TIDMOEX
RNS Number : 6216Z
Oilex Ltd
16 March 2017
OILEX LTD
ABN 50 078 652 632
INTERIM REPORT
31 DECEMBER 2016
CONTENTS
Directors'
Report..............................................................................................................................................................................
1
Auditor's Independence
Declaration.................................................................................................................................................
4
Condensed Consolidated Statement of Profit or Loss and Other
Comprehensive
Income.............................................................. 5
Condensed Consolidated Statement of Financial
Position................................................................................................................
6
Condensed Consolidated Statement of Changes in
Equity...............................................................................................................
7
Condensed Consolidated Statement of Cash
Flows.........................................................................................................................
8
Notes to the Condensed Consolidated Interim Financial
Report..........................................................................................................9
Directors'
Declaration........................................................................................................................................................................20
Independent Review
Report.............................................................................................................................................................
21
DIRECTORS' REPORT
The directors present their report together with the condensed
interim financial report of the Group comprising of Oilex Ltd (the
Company) and its subsidiaries for the half year ended 31 December
2016 and the auditor's review report thereon.
Directors
The directors of the Company at any time during the interim
period and until the date of this report are detailed below. All
directors were in office for this entire period unless otherwise
stated.
Mr Bradley Lingo Non-Executive Chairman from 23 February 2017
(previously Non-Executive Director)
Mr Max Dirk Jan Cozijn Non-Executive Director from 23 February 2017
(stepped down as Non-Executive Chairman 23 February 2017)
Mr Jonathan Salomon Managing Director
Financial
The Group incurred a consolidated loss after income tax of
$3,243,406 for the half year (31 December 2015: loss of
$23,307,742). Revenue for the period has decreased due to Bhandut-3
being shut in from 6 October 2016, Cambay-73 was on production test
from 2 July to 24 July 2016, and Cambay-77 was shut in after June
2016. The prior period results included the impairment of
development and exploration and evaluation assets of $15,039,632,
with no impairment recorded in the current period. The impairment
of receivables owing from Gujarat State Petroleum Corporation
(GSPC) has decreased with $908,518 being impaired in the current
period. Administration expenses includes the recovery of $693,400
arising from the insurance claim relating to the Zeta Resources
Limited litigation. Other income includes the recovery of $190,853
relating to assets previously impaired. Cash and cash equivalents
held by the Group as at 31 December 2016 was $1,886,040 (30 June
2016: cash and cash equivalents $5,158,361).
Review of Operations
During the period, the Company continued to focus on evaluating
and commercialising the extensive Eocene low permeability (tight)
reservoirs in its onshore Cambay Field project located in the state
of Gujarat, India. Oilex also continues to hold preferred bidder
status over a large position in the onshore Canning Basin, Western
Australia.
Cambay Field
Oilex continues to focus its resources on unlocking the
multi-TCF in-place tight gas potential in its onshore Cambay Block,
Gujarat State, India, with the current focus on unconventional
(tight) Eocene reservoirs which are known to be gas charged and
referred to as the EP-III/IV or X and Y Zones.
Commercialising the EP-IV tight gas
Analysis of core data is required to provide an optimised
reservoir stimulation design that suits the geological make-up of
the EP-IV section, and to advance the project. Two horizontal
stimulated wells have been drilled in this project over the last 6
years: C-76H failed for operational reasons and while C-77H
produced and sold gas, improved flow rates are required for a
commercial development to proceed. Core is available from the C-23z
well, drilled by Oilex in 2008 as part of a multi-well program to
test and develop Oligocene OS-II and Eocene EP-IV reserves. The
EP-IV core included a seven metre section of carbonaceous shale
related to a channel fill sequence which is restricted to a small
part of the Cambay PSC area. The thin carbonaceous zone affected
the seismic response and lead to the previous conclusion that the
core was not representative of the EP-IV zone over the wider area.
A subsurface study of the region recently completed for this
purpose, has confirmed the non-channel sections of the core from
C-23z are representative of the broader EP-IV reservoir.
Importantly, an inspection of the core by the Company and its
consultants has confirmed that it retains the integrity required
for the purposes of geo-mechanical and proppant embedment studies.
This provides a low cost solution to advance the project.
In October 2016 Oilex reached an agreement with GSPC under which
Oilex can progress the drilling of a new well by undertaking sole
liability for all associated expenditure. Subject to the exercise
by GSPC of prescribed back-in rights, as detailed in the Company's
announcement on 17 October 2016. Oilex will be entitled to receive
100% of any revenue arising from this well.
Whilst a new vertical well is included in the planned work
programme for 2016/17, the timetable for this well is uncertain
pending the outcome of the core analysis of C-23z. Additionally
GSPC is running a sale process of its 55% interest in Cambay in
which Oilex submitted a conditional offer. Completion of this
process may result in a new partner entering the project or the
Company increasing its participating interest. In addition to
GSPC's agreement to any potential sale, Indian regulatory approvals
will be required to effect the sale/transfer of GSPC's interest in
Cambay. Oilex as Operator holds a pre-emptive right in respect of
the possible sale of GSPC's interest in Cambay to a third
party.
Cambay-73 and Cambay-77H
Approval from the regulator is being sought to bring previous
producing wells C-73 and C-77H back on line. Production was
terminated in mid-2016 as the government approved period for test
production had expired.
Production Sharing Contract (PSC) Term
The current PSC term expires on 23 September 2019. The Company
has commenced preparation of documentation to support a request for
grant of extension to the Cambay PSC, under a recent Government of
lndia policy, for a period of up to an additional ten years. The
application for extension must be submitted by 23 September 2017.
This new policy remains untested.
Cambay Joint Venture Management
GSPC, the Joint Venture partner approved the Work Programme
& Budget (WP&B) for the Cambay Field for FY 2016-17. This
is currently awaiting government approval.
The WP&B for FY 2017-18 has been tabled and is awaiting
Joint Venture and subsequent regulatory approval.
As at 31 December 2016 the Joint Venture partner owed US$6.7
million to the Cambay Joint Venture. Oilex continues to engage with
its Joint Venture partner to resolve the unpaid cash calls. Oilex
as Operator, continues to bear the ongoing costs of the Joint
Venture and has managed payment of the Cambay Joint Venture
creditors.
Bhandut Field
Oilex is the Operator and holds a 40% equity in the Bhandut
Field, with GSPC holding the remaining participating interest.
During the period the Government of India approved the extension
of the Bhandut Petroleum Mining Lease (PML) for a further three
years to 22 September 2019. The extended Bhandut PML end date is
consistent with the remaining PSC term. Production was shut in
during October 2016 due to increasing water cut. The Company
continues to investigate options to re-open production.
The field has ongoing exploration potential, coupled with
existing production facilities. The Company is currently in
discussion with a number of parties, seeking expressions of
interest for a possible sale of its participating interest in the
PSC.
Wallal Graben - Western Australia (Canning Basin)
The Wallal Graben asset is located adjacent to the Pilbara, a
global resource centre for iron ore and LNG in Western
Australia.
The Wallal Graben blocks are currently under application with
the Department of Mines and Petroleum (DMP). They are frontier
exploration blocks that represent a potential low cost entry to an
underexplored area. Oilex continues to investigate low cost
exploration techniques, de-risking tools and approaches that
address the geological uncertainties in this basin and potentially
provide an alternative lower cost work programme to the currently
offered levels which were determined in a higher oil price
environment.
Final award of the blocks requires signing of Heritage
Agreements with the Nyangumarta and Njamal People and is linked to
a request to the DMP that all three blocks be awarded
simultaneously. Consultations on the Heritage Agreements are nearly
complete following which the DMP will make an offer to grant a
Petroleum Exploration Permit for each of the three blocks to Oilex
for its final acceptance. Oilex can review its interest in pursuing
these applications up to time of final acceptance.
JPDA 06-103
Oilex as operator, and on behalf of the JPDA 06-103 Joint
Venture participants, continues to seek a resolution to the dispute
with Autoridade Nacional do Petroleo e Minerais (ANPM) in relation
to matters associated with the termination of JPDA 06-103 PSC. In
July 2015, the ANPM rejected the Joint Venture request to terminate
the PSC by mutual agreement in good standing and without penalty,
and the ANPM sought to impose a penalty of US$17,018,790 upon the
Joint Venture. The Joint Venture undertook significantly more
exploration expenditure than required during the PSC term and
believes the excess was not properly accounted for in accordance
with the terms of the PSC.
Notwithstanding the Group's belief that no penalty is
applicable, both parties have made a number of offers to settle the
matter, none of which have been mutually acceptable. In view of
ongoing discussions to resolve this matter, the Group has elected
to make a provision of US$600,000 as at 31 December 2016, being the
Group's share of a possible settlement of the JPDA matter. The
provision, timing and or settlement, if any, is subject to
variation dependent upon ongoing negotiations with the ANPM.
The Joint Venture continues its discussions with the ANPM and
remains hopeful an amicable settlement will be reached. If the
parties are unable to reach an amicable settlement, any party may
refer the matter to arbitration. If this occurs, the obligations
and liabilities of the Joint Venture participants under the PSC are
joint and several, with parent company guarantees provided by all
Joint Venture participants. Oilex has a 10% participating interest
in the Joint Venture and is the Operator.
West Kampar
Oilex continues to pursue the enforcement of the Arbitration
Award and a commercial settlement with respect to its interest in
the West Kampar PSC, onshore Sumatra, Indonesia.
At the end of 2016 the Indonesian Operator applied in the
Indonesian courts for a debt payment obligation suspension. This
was denied and the operating company, PT Sumatera Persada Energi
was declared bankrupt. Oilex has received confirmation from the
Indonesian Government regulator that Oilex still retains its
original 45% participating interest in the PSC. Oilex has
instructed its legal advisors to continue to protect Oilex's
claims, as well as its interest in the PSC.
Emphasis of Matter
The auditor's review report contains an emphasis of matter in
relation to the potential uncertainty regarding continuation as a
going concern. The consolidated financial statements have been
prepared on a going concern basis, which contemplates the
realisation of assets and settlement of liabilities in the normal
course of business. The Group will require funding in order to
continue its exploration activities and progress the Cambay Field
drilling programme.
The funding requirements of the Group are reviewed on a regular
basis by the Group's Chief Financial Officer and Managing Director
and are reported to the Board at each board meeting to ensure the
Group is able to meet its financial obligations as and when they
fall due. Until sufficient operating cash flows are generated from
its operations, the Group remains reliant on equity raisings, joint
venture contributions or debt funding, as well as asset
divestitures or farmouts to fund its expenditure commitments.
The Company continues to actively develop funding options in
order that it can meet its expenditure commitments and its planned
future discretionary expenditure, as well as any contingent
liabilities that may arise.
Further information is provided in Note 2 (b) of the
consolidated financial statements.
Corporate
Oilex settled its claim with the Company's insurers to recover
part of the costs associated with the Zeta Resources Limited
litigation with the proceeds from the settlement of $693,400
received in January 2017.
The Company implemented additional material cost reduction
initiatives during the period reflecting the proposed activity
level for 2017 and the requirement to direct cash resources to the
planned activity programme at Cambay. The cost reductions,
undertaken in both Perth and India, included a 30% overall
reduction in the number of personnel and a 14% average reduction in
salaries and wages for existing personnel.
Significant Events After Balance Date
On 23 February 2017 Mr Bradley Lingo was appointed interim
Chairman. Mr Cozijn stepped down as Chairman and continues as a
Non-Executive Director.
On 15 March 2017 as part of the placement and planned
appointment of Cornhill Capital Limited (Cornhill) as its AIM
broker the Company was required to terminate its annual corporate
advisory services from Paterson Securities Limited, effective July
2017. In addition to all other accrued amounts as at this date, the
Company is required to prepay fees for this period in the amount of
$225,205.
On 15 March the Company executed a Placing Agreement with
Cornhill to complete a two (2) tranche placement for 488.8 million
ordinary shares to raise approximately GBP1.1 million ($1,783,400)
before costs. Tranche 2 is subject to shareholder approval. It is
anticipated that following the successful completion of Tranche 1,
the Company will appoint Cornhill as its AIM Broker.
There are no other significant subsequent events occurring after
balance date.
Lead Auditor's Independence Declaration
The lead auditor's independence declaration is set out on page 4
and forms part of the Directors' Report for the half year ended
31 December 2016.
Signed in accordance with a resolution of the Board of
Directors.
Mr Brad Lingo Mr Jonathan Salomon
Chairman Managing Director
West Perth, Western Australia
16 March 2017
KPMG
Lead Auditor's Independence Declaration under Section 307C of
the Corporations Act 2001
To: the directors of Oilex Ltd
I declare that, to the best of my knowledge and belief, in
relation to the review for the half-year ended 31 December 2016
there have been:
(i) no contraventions of the auditor independence requirements
as set out in the Corporations Act 2001 in relation to the review;
and
(ii) no contraventions of any applicable code of professional
conduct in relation to the review.
KPMG
Graham Hogg
Partner
Perth
16 March 2017
KPMG, an Australian partnership and a member firm of the KPMG
network of independent member firms affiliated with KPMG
International Cooperative ("KPMG International"), a Swiss
entity.
Liability limited by a scheme approved under Professional
Standards Legislation
CONDENSED CONSOLIDATED STATEMENT OF PROFIT OR LOSS
AND OTHER COMPREHENSIVE INCOME
FOR THE HALF YEARED 31 DECEMBER 2016
31 December 31 December
2016 2015
Note $ $
-------------- ---------------
Revenue 6(a) 63,468 166,459
Cost of sales 6(b) (190,675) (538,387)
-------------- ---------------
Gross loss (127,207) (371,928)
Other income 6(c) 190,853 758
Exploration expenditure (134,767) (4,116,721)
Impairment of exploration
and evaluation assets - (11,572,740)
Impairment of development
assets - (3,466,892)
Administration expense 6(d) (1,384,795) (2,272,774)
Share-based payments expense (5,825) (42,627)
Other expenses 6(e) (1,734,570) (1,385,762)
-------------- ---------------
Results from operating
activities (3,196,311) (23,228,686)
-------------- ---------------
Finance income 10,720 35,611
Finance costs (53) (258)
Net foreign exchange loss 6(f) (57,762) (114,409)
-------------- ---------------
Net finance loss (47,095) (79,056)
-------------- ---------------
Loss before income tax (3,243,406) (23,307,742)
Tax expense - -
-------------- ---------------
Loss for the period (3,243,406) (23,307,742)
-------------- ---------------
Other comprehensive income/(loss)
Items that may be reclassified
subsequently to profit
or loss
Foreign currency translation
difference 53,821 1,297,283
-------------- ---------------
Other comprehensive income
for the period, net of
income tax 53,821 1,297,283
-------------- ---------------
Total comprehensive loss
for the period (3,189,585) (22,010,459)
-------------- ---------------
Earnings per share
Basic loss per share (cents
per share) (0.27) (2.07)
Diluted loss per share
(cents per share) (0.27) (2.07)
The above Condensed Consolidated Statement of Profit or Loss and
Other Comprehensive Income is to be read in conjunction with the
accompanying notes.
CONDENSED CONSOLIDATED STATEMENT OF FINANCIAL POSITION
AS AT 31 DECEMBER 2016
Note 31 December 30 June
2016 2016
$ $
-------------- --------------
Assets
Cash and cash equivalents 1,886,040 5,158,361
Trade and other receivables 7 2,310,928 2,235,737
Prepayments 25,277 79,441
Inventories 1,271,791 1,238,553
-------------- --------------
Total current assets 5,494,036 8,712,092
-------------- --------------
Trade and other receivables 7 - 102,343
Exploration and evaluation 8 923,664 909,593
Development assets 9 6,302,199 6,139,004
Property, plant and equipment 254,876 263,400
Total non-current assets 7,480,739 7,414,340
-------------- --------------
Total assets 12,974,775 16,126,432
-------------- --------------
Liabilities
Trade and other payables 10 2,183,728 2,914,769
Employee benefits 197,879 356,510
Provisions 11 1,015,754 181,794
Total current liabilities 3,397,361 3,453,073
-------------- --------------
Provisions 11 3,432,200 3,344,385
Total non-current liabilities 3,432,200 3,344,385
-------------- --------------
Total liabilities 6,829,561 6,797,458
-------------- --------------
Net assets 6,145,214 9,328,974
-------------- --------------
Equity
Issued capital 12 171,613,760 171,513,760
Reserves 7,950,078 8,425,861
Accumulated losses (173,418,624) (170,610,647)
-------------- --------------
Total equity 6,145,214 9,328,974
-------------- --------------
The above Condensed Consolidated Statement of Financial Position
is to be read in conjunction with the accompanying notes.
CONDENSED CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
FOR THE HALF YEARED 31 DECEMBER 2016
Attributable to Owners of the
Company
Foreign
Currency
Issued Option Translation Accumulated Total
Capital Reserve Reserve Losses Equity
$ $ $ $ $
------------ ------------ ------------- -------------- -------------
Balance at
1 July 2015 153,928,046 2,342,059 6,351,222 (136,017,376) 26,603,951
------------ ------------ ------------- -------------- -------------
Total Comprehensive
(loss)/income
for the period
Loss - - - (23,307,742) (23,307,742)
------------ ------------ ------------- -------------- -------------
Other comprehensive
income
Foreign currency
translation
differences - - 1,297,283 - 1,297,283
------------ ------------
Total other
comprehensive
income - - 1,297,283 - 1,297,283
------------ ------------ ------------- -------------- -------------
Total comprehensive
(loss)/ income
for the period - - 1,297,283 (23,307,742) (22,010,459)
------------ ------------ ------------- -------------- -------------
Transactions with
owners of the Company
Contributions
and distributions
Shares issued 20,641,249 - - - 20,641,249
Capital raising
costs (3,055,535) - - - (3,055,535)
Transfers on
forfeited options - (1,419,700) - 1,419,700 -
Share-based
payment transactions - 42,627 - - 42,627
------------ ------------ ------------- -------------- -------------
Total transactions
with owners
of the Company 17,585,714 (1,377,073) - 1,419,700 17,628,341
------------ ------------ ------------- -------------- -------------
Balance at
31 December
2015 171,513,760 964,986 7,648,505 (157,905,418) 22,221,833
------------ ------------ ------------- -------------- -------------
Balance at
1 July 2016 171,513,760 930,742 7,495,119 (170,610,647) 9,328,974
------------ ------------ ------------- -------------- -------------
Total Comprehensive
(loss)/income
for the period
Loss - - - (3,243,406) (3,243,406)
------------ ------------ ------------- -------------- -------------
Other comprehensive
income
Foreign currency
translation
differences - - 53,821 - 53,821
Total other
comprehensive
income - - 53,821 - 53,821
------------ ------------ ------------- -------------- -------------
Total comprehensive
(loss)/ income
for the period - - 53,821 (3,243,406) (3,189,585)
------------ ------------ ------------- -------------- -------------
Transactions with
owners of the Company
Contributions
and distributions
Shares issued 100,000 (100,000) - - -
Capital raising
costs - - - - -
Transfers on
forfeited options - (435,429) - 435,429 -
Share-based
payment transactions - 5,825 - - 5,825
------------ ------------ ------------- -------------- -------------
Total transactions
with owners
of the Company 100,000 (529,604) - 435,429 5,825
------------ ------------ ------------- -------------- -------------
Balance at
31 December
2016 171,613,760 401,138 7,548,940 (173,418,624) 6,145,214
------------ ------------ ------------- -------------- -------------
The above Condensed Consolidated Statement of Changes in Equity
is to be read in conjunction with the accompanying notes.
CONDENSED CONSOLIDATED STATEMENT OF CASH FLOWS
FOR THE HALF YEARED 31 DECEMBER 2016
31 December 31 December
2016 2015
$ $
------------ ------------
Cash flows from operating activities
Cash receipts from customers 89,990 162,402
Payments to suppliers and employees (2,619,420) (2,304,685)
------------ ------------
Cash outflows from operations (2,529,430) (2,142,283)
Payments for exploration and
evaluation expenses (681,764) (3,551,448)
Interest received 10,518 28,291
Interest paid (53) (258)
Net cash used in operating activities (3,200,729) (5,665,698)
------------ ------------
Cash flows from investing activities
Payments for capitalised exploration
and evaluation - (857,776)
Proceeds from sale of assets 474 2,566
Acquisition of development assets (2,240) (197,728)
Acquisition of property, plant
and equipment (18,853) (24,655)
------------ ------------
Net cash used in investing activities (20,619) (1,077,593)
------------ ------------
Cash flows from financing activities
Proceeds from issue of share
capital - 20,821,334
Payment for share issue costs - (3,643,264)
Net cash from financing activities - 17,178,070
------------ ------------
Net (decrease)/increase in cash
held (3,221,348) 10,434,779
Cash and cash equivalents at
1 July 5,158,361 1,187,158
Effect of exchange rate fluctuations (50,973) (75,249)
------------ ------------
Cash and cash equivalents at
31 December 1,886,040 11,546,688
------------ ------------
The above Condensed Consolidated Statement of Cash Flows is to
be read in conjunction with the accompanying notes.
NOTES TO THE CONDENSED CONSOLIDATED INTERIM FINANCIAL REPORT
FOR THE HALF YEARED 31 DECEMBER 2016
1. REPORTING ENTITY
Oilex Ltd (the Company) is domiciled in Australia. The condensed
consolidated interim financial report of the Group as at and for
the half year ended 31 December 2016 comprise the Company and its
subsidiaries (collectively the Group and individually Group
Entities). Oilex Ltd is a company limited by shares incorporated in
Australia whose shares are publicly traded on the Australian
Securities Exchange (ASX) and on the Alternative Investment Market
(AIM) of the London Stock Exchange. The Group is a for-profit
entity and is primarily involved in the exploration, evaluation,
development and production of hydrocarbons.
The consolidated annual financial report of the Group as at and
for the year ended 30 June 2016 is available upon request from the
Company's registered office at Ground Floor, 44a Kings Park Road,
West Perth, Western Australia 6005 or at www.oilex.com.au.
2. BASIS OF PREPARATION
(a) Statement of Compliance
The condensed consolidated interim financial report is a general
purpose condensed financial report which has been prepared in
accordance with Accounting Standard AASB 134 Interim Financial
Reporting and the Corporations Act 2001, and IAS 34 Interim
Financial Reporting. The condensed consolidated interim financial
report does not include all of the notes and information included
in an annual financial report and accordingly this report should be
read in conjunction with the consolidated annual financial report
of the Group as at and for the year ended 30 June 2016.
This condensed consolidated interim financial report was
authorised for issue by the Board of Directors on 15 March
2017.
(b) Going Concern Basis
The Directors believe it is appropriate to prepare the
consolidated financial statements on a going concern basis, which
contemplates continuity of normal business activities and the
realisation of assets and settlement of liabilities in the ordinary
course of business.
The Group has incurred a loss of $3,243,406 and had cash
outflows from operating and investing activities of $3,200,729 and
$20,619 respectively. As at 31 December 2016, the Group's current
assets exceeded current liabilities by $2,096,675 and the Group has
cash and cash equivalents of $1,886,040.
The Group will require additional funds within the next twelve
months in order to meet planned expenditures for its projects,
including progressing the Cambay Field drilling programme, and for
any new business opportunities that the Group may acquire and
ongoing administrative expenses. The Group may also require funds
in relation to the matter set out in note 13. The Group is well
progressed in a placement to raise approximately GBP1.1 million
($1,783,400) before costs (refer to note 17), however further
funding will be required within the next twelve months to allow the
Group to execute all of its plans. The Group will continue to
manage its expenditure to ensure that it has sufficient cash
reserves for at least the next twelve months.
The Directors believe that the Company will be able to secure
sufficient funding to meet the requirements to continue as a going
concern, due to its history of previous capital raisings,
acknowledging that the structure and timing of any capital raising
is dependent upon investor support, prevailing capital markets,
shareholder participation, oil and gas prices and the outcome of
planned exploration and evaluation activities, which creates
uncertainty.
The Directors consider the going concern basis of preparation to
be appropriate based on its forecast cash flows for the next twelve
months and that the Group will be in a position to continue to meet
its minimum administrative, evaluation and development expenditures
and commitments for at least twelve months from the date of this
report.
If further funds are not able to be raised or realised, then it
may be necessary for the Group to sell or farmout its exploration
and development assets and to reduce discretionary administrative
expenditure.
The ability of the Company to achieve its forecast cash flows,
particularly the raising of additional funds, represents a material
uncertainty that may cast significant doubt about whether the
Company can continue as a going concern, in which case it may not
be able to realise its assets and extinguish its liabilities in the
normal course of business and at the stated amounts in the
financial statements.
3. SIGNIFICANT ACCOUNTING POLICIES
Except as disclosed below, the accounting policies applied by
the Group in this condensed consolidated interim financial report
are the same as those applied by the Group in its consolidated
financial report as at and for the year ended 30 June 2016.
The Group has adopted the following new and revised accounting
standards that are mandatory for entities with an annual reporting
period beginning on 1 July 2016:
AASB 2014-4 Clarification of Acceptable Methods of Depreciation
and Amortisation (amendments to AASB 116 and ASBB 138) clarifies
that a depreciation method that is based on revenue that is
generated by an activity that includes the use of an asset is not
appropriate for property, plant and equipment and is effective for
annual reporting periods beginning on or after 1 July 2016.
AASB 2014-3 Amendments to Australian Accounting Standards -
Accounting for Acquisitions of Interests in Joint Operations sets
out the guidance on the accounting for acquisition of interests in
joint operations in which the activity constitutes a business and
is effective for annual reporting periods beginning on or after 1
July 2016.
AASB 2015-2 Amendments to Australian Accounting Standards -
Disclosure Initiative: Amendments to AASB 101. The standard makes
amendments to AASB 101 Presentation to Financial Statements arising
from the IASB's Disclosure Initiative project. The amendments
encourage preparers to exercise judgement in presenting their
financial reports. The amendments make clear that materiality
applies to the financial statements and that the inclusion of
immaterial information can inhibit the usefulness of financial
disclosures. The amendments clarify that judgement should be used
in determining where and in what order information is presented in
the financial disclosures and is effective for annual reporting
periods beginning on or after 1 January 2016.
The adoption of these newly effective standards have no material
effect on the financial position or the consolidated financial
statements of the Group.
4. ESTIMATES AND JUDGEMENTS
The preparation of a condensed consolidated interim financial
report requires management to make judgements, estimates and
assumptions that affect the application of accounting policies and
the reported amounts of assets and liabilities, income and expense.
Actual results may differ from these estimates.
In preparing this condensed consolidated interim financial
report, the significant judgements made by management in applying
the Group's accounting policies and the key sources of estimation
uncertainty were the same as those that applied to the consolidated
financial report as at and for the year ended 30 June 2016.
5. OPERATING SEGMENTS
The Group has identified its operating segments based upon the
internal reports that are reviewed and used by the executive
management team in assessing performance and that are used to
allocate the Group's resources. There has been no change in the
basis of segmentation from the Group's 30 June 2016 annual
consolidated financial report.
India Australia JPDA (1) Indonesia Corporate Consolidated
(2)
Six months 2016 2015 2016 2015 2016 2015 2016 2015 2016 2015 2016 2015
ended
31 December
------------- ------------ ------------- --------- ---------- ---------- ---------- -------- --------- ------------ ------------ ------------ -------------
$ $ $ $ $ $ $ $ $ $ $ $
Revenue
External
Revenue 63,468 166,459 - - - - - - - - 63,468 166,459
------------- ------------ ------------- --------- ---------- ---------- ---------- -------- --------- ------------ ------------ ------------ -------------
Reportable
segment
loss before
income
tax (1,052,064) (20,208,513) (60,916) (313,574) (817,729) (279,298) (5,740) (47,401) (1,259,862) (2,379,900) (3,196,311) (23,228,686)
------------- ------------ ------------- --------- ---------- ---------- ---------- -------- --------- ------------ ------------ ------------ -------------
Net finance
income 10,667 35,353
Foreign
exchange
gain/(loss) (57,762) (114,409)
Loss for the
period (3,243,406) (23,307,742)
------------ -------------
India Australia JPDA (1) Indonesia Corporate Consolidated
(2)
31 30 31 30 31 30 31 30 31 30 31 30
Dec June Dec June Dec June Dec June Dec June Dec June
2016 2016 2016 2016 2016 2016 2016 2016 2016 2016 2016 2016
------------- ------------ ------------- --------- ---------- ---------- ---------- -------- --------- ------------ ------------ ------------ -------------
$ $ $ $ $ $ $ $ $ $ $ $
Segment
assets 9,933,990 10,638,650 373,986 374,226 28,331 45,561 - - 2,638,468 5,067,995 12,974,775 16,126,432
Segment
liabilities 3,987,978 4,640,250 5,000 - 836,440 6,196 239,409 232,011 1,760,734 1,919,001 6,829,561 6,797,458
------------- ------------ ------------- --------- ---------- ---------- ---------- -------- --------- ------------ ------------ ------------ -------------
There were no significant inter-segment transactions during the
half year.
(1) Joint Petroleum Development Area.
(2) Corporate represents a reconciliation of reportable segment
revenues, profit or loss and assets to the consolidated figure.
6. REVENUE AND EXPENSES
31 December 31 December
2015
2016 $
$
------------ ------------
(a) Revenue
Oil sales 9,747 40,194
Gas sales 53,721 126,265
------------ ------------
63,468 166,459
------------ ------------
(b) Cost of Sales
Production costs (191,140) (546,316)
Amortisation of development assets (223) (4,984)
Movement in oil stocks inventory 688 12,913
------------ ------------
(190,675) (538,387)
------------ ------------
(c) Other Income
Recovery of recharges 190,853 -
Sale of scrap material - 758
------------ ------------
190,853 758
------------ ------------
Recovery of recharges relate to the recovery of
head office expenditure recharged to the Cambay
Joint Venture, reclassified from joint venture
receivables to development assets in the year ended
30 June 2015, then subsequently impaired in the
year ended 30 June 2016 and recovered in the current
period.
(d) Administration Expenses
Employee benefits expense (691,453) (458,127)
Redundancy benefits (191,519) -
Administration expense (885,692) (1,395,314)
Corporate Advisory Fee (300,000) -
Zeta Resources Limited legal costs (9,531) (419,333)
Insurance recovery 693,400 -
(1,384,795) (2,272,774)
------------ ------------
(e) Other Expenses
Depreciation expense (27,594) (32,610)
Loss on disposal of assets (3,335) -
Provision for termination penalty (795,123) -
(refer note 13)
Provision for doubtful debts (908,518) (1,353,152)
------------ ------------
(1,734,570) (1,385,762)
------------ ------------
(f) Foreign Exchange loss - net
Foreign exchange loss - realised (2,026) (32,437)
Foreign exchange loss - unrealised (55,736) (81,972)
------------ ------------
(57,762) (114,409)
------------ ------------
7. TRADE AND OTHER RECEIVABLES
31 December Year Ended
2016 30 June
2016
$ $
------------ ------------
Current
Allocation of receivables
Joint venture receivables 978,019 1,583,668
Other receivables 1,332,909 652,069
------------ ------------
2,310,928 2,235,737
------------ ------------
Joint venture receivables
Joint venture receivables 6,623,905 6,169,854
Provision for doubtful debts (5,645,886) (4,586,186)
978,019 1,583,668
------------ ------------
Other receivables
Corporate receivables 1,413,417 732,577
Provision for doubtful debts (80,508) (80,508)
1,332,909 652,069
------------ ------------
Non-current
Other receivables - India TDS (tax
deducted at source) - 102,343
------------ ------------
- 102,343
------------ ------------
Joint venture receivables include the Group's share of
outstanding cash calls and recharges owing from the joint venture
partners.
The Group considers that there is evidence of impairment if any
of the following indicators are present; financial difficulties of
the debtor, probability that the debtor will dispute the amounts
owing and default or delinquency in payment (more than one year
old).
Whilst the Group has been in discussions with its joint venture
partner Gujarat State Petroleum Corporation, for repayment of
disputed and other amounts owing, in line with identified
impairment indicators, the balance of Cambay cash calls receivable
relating to the current financial period, has been fully provided
for in the current period.
The Group is continuing discussions in order to resolve the
outstanding issues and recover payment of the outstanding
amounts.
Other receivables include $693,400 receivable from the insurance
claim made by the Company in relation to the Zeta Resources Limited
litigation.
31 December Year Ended
2016 30 June
2016
$ $
------------ ------------
Movement in the provision for doubtful
debts
Opening balance (4,666,694) (782,919)
Provisions made during the period (908,518) (3,941,988)
Effect of movements in foreign exchange
rates (151,182) 58,213
------------ ------------
Closing balance (5,726,394) (4,666,694)
------------ ------------
Allocation of provision
Joint venture receivables (5,645,886) (4,586,186)
Other receivables (80,508) (80,508)
------------ ------------
(5,726,394) (4,666,694)
------------ ------------
8. EXPLORATION AND EVALUATION
31 December Year Ended
2016 30 June
2016
$ $
------------ -------------
Opening balance 909,593 11,644,674
Expenditure capitalised - 469,190
Transfer to development assets - (193,585)
Impairment of exploration and evaluation
expenditure - (11,572,740)
Effect of movements in foreign exchange
rates 14,071 562,054
------------ -------------
Closing balance 923,664 909,593
------------ -------------
Exploration and evaluation assets are reviewed at each reporting
date to determine whether there is any indication of impairment or
reversal of impairment. When a well does not result in the
successful discovery of potentially economically recoverable
reserves, or if sufficient data exists to indicate the carrying
amount of the exploration and evaluation asset is unlikely to be
recovered in full, either by development or sale, it is
impaired.
In the year ended 30 June 2016 the Group recognised an
impairment of $11,572,740 relating to Cambay-72, Cambay-19z and the
initial acquisition cost of the Indian assets following an internal
evaluation which showed that these assets are unlikely to fully
recover costs capitalised to date.
9. DEVELOPMENT ASSETS
31 December Year Ended
2016 30 June
2016
$ $
------------ -----------
Cost
Opening balance 16,161,010 15,647,996
Transfer from exploration - 193,585
Transfer to joint venture receivables - (347,029)
Acquisition of development assets 2,230 163,827
Effect of movements in foreign exchange
rates 403,009 502,631
------------ -----------
Closing balance 16,566,249 16,161,010
------------ -----------
Amortisation and Impairment Losses
Opening balance 10,022,006 -
Impairment of development assets - 10,023,940
Amortisation charge for the period 223 46,651
Effect of movements in foreign exchange
rates 241,821 (48,585)
----------- -----------
Closing balance 10,264,050 10,022,006
----------- -----------
Carrying Amounts
Opening balance 6,139,004 15,647,996
------------ -------------
Closing balance 6,302,199 6,139,004
------------ -------------
Development assets are reviewed at each reporting date to
determine whether there is any indication of impairment or reversal
of impairment. Indicators of impairment include changes in: market
conditions, future oil and gas prices and future costs. Where an
indicator of impairment exists, the assets recoverable amount is
estimated. Development assets are assessed for impairment on a cash
generating unit (CGU) basis. The CGU is the Cambay Field,
India.
Impairment is recognised when the carrying value exceeds the
recoverable amount of the asset or CGU. The recoverability of the
Cambay Field development assets was estimated using a discounted
cash flow model. Fair value less cost to sell is determined by
estimating future cash flows after taking into account the risks
specific to the asset, then discounting it to its present value
using an appropriate discount rate. If the carrying value exceeds
its recoverable amount, the asset is written down and the
impairment loss recognised in the income statement.
Significant judgements and assumptions are required by
management in estimating the present value of future cash flows
particularly in the assessment of long life development assets. It
should be noted that discounted cash flow calculations are subject
to variability in key assumptions including, but not limited to,
long-term oil and gas prices, currency exchange rates, discount
rates, production profiles and operating costs. An adverse change
in one or more of the assumptions used to estimate fair value less
cost to sell could result in a reduction in the development asset's
recoverable amount.
The key assumptions used for the determination of the discounted
cash flow assessment were based upon projected gas and condensate
production assuming an extension to the PSC. Projected production
remains below 1C resources.
Natural gas prices are based upon the Company's review of
analyst forecast Asian DES LNG spot prices, which were adjusted for
local Indian LNG processing charges and Indian taxes. Nominal
prices average at approximately US$5 per mmbtu through to 2024
before rising steadily to US$13 per mmbtu by 2029.
Nominal oil prices, derived from independent forward price
curves (US$/bbl) used were $55 in 2017, rising to $60 in 2018, $63
in 2019 and steady at approximately $65 through to the end of
December 2021, with a long term price of $72.
The PSC primary term expires in September 2019. The Government
of India has issued a PSC extension policy which enables the
Company to apply for an extension to the PSC to the earlier of the
economic life of the field or 2029, subject to a field development
plan being submitted. The CGU's recoverable amount includes the
assumption that the extension will be obtained.
The assumption for long-term US inflation rate was 2.2% and for
AUD/USD was $0.75. The AUD/USD rate as at 31 December was 0.7236.
The pre-tax nominal discount rate adopted was 16.18%.
The Company has certain specific risks in implementing its
planned development of Cambay which are not fully considered by the
pre-tax discount rate. Accordingly, the Company has risked the
discounted cash flow calculation for these specific risks including
the well success, grant of PSC extensions and well completion
technologies by applying an estimated risk factor for each risk as
at 31 December 2016.
Whilst oil prices have increase slightly, the December 2016
discounted cash flow assessment remained materially consistent with
that calculated at 30 June 2016 and therefore no impairment or
reversal was required in the current period.
10. TRADE AND OTHER PAYABLES
31 December Year Ended
2016 30 June
2016
$ $
------------ -----------
Trade creditors 994,830 1,887,716
Accruals 1,188,898 1,027,053
------------ -----------
2,183,728 2,914,769
------------ -----------
The Company's assessment of the recoverability of outstanding
cash call amounts owing from its joint venture partner GSPC has
resulted in prior period impairment (refer note 7) and consequently
the Company is of the opinion that the Joint Venture will be unable
to meet its third party liabilities without financial support from
the Company as Operator, due to non-payment of outstanding cash
calls.
The balance that the Group has accrued has reduced to $88,607 as
at 31 December 2016 (June 2016: $467,924, December 2015:
$1,723,200) to cover Cambay, Bhandut and Sabarmati Joint Venture
third party liabilities.
11. PROVISIONS
31 December Year Ended
2016 30 June
2016
$ $
------------ -----------
Site restoration, well abandonment
and other provisions
Opening balance 3,526,179 3,595,742
Provision adjustments during the
period (refer note13) 829,187 (196,334)
Effect of movements in exchange
rates 92,588 126,771
------------ -----------
Closing balance 4,447,954 3,526,179
------------ -----------
Current 1,015,754 181,794
Non-current 3,432,200 3,344,385
------------ -----------
4,447,954 3,526,179
------------ -----------
12. ISSUED CAPITAL
31 December 31 December 30 June 30 June
2016 2016 2016 2016
Number $ Number $
of Shares Issued Capital of Shares Issued Capital
-------------- ---------------- -------------- ----------------
Shares
On issue 1 July - fully paid 1,180,426,999 171,513,760 677,906,039 153,928,046
Issue of share capital
Shares issued for cash - - 502,520,960 20,641,249
Shares issued for non-cash (1) 12,987,013 100,000 - -
Capital raising costs - (3,055,535)
-------------- ---------------- -------------- ----------------
On issue at the end of the period - fully paid 1,193,414,012 1,180,426,999
Issued Capital as at the end of the period 171,613,760 171,513,760
-------------- ---------------- -------------- ----------------
(1) On 24 November 2016, the Company issued 12,987,013 new
ordinary shares for a non-cash consideration of $100,000 ($0.0077
per share) as part of the remuneration of the Managing Director, Mr
Jonathan Salomon as approved by the shareholders at the AGM held on
23 November 2016.
Shareholders also approved the issue of 2,000,000 retention
rights and on 19 December 2016, the Company announced that it had
issued 2,000,000 retention rights to new ordinary shares.
These retention rights will convert into fully paid ordinary
shares upon Mr Salomon's employment with the Company being extended
beyond 18 March 2017.
13. PROVISIONS, CONTINGENT LIABILITIES AND ASSETS
Contingent Liabilities at Reporting Date
In November 2006, Oilex (JPDA 06-103) Ltd (Operator) and the
Joint Venture parties entered into a Production Sharing Contract
(PSC) with the Designated Authority for JPDA 06-103 and the PSC was
signed in January 2007 (effective date 15 January 2007).
On 12 July 2013 the Operator, on behalf of the Joint Venture
participants, submitted to the Autoridade Nacional do Petroleo e
Minerais (ANPM), a request to terminate the PSC by mutual agreement
in accordance with its terms and without penalty or claim due to
the ongoing uncertainty in relation to security of tenure. This
request required the consent of the Timor Sea Designated
Authority.
On 15 May 2015 the ANPM issued a Notice of Intention to
Terminate and on 15 July 2015 issued a Notice of Termination and
Demand for Payment (Notice). The demand for payment (100%) of the
penalty claim of US$17,018,790 is the ANPM's estimate of the cost
of exploration activities not undertaken in 2013, as well as
certain local content obligations set out in the PSC. In addition,
the ANPM asserts that the Joint Venture Partners are liable to
interest on the monetary claim at a rate of 5.2% compounded
monthly.
The Joint Venture has made significant overpayments in the PSC
work programme and considers certain excess expenditure should be
included as part of any financial assessment incorporated within
the termination process. Notwithstanding the Group's belief that no
penalty is applicable, both parties have made a number of offers to
settle the matter, none of which have yet resulted in settlement of
the matter. In view of ongoing activities to resolve this matter,
the Group has recorded a provision of US$600,000 (refer note 11) as
at 31 December 2016, being the Group's share of a possible
settlement of the JPDA matter, refer note 11. The provision and or
settlement is subject to variation dependent upon ongoing
negotiations with the ANPM.
In the event the parties are unable to reach an amicable
settlement, any party may refer the matter to arbitration. The
obligations and liabilities of the Joint Venture participants under
the PSC are joint and several.
The equity interest of the Joint Venture participants are:
Oilex (JPDA 06-103) Ltd 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%
-----
Contingent Assets at Reporting Date
Contingent assets related to an insurance claim receivable by
the Company for which the amount was not capable of reliable
measurement, nor virtually certain. This claim has now been
settled, with $693,400 accrued as a receivable as per note 7.
31 December Year Ended
2016 30 June 2016
$ $
------------- --------------
Contingent assets not otherwise accounted for in this financial report
Insurance claim made or pending net of excess up to - 900,000
------------- --------------
14. RELATED PARTIES
Arrangements with related parties continue to be in place. For
details of these arrangements, refer to the consolidated annual
financial report of the Group as at and for the year ended 30 June
2016.
During the reporting period Mr Jonathan Salomon was granted
12,987,013 fully paid ordinary shares, valued at $100,000, as part
of his remuneration as Managing Director, as approved by
shareholders at the AGM held on 23 November 2016. The value of
these shares had been included in Mr Salomon's remuneration in the
year ended 30 June 2016.
Shareholders at the AGM also approved the issue of 2,000,000
retention rights to ordinary shares. These retention rights will
convert into fully paid ordinary shares upon Mr Salomon's
employment with the Company being extended beyond 18 March
2017.
15. CHANGE IN THE COMPOSITION OF THE GROUP
Since the last annual reporting date, there have been no
significant changes in the composition of the Group.
16. EXPITURE COMMITMENTS
Exploration Expenditure Commitments
In order to maintain rights of tenure to exploration permits,
the Group is required to perform minimum exploration work to meet
the minimum expenditure requirements specified by various state and
national governments. These obligations are subject to
renegotiation when application for an exploration permit is made
and at other times. These obligations are not provided for in the
financial report. The expenditure commitments are currently
estimated to be payable as follows:
31 December Year Ended
2016 30 June
2016
$ $
------------ -----------
Within one year - -
One year or later and no later
than five years - -
- -
------------ -----------
Future commitments include the Canning Basin Exploration Permit
Applications. The formal exploration permit period does not
commence until Oilex accepts an offer of a Petroleum Exploration
Permit from the Government of Western Australia, Department of
Mines and Petroleum.
There are no minimum exploration work commitments in the Cambay
and Bhandut Production Sharing Contracts.
When obligations expire, are re-negotiated or cease to be
contractually or practically enforceable, they are no longer
considered to be a commitment.
Further expenditure commitments for subsequent permit periods
are contingent upon future exploration results. These cannot be
estimated and are subject to renegotiation upon expiry of the
exploration leases.
Capital Expenditure Commitments
The Group had no capital expenditure commitments as at 31
December 2016 (30 June 2016: Nil).
17. SUBSEQUENT EVENTS
On 23 February 2017 Mr Bradley Lingo was appointed interim
Chairman. Mr Cozijn stepped down as Chairman and continues as a
Non-Executive Director.
On 15 March 2017 as part of the placement and planned
appointment of Cornhill Capital Limited (Cornhill) as its AIM
broker the Company was required to terminate its annual corporate
advisory services from Paterson Securities Limited, effective July
2017. In addition to all other accrued amounts as at this date, the
Company is required to prepay fees for this period in the amount of
$225,205.
On 15 March the Company executed a Placing Agreement with
Cornhill to complete a two (2) tranche placement for 488.8 million
ordinary shares to raise approximately GBP1.1 million ($1,783,400)
before costs. Tranche 2 is subject to shareholder approval.
Other than the above disclosures, there has not arisen in the
interval between the end of the financial year and the date of this
report an item, transaction or event of a material and unusual
nature likely, in the opinion of the Directors of the Company, to
affect significantly the operations of the Group, the results of
those operations, or the state of affairs of the Group, in future
financial years.
DIRECTORS' DECLARATION
In the opinion of the Directors of Oilex Ltd (the Company):
1. the condensed consolidated financial statements and notes set
out on pages 5 to 19, are in accordance with the Corporations Act
2001 including:
(a) giving a true and fair view of the Group's financial
position as at 31 December 2016 and of its performance for the half
year ended on that date; and
(b) complying with Australian Accounting Standard AASB 134
Interim Financial Reporting and the Corporations Regulations 2001;
and
2. there are reasonable grounds to believe that the Company will
be able to pay its debts as and when they become due and
payable.
Signed in accordance with a resolution of the Directors.
Mr Brad Lingo Mr Jonathan Salomon
Chairman Managing Director
West Perth
Western Australia
16 March 2017
KMPG
Independent auditor's review report to the members of Oilex
Ltd
We have reviewed the accompanying condensed consolidated interim
financial report of Oilex Ltd, which comprises the condensed
consolidated statement of financial position as at 31 December
2016, condensed consolidated statement of profit or loss and other
comprehensive income, condensed consolidated statement of changes
in equity and condensed consolidated statement of cash flows for
the half-year ended on that date, notes 1 to 17 comprising a
summary of significant accounting policies and other explanatory
information and the directors' declaration of the Group comprising
the company and the entities it controlled at the half-year's end
or from time to time during the half-year.
Responsibility of the Directors for the interim financial
report
The directors of the company are responsible for the preparation
of the interim financial report that gives a true and fair view in
accordance with Australian Accounting Standards and the
Corporations Act 2001 and for such internal control as the
directors determine is necessary to enable the preparation of the
interim financial report that is free from material misstatement,
whether due to fraud or error.
Auditor's responsibility for the review of the interim financial
report
Our responsibility is to express a conclusion on the interim
financial report based on our review. We conducted our review in
accordance with Auditing Standard on Review Engagements ASRE 2410
Review of a Financial Report Performed by the Independent Auditor
of the Entity, in order to state whether, on the basis of the
procedures described, we have become aware of any matter that makes
us believe that the interim financial report is not in accordance
with the Corporations Act 2001 including: giving a true and fair
view of the Group's financial position as at 31 December 2016 and
its performance for the half-year ended on that date; and complying
with Australian Accounting Standard AASB 134 Interim Financial
Reporting and the Corporations Regulations 2001. As auditor of
Oilex Ltd, ASRE 2410 requires that we comply with the ethical
requirements relevant to the audit of the annual financial
report.
A review of an interim financial report consists of making
enquiries, primarily of persons responsible for financial and
accounting matters, and applying analytical and other review
procedures. A review is substantially less in scope than an audit
conducted in accordance with Australian Auditing Standards and
consequently does not enable us to obtain assurance that we would
become aware of all significant matters that might be identified in
an audit. Accordingly, we do not express an audit opinion.
Independence
In conducting our review, we have complied with the independence
requirements of the Corporations Act 2001.
Conclusion
Based on our review, which is not an audit, we have not become
aware of any matter that makes us believe that the interim
financial report of Oilex Ltd is not in accordance with the
Corporations Act 2001, including:
(a) giving a true and fair view of the Group's financial
position as at 31 December 2016 and of its performance for the
half-year ended on that date; and
(b) complying with Australian Accounting Standard AASB 134
Interim Financial Reporting and the Corporations Regulations
2001.
Material uncertainty regarding continuation as a going
concern
Without modifying our conclusion, attention is drawn to note
2(b) of the interim financial report. The matters set forth in note
2(b) indicate the existence of a material uncertainty that may cast
significant doubt on the Group's ability to continue as a going
concern and therefore, the Group may be unable to realise its
assets and discharge its liabilities in the normal course of
business and at the amounts stated in the financial report.
KPMG
Graham Hogg
Partner
Perth
16 March 2017
KPMG, an Australian partnership and a member firm of the KPMG
network of independent member firms affiliated with KPMG
International Cooperative ("KPMG International"), a Swiss
entity.
Liability limited by a scheme approved under Professional
Standards Legislation
This information is provided by RNS
The company news service from the London Stock Exchange
END
IR JFMATMBABMBR
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