31 Jul 2019 08:52
JUNE QUARTERLY REPORT 2019
HIGHLIGHTS
CAMBAY FIELD, ONSHORE GUJARAT, INDIA
» The Company's plans for the 2019-20 work programme and budget (2020 WP&B) to drill up to two vertical wells are well advanced. Amongst other conditions, these wells are pending resolution of the dispute with GSPC and the necessary funding.
» During the December 2018 quarter, the Company announced that GSPC and the Company had entered into commercial negotiations in order to avoid the matter going to arbitration.
» The discussions between Oilex and GSPC regarding a potential commercial settlement have continued during the June 2019 quarter following the Indian national elections.
» In parallel with these discussions, the Company continues to follow the arbitration process with the Singapore International Arbitration Centre (SIAC) where it seeks to fully enforce its rights under the Joint Operating Agreement.
» In the June 2019 quarter, GSPC made no payments towards outstanding cash calls to the Cambay Joint Venture (Cambay JV).
» During the previous quarter, gas production from the Cambay Field was voluntarily shut-in.
BHANDUT FIELD, ONSHORE GUJARAT, INDIA
» The Bhandut Field remains on care and maintenance.
» During the quarter, GSPC continued with its sale process for their participating interest in Bhandut. The Company has a right of first refusal in regard to sale of GSPC's participating interest. The Company is also in discussion with potential buyers for its participating interest.
» During the quarter, the joint venture partner, GSPC, made payments of US$0.095m towards outstanding cash calls.
CORPORATE
» During the quarter, the Company issued no shares or options.
» The Company continues to review new opportunities to create value for shareholders. Discussions are advanced on potential acquisitions in the Cooper Basin and the UK.
» Cash resources at 30 June 2019 were approximately $0.4 million.
» Subsequent to the end of the quarter, the Company amended its Series A loan of A$330,000 extending the loan repayment date from 26 July 2019 to 1 October 2019.
» Subsequent to the end of the quarter the Company announced that it has arranged an equity capital raising to secure funding of £0.34 million (A$0.6 million).
» During the quarter the Company announced a change in its registered office location.
OVERVIEW
The Company's primary objective is to maximise shareholder value from its principal asset in the Cambay Basin, located onshore Gujarat State in India, whilst also continuing to review other opportunities to create value and diversify risk by adding new assets to the Company's project portfolio.
To that end, Oilex continues to evaluate and implement a range of technical programme options to progress its main objective of accessing the significant gas resource present in siltstones in the EP-IV reservoir at the Company's Cambay Production Share Contract (PSC). North American unconventional drilling, completion and stimulation technologies have been applied by the Cambay JV over the last six years with positive but commercially modest results and work is underway to optimise results for future work programmes. The current work programmes are focused on:
·; Reaching a resolution for the outstanding cash calls payable by the Company's joint venture partner GSPC;
·; Preparing detailed work programmes, including new wells for implementation under the approved Field Development Plan (FDP), securing the PML extension and PSC amendment for Cambay PSC and Bhandut PSC.
·; Arranging the necessary funding to implement the planned work programme; and
·; Continuing to evaluate new opportunities to add to the Company's project portfolio.
HEALTH, SAFETY, SECURITY AND ENVIRONMENT
No lost time incidents recorded during the quarter.
CAMBAY FIELD, GUJARAT, INDIA
(Oilex: Operator and 45% interest)
Oilex holds a 45% participating interest (PI) in the Cambay Field, with GSPC holding the remaining 55% PI.
The Company's plans for the 2020 WP&B at Cambay are well advanced and include the drilling if up to two vertical wells. The priority will be to test the drilling and stimulation recommendations from a recent Baker Hughes-GE study in the EP-IV zone. Any early production will utilise existing processing and storage facilities upgraded as required to provide a low-cost path to commercialisation. Given success, a larger drilling programme will follow, with the aim of aggregating sufficient production volumes to connect to the high-pressure pipelines which would offer greater offtake stability and improved gas prices.
Importantly, GSPC will not commit to an active work programme inclusive of drilling with the Cambay JV Operating Committee approving a care and maintenance budget for the 2019-20 year at this time. Pending a settlement agreement with GSPC on the Event of Default Notice (EoD Notice) or a successful arbitration decision, and subject to securing the necessary funding, the Company will proceed to implement the planned well programme.
During the previous quarter the Company received notification from the Gujarat Pollution Control Board (GPCB) contending that the Cambay JV had contravened water pollution requirements. The Company disputes the GPCB notice and continues to fully preserve its position.
During the previous quarter, gas production was shut-in at the Cambay Field.
Joint Venture Dispute
During the June 2019 quarter, the Company continued to pursue resolution of its dispute with GSPC). The resolution of the dispute is essential to potential development of Cambay and the recovery of the funds owed by GSPC for the joint venture activity at Cambay.
On 29 November 2018, the Company announced that it was in discussions with GSPC and the Government of India (GoI) to seek a commercial resolution to avoid arbitration and if possible, allow a drilling programme at Cambay to proceed. During the subsequent period, the Company has actively engaged with key stakeholders, including GSPC, with a view to resolving the dispute clearing a clear path forward for the potential development of Cambay.
Oilex has worked tirelessly in seeking a resolution and in recent months has submitted several proposals to GSPC for consideration, with the most recent draft proposal tabled on 19 May 2019 urging GSPC management to list PI in the Cambay JV in their ongoing sales process. The negotiations continue to be challenging given the commercial drivers for all parties and the regulatory and administrative hurdles, and at this time, a conclusion has not been reached, although discussions continue. During the June 2019 quarter, the progress of these discussions slowed while India undertook its national elections but escalated again later in the quarter following its conclusion. Importantly, the Ministry of Natural Gas and Petroleum (MoPNG) together with the Directorate General of Hydrocarbons (DGH) have escalated their participation with a view to resolve the ongoing dispute and recommencing activities at Cambay.
Concurrent with the ongoing discussions with GSPC, the Company continues to progress with the SIAC arbitration process. In this regard, both GSPC and Oilex have each paid their respective initial arbitration fee deposit (50%) with the full panel of arbitrators now appointed. The Company expects the timeline for the arbitration process and further announcements will be made in due course.
Commencement of GSPC Sale Process
As reported in the previous quarter, the State Government of Gujarat and the GSPC board of directors' have approved a sales process for a number of its Indian joint venture participating interests. At present, Cambay is not formally part of this sale process, however, GSPC have previously informally indicated their willingness to divest their interest. Pursuant to the Cambay and Bhandut JOAs, Oilex holds pre-emptive rights to acquire GSPC's interests in both assets. The Company supports this initiative and continues to actively engage with GSPC to find a path forward for this to be implemented.
Background to GSPC Cash Call Dispute
By way of background, on 29 May 2018, the Company issued an EoD Notice to GSPC in accordance with the JOA for the equivalent amount of US$3,054,832. The EoD Notice was issued as a result of GSPC's ongoing failure to pay its PI share of Cambay PSC expenses. GSPC failed to remedy its default within 60 days and, in accordance with the JOA, Oilex formally requested the DGH and the MoPNG in India to transfer GSPC's PI in the Cambay PSC to the Company. This was announced by Oilex on 30 July 2018.
On 13 August 2018, GSPC served an ex-parte interim stay order (IAAP No. 130 of 2018) from the High Court of Gujarat (Court) directing the Company not to take any coercive steps against GSPC (Order) with regard to the EoD Notice. As disclosed in the announcement of 13 August 2018, the Order was awarded on an interim basis to delay the transfer of GSPC's PI in the Cambay PSC to Oilex.
Following various hearings in the Court, on 5 November 2018, the Company announced that that the Court had decided on all applications pending regarding the Order obtained by GSPC. The Court issued and passed judgement further delaying the implementation of the EoD Notice and Notice of Withdrawal of Participating Interest dated 29 July 2018, subject to certain conditions. The conditions were subsequently attained by GSPC, including the requirement to commence arbitration proceedings. It is important to note that in practice, the transfer of the PI is currently subject to vacation of the Order.
As required by the order of the Court on 19 November 2018, GSPC invoked the dispute resolution provisions of the JOA and commenced arbitration proceedings through the SIAC.
The Order also requires that GSPC performs its duties and obligations under the JOA and Oilex continues to work to ensure that this occurs. In the case that it does not, Oilex will vigorously pursue its legal rights.
Joint Venture Management
During the June 2019 quarter, Oilex received no payments towards outstanding cash calls from its Joint Venture partner. Total outstanding cash calls from GSPC - Est. USD 5.628 MM (inclusive of the Est. USD 3.054 MM pursuant to the EoD).
BHANDUT FIELD, GUJARAT, INDIA
(Oilex: Operator and 40% interest)
Oilex holds a 40% equity interest in the Bhandut Field, with GSPC holding the remaining PI. Previous drilling in the Bhandut Field intersected a number of hydrocarbon zones, some of which produced historically and are now shut-in.
The field is currently on care and maintenance, however, the field has ongoing nominal production and exploration potential, coupled with existing production facilities.
During the previous quarter, GSPC commenced a formal process to dispose of its PI in Bhandut. Oilex has a right of first refusal in the event that GSPC disposes of its PI. Oilex is also in discussions with potential buyers in respect if its interest in Bhandut. The cut-off date for bid submissions in GSPC's sale process for its Bhandut PI is 31August 2019.
During the quarter, GSPC paid E US$0.098 million in cash calls. At the end of the quarter unpaid cash calls by GSPC was E US$0.07 million gross.
JPDA 06-103, TIMOR SEA
(Oilex: PSC Terminated 15 July 2015 - Operator and 10% interest)
On 17 October 2018, the Company received formal notice from the Autoridade Nacional Do Petroleo E Minerais (ANPM), the body responsible for managing and regulating petroleum and mining activities in the Timor-Leste area, advising that it has commenced arbitration through the International Chamber of Commerce in Singapore.
The obligations and liabilities of the joint venture participants under the PSC are joint and several and all participants have provided parent company guarantees. The equity interest of the joint venture participants (JPDA JV) are as follows:
Oilex (JPDA 06-103) Ltd (Operator) 10%
Pan Pacific Petroleum (JPDA 06-103) Pty Ltd 15%
Japan Energy E&P JPDA Pty Ltd 15%
GSPC (JPDA) Limited 20%
Videocon JPDA 06-103 Limited * 20%
Bharat PetroResources JPDA Ltd 20%
Total 100%
* The Company understands that the parent company Videocon Industries Ltd is subject to corporate insolvency proceedings and continues to trade under the supervision of an insolvency professional. The JPDA JV has requested but is yet to receive formal documentation and or clarification as to the position of Videocon JPDA 06- 103 Limited.
Videocon has not paid cash calls of USD$0.19 million. GSPC has not paid cash calls of USD$0.19 million.
The JPDA JV is currently taking advice on its rights to require GSPC and Videocon to meet their obligations.
The arbitration remains ongoing and the JPDA JV is scheduled to submit its First Memorial (Defence) by 15 August 2019. The arbitration is scheduled to be heard in Singapore in February 2020.
WEST KAMPAR PSC, CENTRAL SUMATRA, INDONESIA
(Oilex: 45% interest and further 22.5% secured )
The Company remains in dispute with the operating company, PT Sumatera Persada Energi (SPE), which was declared bankrupt.
During the previous quarter, the Company was advised by the Indonesian Government regulator, SKK Migas, that the West Kampar PSC had been terminated following SPE's failure to meet its obligations under the PSC.
The Company is currently engaging with the Indonesia regulators with a view to returning its interest in West Kampar.
CORPORATE
Cash Balance
At the end of the quarter Oilex retained cash resources of $0.4 million. Subsequent to the end of the quarter the Company announced that it had arranged an equity capital raising to secure additional funding of £0.34 million (A$0.6 million).
Series A Loan
Subsequent to the end of the quarter, the Company announced that it has entered into an amendment agreement to vary the terms of its loan funding facility of A$330,000 (Amendment) entered into on 26 July 2018 (Series A Loan). Pursuant to the Amendment, the loan repayment date has been extended from 26 July 2019 to 1 October 2019. In addition, the Company will issue 124,060,150 new options to the lenders at an exercise price of $0.00266. The issue of the options are subject to shareholder approval on or before 30 September 2019. Failure to secure shareholder approval will require immediate repayment of the loan principal and accrued interest. All other terms remain the same as the Series A Loan and are extended to 1 October 2019.
On 26 July 2019, the 91,666,666 issued pursuant to the grant of the Series A loan in July 2018 lapsed. The new options to be issued are pursuant to the extension of the loan repayment date.
Equity Capital Raising
Subsequent to the end of the quarter the Company announce that it has arranged an equity capital raising to secure funding of £0.34 million (A$0.6 million) through the placing of 257,329,999 new shares at 0.13 pence (A$0.2330) per share (Placing).
Funds raised from the Placing are intended to be applied towards the near to medium term working capital and corporate requirements of the Company including the resolution of outstanding issues with GSPC. Completion of the Placing is anticipated on before 9 August 2019.
Share Issues
During the quarter the Company issued 10,330,002 new ordinary shares as consideration in lieu of Non-Executive Directors' fees and fees payable to consultants. The issue of shares to Non-Executive Directors in lieu of fees was approved by shareholders on 29 November 2018.
| Shares Issued |
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Mr B Lingo | 5,013,900 |
Mr P Haywood | 1,231,533 |
Consultants | 4,084,569 |
| 10,330,002 |
Business Development
The Company has been actively seeking new projects for an extended period focussed on the UK Continental Shelf and Cooper Basin, Australia. The Company is in advanced negotiations on several new ventures, however, no binding agreements have been entered into at this time. The Company is making all efforts to conclude negotiations and further announcements will be made in due course. Shareholders are advised that there is no certainty that an agreement can be reached.
Capital Structure
The shares and options on issue as at 30 June 2019 were as follows:
Ordinary Shares | 2,587,318,001 |
Unlisted Options | 161,220,442 |
During the quarter no options were issued. Subsequent to the end of the quarter, 91,666,666 options exercisable at $0.0034 per share on or before 26 July 2019 lapsed.
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 Joe Salomon, Managing Director employed by Oilex Ltd. Mr Salomon has over 32 years' experience in petroleum geology and is a member of the Society of Petroleum Engineers and AAPG. Mr Salomon meets the requirements of a qualified petroleum reserve and resource evaluator under Chapter 5 of the ASX Listing Rules and consents to the inclusion of this information in this report in the form and context in which it appears. Mr Salomon also meets the requirements of a qualified person under the AIM Note for Mining, Oil and Gas Companies and consents to the inclusion of this information in this report in the form and context in which it appears.
Board of Directors |
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Brad Lingo | Non-Executive Chairman |
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Paul Haywood | Non-Executive Director |
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Joe Salomon | Managing Director |
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Company Secretary |
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Mark Bolton | CFO & Company Secretary |
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Stock Exchange Listing |
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Australian Securities Exchange | Code: OEX |
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AIM London Stock Exchange | Code: OEX |
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AIM Nominated Adviser | AIM Broker |
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Strand Hanson Limited | Novum Securities Limited |
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Share Registry |
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Australia |
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Link Market Services Limited Level 12 250 St. Georges Terrace Perth WA 6000 Australia Telephone: 1300 554 474 Website: http://investorcentre.linkmarketservices.com.au |
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United Kingdom |
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Computershare Investor Services PLC The Pavilions Bridgwater Road Bristol BS13 8AE United Kingdom Telephone: +44 (0) 870 703 6149 Website: www.computershare.com |
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PERMIT SCHEDULE - 30 JUNE 2019 | ||||
ASSET | LOCATION | ENTITY | EQUITY % | OPERATOR |
Cambay Field PSC (1) | Gujarat, India | Oilex Ltd | 30.0 | Oilex Ltd |
Oilex N.L. Holdings (India) Limited | 15.0 | |||
Bhandut Field PSC | Gujarat, India | Oilex N.L. Holdings (India) Limited | 40.0 | Oilex N.L. Holdings (India) Limited |
JPDA 06-103 PSC (2) | Joint Petroleum Development Area Timor Leste and Australia | Oilex (JPDA 06-103) Ltd | 10.0 | Oilex (JPDA 06-103) Ltd |
(1) On 29 July 2018, the Company issued a notice to exercise its option to require GSPC to completely withdraw its 55% Participating Interest in the Cambay PSC following GSPC's failure to completely remedy the Event of Default issued on 29 May 2019. On 5 November 2018 the High Court of Gujarat issued a judgement to further delay the implementation of the EOD subject to certain conditions being fulfilled by GSPC. GSPC subsequently met the conditions and invoked the JOA dispute resolutions in the Singapore International Arbitration Centre. Commercial discussions between the parties are also currently ongoing.
(2) PSC terminated 15 July 2015.
Barrel/bbl | Standard unit of measurement for all oil and condensate production. One barrel is equal to 159 litres or 35 imperial gallons. |
BOEPD | Barrels of oil equivalent per day |
BOPD | Barrels of oil per day |
MMBO | Million standard barrels of oil or condensate |
SCFD | Standard cubic feet (of gas) per day |
MSCFD | Thousand standard cubic feet (of gas) per day |
MMSCFD | Million standard cubic feet (of gas) per day |
BBO | Billion standard barrels of oil or condensate |
BCF | Billion Cubic Feet of gas at standard temperature and pressure conditions |
TCF | Trillion Cubic Feet of gas at standard temperature and pressure conditions |
Discovered in place volume | Is that quantity of petroleum that is estimated, as of a given date, to be contained in known accumulations prior to production |
Undiscovered in place volume | Is that quantity of petroleum estimated, as of a given date, to be contained within accumulations yet to be discovered |
PSC | Production Sharing Contract |
Prospective Resources | Those quantities of petroleum which are estimated, as of a given date, to be potentially recoverable from undiscovered accumulations. |
Contingent Resources | Those quantities of petroleum estimated, as of a given date, to be potentially recoverable from known accumulations by application of development projects, but which are not currently considered to be commercially recoverable due to one or more contingencies.
Contingent Resources may include, for example, projects for which there are currently no viable markets, or where commercial recovery is dependent on technology under development, or where evaluation of the accumulation is insufficient to clearly assess commerciality. Contingent Resources are further categorized in accordance with the level of certainty associated with the estimates and may be sub-classified based on project maturity and/or characterised by their economic status. |
Reserves | Reserves are those quantities of petroleum anticipated to be commercially recoverable by application of development projects to known accumulations from a given date forward under defined conditions.
Proved Reserves are those quantities of petroleum, which by analysis of geoscience and engineering data, can be estimated with reasonable certainty to be commercially recoverable, from a given date forward, from known reservoirs and under defined economic conditions, operating methods and government regulations.
Probable Reserves are those additional Reserves which analysis of geoscience and engineering data indicate are less likely to be recovered than Proved Reserves but more certain to be recovered than Possible Reserves.
Possible Reserves are those additional reserves which analysis of geoscience and engineering data indicate are less likely to be recoverable than Probable Reserves.
Reserves are designated as 1P (Proved), 2P (Proved plus Probable) and 3P (Proved plus Probable plus Possible).
Probabilistic methods
P90 refers to the quantity for which it is estimated there is at least a 90% probability the actual quantity recovered will equal or exceed. P50 refers to the quantity for which it is estimated there is at least a 50% probability the actual quantity recovered will equal or exceed. P10 refers to the quantity for which it is estimated there is at least a 10% probability the actual quantity recovered will equal or exceed. |
Rule 5.5
Appendix 5B
Mining exploration entity and oil and gas exploration entity quarterly report
Introduced 01/07/96 Origin Appendix 8 Amended 01/07/97, 01/07/98, 30/09/01, 01/06/10, 17/12/10, 01/05/13, 01/09/16
Name of entity | ||
OILEX LTD | ||
ABN |
| Quarter ended (current quarter) |
50 078 652 632 |
| 30 JUNE 2019 |
Consolidated statement of cash flows | Current quarter $A'000 | Year to date (12 months) $A'000 | |
1. | Cash flows from operating activities | 1 | 261 |
1.1 | Receipts from customers | ||
1.2 | Payments for | (175) | (628) |
| (a) exploration & evaluation | ||
| (b) development | - | - |
| (c) production | (105) | (382) |
| (d) staff costs | (191) | (941) |
| (e) administration and corporate costs | (434) | (1,254) |
1.3 | Dividends received (see note 3) | - | - |
1.4 | Interest received | 2 | 5 |
1.5 | Interest and other costs of finance paid | (7) | (24) |
1.6 | Income taxes paid | - | - |
1.7 | Research and development refunds | - | - |
1.8 | Other (provide details if material) |
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1.9 | Net cash from / (used in) operating activities | (909) | (2,963) |
Consolidated statement of cash flows | Current quarter $A'000 | Year to date (12 months) $A'000 | |
2. | Cash flows from investing activities | (2) | (2) |
2.1 | Payments to acquire: | ||
| (a) property, plant and equipment | ||
| (b) tenements (see item 10) | - | - |
| (c) investments | - | - |
| (d) other non-current assets | - | - |
2.2 | Proceeds from the disposal of: | - | - |
| (a) property, plant and equipment | ||
| (b) tenements (see item 10) | - | - |
| (c) investments | - | - |
| (d) other non-current assets | - | - |
2.3 | Cash flows from loans to other entities | - | - |
2.4 | Dividends received (see note 3) | - | - |
2.5 | Other (provide details if material) | - | - |
2.6 | Net cash from / (used in) investing activities | (2) | (2) |
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3. | Cash flows from financing activities | - | 2,127 |
3.1 | Proceeds from issues of shares | ||
3.2 | Proceeds from issue of convertible notes | - | - |
3.3 | Proceeds from exercise of share options | - | 395 |
3.4 | Transaction costs related to issues of shares, convertible notes or options |
(5) |
(136) |
3.5 | Proceeds from borrowings | - | 645 |
3.6 | Repayment of borrowings | - | (65) |
3.7 | Transaction costs related to loans and borrowings | - | (13)
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3.8 | Dividends paid | - | - |
3.9 | Other (provide details if material) | - | - |
3.10 | Net cash from / (used in) financing activities | (5) | 2,953 |
Consolidated statement of cash flows | Current quarter $A'000 | Year to date (12 months) $A'000 | |
4. | Net increase / (decrease) in cash and cash equivalents for the period |
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4.1 | Cash and cash equivalents at beginning of period | 1,275 | 376 |
4.2 | Net cash from / (used in) operating activities (item 1.9 above) | (909) | (2,963) |
4.3 | Net cash from / (used in) investing activities (item 2.6 above) | (2) | (2) |
4.4 | Net cash from / (used in) financing activities (item 3.10 above) | (5) | 2,953 |
4.5 | Effect of movement in exchange rates on cash held | (1) | (6) |
4.6 | Cash and cash equivalents at end of period | 358 | 358 |
5. | Reconciliation of cash and cash equivalentsat the end of the quarter (as shown in the consolidated statement of cash flows) to the related items in the accounts | Current quarter $A'000 | Previous quarter $A'000 |
5.1 | Bank balances | 358 | 1,275 |
5.2 | Call deposits | - | - |
5.3 | Bank overdrafts | - | - |
5.4 | Other (provide details) | - | - |
5.5 | Cash and cash equivalents at end of quarter (should equal item 4.6 above) | 358 | 1,275 |
6. | Payments to directors of the entity and their associates | Current quarter$A'000 |
6.1 | Aggregate amount of payments to these parties included in item 1.2 | 48 |
6.2 | Aggregate amount of cash flow from loans to these parties included in item 2.3 | - |
6.3 | Include below any explanation necessary to understand the transactions included in items 6.1 and 6.2 | |
Director's fees & superannuation
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7. | Payments to related entities of the entity and their associates | Current quarter$A'000 |
7.1 | Aggregate amount of payments to these parties included in item 1.2 | - |
7.2 | Aggregate amount of cash flow from loans to these parties included in item 2.3 | - |
7.3 | Include below any explanation necessary to understand the transactions included in items 7.1 and 7.2 | |
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8. | Financing facilities availableAdd notes as necessary for an understanding of the position | Total facility amount at quarter end$A'000 | Amount drawn at quarter end$A'000 |
8.1 | Loan facilities | 580 | 580 |
8.2 | Credit standby arrangements | - | - |
8.3 | Other (please specify) | - | - |
8.4 | Include below a description of each facility above, including the lender, interest rate and whether it is secured or unsecured. If any additional facilities have been entered into or are proposed to be entered into after quarter end, include details of those facilities as well. | ||
1. Loan facility details a) $300,000: Lender- Republic Investment Management Pte Ltd, drawn 27 July 2018, interest rate 5%, unsecured, term- repayment date has been extended to 1 October 2019; b) $30,000: Lender- Lombard Bank Malta p.l.c., drawn 4 September 2018, interest rate 5%, unsecured, term- repayment date has been extended to 1 October 2019; c) $250,000: Lender- Republic Investment Management Pte Ltd, drawn 26 September 2018, interest rate 5%, unsecured, term- to 1 October 2019 or earlier by notice.
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9. | Estimated cash outflows for next quarter | $A'000 |
9.1 | Exploration and evaluation | 104 |
9.2 | Development | - |
9.3 | Production | 142 |
9.4 | Staff costs | 259 |
9.5 | Administration and corporate costs | 154 |
9.6 | Other (provide details if material) - SIAC Arbitration Fees | - |
9.7 | Total estimated cash outflows | 659 |
10. | Changes in tenements(items 2.1(b) and 2.2(b) above) | Tenement reference and location | Nature of interest | Interest at beginning of quarter | Interest at end of quarter |
10.1 | Interests in mining tenements and petroleum tenements lapsed, relinquished or reduced |
| Refer to Permit Schedule in Quarterly Report |
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10.2 | Interests in mining tenements and petroleum tenements acquired or increased |
| Refer to Permit Schedule in Quarterly Report |
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Compliance statement
1 This statement has been prepared in accordance with accounting standards and policies which comply with Listing Rule 19.11A.
2 This statement gives a true and fair view of the matters disclosed.
Sign here:
Print name: Mark Bolton - CFO & Company Secretary
Date: 31 July 2019