27 Oct 2011 10:16
QUARTERLY REPORT TO SHAREHOLDERS 30 SEPTEMBER 2011
Summary
Cambay PSC (45% Operator) onshore Gujarat, India
* Netherland, Sewell and Associates, Inc. completed an initial independent
assessment of the Cambay "tight" reservoirs and provided Best Estimates (100% basis) as set out below: * two shallower zones (X and Y) with combined discovered gross in-place
volumes of 1,314 BCF of gas and 1,633 million barrels of oil and unrisked
gross recoverable volumes of 494 BCF of gas and 83 million barrels of oil,
* four deeper zones (Z, 180-200, 200-300, 300-400) with undiscovered gross
in-place volumes of 12,644 BCF (12.6 trillion cubic feet) of gas and 11,592
million barrels of oil and unrisked gross recoverable volumes of 934 BCF of
gas and 140 million barrels of oil.
* Oilex successfully drilled and completed the 2,740 metre Cambay-76H well
including 610 metre horizontal section and conducted an eight stage fracture stimulation program. * Completed micro-seismic and pressure data acquisition during fracture
stimulation program of Cambay-76H. These data will be used in evaluating
the effectiveness of the fracture stimulation program.
* Clean-up operations on Cambay-76H in preparation for production testing
were started. These have been suspended while tools stuck in the well bore
are retrieved.
Financial
* Cash at end of the Quarter of A$15.4 million.
* No corporate debt at the end of the Quarter.
Overview
Oilex Ltd achieved significant milestones of drilling,completing and conducting an eight-stage fracture stimulation on the Cambay-76Hwell. A milling tool is currently stuck down-hole and mobilization to the wellsite of special tools and a workover rig to retrieve the milling tool is now inprogress.On 10 October 2011, Netherland, Sewell and Associates, Inc. ("NSAI") completedan initial independent assessment of six potential Eocene reservoirs (X, Y, Z,180-200, 200-300, 300-400) in the Cambay Contract Area. NSAI's assessmentconfirms the substantial hydrocarbon potential of the Cambay Contract Area asrecognised by the Company in its assessment of the X, Y and Z zones in late2010. NSAI also identified several significant deeper zones with hydrocarbonpotential and greater potential for oil production as demonstrated by welltests from conventional vertical wells.NSAI have advised that before recoverable volumes in the X and Y zones can beclassified as reserves, modern production flow data indicating potentiallycommercial flow rates should be demonstrated. The next stage of the independentassessment will be undertaken once sufficient production data are availablefrom the Cambay 76H well and appropriate classifications will then be made.It is planned to use the workover rig to complete milling operations after thestuck milling tool has been retrieved. This revised plan using the workover rigprovides flexibility to overcome possible adverse downhole conditions that maybe encountered during the seven remaining milling operations. Flow back ofstimulation fluids to surface and a long term production test will then beperformed to evaluate the Y zone reservoir.
The key elements of the Cambay tight hydrocarbons project are:
1. There are very large volumes of oil and gas in place, a significant
proportion of which is assessed to be potentially recoverable in the Cambay
contract area.
2. Transfer and apply modern North American tight reservoir technology
3. The market for oil and gas in India generally and Gujarat in particular is
strong.
4. The distance to pipeline grid is minimal and infrastructure is in place. OPERATIONS REVIEWCAMBAY FIELD, Gujarat, India(Oilex Operator - 45%)
Independent Resource Assessment
* Netherland, Sewell and Associates, Inc. completed an independent
hydrocarbon in-place evaluation and recoverable resources assessment of six
potential Eocene reservoirs (X, Y, Z, 180-200, 200-300, 300-400 Zones) in
the Cambay PSC. The assessment by NSAI covered three zones on which Oilex
had earlier reported (X, Y and Z) and three additional zones that they have
defined (180-200, 200-300, 300-400).
* NSAI assessed the two shallower Zones (X and Y) to have combined Best
Estimate (100% basis) Discovered gross in-place volumes of 1,314.1 billion
cubic feet of gas ("BCF") and 1,633.1 million barrels of oil ("MMbo") and
unrisked gross recoverable volumes of 494.7 BCF of gas and 83.3 MMbo.
* NSAI assessed the four deeper Zones (Z, 180-200, 200-300, 300-400) to have
combined Best Estimate (100% basis) Undiscovered gross in-place volumes of
12,644 BCF (12.6 trillion cubic feet) of gas and 11,592.3 MMbo and unrisked
gross recoverable volumes of 934.8 BCF of gas and 140.4 MMbo
* NSAI's assessment concluded that the potential exists for recovery of both
crude oil and associated gas as well as primary gas and associated
condensate from each of the reservoirs analysed. NSAI has used a ratio of
crude oil to primary gas recovered from each reservoir of 60-65% to 40-35%
and identified this ratio as a key uncertainty.
* At this stage recoverable hydrocarbons in the shallower zones assessed (X
and Y) have been classified by NSAI as Contingent Resources. The next stage
of the independent assessment will be undertaken once sufficient production
data are available from the Cambay-76H well.
* The 4 deeper Zones - Z, 180-200, 200-300 and 300-400 - have been classified
by NSAI as Prospective Resources. The Z Zone has 29 full or partial well
penetrations with log responses that may indicate the presence of
hydrocarbons but testing of this Zone has not been undertaken in the past.
Consequently moveable hydrocarbons have yet to be recovered in commercial
quantities from this Zone.
* The 180-200 Zone has 14 full or partial well penetrations with log
responses that indicate hydrocarbons are present and moveable hydrocarbons
have been produced by conventional drill stem and production test from a
thin interbedded sand section in the near-vertical Cambay 19Z well. The
well still produces hydrocarbons from this zone. Moveable hydrocarbons have
yet to be demonstrated from the wider area of the 180-200 Zone.
* The limited nature of the data available in the deeper Zones, including as
noted above, makes direct comparison with established North American
unconventional and tight gas producing basins difficult.
The in-place and unrisked recoverable hydrocarbon volumes estimated by NSAI for the six defined zones are as shown in the tables below.
Hydrocarbons In-place Discovered In-Place Volume Estimate Low Best High Zone Oil Gas Oil Gas Oil Gas MMbo BCF MMbo BCF MMbo BCF X 309.0 311.3 667.2 653.6 1.169.7 1,110.7 Y 522.4 360.6 965.8 660.5 1,718.1 1,186.2 Total - Gross 831.4 672.0 1,633.1 1,314.1 2,887.8 2,296.9 Total - Net to 374.1 302.4 734.9 591.3 1,299.5 1,033.6Oilex Undiscovered In-Place Volume Estimate Low Best High Zone Oil Gas Oil Gas Oil Gas MMbo BCF MMbo BCF MMbo BCF Z 1,234.1 1,225.0 2,692.6 2,705.0 4,811.7 4,610.5 180-200 1,122.3 1,124.3 2,424.2 2,406.3 4,252.7 4,037.2 200-300 1,353.2 1,438.9 3,791.3 4,194.8 7,547.0 8,105.2 300-400 969.1 1,173.2 2,684.2 3,338.5 5,301.1 6,425.2 Total - Gross 4,678.7 4,961.5 11,592.3 12,644.5 21,912.4 23,178.2 Total - Net to 2,105.4 2,232.6 5,216.5 5,690.0 9,860.5 10,430.1Oilex
Unrisked Recoverable Hydrocarbons
Unrisked Contingent Resource Estimates Low Best High Zone Oil Gas Oil Gas Oil Gas MMbo BCF MMbo BCF MMbo BCF X 6.4 42.8 21.6 141.5 49.2 315.5 Y 24.8 136.7 61.6 353.2 130.0 757.5 Total - Gross 31.2 179.5 83.3 494.7 179.1 1,072.9 Total - Net to 14.0 80.7 37.4 222.6 80.5 482.8Oilex Unrisked Prospective Resource Estimates Low Best High Zone Oil Gas Oil Gas Oil Gas MMbo BCF MMbo BCF MMbo BCF Z 12.2 85.5 45.5 293.4 170.8 1,096.1 180-200 11.2 78.2 40.3 261.5 156.0 990.4 200-300 7.3 52.6 31.8 217.0 131.5 886.2 300-400 5.4 42.0 22.7 162.9 95.1 659.7 Total - Gross 36.1 258.4 140.4 934.8 553.3 3,632.4 Total - Net to 16.2 116.2 63.1 420.6 248.9 1,634.5Oilex Notes to Tables
1. The in-place and resource volume estimates prepared by Netherland, Sewell &
Associates, Inc. and stated in the tables above have been prepared in accordance with the definitions and guidelines set forth in Petroleum Resources Management System, 2007 approved by the Society of Petroleum Engineers (SPE).
2. The contingent resources shown in the tables above have been estimated
using probabilistic methods. The prospective resources shown in the tables
above have also been estimated using probabilistic methods and are
dependent on a petroleum discovery being made.
3. Oil volumes shown comprise crude oil and condensate.
4. Gas volumes shown comprise free gas and associated gas.
5. The estimates included in the table for Prospective Resources have not been
adjusted for both an associated chance of discovery and a chance of
development (see definitions).
6. The estimates included in the table for Contingent Resources have not been
adjusted for the chance of development due to one or more contingencies
(see definitions).
7. The gross (100% working interest) and net to Oilex (45% working interest)
estimates include Government share of production applicable under the
Production Sharing Contract
8. Oilex has a 45% net working interest in the Cambay Field Production Sharing
Contract.
Cambay 76H Well
* During July the drilling rig was demobilized from the well site, allowing
for the mobilization of fracture stimulation equipment and related services. * The Cambay-76H well fracture stimulation program was started on 31 July
2011 after an extended period of mobilization and unplanned repairs to high
pressure valves on the fracture stimulation well head tree. The fracture
stimulation program was completed successfully in eight stages. * Micro-seismic and pump pressure data were acquired during fracture stimulation program. Micro-seismic is used extensively in North America
tight reservoir development to assist with the interpretation of fracture
stimulation programmes. The micro-seismic results also appear reasonably
consistent with the pump pressure data and initial interpretation of the
data appears to confirm that fractures have been initiated and propagated
away from the well bore. All data will be incorporated into evaluating the
effectiveness of the fracture stimulation program including data from the
production test.
* Clean-up operations were started and the first fracture stimulation stage
was successfully opened for flow back to surface. Stimulation fluid, gas,
condensate and oil were recorded at the flare pit. Milling tools being used
to open up the second fracture stage became stuck near to this point.
Equipment, services and a work over rig are now being mobilised to retrieve
the stuck tool assembly.
* The opening up of the remaining fracture stimulation stages will be resumed
immediately after the obstructing tools have been retrieved. Flow back of
stimulation fluids to surface and a long term production test will then be
performed to evaluate the production potential of the Y zone reservoir
Initial conclusions should be possible after clean-up of the well and a few
months of stable flow test of data has been obtained.
* During the Quarter, Oilex, in conjunction with its Joint Venture partner
GSPC, a dominant force in the Gujarat domestic gas production, distribution
and retail markets, have continued to make good progress in negotiations on
a gas sales agreement for test gas produced from Cambay 76H.
WA-388-P, Australia(Oilex- 8.4%)
* Work continues on the integration of the La Rocca-1 well results into the
regional geological models by the Operator Apache Northwest Ltd.
JPDA 06-103, TIMOR SEA(Oilex Operator - 10%)
* The seismic data processing of the Tutuala 3D Survey is ongoing. The
Tutuala Survey comprises 220 km2 of 3D seismic data across the previously
identified Tutuala lead at the Top Plover Formation stratigraphic level.
The Tutuala lead was only partially covered by 3D data and the new survey
provides infill coverage between the existing adjacent 3D surveys. * Additional reprocessing of existing 3D seismic data is also being undertaken to confirm the size and shape of an alternative structure,
Bazartete, which may also be considered as a drilling target for the next
well.
* The Joint Venture expects to drill the next exploration well in JPDA 06-103
after the completion of seismic processing and interpretation and
maturation of leads into drilling targets.
West Kampar PSC, Central Sumatra(Oilex - 45% + further 22.5% secured*)
* After consultation with Oilex, SPE has withdrawn the defamation claim
(please refer to Oilex's previous announcement on 31 December 2010) from
the Indonesian court on the 24th of August 2011. * Oilex continues to seek a commercial resolution to the dispute and discussions continue to that end. At the same time, Oilex intends to protect its participating interest in the West Kampar PSC and to pursue enforcement of its Arbitration Award as appropriate. Block 56, Oman(Oilex Operator - 25%)
* On behalf of the Block 56 Joint Venture, Oilex Oman Limited (as Operator)
has completed all relinquishment requirements to the satisfaction of the
Ministry of Oil and Gas and the block has been relinquished in good
standing.
Financial
* Cash at the end of the Quarter of A$15.4 million.
* No commercial loans at the end of the Quarter.
Health, Safety, Security and EnvironmentNo Lost Time Incidents were recorded for Oilex personnel or contractors at anylocation.
The Company's website www.oilex.com.au is regularly updated with current information.
For further information, please contact:
Oilex Ltd Bruce McCarthy - Managing Director: +61 (0)8 9485 3200 Western Australia oilex@oilex.com.au Ben Clube - Finance Director & Company +61 (0)8 9485 3200 Western AustraliaSecretary: oilex@oilex.com.au Read Corporate Nicholas Read: +61 (0)8 9388 1474 Western Australia
nicholas@readcorporate.com.au
Tavistock Communications +44 (0)20 79203150 UK Paul Youens: pyouens@tavistock.co.uk +44 (0)7843 260 623 UK Ed Portman: eportman@tavistock.co.uk +44 (0)7733 363 501 UK
Ambrian Partners Limited (Nominated Adviser and AIM Broker)
Anthony Rowland: +44 (0) 20 7634 4858 UK anthony.rowland@ambrian.com
Matthew Einhorn: matt.einhorn@ambrian.com +44 (0) 20 7634 4860 UK Information in this report relating to hydrocarbon reserves or resources hasbeen compiled by Mr Ray Barnes B.Sc. (Hons), the Technical Director of OilexLtd who has over 38 years' experience in petroleum geology and is a member ofthe AAPG. Mr Barnes consents to the inclusion of the information in this reportrelating to hydrocarbon reserves and resources in the form and context in whichit appears. Resource estimates contained in this report are in accordance withthe standard definitions set out by the Society of Petroleum Engineers,Petroleum Resources Management System, 2007.This document may include forward-looking statements. Forward-lookingstatements include, but are not necessarily limited to, statements concerningOilex Ltd's planned exploration program and other statements that are nothistoric facts. When used in this document, the words such as "could", "plan","estimate" "expect", "intend", "may", "potential", "should" and similarexpressions are forward-looking statements. Although Oilex Ltd believes thatits expectations reflected in these are reasonable, such statements involverisks and uncertainties, and no assurance can be given that actual results willbe consistent with these forward-looking statements."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 Ray Barnes Technical Director Applecross WA 6153, Australia Ben Clube Finance Director & Telephone: +61 8 9315 2333 Company Secretary Facsimile: +61 8 9315 2233Laxmi Bhandari Non-Executive Director Email: Ron Miller Non-Executive Director registrar@securitytransfer.com.au Capital Structure as at 27 October 2011 Stock Exchange Listing Ordinary Shares 253,324,885 Australian Stock Exchange Code: OEX Unlisted Options 33,075,000 AIM Market of London Stock Exchange Code: OEX
Unlisted Performance Rights 65,000
LIST OF ABBREVIATIONS AND DEFINITIONS USED HEREIN
MMBO Million standard barrels of oil or condensate BBO Billion standard barrels of oil or condensate BCF Billion Cubic Feet at standard temperature and pressure conditions
Discovered In Is that quantity of petroleum that is estimated, as of a given place volume date, to be contained in known accumulations prior to production
Undiscovered Is that quantity of petroleum estimated, as of a given date, toin place be contained within accumulations yet to be discoveredvolume Prospective Those quantities of petroleum which are estimated, as of a givenResources date, to be potentially recoverable from undiscovered accumulations by application of future development projects. Prospective Resources have both an associated chance of discovery and a chance of development. 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, toResources be potentially recoverable from known accumulations, but the applied project(s) are not yet considered mature enough for commercial development 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. 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. Reserves must satisfy four criteria: they must be discovered, recoverable, commercial, and remaining (as of the evaluation date) based on the development project(s) applied. ASSET SCHEDULE ASSET BASIN/STATE/ JOINT VENTURE PARTIES EQUITY % OPERATOR COUNTRY Cabmbay Cambay/Gujarat /
Field PSC India Oilex Ltd 30.0 Oilex Ltd Oilex NL Holdings (India) 15.0 Limited Gujarat State Petroleum 55.0 Corp. Ltd Bhandut Cambay/ Gujarat Field PSC / India Oilex NL Holdings (India) 40.0 Oilex NL Holdings Limited (India) Limited Gujarat State Petroleum 60.0 Corp. Ltd Sabarmati Cambay/ GujaratField PSC / India Oilex NL Holdings (India) 40.0 Oilex NL Holdings Limited (India) Limited Gujarat State Petroleum 60.0 Corp. Ltd West Kampar Central SumatraPSC / Indonesia Oilex (West Kampar) 67.5 (1) PT Sumatera Persada Energi Limited PT Sumatera Persada 32.5 Energi JPDA 06-103 PSC Flamingo/ Joint Oilex (JPDA 06-103) Ltd 10.0 Petroleum Oilex (JPDA 06-103) Ltd Development Japan Energy E&P JPDA 15.0 Area Pty Ltd / Timor-Leste & Australia GSPC (JPDA) Limited 20.0 Videocon JPDA 06-103 20.0 Limited Bharat PetroResources 20.0 JPDA Ltd Pan Pacific Petroleum 15.0 (JPDA 06-103) Pty Ltd
WA-388-P Carnarvon
/ WA / Australia Oilex Ltd 8.4 Gujarat State Petroleum 8.4 Corp. Ltd Apache Videocon Industries Ltd 8.4 Northwest Pty Ltd Bharat PetroResources Ltd 8.4 Hindustan Petroleum Corp 8.4 Ltd Apache Northwest Pty Ltd 40.0 Sasol Petroleum Australia 18.0 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. Rule 5.3Appendix 5B
Mining exploration entity quarterly report
Introduced 1/7/96. Origin: Appendix 8. Amended 1/7/97, 1/7/98, 30/9/01, 1/6/10, 17/12/10.Name of entityOILEX LTDABN Quarter ended ("current quarter")50 078 652 632 30 SEPTEMBER 2011 1 Consolidated statement of cash flows Current Year to date quarter $A'000 (3 months) $A'000
Cash flows related to operating activities
1.1 Receipts from product sales and - - related debtors 1.2 Payments for (a) exploration and (3,845) (3,845) evaluation (b) development - - (c) production (76) (76) (d) administration (net) (369) (369) 1.3 Dividends received - - 1.4 Interest and other items of a 76 76 similar 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 (4,214) (4,214)
Cash flows related to investing activities
1.8 Payment for purchases of: (a) prospects - - (b) equity investments - - (c) other fixed assets (22) (22) 1.9 Proceeds from sale of: (a) prospects - - (b) equity investments - - (c) other fixed assets - - 1.10 Loans to other entities (4) (4) 1.11 Loans repaid by other entities - - 1.12 Other (provide details if - - material) Net investing cash flows (26) (26) 1.13 Total operating and investing (4,240) (4,240) cash flows (carried forward) Current Year to date quarter (3 months) $A'000 $A'000 1.13 Total operating and investing (4,240) (4,240) cash flows (brought forward) Cash flows related to financing activities 1.14 Proceeds from issues of shares, 13 13 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 13 13 Net increase (decrease) in cash (4,227) (4,227) held 1.20 Cash at beginning of quarter/year 19,070 19,070 to date 1.21 Exchange rate adjustments to item 594 594 1.20 1.22 Cash at end of quarter 15,437 15,437 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 417 included in 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 2 Non-cash financing and investing activities 2.1 Details of financing and investing transactions which have had a material effect on consolidated assets and liabilities but did not involve cash flows N/A 2.2 Details of outlays made by other entities to establish or increase their share in projects in which the reporting entity has an interest N/A 3 Financing facilities Amount Amount used available available $A'000 Add notes as necessary for an $A'000 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 5,615 4.2 Development - 4.3 Production 80 4.4 Administration 380 Total 6,075 5 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 6,155 8,259 5.2 Deposits at call 9,282 10,811 5.3 Bank overdraft - - 5.4 Other (provide details) - - Total: cash at end of quarter 15,437 19,070 (item 1.22) 6 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 Refer to Permit/ mining tenements Asset Schedule in relinquished, Quarterly Report reduced or lapsed 6.2 Interests in Refer to Permit/ mining tenements Asset Schedule in acquired or Quarterly Report increased 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. Total Number Issue Amount paid number quoted price up per 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 253,324,885 253,324,885 Various - securities 7.4 Changes during 50,000 50,000 $0.30 $0.30 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 Total Number Issue Amount paid number quoted price per up per security security 7.7 Options Exercise Expiry date price (description and conversion factor) 300,000 - $2.75 31/03/2012 900,000 - $2.75 30/06/2012 2,000,000 - $0.30 15/09/2012 16,687,500 - $0.30 10/11/2012 150,000 - $0.50 01/08/2013 4,150,000 - $0.30 01/07/2014 8,737,500 - $0.37 10/11/2014 150,000 - $0.63 01/08/2015 Total 33,075,000 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 Total 65,000 7.8 Issued during 150,000 - $0.50 01/08/2013 quarter 150,000 - $0.63 01/08/2015 7.9 Expired during quarter 50,000 - $0.30 10/11/2012 7.10 Expired during quarter Options 3,900,000 - $2.00 01/07/2011 3,900,000 - $2.50 01/07/2011 500,000 - $1.57 30/09/2011 2006 Performance Rights 15,000 - Tranche 1 expire 1/07/2011 7.11 Debentures Nil Nil (totals only) 7.12 Unsecured Nil Nil notes (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: 27 October 2011
(Director and Company Secretary)
Print name: Ben Clube
XLON