TIDMTLOU
RNS Number : 6983L
Tlou Energy Ltd
23 April 2018
23 April 2018
Tlou Energy Limited
("Tlou" or "the Company")
OPERATIONAL REPORT - QUARTERING 31 MARCH 2018
Tlou Energy Limited, the ASX, AIM and BSE listed company focused
on delivering power in Botswana and southern Africa through the
development of coal bed methane ('CBM'), is pleased to provide its
operational report in respect to its Lesedi and Mamba CBM Projects
in Botswana for the quarter ended 31 March 2018.
Highlights
-- The first core-hole to be drilled in the Mamba area, was
completed successfully during the quarter
-- Tlou has purchased a drilling rig to facilitate drilling of
multiple additional core-holes to further expand Gas Reserves
-- Botswana's 100MW CBM gas-to-power tender is to be retendered
following cancellation of the original tender process
-- Tlou achieves a significant increase in Gas Reserves
o 2P (Proved and Probable) Gas Reserves increased 944% to 40.8
billion cubic feet ('BCF')
o 3P (Proved, Probable and Possible) Gas Reserves increased by
63% to 426.6 BCF
Lesedi CBM Project Area, Botswana
Licences: Mining Licence 2017/18L, Prospecting Licences 001 & 003/2004 and 35 & 37/2000
Ownership: Tlou Energy Limited 100%
The Lesedi project in Botswana covers an area of approximately
3,800 km(2) and consists of four Coal and CBM Prospecting Licences
(PL) and a Mining Licence. The Mining Licence area is currently the
focal point for the Company's operations and includes the Selemo
pilot project where the Company commenced gas production in
2016.
The status of the Lesedi area licences is as follows:
Licence Expiry Status
Mining Licence 2017/18L August 2042 Current
--------------- --------
PL 001/2004 March 2019 Current
--------------- --------
PL 003/2004 March 2019 Current
--------------- --------
PL 035/2000 September 2018 Current
--------------- --------
PL 037/2000 September 2018 Current
--------------- --------
Renewal applications for PL 035/2000 and PL 037/2000 are planned
to be submitted in June 2018.
Mamba Project Area, Botswana
Licences: Prospecting Licences 237-241/2014
Ownership: Tlou Energy Limited 100%
The Mamba project consists of five Coal and CBM PL's in Botswana
covering an area of approximately 4,500 km(2) . The Mamba area is
considered to be highly prospective being situated adjacent to
Tlou's Lesedi CBM Project and being on-trend with the encouraging
results observed to date. In the event of a gas field development
by Tlou, the Mamba area provides the Company with considerable
flexibility and optionality.
The status of the Mamba area licences is as follows:
Licence Expiry Status
PL 237/2014 June 2019 Current
---------- --------
PL 238/2014 June 2019 Current
---------- --------
PL 239/2014 June 2019 Current
---------- --------
PL 240/2014 June 2019 Current
---------- --------
PL 241/2014 June 2019 Current
---------- --------
Core-hole drilling and rig purchase
In late 2017, work commenced on a core-hole in the Mamba project
area. This was the first core-hole drilling by Tlou in this project
area and was completed successfully early in 2018. The Mamba
project is strategically important to the Company as it provides an
option to develop another project that would be potentially
significant in size alongside or as an alternative to the Lesedi
project area.
Tlou has also purchased a low-cost core drilling rig. The rig
has low hours and will be ideal for obtaining coal and gas data in
regions of sparse geological information, noting that the Company
holds 100% of licences covering over 8,000 Km(2) . Owning the core
rig and other recently purchased gas testing equipment, will
greatly reduce the cost of future core-hole drilling.
Core-hole information assists with the addition of gas reserves
and resources and it is to this end that the Company intends to use
the rig to obtain additional subsurface information once the rig
arrives on location in May 2018. This also brings field operations
more under the direct control of the Company in terms of timing of
coring programs, maintenance, and health and safety. It also leads
to additional direct employment of local staff by Tlou.
Key benefits of drilling further core-holes include:
-- Confirming coal quality, thickness, and gas content in
previously un-drilled areas of the Lesedi and Mamba projects;
-- Acquiring new information to expand the Company's gas reserves and contingent resources;
-- Providing additional data that can be used to determine
optimum locations for project development as well as high-grading
areas for further development in both the Lesedi and Mamba project
areas.
The Company is also considering the purchase of another rig
capable of drilling lateral and vertical production wells. There is
a paucity of suitable rigs available regionally and the purchase of
a rig would give the Company increased optionality and potentially
offer significant cost savings compared to using external drilling
contractors.
100 MW Tender
During the quarter the Company received confirmation that
Botswana's Ministry of Mineral Resources Green Technology and
Energy Security ('the Ministry') has requested that the Request for
Proposal (RFP) for Development of up to 100MW of CBM fuelled power
plants in Botswana be re-tendered, with both Tlou and the other
shortlisted party to be invited to submit a bid under a new
re-tender process.
The initial RFP was issued in early 2017 and Tlou submitted a
detailed response to the Ministry in September 2017. Tlou's
submission outlined a staged development commencing with up to 10MW
of generation as well as outlining project feasibility, proposed
field development, installation of power generation facilities and
supply of power into the grid in Botswana.
Following cancellation of the initial tender, the Company has
written to the Ministry and suggested the establishment of a
smaller pilot project without the necessity for a long tender
process. This could be run in advance of or in addition to the
proposed RFP re-tender.
Subsequently, Tlou's Managing Director has met with key
stakeholders in Botswana. The tender cancellation appears to have
been largely procedural. Feedback is that Tlou's project remains
very well supported within government as evidenced by their
intention to re-tender to Tlou. The fact that the project could be
Botswana's first gas to power project, that it leads to energy
security for the country, that it represents cleaner energy and
that it creates jobs in Botswana are all points that resonate
extremely well within official circles.
The Company is confident that a favourable outcome can be
achieved due to the good working relationship with the Ministry and
the eagerness on both sides to get the CBM industry up and running
in Botswana. The Company expects to receive a response during Q2
2018, however the definite timing of a response from the Ministry
is not yet known following recent Government changes in Botswana.
An offtake agreement is not vital for the Company to commence
development, as the Company can connect to the local grid and sell
electricity into the regional spot market in any case.
On 1 April 2018 His Excellency President Mokgweetsi E. K. Masisi
was sworn in as the new President of Botswana and Honourable Eric
M. Molale has been appointed as Minister for Mineral Resources
Green Technology and Energy Security. The Company looks forward to
working with His Excellency President Masisi and Honourable
Minister Molale to develop the CBM industry in Botswana and bring
vital energy security and local employment to the country.
Environmental and Social Impact Assessment
In 2016 Tlou Energy received environmental approval for the
development of a CBM wellfield, the central processing unit (which
is to house the gas and water processing and power generators) and
the development of a new base camp to accommodate staff for field
drilling, infrastructure construction, and on-going operation and
maintenance.
The Company has commenced work on an Environmental and Social
Impact Assessment (ESIA) for proposed transmission lines and power
generation facilities to tie the wellfield to the regional power
grid. This ESIA will cover 1-20 MW of CBM power generation, 1-20 MW
photovoltaic (PV) solar array and a 66 kV transmission line.
The size of the initial power generation is planned to start at
1 MW and be scalable up to 20 MW. A separate EIA process would be
conducted later for larger projects up to and above 100 MW. Tlou
intends to place the power generators close to the gas wellfield in
the Lesedi project and link them to the existing BPC Serowe
substation via a 66 kV wooden pole power transmission line.
The power generators will be Jenbacher J320 type engines or
similar. Each unit will deliver 1 MW of power. Off-the-shelf,
containerised generator packages are delivered to site thus
ensuring minimal construction activities and a quick start up.
There also will be a 1-20 MW PV solar array developed adjacent to
the Lesedi site. The transmission lines will be about 95-100 km in
length and be connected to the existing Botswana Power Corporation
(BPC) substation in Serowe.
The Company is planning to build the necessary infrastructure to
connect to the existing electricity grid and then selling power
into the Botswana market under either a power purchase agreement or
on an "as required" basis. Power could also be sold to neighbouring
countries by 'wheeling' electricity through the existing Southern
African Power Pool (SAPP) transmission network.
The possibility of installing solar power generation at the
proposed Lesedi gas processing and power generation facility is
also favourable as solar can work very efficiently in combination
with gas-fired power generation. This could also serve to attract
wider investor interest to the project.
Increase in Independently Certified Gas Reserves
The Company achieved a very significant upgrade in Gas Reserves
which reinforces the commerciality of the Lesedi and Mamba
projects. This followed a seismic survey and core-hole drilling
campaign in late 2017 and early 2018 that, along with the Selemo
pilot wells producing sustained gas flows for a substantial period
of time, confirms that there is huge gas production potential for
Tlou's project area. Ongoing work to assess this potential
continues in tandem with planning for connection to the power grid
and selling electricity into the huge local and regional
market.
The Lesedi and Mamba projects potentially represent an extremely
valuable resource for Tlou's shareholders. This Reserves upgrade
provides continued confidence for the Company to invest in
additional appraisal activities aimed at further increasing
certified Gas Reserves. Adding Reserves, and planning for grid
connection, reinforces the Company's objective to become the first
company to sell power generated by CBM gas in Botswana.
In accordance with the Society of Petroleum Engineers ("SPE")
2007 Petroleum Resource Management System ("PRMS") Guidelines, as
well as the 2011 Guidelines for Application of the PRMS approved by
the SPE, SRK has attributed Gas Reserves to Tlou's 100% interest in
the Lesedi and Mamba project permits using the deterministic method
of petroleum Reserves estimation as at 31 December 2017.
The table below, in Billion Cubic Feet (BCF) and Petajoules
(PJ), summarises the changes to the Company's Reserves position for
Lesedi and Mamba as at 31 December 2017.
Table 1: Lesedi and Mamba Independent Gas Reserves Certification
(Lower Morupule seam only)
Tlou Interest Gas Reserves (BCF) (1 Gas Reserves (PJ) (2 &
(100%) & 2) 3)
Category 1P 2P 3P 1P 2P 3P
------- ------- -------- ------- -------- --------
01 January 2017
certification
by SRK 0.17 3.9 261.1 0.14 3.2 242.7
------- ------- -------- ------- -------- --------
31 December 2017
certification
by SRK 0.35 40.8 426.6 0.31 35.7 373.7
------- ------- -------- ------- -------- --------
Increase 0.19 36.9 165.5 0.17 32.5 131.0
------- ------- -------- ------- -------- --------
Increase (%) 113% 944% 63% 126% 1007% 54%
------- ------- -------- ------- -------- --------
Notes to Tables 1 above:
1) Tlou's Gas Reserves have not been adjusted for fuel or
shrinkage and have been calculated at the wellhead (which is the
reference point for the purposes of ASX Listing Rule 5.26.5) for
the Lower Morupule seam only.
2) Gas volumes are expressed in billions of cubic feet (BCF) at
standard temperature and pressure and in Petajoules (PJ).
3) The energy content of the gas at 31 December 2017 was
determined by SRK as 0.876 PJ per billion cubic feet for the Lower
Morupule coal seam based on core-hole gas composition in the
individual areas where Reserves were certified.
SRK has consented to the information in this announcement being
released.
Additional information in relation to the gas Reserve estimates
for ML 2017/18L, PL001/2004 (Lesedi CBM Project) and PL's 238/2014,
239/2014, 240/2014, 241/2014 (Mamba CBM Project), which is the
subject of this announcement, and required to be disclosed pursuant
to Chapter 5 of the ASX Listing Rules, is set out in Appendix 1 of
the Company's ASX announcement dated 20 February 2018.
The Reserves assessment received from SRK represents an updated
independent certification that is based on SRK's review of
exploration activities conducted in 2017 (comprising the 260 km 2D
seismic survey and thickness data but not yet gas compositions from
three core-holes drilled in late 2017 and early 2018) and,
consistent with the prior Reserves assessments (announced to the
market on 12 October 2016 and 15 February 2017 respectively),
relates only to the Lower Morupule coal seam. It should be noted
that the final gas and coal analysis of the three core-holes have
not yet been incorporated in this Reserves assessment. SRK
considers the preliminary gas results suggest there will be no
material impact (other than improved confirmation) when the final
data from these core-holes is incorporated as part of a subsequent
Reserves assessment.
The current Reserves assessment by SRK (which is the subject of
this announcement) does not include an updated review and
assessment of Contingent Resources in the Lesedi or Mamba project
areas, which will be the subject of a later review. As such, the
Contingent Resources of the Company (as assessed by SRK in 2015)
and shown in Table 2 below in accordance with ASX Listing Rule
5.25.3, have been amended by SRK to deduct the volume of prior
Contingent Resources converted to the Reserves category.
Table 2: Tlou Net Gas Reserves and Resources for all tenements
and seams (BCF)
Tlou 100% interest -- 31 December 2017
Location Project Tlou Gas Reserves Gas Contingent Gas Prospective
Interest (BCF) (1) Resource (BCF) Resource
(2) (BCF)
(3)
------------------- ---------- ------------------ -------------------- ----------------
1P 2P 3P 1C 2C 3C
------------------------------- ---------- ----- ----- ---- ----- ----- ------ ----------------
Lesedi
CBM (Lower
Morupule
Karoo coal)
Basin (ML 2017/18L
Botswana PL001/2004) 100% 0.34 25.2 252 4.6 45.6 331 -
------------------- ---------- ----- ----- ---- ----- ----- ------ ----------------
Lesedi
CBM (all
Karoo coal seams)
Basin (ML 2017/18L
Botswana PL001/2004)(4) 100% 0.34 25.2 252 4.6 214 3,043 -
------------------- ---------- ----- ----- ---- ----- ----- ------ ----------------
Mamba CBM
(Lower
Morupule
coal (PL238/2014
Karoo PL239/2014
Basin PL240/2004 n/a n/a n/a
Botswana PL241/2014) 100% 0.01 15.5 175 (5) (5) (5) -
------------------- ---------- ----- ----- ---- ----- ----- ------ ----------------
Karoo PL003/2004,
Basin PL035/2000, 8,596
Botswana PL037/2000 100% - - - - - - (6)
------------------- ---------- ----- ----- ---- ----- ----- ------ ----------------
Notes to Table 2 above:
Gas Resource numbers have been rounded to the nearest tenth for
amounts less than 100 BCF, otherwise to the nearest whole number.
Refer to Competent Persons Statement in Appendix 2 of the Company's
ASX announcement dated 20 February 2018.
1) Tlou's Gas Reserves have not been adjusted for fuel or
shrinkage and have been calculated at the wellhead (which is the
reference point for the purposes of Listing Rule 5.26.5).
2) Contingent Gas Resources are (100%) Unrisked Gross and are
derived from the SRK certification at 31 March 2015 for all coal
seams (as previously announced by Tlou on 9 April 2015) with
adjustment for the gas volumes which have now been certified by SRK
in the Gas Reserves category.
3) ASX Listing Rule 5.28.2 Statement relating to Prospective
Resources:
The estimated quantities of petroleum gas that may potentially
be recovered by the application of a future development project(s)
relate to undiscovered accumulations. These estimates have both an
associated risk of discovery and a risk of development. Further
exploration appraisal and evaluation is required to determine the
existence of a significant quantity of potentially moveable
hydrocarbons.
4) The Gas Reserves and Contingent Gas Resources for all coal
seams in PL001/2004 and ML 2018/18L shown in the second row of
Table 2 includes the numbers for the Lower Morupule coal seam which
are shown in the first row of Table 2.
5) The current Reserves assessment by SRK which is the subject
of this announcement did not include a review and assessment of
additional Contingent Resources in the Lesedi Project Area or
Contingent Resources in the Mamba Project area.
6) Prospective Gas Resources are (100%) Unrisked Gross and are
derived from a report to Tlou from Netherland, Sewell and
Associates Inc (NSAI) dated 16th February 2012 regarding
certification for all coal seams located in the remaining
prospecting licences (as previously announced by Tlou in its
prospectus dated 20 February 2013).
Overview of SRK
SRK is an independent, international group providing specialised
consultancy services with expertise in petroleum studies and
petroleum related projects. In Australia, SRK has offices in
Brisbane, Melbourne, Newcastle, Perth and Sydney. SRK has completed
Reserves and Resource assessments for a number of clients in
Australia.
Corporate
Priorities for the Company remain, to secure a clear pathway
towards a gas to power pilot project PPA (Power Purchase Agreement)
either via the government tender process or directly with Botswana
Power Corporation (BPC), a third party or a combination of these
options and to advance field work to add to the Company's existing
Independently Certified Gas Reserves and Contingent Resources.
Tlou's Managing Director met with BPC during the quarter. The
objective of meeting was to determine if the Tlou pilot power
generation project could fit under their existing mandate to
advance energy security and cleaner energy. The Company's proposal
was enthusiastically received at the top of the organisation which
demonstrates another pathway to grid connection separate from the
more involved tender process. The Company emphasized that Tlou was
flexible on requirements in order to advance the pilot generation
project sooner rather than later with the objective of facilitating
grid connection in the first instance.
The Managing Director also met with Botswana Development
Corporation (BDC), a potential source of significant development
capital. Based on a series of meetings with BDC, the Company is
confident that the Lesedi CBM project fits within BDC's existing
mandate and therefore provides a platform for advancing discussions
between Tlou and BDC.
BDC's mandate includes: "Pioneering new industries; Unlocking
value in existing industries; Stimulating private sector growth and
foster linkages with local industries; driving diversification and
exports; creating significant employment". The Company believes
that development of the Lesedi CBM Project meets all of these
requirements.
Further discussions have continued with other potential regional
off-takers. These negotiations remain confidential and the Company
will update the market as soon as any agreements are entered
into.
****
Anthony Gilby
Managing Director
Tlou Energy Limited
Website: www.tlouenergy.com
For further information regarding this announcement please
contact:
Tlou Energy Limited +61 7 3012 9793
Tony Gilby, Managing Director
----------------------
Solomon Rowland, Company Secretary
----------------------
Grant Thornton (Nominated Adviser) +44 (0)20 7383 5100
----------------------
Samantha Harrison, Colin Aaronson,
Harrison Clarke
----------------------
Shore Capital (Broker) +44 (0) 207 408 4090
----------------------
Jerry Keen, Mark Percy, Toby Gibbs
----------------------
FlowComms Limited (Investor Relations) +44 (0) 7891 677 441
----------------------
Sasha Sethi
----------------------
Company Information
Tlou Energy is focused on delivering Gas-to-Power solutions in
Botswana and southern Africa to alleviate some of the chronic power
shortage in the region. Tlou is developing projects using coal bed
methane ("CBM") natural gas. Botswana has a significant energy
shortage and generally relies on expensive imported power and
diesel generation to fulfil its power requirements. As 100% owner
of the most advanced gas project in the country, the Lesedi CBM
Project, Tlou Energy provides investors with access to a compelling
opportunity using domestic gas to produce power and displace
expensive diesel and imported power.
The Company is listed on the Australian Securities Exchange,
London's AIM market and the Botswana Stock Exchange and is led by
an experienced Board, management and advisory team including
individuals with successful track records in the CBM industry.
Since establishment, the Company has significantly de-risked the
project in consideration of its goal to become a significant
gas-to-power producer. The Company flared its first gas in 2014,
holds a Mining Licence and nine Prospecting Licences, covering an
area of 8,300 km(2) in total. The Lesedi project already benefits
from significant independently certified Contingent Gas Resources
of 3 trillion cubic feet (3C), and independently certified Gas
Reserves of 427 billion cubic feet (3P) and 41 billion cubic feet
(2P).
The Company is planning an initial scalable gas-to-power
project. Following successful implementation of this first scalable
project, the Company plans to expand to provide further power
across the southern African region.
+Rule 5.5
Appendix 5B
Mining exploration entity and oil and gas exploration entity
quarterly report
Introduced 01/07/96 Origin Appendix 8 Amended 01/07/97,
01/07/98, 30/09/01, 01/06/10, 17/12/10, 01/05/13, 01/09/16
Name of entity
-----------------------------------------------------
Tlou Energy Limited
ABN Quarter ended ("current quarter")
--------------- ----------------------------------
79 136 739 967 31 March 2018
----------------------------------
Consolidated statement of cash Current quarter Year to date
flows $A'000 (9 months)
$A'000
1. Cash flows from operating
activities
1.1 Receipts from customers
1.2 Payments for
(a) exploration & evaluation (359) (2,323)
(b) development (14) (233)
(c) production
(d) staff costs (355) (988)
(e) administration and corporate
costs (163) (1,251)
1.3 Dividends received (see note
3)
1.4 Interest received 1
1.5 Interest and other costs of
finance paid
1.6 Income taxes paid
1.7 Research and development refunds
1.8 Other (GST refunds) 95 214
---------------- -------------
Net cash from / (used in)
1.9 operating activities (796) (4,580)
----- ------------------------------------- ---------------- -------------
2. Cash flows from investing
activities
2.1 Payments to acquire:
(a) property, plant and equipment (535) (557)
(b) tenements (see item 10)
(c) investments
(d) other non-current assets
2.2 Proceeds from the disposal
of:
(a) property, plant and equipment
(b) tenements (see item 10)
(c) investments
(d) other non-current assets
2.3 Cash flows from loans to
other entities
2.4 Dividends received (see note
3)
2.5 Other (provide details if
material)
---------------- -------------
Net cash from / (used in)
2.6 investing activities (535) (557)
------- ----------------------------------- ---------------- -------------
3. Cash flows from financing
activities
3.1 Proceeds from issues of shares 4,182
3.2 Proceeds from issue of convertible
notes
Proceeds from exercise of
3.3 share options 237
Transaction costs related
to issues of shares, convertible
3.4 notes or options (28)
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 4,391
------- ----------------------------------- ---------------- -------------
4. Net increase / (decrease)
in cash and cash equivalents
for the period
Cash and cash equivalents
4.1 at beginning of period 7,463 6,727
Net cash from / (used in)
operating activities (item
4.2 1.9 above) (796) (4,580)
Net cash from / (used in)
investing activities (item
4.3 2.6 above) (535) (557)
Net cash from / (used in)
financing activities (item
4.4 3.10 above) 4,391
Effect of movement in exchange
4.5 rates on cash held (210) (59)
---------------- -------------
Cash and cash equivalents
4.6 at end of period 5,922 5,922
------- ----------------------------------- ---------------- -------------
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 5,922 7,463
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) 5,922 7,463
---- ----------------------------------- ---------------- -----------------
6. Payments to directors of the entity and Current quarter
their associates $A'000
Aggregate amount of payments to these parties
6.1 included in item 1.2 230
----------------
6.2 Aggregate amount of cash flow from loans
to these parties included in item 2.3
----------------
6.3 Include below any explanation necessary to understand
the transactions included in items 6.1 and 6.2
----- -----------------------------------------------------------------
Office rent, Directors fees and salaries
7. Payments to related entities of the entity Current quarter
and their associates $A'000
7.1 Aggregate amount of payments to these parties
included in item 1.2
----------------
7.2 Aggregate amount of cash flow from loans
to these parties included in item 2.3
----------------
7.3 Include below any explanation necessary to understand
the transactions included in items 7.1 and 7.2
---- ----------------------------------------------------------------
8. Financing facilities available Total facility Amount drawn
Add notes as necessary for amount at quarter at quarter end
an understanding of the position end $A'000
$A'000
8.1 Loan facilities
------------------- ----------------
8.2 Credit standby arrangements
------------------- ----------------
8.3 Other (please specify)
------------------- ----------------
8.4 Include below a description of each facility above, including
the lender, interest rate and whether it is secured or
unsecured. If any additional facilities have been entered
into or are proposed to be entered into after quarter
end, include details of those facilities as well.
---- -------------------------------------------------------------------------
9. Estimated cash outflows for next $A'000
quarter
9.1 Exploration and evaluation 533
9.2 Development
9.3 Production
9.4 Staff costs 372
9.5 Administration and corporate costs 284
9.6 Other (Equipment) 93
-------
9.7 Total estimated cash outflows 1,282
---- ----------------------------------- -------
10. Changes in tenements Tenement Nature of interest Interest Interest
(items 2.1(b) reference at beginning at end
and 2.2(b) above) and location of quarter of quarter
10.1 Interests in
mining tenements
and petroleum
tenements lapsed,
relinquished
or reduced
----- --------------------- -------------- ------------------- -------------- ------------
10.2 Interests in
mining tenements
and petroleum
tenements acquired
or increased
----- --------------------- -------------- ------------------- -------------- ------------
Compliance statement
1 This statement has been prepared in accordance with accounting
standards and policies which comply with Listing Rule 19.11A.
2 This statement gives a true and fair view of the matters disclosed.
Sign here: ....Solomon Rowland......................... Date:
.....23 April 2018.....
(Company secretary)
Notes
1. The quarterly report provides a basis for informing the
market how the entity's activities have been financed for the past
quarter and the effect on its cash position. An entity that wishes
to disclose additional information is encouraged to do so, in a
note or notes included in or attached to this report.
2. If this quarterly 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 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.
This information is provided by RNS
The company news service from the London Stock Exchange
END
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