter
items in the accounts is as follows. $A'000 $A'000
---------------------------------------- ---------------- -----------------
5.1 Cash on hand and at bank 1,187 2,604
5.2 Deposits at call - 140
5.3 Bank overdraft - -
5.4 Other (provide details) - -
---------------- -----------------
Total: cash at end of quarter
(item 1.22) 1,187 2,744
----- --------------------------------- ---------------- -----------------
6 Changes in interests in mining tenements and petroleum
tenements
----
Interest Interest
Tenement Nature of interest at beginning at end
reference (note (2)) of quarter of quarter
---- ------------------------- ----------- ----------------------- -------------- ------------
6.1 Interests in
mining tenements
and petroleum Refer to Asset
tenements relinquished, Schedule in Quarterly
reduced or lapsed Report
---- ------------------------- ----------- ----------------------- -------------- ------------
6.2 Interests in
mining tenements
and petroleum Refer to Asset
tenements acquired Schedule 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 price Amount paid
Total number Number quoted per security up 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 677,906,039 677,906,039 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 price paid up
Total number Number quoted per security per 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)
188,596,471 188,596,471 $0.15 07/09/2015
75,000 - $0.63 01/08/2015
3,000,000 - $0.15 17/12/2015
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
250,000 - $0.15 10/03/2017
500,000 - $0.25 27/06/2017
1,325,000 - $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
250,000 - $0.25 10/03/2018
1,075,000 - $0.35 05/08/2018
500,000 - $0.35 16/02/2019
4,000,000 - $0.15 29/04/2019
1,500,000 - $0.35 25/08/2019
------------- ----------------
Total 222,571,471 188,596,471
----- -------------------------- ------------- ---------------- -------------- --------------
7.8 Issued during quarter - - - -
----- -------------------------- --------------- -------------- -------------- --------------
7.9 Exercised during - - - -
quarter
----- -------------------------- --------------- -------------- -------------- --------------
7.10 Expired during quarter 250,000 - $0.35 15/08/2018
----- -------------------------- --------------- -------------- -------------- --------------
7.11 Debentures Nil Nil
(totals only)
----- -------------------------- --------------- --------------
7.12 Unsecured notes Nil Nil
(totals only)
----- -------------------------- --------------- -------------- -------------- --------------
Compliance statement
1 This statement has been prepared under accounting policies
which comply with accounting standards as defined in the
Corporations Act or other standards acceptable to ASX.
2 This statement does give a true and fair view of the matters disclosed.
Sign here: Date: 31 July 2015
CFO & Company Secretary
Print name: Chris Bath
This information is provided by RNS
The company news service from the London Stock Exchange
END
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