TIDM88E
RNS Number : 9471V
88 Energy Limited
20 April 2021
20th April 2021
QUARTERLY REPORT
Report on Activities for the Quarter ended 31 March 2021
The Directors of 88 Energy Limited ("88 Energy" or the
"Company", ASX:88E, AIM:88E, OTC:EEENF) provide the following
report for the quarter ended 31 March 2021.
Highlights
Project Peregrine
-- Rig commissioning and mobilisation of snow road construction
equipment to the Merlin-1 drill site commenced in early January
2021;
-- The Permit to Drill for the Merlin-1 exploration well was
approved by the Bureau of Land Management and the Deputy Assistant
Secretary for Land and Minerals Management on 29 January 2021;
-- The Merlin-1 exploration well spudded on 10 March 2021 and
drilled to a Total Depth of 5,267';
-- Interpretation of logging while drilling data ("LWD")
indicated multiple potentially hydrocarbon bearing zones had been
encountered in the Nanushuk Formation whilst drilling Merlin-1,
with the results considered encouraging and Joint Venture approving
a wireline program to determine the presence of mobile
hydrocarbons; and
-- Subsequent to period end the Company announced that initial
petrophysical interpretation of the wireline logging program
indicates several potential pay zones in Merlin-1, however
operational issues prevent hydrocarbon samples from two most
prospective zones.
-- Sidewall cores in Merlin-1 confirm presence of oil previously observed in cuttings
Project Icewine
-- Nearby Talitha-A well early results encouraging - potential
for extension into 88E leases; and
-- Commercialisation options continue to be explored for gas discovered at Project Icewine.
Yukon Leases
-- On 20th January, 88 Energy, via its wholly owned subsidiary
Regenerate Alaska Inc, was notified of the formal award of lease
AA095899 (associated with Tract 29);
-- The addition of lease AA095899 which is adjacent to the
existing Yukon Leases held by Regenerate Alaska Inc is anticipated
to assist in advancing continuing discussions with nearby resource
owners to optimise the monetisation strategy of the acreage;
and
-- Permitting and planning for future potential exploration
drilling is ongoing - subject to farm-out.
Umiat Oil Field Acquisition
-- In January 2021, 88 Energy, via its wholly owned subsidiary
Emerald House LLC, entered into a Sale and Purchase Agreement with
Malamute Energy, Inc and Renaissance Umiat LLC (Sellers) to acquire
the Umiat Oil Field ("Umiat");
-- Umiat is an historic oil discovery, made in 1945 in shallow
Brookian (Nanushuk) sandstones, located immediately adjacent to
southern boundary of Project Peregrine; and
-- The final condition related to the acquisition of the Umiat
was completed prior to period end with cement work associated with
plugging and abandoning of two historical wells at the field.
Corporate
-- Successful completion of two capital raises in the quarter
totalling A$18 million (before costs).
-- The Company announced the resignation of Managing Director David Wall and Board Changes
Project Peregrine
Merlin - 1 Exploration Well
Snow road construction to the Merlin-1 location commenced in the
second half of December 2020, with the rig commissioning and
mobilisation of snow road and pad construction equipment to the
Merlin-1 drill site commencing in early January 2021.
The Permit to Drill for the Merlin - 1 well was approved by the
Alaska Bureau of Land Management and the Deputy Assistant Secretary
for Land and Minerals Management on 29 January 2021 ahead of the
expected 12 February approval date.
Mobilisation of Rig-111 to the Merlin-1 drilling location
commenced on 19 January 2021, with Rig-111 commencing drilling of
the Merlin -1 well at 0338 on 10th March 2021 (AK time). The
Merlin-1 surface hole was successfully drilled to 1,512' on 22
March as planned, and drilled to a Total Depth of 5,267'on 29 March
2021 having drilled through and logged all of the pre-drill
targets.
The Nanushuk Formation, which contains the primary targets for
the Merlin-1 well, was encountered 600' low to prognosis and is
interpreted to be 500' thicker than that encountered in the wells
drilled into the Willow Oil Field ("Analogue Wells") to the north
of the Project Peregrine acreage. Encouragingly, the gamma log
indicates the presence of more sand packages than those in the
Analogue Wells and that the sand packages in Merlin-1 are generally
cleaner in nature.
Oil shows were recorded over multiple intervals in the Nanushuk
while drilling Merlin-1, including the primary targets.
Fluorescence ranged from relatively weak to moderate "dry"
fluorescence with slow to moderate sometimes fast streaming cut
when exposed to solvent. Mud gas peaks were also recorded and,
although generally not of the same scale of the increase in total
gas above background as that seen in the Analogue Wells, one of the
prospective horizons in Merlin-1 did have substantially elevated
total gas, similar to that in the Analogue Wells. Heavier gas
components, including C5, were observed over multiple intervals.
Resistivity was elevated over these intervals and is encouraging,
particularly in the context that the Nanushuk is considered a low
resistivity play type. Fluorescence was also observed in the
drilling mud ("pops") accompanied by a petroliferous odour over
three of the target intervals. Significantly, one of these
intervals is interpreted to be part of a, potentially separate,
sand package that is also present in the Harrier prospect.
Interpretation of logging while drilling data ("LWD") indicated
multiple potentially hydrocarbon bearing zones had been encountered
in the Nanushuk Formation whilst drilling Merlin-1, with the
results considered encouraging and Joint Venture approving a
wireline program to determine the presence of mobile
hydrocarbons.
Subsequent to period end the Company announced that initial
petrophysical interpretation of the wireline logging program
indicates several potential pay zones in Merlin-1, however
operational issues prevent hydrocarbon samples from two most
prospective zones.
The first run of the wireline program included a standard triple
combination log with nuclear magnetic resonance ("NMR"). These
tools are designed to identify potential reservoir and resistivity
(elevated resistivity is an indication of hydrocarbon saturation)
as well as provide an estimate of the mobility of the fluid
present. Multiple prospective zones were identified, consistent
with the shows and logs obtained whilst drilling, and the NMR tool
indicated good mobility across most of these zones.
The second run of the program was designed to take samples
across these zones. Initial observations indicated the presence of
an oil signature in the fluid using an optical fingerprint sensor
in the downhole sampling tool, after communication was established
with the reservoir in the deepest zone of interest. Slugging of
hydrocarbon and water then occurred, which is often a precursor to
hydrocarbon flow from the reservoir, however; a power outage due to
equipment failure necessitated pulling out of the hole for repairs
prior to any sample being obtained. After repairs were completed,
the run back in hole encountered several sticky sections,
indicating poor hole condition so a clean out run was undertaken.
Re-entry with the sampling tool was then executed to move to the
lowest zone for testing but good communication was not able to be
re-established with the reservoir despite observation of a similar
hydrocarbon signature on the optical fingerprint sensor. The time
the hole had been open and consequent potential formation damage
may have contributed to this issue.
A decision was made to move to the next shallowest prospective
zone, which had exhibited good oil shows and petrophysical
characteristics, but wellbore condition issues prevented a test as
the tool became stuck. The tool was freed but the risk of returning
to that zone was deemed too high.
Not being able to sample these two most prospective zones does
not preclude a discovery; however, analysis of sidewall cores and
potentially further drilling may be required for confirmation.
Significantly, one of these zones is considered to be a new
prospective horizon within the Nanushuk Formation that may be
wholly within the Project Peregrine acreage and was not one of the
pre-drill targets. The other zone is interpreted to be shared with
one of the zones in the Harrier prospect, to the north of Merlin.
Further work, integrating the results from logging with the
seismic, is required to map / re-map the volumetric potential of
these zones. Several samples were taken in zones interpreted to be
less prospective on the way out of the hole, all of which contained
low saturations of hydrocarbons, which will now be sent to a
laboratory for testing. The presence of hydrocarbons in these zones
is considered encouraging for regional prospectivity but does not
constitute a discovery due to the low saturation levels.
The Joint Venture considered it too late in the season to
initiate flow testing operations and the forward program will
consist of plugging the well. The well may be re-entered in the
future, if warranted, in order to drill a side track and conduct a
flow test.
Refer to the announcement dated 6 April 2021 for further details
in relation to the results from the Merlin - 1 well.
In addition, as per the announcement in April 2021, the sidewall
cores taken in the Merlin-1 were analysed at surface prior to being
sent to the laboratory for further testing. Fluorescence and cut
were observed over several horizons (see images below), confirming
the observations previously reported based on cuttings (see release
dated 29th March 2021).
Project Icewine
During the quarter, the Company noted the high impact well,
Talitha-A, was being tested on acreage adjacent to its Project
Icewine, located on the Central North Slope of Alaska, by Pantheon
Resources PLC (AIM:PANR). Several of the prospective horizons in
Talitha-A are interpreted to extend into 88E acreage.
Talitha - A was scheduled to be flow tested over multiple
horizons after encouraging log results. Subsequent to quarter end
Pantheon announced that testing had commenced on the Kupurak
horizon, with the Talitha #A well flaring natural gas as it cleans
up. Pantheon cautioned that it is too early to make a definitive
assessment as to the ultimate commerciality of the Kupurak horizon,
with further results to be announced at the conclusion of testing
operations.
In-house analysis continued in the quarter on various
commercialisation options for the gas condensate discovered in the
Torok Formation by 88E's Charlie-1 well in 2020. The discovered
resource comprises over 1 TCF of independently estimated gross mean
prospective gas as well as associated condensate. The
commercialisation options include, but are not limited to, possible
local power generation, compressed natural gas as well as potential
for conversion to hydrogen using steam methane reforming (SMR) with
carbon capture and storage (CCS) processes. It is expected that
this work will move to a formal feasibility stage during 2021.
Leases owned predominantly by Burgundy Xploration LLC in the
eastern portion of Project Icewine area (where no money has been
spent) were also relinquished as part of a rationalisation process
in the quarter.
Yukon Leases
88 Energy, via its wholly owned subsidiary Regenerate Alaska
Inc, was formally awarded the lease sale on Lease AA095899 in the
recent Coastal Plain, effective 1 January 2021. The lease is
considered highly prospective for oil and gas as several prospects
on the Central North Slope side of the boundary are interpreted to
extend into this area. It is considered likely that a significant
portion of these oil pools may be accessed without surface access
within the Coastal Plain area.
The acquisition of these leases represents a logical step in the
Company's aggregation strategy for oil resources in this part of
the North Slope, where existing infrastructure provides a potential
pathway to commercialisation, with the addition of lease AA095899
which is adjacent to the existing Yukon Leases held by Regenerate
Alaska Inc anticipated to assist in advancing continuing
discussions with nearby resource owners to optimise the
monetisation strategy of the acreage
Discussions continued during the quarter with nearby lease
owners to optimise the monetisation strategy for existing
discovered resources located in the vicinity of the Yukon Leases.
The Yukon Leases contain the 86 million barrel Cascade Prospect*,
which was intersected peripherally by Yukon Gold-1, drilled in
1994, and classified as an historic oil discovery. 88 Energy
recently acquired 3D seismic (2018) over Cascade and, on final
processing and interpretation, high-graded it from a lead to a
drillable prospect. The Yukon Leases are located adjacent to ANWR
and in close proximity to recently commissioned infrastructure.
Permitting and planning to continue ahead of a future possible
drilling campaign - subject to farm-out.
* Refer announcement 7 November 2018
Cautionary Statement: The estimated quantities of petroleum that
may be potentially recovered by the application of a future
development project relate to undiscovered accumulations. These
estimates have both an associated risk of discovery and a risk of
development. Further exploration, appraisal and evaluation are
required to determine the existence of a significant quantity of
potentially movable hydrocarbons.
Umiat Oil Field Acquisition
On 8th January, 88 Energy, via its wholly owned subsidiary
Emerald House LLC, entered into a Sale and Purchase Agreement with
Malamute Energy, Inc and Renaissance Umiat LLC (Sellers) to acquire
the Umiat Oil Field. The consideration for the purchase was a 4%
ORRI and assumption of the liability for the abandonment of the
Umiat-18 and Umiat-23H wells, drilled by Linc Energy in 2013/2014.
The estimated cost to abandon the two wells is approximately
US$1m.
The Umiat Oil Field is covered by two leases comprising 17,633
acres, which are in a unit that was formed in September 2019 with
an initial 10 year term. The current conditions of the unit
stipulate a well commitment (exploration or appraisal) by 31st
August 2022.
Umiat was discovered in the mid-1940s with 11 appraisal wells
drilled by 1953, several of which were tested. Umiat-5 flowed 268
barrels per day on a 3 month test and Umiat-8 had a peak flow rate
of 5.9mmcf/d of natural gas during a 4 day test. Little work was
done until 2013/2014 when Linc Energy drilled two wells, Umiat-18
and Umiat-23H. Umiat-23H was tested with a maximum flow rate of 800
barrels per day and sustained flow of 200 barrels per day.
Substantial engineering and environmental work was also done by
Linc Energy in support of a potential future development. One of
the routes for access to infrastructure runs directly through 88
Energy's Project Icewine leasehold where there are significant
independently estimated resources of oil and gas.
Refer to the Company's announcement on 8 January 2021 for
further details.
During March 2021, the final condition related to the
acquisition of the Umiat Oil Field ("Umiat") was completed with
cement work associated with plugging and abandoning of two
historical wells at the field now executed. Remedial site work will
be finalised in April 2021.
Project Peregrine, in combination with the 100% owned Umiat Oil
Field, has the potential to deliver substantial returns for
shareholders, in the form of a potentially large oil field
development. The Company will undertake a full field review to
determine at what oil price Umiat may be commercial as a
stand-alone development and whether optimisation of the previous
development plan is possible.
Placements Completed to Raise a Total of A$18 million
On 12 February 2021, the Company announced that it had
successfully completed a heavily oversubscribed bookbuild to
domestic and international institutional and sophisticated
investors to raise A$12.0 million before costs through the issue of
1,500 million ordinary shares at A$0.008 (equivalent to GBP0.0045)
per New Ordinary Share.
In addition, the Company entered into a share subscription
agreement on 22 March 2021 with ELKO International LLC ("ELKO") to
raise A$6.48 million, one of the major contractors for the Merlin-1
drilling operation. Under the agreement ELKO was issued 360 million
ordinary shares at $0.018, which is a 225% premium to the placement
undertaken on 12 February 2021. The were no fees associated with
the placement.
Corporate
The ASX Appendix 5B attached to this report contains the
Company's cash flow statement for the quarter. The significant cash
flows for the period were:
-- Exploration and evaluation expenditure totalled A$15.2m gross
(Dec'20 Quarter A$2.0m), primarily associated with expenditure on
Project Peregrine Merlin - 1 well drilling.
-- Lease rental payments totalled $3.0m in the quarter;
-- Cash call proceeds received from Joint Venture partners in
the quarter totalled A$7.7m (Dec'20 Quarter A$7.6m);
-- Payments in relation to the debt facility interest totalled
A$0.4 (US$0.3m) and debt repayment of A$0.4m;
-- Proceeds from the capital raising during the quarter totalled $18.53m before costs; and
-- Administration and other operating costs, net of government
payments, totalled A$0.49m and staff costs of A$0.5m.
At the end of the quarter, the Company had cash reserves of
A$20.06m, including cash balances held in Joint Venture bank
accounts relating to Joint Venture Partner contributions totalling
A$2.3m.
Information required by ASX Listing Rule 5.4.3:
Project Name Location Area (acres)
-------------- ------------
Interest Interest
at beginning at end of
of Quarter Quarter
------------------- ------------------------------ ----------------- -------------- ------------
Project Icewine Onshore, North Slope Alaska 193,000 59% 75%
Yukon Leases** Onshore, North Slope Alaska 15,235 100% 100%
Onshore, North Slope Alaska
Umiat Unit (NPR-A) 17,633 - 100%
Onshore, North Slope Alaska
Project Peregrine (NPR-A) 195,373 100% 100%*
------------------- ------------------------------ ----------------- -------------- ------------
* APDC to earn 50% in Project Peregrine by contributing US$11.3m
towards the cost of the Merlin-1 well (estimated gross cost
US$12.6m).
** Includes additional new Federal Lease AA095899 in the
quarter, as well as pre-existing State of Alaska leases .
Pursuant to the requirements of the ASX Listing Rules Chapter 5
and the AIM Rules for Companies, the technical information and
resource reporting contained in this announcement was prepared by,
or under the supervision of, Dr Stephen Staley, who is a
Non-Executive Director of the Company. Dr Staley has more than 35
years' experience in the petroleum industry, is a Fellow of the
Geological Society of London, and a qualified Geologist /
Geophysicist who has sufficient experience that is relevant to the
style and nature of the oil prospects under consideration and to
the activities discussed in this document. Dr Staley has reviewed
the information and supporting documentation referred to in this
announcement and considers the prospective resource estimates to be
fairly represented and consents to its release in the form and
context in which it appears. His academic qualifications and
industry memberships appear on the Company's website and both
comply with the criteria for "Competence" under clause 3.1 of the
Valmin Code 2015.
Terminology and standards adopted by the Society of Petroleum
Engineers "Petroleum Resources Management System" have been applied
in producing this document.
The below graphics can be found in the pdf version of this
announcement available from the Company's website;
- Figure 1: Fluorescence of whole sidewall cores
- Figure 2: Fluorescence, cut and residual cut of rock chips taken from sidewall cores
- Figure 3: Umiat Oil Field Location
Media and Investor Relations:
88 Energy Ltd Tel: +61 8 9485 0990
Dave Wall, Managing Director Email: admin@88energy.com
Finlay Thomson , Investor Relations Tel: +44 7976 248471
EurozHartleys Ltd Tel: + 61 8 9268 2829
Dale Bryan
Cenkos Securities Tel: + 44 131 220 6939
Neil McDonald/Derrick Lee
----- Appendix 5B
Mining exploration entity or oil and gas exploration entity
quarterly cash flow report
Name of entity
-----------------------------------------------------
88 Energy Limited
ABN Quarter ended ("current quarter")
--------------- ----------------------------------
80 072 964 179 31 March 2021
----------------------------------
Consolidated statement of cash Current quarter Year to date
flows (3 months)
$A'000 $A'000
1. Cash flows from operating
activities
1.1 Receipts from customers - -
1.2 Payments for
(a) exploration & evaluation - -
(b) development - -
(c) production - -
(d) staff costs (529) (529)
(e) administration and corporate
costs (533) (533)
1.3 Dividends received (see note - -
3)
1.4 Interest received - -
Interest and other costs of
1.5 finance paid (426) (426)
1.6 Income taxes paid - -
1.7 Government grants and tax - -
incentives
1.8 Other (XCD - redundancy payments) - -
---------------- -------------
Net cash from / (used in)
1.9 operating activities (1,488) (1,488)
----- --------------------------------------------- ---------------- -------------
2. Cash flows from investing
activities
2.1 Payments to acquire or for:
(a) entities - -
(b) tenements (3,094) (3,094)
(c) property, plant and equipment - -
(d) exploration & evaluation (15,228) (15,228)
(e) investments - -
(f) other non-current assets - -
2.2 Proceeds from the disposal
of:
(a) entities - -
(b) tenements - -
(c) property, plant and equipment - -
(d) investments - -
(e) other non-current assets - -
2.3 Cash flows from loans to other - -
entities
2.4 Dividends received (see note - -
3)
2.5 Other - Joint Venture Contributions 7,738 7,738
* XCD Energy takeover costs -
(646) (646)
* Bonds
---------------- -------------
Net cash from / (used in)
2.6 investing activities (11,230) (11,230)
----- --------------------------------------------- ---------------- -------------
3. Cash flows from financing
activities
Proceeds from issues of equity
securities (excluding convertible
3.1 debt securities) 18,530 18,530
3.2 Proceeds from issue of convertible - -
debt securities
3.3 Proceeds from exercise of - -
options
Transaction costs related
to issues of equity securities
3.4 or convertible debt securities (810) (810)
3.5 Proceeds from borrowings - -
3.6 Repayment of borrowings - -
3.7 Transaction costs related - -
to loans and borrowings
3.8 Dividends paid - -
3.9 Other (provide details if - -
material)
---------------- -------------
Net cash from / (used in)
3.10 financing activities 17,720 17,720
----- --------------------------------------------- ---------------- -------------
4. Net increase / (decrease)
in cash and cash equivalents
for the period
Cash and cash equivalents
4.1 at beginning of period 14,845 14,845
Net cash from / (used in)
operating activities (item
4.2 1.9 above) (1,488) (1,488)
Net cash from / (used in)
investing activities (item
4.3 2.6 above) (11,230) (11,230)
Net cash from / (used in)
financing activities (item
4.4 3.10 above) 17,720 17,720
Effect of movement in exchange
4.5 rates on cash held 213 213
---------------- -------------
Cash and cash equivalents
4.6 at end of period 20,060 20,060
----- --------------------------------------------- ---------------- -------------
5. Reconciliation of cash and Current quarter Previous quarter
cash equivalents $A'000 $A'000
at the end of the quarter
(as shown in the consolidated
statement of cash flows) to
the related items in the accounts
5.1 Bank balances 20,060 14,845
5.2 Call deposits - -
5.3 Bank overdrafts - -
5.4 Other (provide details) - -
---------------- -----------------
Cash and cash equivalents
at end of quarter (should
5.5 equal item 4.6 above) 20,060 14,845
---- ----------------------------------- ---------------- -----------------
6. Payments to related parties of the entity Current quarter
and their associates $A'000
Aggregate amount of payments to related
parties and their associates included in
6.1 item 1 16
-----------------
6.2 Aggregate amount of payments to related -
parties and their associates included in
item 2
-----------------
Note: if any amounts are shown in items 6.1 or 6.2, your quarterly
activity report must include a description of, and an explanation
for, such payments.
6.1 Payments relate to Director and consulting fees paid to
Directors. All transactions involving directors and associates were
on normal commercial terms.
7. Financing facilities Total facility Amount drawn
Note: the term "facility' amount at quarter at quarter end
includes all forms of financing end $US'000
arrangements available to $US'000
the entity.
Add notes as necessary for
an understanding of the sources
of finance available to the
entity.
7.1 Loan facilities 16,008 16,008
------------------- ----------------
7.2 Credit standby arrangements - -
------------------- ----------------
7.3 Other (please specify) - -
------------------- ----------------
7.4 Total financing facilities 16,008 16,008
------------------- ----------------
7.5 Unused financing facilities available at -
quarter end
----------------
7.6 Include in the box below a description of each facility
above, including the lender, interest rate, maturity date
and whether it is secured or unsecured. If any additional
financing facilities have been entered into or are proposed
to be entered into after quarter end, include a note providing
details of those facilities as well.
---- ------------------------------------------------------------------------
On the 23rd of March 2018, 88 Energy Lt's 100% controlled
subsidiary Accumulate Energy Alaska Inc entered into a
US$ 16.5 million debt refinancing agreement to replace
the existing Bank of America debt facility. The key terms
to the facility are noted in the ASX announcement released
on 26th of March 2018. The facility is secured by available
Production Tax Credits.
----
8. Estimated cash available for future operating $A'000
activities
Net cash from / (used in) operating activities
8.1 (item 1.9) (1,488)
8.2 (Payments for exploration & evaluation classified (15,228)
as investing activities) (item 2.1(d))
8.3 Total relevant outgoings (item 8.1 + item (16,716)
8.2)
8.4 Cash and cash equivalents at quarter end 20,060
(item 4.6)
8.5 Unused finance facilities available at quarter -
end (item 7.5)
---------
8.6 Total available funding (item 8.4 + item 20,060
8.5)
---------
Estimated quarters of funding available
8.7 (item 8.6 divided by item 8.3) 1.2
---------
Note: if the entity has reported positive relevant outgoings
(ie a net cash inflow) in item 8.3, answer item 8.7 as
"N/A". Otherwise, a figure for the estimated quarters
of funding available must be included in item 8.7.
8.8 If item 8.7 is less than 2 quarters, please provide answers
to the following questions:
8.8.1 Does the entity expect that it will continue to
have the current level of net operating cash flows for
the time being and, if not, why not?
-------------------------------------------------------------------
Answer: 8.2 relates to the costs with the Merlin-1 well
which are fully covered by existing cash reserves and
Joint Venture partner contributions. The Merlin-1 expenditure
will reduce in the second quarter with drilling operations
coming to an end in April 2021 and the well being plugged.
-------------------------------------------------------------------
8.8.2 Has the entity taken any steps, or does it propose
to take any steps, to raise further cash to fund its operations
and, if so, what are those steps and how likely does it
believe that they will be successful?
-------------------------------------------------------------------
Answer: There is no requirement to raise further cash
based on anticipated future expenditure as noted above.
-------------------------------------------------------------------
8.8.3 Does the entity expect to be able to continue its
operations and to meet its business objectives and, if
so, on what basis?
-------------------------------------------------------------------
Answer: Yes, please refer to responses above.
-------------------------------------------------------------------
Note: where item 8.7 is less than 2 quarters, all of questions
8.8.1, 8.8.2 and 8.8.3 above must be answered.
---- -------------------------------------------------------------------
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.
Date: 20 April 2021
Authorised by: By the Board
(Name of body or officer authorising release - see note 4)
Notes
1. This quarterly cash flow report and the accompanying activity
report provide a basis for informing the market about the entity's
activities for the past quarter, how they have been financed and
the effect this has had on its cash position. An entity that wishes
to disclose additional information over and above the minimum
required under the Listing Rules is encouraged to do so.
2. If this quarterly cash flow report has been prepared in
accordance with Australian Accounting Standards, the definitions
in, and provisions of, AASB 6: Exploration for and Evaluation of
Mineral Resources and AASB 107: Statement of Cash Flows apply to
this report. If this quarterly cash flow report has been prepared
in accordance with other accounting standards agreed by ASX
pursuant to Listing Rule 19.11A, the corresponding equivalent
standards apply to this report.
3. Dividends received may be classified either as cash flows
from operating activities or cash flows from investing activities,
depending on the accounting policy of the entity.
4. If this report has been authorised for release to the market
by your board of directors, you can insert here: "By the board". If
it has been authorised for release to the market by a committee of
your board of directors, you can insert here: "By the [name of
board committee - eg Audit and Risk Committee]". If it has been
authorised for release to the market by a disclosure committee, you
can insert here: "By the Disclosure Committee".
5. If this report has been authorised for release to the market
by your board of directors and you wish to hold yourself out as
complying with recommendation 4.2 of the ASX Corporate Governance
Council's Corporate Governance Principles and Recommendations, the
board should have received a declaration from its CEO and CFO that,
in their opinion, the financial records of the entity have been
properly maintained, that this report complies with the appropriate
accounting standards and gives a true and fair view of the cash
flows of the entity, and that their opinion has been formed on the
basis of a sound system of risk management and internal control
which is operating effectively.
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END
MSCFLFLRSFIALIL
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