31 Jan 2011 09:07
QUARTERLY REPORT TO SHAREHOLDERS 31 December 2010 Highlights
Cambay PSC (45% Operator) onshore Gujarat, India
* A drilling rig contract has been negotiated with the final contract award subject to Joint Venture approval. The rig is ideally suited for drilling the Cambay 76H horizontal well section. Mobilisation to the well site will depend on progress on its current drilling program and is anticipated to arrive on site from mid-March 2011. * Detailed design and planning for a horizontal multi-stage fracture "proof of concept" well (Cambay 76H) has been completed during the quarter. Well site preparations and civil engineering work have started in January. * The availability of suitable fracture stimulation services has been confirmed for performing the planned Cambay 76H stimulation programme. * A data package for the Cambay Field "tight" reservoir has been submitted to an Independent Reserves Certifier, Netherland Sewell Associates Inc. Further technical studies are progressing incorporating additional historical well data in assessing Cambay "tight" reservoir Reserves, Contingent Resources and Prospective Resources. * A revised Oil Sales Agreement was concluded with Indian Oil Corporation (IOC) which increases by approximately 34% the price received for Cambay PSC oil sales and fixes future prices to an international benchmark. The new price structure will apply retrospectively and to future oil and condensate production from the Cambay "tight" Eocene reservoirs including any production from the Cambay 76H well.
WA-388-P (14% pre farm in / 8.4% post farm in) North West Shelf, Australia
* A farm-in agreement was concluded with Apache Northwest Pty Ltd under which Oilex will retain an 8.4% interest in the offshore permit and Apache will fund 100% of the costs of the first exploration well and testing * The first exploration well will target a prospect in the Intra Mungaroo channel zone and could spud as early as mid-February 2011. Apache is the Operator.
JPDA 06-103 (10% Operator) Timor Sea, Joint Petroleum Development Area
* A variation to the PSC work programme was approved by the Designated Authority with the fourth commitment well on the PSC area now at the discretion of the Joint Venture. * Under the variation, the Joint Venture may relinquish block if the third well, to be drilled before January 2012, is unsuccessful.
Financial
* In December 2010 30 million new ordinary shares were placed at 20 pence each (AUD$0.32) to sophisticated professional investors in the UK. The Placing resulted in gross proceeds of £6.0million. Ambrian Partners Limited acted as broker to the Placing. * As at 31 January 2011 Oilex Ltd had total issued capital of 251,274,885 ordinary shares and 44,175,000 unlisted options outstanding. * Oilex retained A$20 million cash at the end of the Quarter * No corporate debt at the end of the Quarter. OPERATIONS REVIEW Overview
During the Quarter and subsequently in January 2011 Oilex Ltd has made significant progress on its Cambay tight gas and oil project in advancing contract negotiations for a rig and services, achieving the revision to the Cambay oil sales agreement, submitting the data to the independent reserves certification authority and relocating its India operations office to Gandhinagar, the capital of Gujarat.
Offshore Australia, in WA-388-P, the Company achieved a free carry through a well and testing in the prospective gas play by farming out to Apache, one of the most successful explorers of this play in recent years. In the Timor Sea, the regulatory authority agreed to a modification of the work program that gives the Joint Venture significant flexibility in being able to relinquish the contract area after the next well that will be drilled before January 2012.
During the Quarter the Company's financial position was further strengthened with the Company completing a Placing to sophisticated and professional investors in the UK in December 2010. The Placing resulted in gross proceeds of £6.0 million which will provide funds for further drilling in Cambay following the "proof of concept" well.
CAMBAY FIELD, Gujarat, India(Oilex Operator - 45%) * Reserves and Contingent Resources were significantly upgraded in September 2010 following completion of detailed technical studies assessing the potential of the Cambay "tight" reservoirs using leading-edge North American "tight gas" industry technology * The following tables summarise the net (Oilex 45%) reserves and contingent resources for the Cambay Field "tight" Eocene reservoirs at 6 September 2010: Summary of Reserves Reserves Justified for Development Attributable to Oilex Net Working Interest (45%) Probability P90 P50 P10 Natural gas (BCF) 248 384 591 Condensate (MMbbls) 11 17 27
Net reserves presented above include Government share of production applicable under the PSC.
Summary of Contingent Resources
Contingent Resources Development Pending Attributable to Oilex Net Working Interest (45%) Probability P90 P50 P10 Natural gas (BCF) 186 324 568 Condensate (MMbbls) 8 14 26
Net contingent resources presented above include Government share of production applicable under the PSC.
These estimates were prepared in accordance with generally accepted engineering and evaluation principles set out by the Society of Petroleum Engineers (SPE) PRMS guidelines and are classified as Reserves Justified for Development and Contingent Resources Development Pending. The probabilistic unaudited estimates have been prepared by Oilex with advice from North American tight/shale gas consultants. It is the Company's view that the P90, P50 and P10 "Reserves Justified for Development" estimates set out above correspond to proved, proved plus probable, and proved plus probable plus possible reserves respectively under the ASX Listing Rules. The estimates have not been endorsed by the Government of India or the Directorate General of Hydrocarbons, India. An independent reserves certification will be completed in early 2011.
* The Company is being advised by two North American companies, NuTech Energy Alliance ("NuTech"), a leader in advanced petrophysical, geological and fracture stimulation solutions for "tight" and "shale gas" reservoirs, and Morning Star LLC ("Morning Star"), a worldwide petroleum consulting group with expertise in reserve certification of "tight" reservoir projects. * With the support of its consultants, Oilex is completing further technical studies incorporating the petrophysical evaluation of 36 well logs that penetrated the Eocene section using NuTech's proprietary low permeability software applications to generate revised estimates of hydrocarbon-in-place volumes, reserves, contingent resources, and prospective resources and modelled optimal fracture stimulation well completion designs and associated production profiles. * A data package has been submitted to an Independent Reserves Certifier Netherland Sewell Associates Inc. * In late January 2011 a well test operation commenced on an existing shut in well, Cambay 73 which flowed gas and condensate when it was drilled and tested in 2008 in a conventional vertical well from two zones in the Eocene EP IV. The well test will provide fluid composition data and pressure on the Cambay "tight" Eocene reservoirs. This information will provide useful information for the IRC submission. * The Cambay-76H well bore is oriented such that it will be within less than 100 metres from Cambay-73 near the end of the horizontal section. * Detailed design and planning for a horizontal multi-stage fracture "proof of concept" well (Cambay 76H) have been completed. A contract for well site preparations and civil works has been negotiated and well site civil works preparations have started in January. * A drilling rig contract has been negotiated in January with the final contract award being subject to Joint Venture approval. The rig, which is currently operating in Gujarat, meets the technical specifications for drilling the Cambay 76H horizontal well section and depending on the timing of its current drilling commitments is expected to start mobilisation to the well site from mid-March 2011. * The technical evaluations of supplier bids have confirmed the availability of suitable fracture stimulation services including adequate pumping capacity for performing the planned Cambay 76H fracture stimulation programme. High pressure well heads required for the Cambay 76H fracture stimulation programme have been sourced in January. * The Cambay 76H operations team has started to mobilise in January to Oilex's offices in Gandhinagar, Gujarat. * As announced on 21 January 2011, Oilex has agreed with Indian Oil Corporation (IOC) to revise the existing Cambay Field Crude Offtake Sales Agreement. The revised agreement includes a new price structure whereby the price paid by IOC to the Cambay Field Joint Venture for Cambay crude oil and condensate will be based on new international benchmark crude of similar assay quality. The new price structure will be applied retrospectively so that the Cambay Joint Venture will receive an adjustment payment for a portion of the field's past production - approximately US$0.7 million. * In future, Oilex will sell any future condensate and crude production from the Cambay Eocene "tight" reservoirs under the favourably revised agreement, including any liquids produced from the initial "proof of concept" well Cambay-76H planned for the first Quarter 2011. The agreement is subject to the final signature of ONGC, which facilitates transportation of the crude on behalf of IOC.
WA-388-P, Australia
(Oilex - 14% pre farm in / 8.4% post farm in)
* Apache Northwest Pty Ltd ("Apache") has farmed into the WA-388-P permit located outboard of the North West Shelf, Pluto, Wheatstone, and Gorgon fields, offshore Western Australia. * A portfolio of prospects and play types has been developed. Seven leads have been identified ranging in potential size from 0.3 to 2.8 trillion cubic feet (TCF) of prospective gas resource (recoverable best estimate, 100% basis). * Apache will obtain a 40% interest in the WA-388-P permit by paying; 100% of the first exploration well (up to an agreed cap); and 100% of the well test costs (up to an agreed cap) if the Joint Venture approves testing the well. * The first exploration well will target a prospect in the Intra Mungaroo channel zone. * Oilex retains an 8.4% interest in the permit, and Apache has replaced Oilex as the permit operator. JPDA 06-103, TIMOR SEA(Oilex Operator - 10%) * The Autoridade Nacional Do Petroleo (ANP), the Designated Authority for the Joint Petroleum Development Area (JPDA) in the Timor Sea has approved the JPDA 06-103 Joint Venture's proposal to vary the Production Sharing Contract (PSC) work programme. Under the approved variation the decision to drill the fourth commitment well on the JPDA 06-103 PSC will be at the discretion of the Operator if the third well is unsuccessful. * The ANP has also agreed that the PSC may be relinquished if the Operator and the Joint Venture partners decide not to proceed with any further exploration after the third well, to be drilled before July 2012. * An infill 3D seismic survey will be conducted over part of Tutuala Lead in northern part of JPDA block 06-103. * The ANP has also agreed to an extension to the exploration term with the primary term now ending on 16 January 2012.
West Kampar PSC, Central Sumatra
(Oilex - 45% + further 22.5% secured*)
* On 24 June 2010, the International Court of Arbitration of the ICC (International Chamber of Commerce) found in favour of Oilex's wholly owned subsidiary, Oilex (West Kampar) Limited, in its claim against PT Asiabumi Petroleo (Asiabumi) for the recovery of US$4.6 million that is owed to Oilex. Asiabumi is the parent company of the Operator (PT Sumatera Persada Energi - SPE). * Oilex commenced the ICC Arbitration against Asiabumi in Singapore in April 2009 following the failure of SPE in early 2009 to repay a debt owing to Oilex under a previous agreement between Oilex and SPE. SPE's obligations to repay the debt were secured by a parent company guarantee granted by Asiabumi to Oilex in 2008. * The Award granted in Oilex's favour takes effect immediately. Oilex is pursuing the recovery of the monies owing under the Award. * Oilex maintains that it is further entitled to have assigned an additional 22.5% to its 45% holding through the exercise of its rights under a Power of Attorney granted by SPE following the failure of SPE to repay the funds due referred to above. The assignment has been provided to BPMigas but has not yet been approved or rejected. If the debt due to Oilex is satisfied, it will not pursue this assignment. * Oilex has been notified of a claim by SPE in an Indonesian court in which SPE is seeking damages from Oilex for alleged defamation arising out of correspondence in November 2008 that provided BPMigas with information relating to SPE's performance as operator. The claim is substantially the same as the claim which SPE commenced against Oilex in early 2010 and which Oilex was advised in October 2010 SPE had withdrawn (please refer to Oilex's previous announcements on 5 February 2010 and 29 October 2010). Oilex rejects the allegations in the claim and will vigorously oppose the claim. * Oilex understands from industry communications and reports in the Indonesian press that SPE has drilled and tested a second well (Pendalian 4) in the Pendalian Field earlier this year. Oilex is aware of recent Indonesian press which claims significant flow rates from multiple zones in the Pendalian 4 well during testing and refers to plans for development of the Pendalian Field. Due to SPE's claim relating to Oilex's interest in the PSC, for over a year Oilex has, despite requests, not been provided by SPE with any data relating to the West Kampar PSC operations including any results of testing the Pendalian 4 well. Oilex is therefore unable to comment on or endorse the press reports. * Oilex will continue to take steps to protect its participating interest in the West Kampar PSC and to pursue enforcement of its Arbitration Award while remaining open to a commercial resolution to the dispute. Block 56, Oman(Oilex Operator - 25%) * The Block 56 Joint Venture has given notice to the Oman Ministry of Oil and Gas (MOG) of its intention to relinquish all of the Block 56 Contract Area in accordance with the Exploration and Production Sharing Agreement (EPSA). * On behalf of the Block 56 Joint Venture, Oilex Oman Limited (as Operator) has completed the relinquishment work programme at well sites to the satisfaction of the MOG. * The minimum financial obligation relating to the exploration work commitments under the EPSA has been satisfied by the Joint Venture.
Financial
* 30 million new ordinary shares issued in December 2010. * Total issued capital of 251, 274, 885 ordinary shares. * Unlisted options outstanding total 44,175,000. * Oilex retained A$20.0 million cash at the end of the Quarter. * No corporate debt at the end of the Quarter. * Net operating and investing cash outflows for the quarter ended 31 December 2010 were A$2.1 million.
Safety, Health and Environment
No lost time incidents were recorded in Oilex's operational areas during the Quarter. Cumulative total man hours worked in India since the last LTI (April 2008) is 927,557.
Further information can be found on the Company's website www.oilex.com.au including a background paper titled "Potential of the Cambay Field Low Permeability Reservoirs".
For further information, please contact:
Oilex Ltd +61 (0)8 9485 3200 (Western Australia) Bruce McCarthy Managing Director oilex@oilex.com.au Ben Clube, Finance Director oilex@oillex.com.au Read Corporate +61 (0)8 9388 1474 (Western Australia) Nicholas Read nicholas@readcorporate.com.au Tavistock Communications +44 (0)20 79203150 (UK) Paul Youens +44 (0)7843 260 623 (UK) pyouens@tavistock.co.uk Jonathan Charles +44 (0)7791 892 509 (UK) jcharles@tavistock.co.uk Ambrian Partners Limited (Nominated Adviser and AIM Broker) Richard Swindells +44 (0) 20 7634 4856 (UK)richard.swindells@ambrian.com
Information in this report relating to hydrocarbon reserves or resources has been compiled by Mr Ray Barnes B.Sc. (Hons), the Technical Director of Oilex Ltd who has over 38 years' experience in petroleum geology and is a member of the AAPG. Mr Barnes consents to the inclusion of the information in this report relating to hydrocarbon reserves and resources in the form and context in which it appears. Resource estimates contained in this report are in accordance with the standard definitions set out by the Society of Petroleum Engineers, Petroleum Resources Management System, 2007.
CORPORATE DETAILS Board of Directors Share Registry Max D.J. Cozijn Non-Executive Chairman Security Transfer Registrars Pty Ltd Bruce McCarthy Managing Director 770 Canning Highway Applecross WA 6153, Australia Ray Barnes Technical Director Telephone: +61 8 9315 2333 Ben Clube Finance Director Facsimile: +61 8 9315 2233 Email: Laxmi Bhandari Non-Executive Director registrar@securitytransfer.com.au Ron Miller Non-Executive Director Capital Structure as at 31 January 2011 Stock Exchange Listing Ordinary Shares 251,274,885 Australian Stock Exchange Code: OEX Unlisted Options 44,175,000 AIM Market of London Stock Exchange Code: OEX Unlisted Performance Rights 440,000
LIST OF ABBREVIATIONS AND DEFINITIONS USED HEREIN
Associated Gas Natural gas found in contact with or dissolved in crude oil in the reservoir. It can be further categorized as Gas-Cap Gas or Solution Gas. Bbls Barrels of oil or condensate BCF Billion Cubic Feet at standard temperature and pressure conditions BOE Barrels of Oil Equivalent. Converting gas volumes to the oil equivalent is customarily done on the basis of the nominal heating content or calorific value of the fuel. Common industry gas conversion factors usually range between 1 barrel of oil equivalent (BOE) = 5,600 standard cubic feet (scf) of gas to 1 BOE = 6,000 scf. (Many operators use 1 BOE = 5,620 scf derived from the metric unit equivalent 1 m³ crude oil = 1,000 m³ natural gas). BOPD barrels of oil per day Deterministic The method of estimation of Reserves or Resources is called deterministic if a discrete estimate(s) is made based on Estimate known geoscience, engineering, and economic data. GOR Gas to oil ratio in an oil field, calculated using measured natural gas and crude oil volumes at stated conditions. The gas/oil ratio may be the solution gas/oil, symbol Rs; produced gas/oil ratio, symbol Rp; or another suitably defined ratio of gas production to oil production. Volumes measured in scf/bbl. MMSCF/DAY million standard cubic feet (of gas) per day MMbbls million barrels of oil or condensate (recoverable) Contingent Those quantities of petroleum estimated, as of a given date,Resources 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 characterized by their economic status. Development Pending - A discovered accumulation where project activities are ongoing to justify commercial development in the foreseeable future. Development Unclarified or on Hold - A discovered accumulation where project activities are on hold and/or where justification as a commercial development may be subject to significant delay. Prospective Those quantities of petroleum which are estimated, as of a Resources given date, to be potentially recoverable from undiscovered accumulations 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.3P 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; and 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. SCF/BBL standard cubic feet (of gas) per barrel (of oil) TCF Trillion Cubic Feet Tight Gas The reservoir cannot be produced at economic flow rates or Reservoir recover economic volumes of natural gas unless the well is stimulated by a large hydraulic fracture treatment, a horizontal wellbore, or by using multilateral wellbores ASSET SCHEDULE ASSET BASIN / JOINT VENTURE PARTIES EQUITY % OPERATOR STATE / COUNTRY Cambay Field PSC Cambay/ Oilex Ltd 30.0 Oilex Ltd Gujarat / India Oilex NL Holdings (India) 15.0 Limited Gujarat State Petroleum 55.0 Corp. Ltd
Bhandut Field PSC Cambay/ Oilex NL Holdings (India) 40.0 Oilex NL Holdings
Gujarat/ Limited (India) Limited India Gujarat State Petroleum 60.0 Corp. Ltd Sabarmati Cambay/ Oilex NL Holdings (India) 40.0 Oilex NL HoldingsField PSC Gujarat Limited (India) Limited Gujarat State Petroleum 60.0 Corp. Ltd BLOCK 56 South Oman Oilex Oman Limited 25.0 Oilex Oman Limited EPSA /Oman GAIL (India) Limited 25.0 Videocon Oman 56 Limited 25.0 Bharat PetroResources 12.5 Limited Hindustan Petroleum Corp. 12.5 Ltd West Kampar Central Oilex West Kampar)Limited 67.5 (1) PT SumateraPSC Sumatra Limited Persada Energi Indonesia PT Sumatera Persada Energi 32.5 JPDA 06- Flamingo/ Oilex (JPDA 06-103) Ltd 10.0 Oilex (JPDA 103 PSC Joint 06-103) Ltd Petroleum Japan Energy E&P JPDA Pty 15.0 Development Ltd Area/Timor- Leste & GSPC (JPDA) Limited 20.0 Australia Videocon JPDA 06-103 20.0 Limited Bharat PetroResources JPDA 20.0 Ltd Pan Pacific Petroleum 15.0 (JPDA 06-103) Pty Ltd WA-388-P Carnarvon Oilex Ltd 14.0 (2) Apache WA/Australia Northwest Pty Ltd Gujarat State Petroleum 14.0 (2) Corp. Ltd Videocon Industries Ltd 14.0 (2) Bharat PetroResources Ltd 14.0 (2) Hindustan Petroleum Corp 14.0 (2) Ltd Sasol Petroleum Australia 30.0 (2) 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 but has not yet been approved or rejected. If Oilex is paid the funds due then it will not pursue this assignment.
(2) The WA-388-P Joint Venture has entered into a farmin agreement with Apache Northwest Pty Ltd ("Apache"). Oilex, GSPC, Videocon, Bharat PetroResources, and HPCL participating interests in the WA-388-P permit are 14% before and 8.4% after finalisation of the farmin. Sasol's participating interest is 30% before and 18% after finalisation of the farm in. Apache will become operator.
Rule 5.3 Appendix 5B Mining exploration entity quarterly report Introduced 1/7/96. Origin: Appendix 8. Amended 1/7/97, 1/7/98, 30/9/2001, 01/06/10.Name of entity OILEX LTD ABN Quarter ended ("current quarter") 50 078 652 632 31 DECEMBER 2010 Consolidated statement of cash flows
Cash flows related to operating activities Current quarter Year to date
$A'000 (6 months) $A'000 1.1 Receipts from product sales and - - related debtors 1.2 Payments for (a) exploration and (1,621) (3,095) evaluation (b) development - - (c) production (87) (167) (d) administration (net) (413) (805) 1.3 Dividends received - - 1.4 Interest and other items of a similar 85 182 nature received 1.5 Interest and other costs of finance - - paid 1.6 Income taxes paid - - 1.7 Other (provide details if material) - - Net Operating Cash Flows (2,036) (3,885) Cash flows related to investing activities 1.8 Payment for purchases of: - - (a) prospects - - (b) equity investments (29) (30) (c) other fixed assets 1.9 Proceeds from sale of: - - (a) prospects - - (b) equity investments - - (c) other fixed assets 1.10 Loans to other entities - - 1.11 Loans repaid by other entities 1 35 1.12 Other (provide details if material) - - Net investing cash flows (28) 5 1.13 Total operating and investing cash (2064) (3,880) flows (carried forward) 1.13 Total operating and investing cash (2064) (3,880) flows (brought forward) Cash flows related to financing activities 1.14 Proceeds from issues of shares, 8,954 8,954 options, etc 1.15 Proceeds from sale of forfeited shares - - 1.16 Proceeds from borrowings (net) - - 1.17 Repayment of borrowings - - 1.18 Dividends paid - - 1.19 Other (provide details if material) - - Net financing cash flows 8,954 8,954 Net increase (decrease) in cash held 6,890 5,074 1.20 Cash at beginning of quarter/year to 13,887 16,809 date 1.21 Exchange rate adjustments to item 1.20 (685) (1,791) 1.22 Cash at end of quarter 20,092 20,092
Payments to directors of the entity and associates of the Current quarter directors
$A'000 Payments to related entities of the entity and associates of the related entities 1.23 Aggregate amount of payments to the parties included in 333 item 1.2 1.24 Aggregate amount of loans to the parties included in item 1.10 1.25 Explanation necessary for an understanding of the transactions 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 Financing facilities available Amount available Amount used Add notes as necessary for an $A'000 $A'000 understanding of the position. 3.1 Loan facilities - - 3.2 Credit standby arrangements - - Estimated cash outflows for next quarter $A'000 4.1 Exploration and evaluation 6,900 4.2 Development - 4.3 Production 203 4.4 Administration 400 Total 7,503 Reconciliation of cash
Reconciliation of cash at the end of the Current quarter Previous quarter quarter (as shown in the consolidated
statement of cash flows) to the related $A'000 $A'000 items in the accounts is as follows. 5.1 Cash on hand and at bank 12,828 3,449 5.2 Deposits at call 7,264 10,438 5.3 Bank overdraft - - 5.4 Other (provide details) - - Total: cash at end of quarter 20,092 13,887 (item 1.22) Changes in interests in mining tenements Tenement Nature of interest Interest Interest reference at at end of (note (2)) beginning quarter of quarter 6.1 Interests in mining Refer to Permit/Asset tenements Schedule in Quarterly relinquished, Report reduced or lapsed 6.2 Interests in mining Refer to Permit/Asset tenements acquired Schedule in Quarterly or increased Report 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. Total Number Issue Amount paid up per number quoted price per security 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 250,074,885 250,074,885 Various - 7.4 Changes during 30,000,000 30,000,000 $0.32 - quarter - - (a) Increases through issues (options - exercised) (b) Decreases through returns of capital, buy-backs 7.5 +Convertible debt - - - - securities (description) 7.6 Changes during - - - - quarter (a) Increases through issues (b) Decreases through securities matured, converted 7.7 Options Exercise Expiry date price 2,500,000 - $2.00 31/03/2011 300,000 - $2.25 31/03/2011 350,000 - $2.70 30/04/2011 900,000 - $1.75 30/06/2011 900,000 - $2.25 30/06/2011 2,000,000 - $0.30 30/06/2011 3,900,000 - $2.00 1/07/2011 3,900,000 - $2.50 1/07/2011 500,000 - $1.57 30/09/2011 300,000 - $2.75 31/03/2012 900,000 - $2.75 30/06/2012 3,000,000 - $0.30 15/09/2012 14,787,500 - $0.30 11/10/2012 4,350,000 - $0.30 01/07/2014 6,787,500 - $0.37 10/11/2014 Total 45,375,000
Issued and quoted securities at end of current quarter (cont'd)
Description includes rate of interest and any redemption or conversion rights together with prices and dates.
Total number Number Issue price Amount paid quoted per security up per security 2006 Performance Rights 15,000 Tranche 1 expire 1/07/2011 2007 Performance Rights 120,000 Tranche 1 expire 1/07/2012 120,000 Tranche 2 expire 1/07/2012 120,000 Tranche 3 expire 1/07/2012 2008 Performance Rights 21,000 Tranche 1 expire 1/07/2013 22,000 Tranche 2 expire 1/07/2013 22,000 Tranche 3 expire 1/07/2013 Exercise Expiry Date Price 7.8 Issued during 14,787,500 - $0.30 10/11/2012 quarter 6,787,500 - $0.37 10/11/2014 7.9 Exercised during quarter 7.10 Expired during 500,000 - $2.00 31/10/2010 quarter 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 January 2011
(Director)
Print name: Ben Clube
vendor