13th Feb 2009 07:40
OILEX LTD ABN 50 078 652 632 CONSOLIDATED INTERIM FINANCIAL REPORT For the half-year ended 31 December 2008 CONTENTSDirectors'
Report........................................................... 1
Auditor's Independence Declaration.......................................... 3Consolidated Interim Income Statement....................................... 4Consolidated Interim Balance Sheet.......................................... 5Consolidated Interim Statement of Changes in Equity......................... 6Consolidated Interim Statement of Cash Flows................................ 7
Condensed Notes to the Consolidated Interim Financial Report................ 8
Directors' Declaration..................................................... 13
Independent Review Report.................................................. 14
DIRECTORS' REPORTThe Directors present their report together with the consolidatedfinancial report of Oilex Ltd (the "Company") and of the consolidated entity,being the Company and its controlled entities (the "Group") for the six monthsended 31 December 2008 and the review report thereon.
DIRECTORS
The directors of the Company at any time during or since the end ofthe interim period are detailed below. All directors were in office for thisentire period.Mr Max Dirk Jan Cozijn Non-Executive ChairmanDr Bruce Henry McCarthy Managing DirectorMr Raymond George Barnes Technical DirectorMr Laxmi Lal Bhandari Non-Executive DirectorREVIEW OF OPERATIONSFinancial PerformanceThe Group incurred a consolidated loss after income tax of$32,633,462 for the half-year (31 December 2007: loss of $6,721,880). Thesignificant decrease is mainly due to; a write down of capitalised explorationand evaluation expenditure following a revaluation of asset carrying values atthe balance sheet date ($17,103,297), increased exploration expensed($8,010,254) principally from major seismic programmes in Australia,Timor-Leste and Indonesia, and a net loss on sale of the investment in BOWEnergy Limited shares ($4,317,320).
Operations
Oilex Ltd is a dual listed company (ASX and AIM) with a diversified portfolio of interests in India, Indonesia, Oman, Timor-Leste and Australia. The Company's current focus is on:
- Additional development wells and increased oil production from the Cambay PSC area, India - Development of the Pendalian discovery in the West Kampar PSC area, Indonesia - Testing program planned for the Al Jumd-1 well, Block 56, Oman - Processing and interpretation of 3D seismic to identify leads and prospects in JPDA 06-103 - Operational planning for the 2009 drilling program, JPDA
The main highlights for the Company during the period were:
- A placement of shares to raise A$10.1 million was finalised in December.
- Commenced oil production from the Miocene (MBS) reservoir in Cambay Field,India. 16,860 bbls oil was produced during the quarter (constrained by oil offtake infrastructure).
- Continued testing of gas and condensate/oil from Cambay 19Z and 73 wells (EPIII/IV reservoir section).
- Interpretation of new 3D in JPDA 06-103 showing high potential (300-500 mmstboip) oil leads and prospects analogous to nearby fields and ENI's Kitan discovery.
- The four well drilling program in Block 56, Oman, has been completed withSarha appraisal intersecting oil over 200m net section. Al Jumd-1 welldiscovered oil in the Al Khlata over the interval 1163 - 1328 metres with nooil-water contact identified and 27 metres of net pay. Testing is planned ofthe Al Jumd-1 discovery in March 2009.
- Continued to progress plan for early production from Pendalian-3 well with Indonesian Government and additional drilling on Pendalian Field.
- Contracts completed for sale of Bow shares and options ($1.9 million).
Further details are contained within releases made by the Company over this period.
Significant Events After Balance Date
(a) Following shareholders' approval gained on 30 January 2009, a total of 24,000,000 fully paid ordinary shares were allotted at $0.23 per share on 4th and 11th February 2009, raising gross proceeds of $5,520,000 pursuant to Tranche 2 of a capital raising completed in December 2008.
(b) On 8 January 2009 a wholly owned subsidiary Oilex (West Kampar)Limited elected to terminate the agreement to acquire an additional 15%participating interest in the West Kampar Production Sharing Contract (PSC)onshore Sumatra, Indonesia from PT Sumatera Persada Energi (SPE). Oilexretains a 45% Working Interest in the PSC. This is consistent with Oilex'splans to adjust its interests in the West Kampar PSC as noted in theOperations Update accompanying the earlier announcement made on 22 December2008. Under the terms of this agreement, Oilex had the right to terminate theagreement if Government approval to the assignment had not been received by 7January 2009. SPE is required to reimburse the funds advanced by Oilex to dateunder the terms of the agreement and Oilex holds security for suchreimbursement including security over 22.5% of SPE's interest in the WestKampar PSC.CORPORATE MATTERSCapital Structure
As at 31 December 2008, Oilex had a total issued capital of 151,348,885 ordinary shares.
In addition there were a total of 33,925,000 unlisted options exercisable at prices of between $0.50 and $2.75 and 1,077,000 performance rights.
At 31 December 2008, Oilex retained cash of approximately $14.7 million.
LEAD AUDITOR'S INDEPENDENCE DECLARATION
The lead auditor's independence declaration is set out on page 3 and forms part of the Directors' Report for the six months ended 31 December 2008.
This report is signed in accordance with a resolution of the Boardof Directors.Mr M.D.J. Cozijn Mr R.G. BarnesChairman Technical DirectorWest PerthWestern Australia13 February 2009
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 2008 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.
KPMGB C FullartonPartnerPerth13 February 2009KPMG, an Australian partnership and a member firm of the KPMG network of independant member firms affiliated with KPMG International, a Swiss cooperative. CONSOLIDATED INTERIM INCOME STATEMENT FOR THE SIX MONTHS ENDED 31 DECEMBER 2008 31 December 31 December 2008 2007 $ $Continuing operations Revenue 439,652 217,394
Net loss on sale of investment (4,317,320)
-Employee benefits expense (603,148) (613,379)Depreciation expense (295,004) (118,169)Exploration and evaluation expenditure (9,231,070)
(1,220,816)
Capitalised exploration and evaluation expenditure (17,103,297)
-written offProduction costs (297,779) (363,602)Well abandonment provision (76,692) -Administration expense (1,675,166) (1,492,409)Share based payments (537,030) (3,312,768) Loss from operating activities (33,696,854) (6,903,749) Finance income 444,721 1,562,608Finance costs (19) (509,161)Foreign exchange gain/(loss) 1,731,054 (871,578) Net finance income 2,175,756 181,869 Loss before income tax (31,521,098) (6,721,880) Income tax expense (1,112,364) - Loss for the period (32,633,462) (6,721,880) Earnings per share
Basic loss per share (cents per share) (24.7)
(5.2)
Diluted loss per share (cents per share) (24.7)
(5.2)
Continuing operationsBasic loss per share (cents per share) (24.7)
(5.2)
Diluted loss per share (cents per share) (24.7)
(5.2)
The condensed notes on pages 8 to 12 are an integral part of these consolidated interim financial statements.
CONSOLIDATED INTERIM BALANCE SHEET AS AT 31 DECEMBER 2008 Note 31 December 30 June 2008 2008 $ $Current assetsCash and cash equivalents 14,708,829 33,487,053Trade and other receivables 5,755,363 4,202,996Prepayments 280,878 202,161Inventories 3,085,450 2,887,528Total current assets 23,830,520 40,779,738 Non-current assetsExploration and evaluation 6 43,817,926 31,464,923Property, plant & equipment 1,257,816 1,249,171Investments - 9,850,219Total non-current assets 45,075,742 42,564,313 Total assets 68,906,262 83,344,051 Current liabilitiesTrade and other payables 11,230,644 8,608,338Employee benefits 245,093 193,011Total current liabilities 11,475,737 8,801,349 Non-current liabilitiesProvisions 2,894,052 1,719,838Total non-current liabilities 2,894,052 1,719,838 Total liabilities 14,369,789 10,521,187 Net assets 54,536,473 72,822,864 EquityIssued capital 105,393,847 101,368,396Reserves 22,306,924 13,037,876Accumulated losses (73,164,298) (41,583,408) Total equity 54,536,473 72,822,864
The condensed notes on pages 8 to 12 are an integral part of these consolidated interim financial statements.
CONSOLIDATED INTERIM STATEMENT OF CHANGES IN EQUITY FOR THE SIX MONTHS ENDED 31 DECEMBER 2008 Foreign Currency Asset Translation Issued Revaluation Reserve Accumulated Total Capital Option Reserve Reserve Losses Equity $ $ $ $ $ $
Balance at 1 July 2007 100,893,697 7,753,044 330,053 513,379 (34,023,696) 75,466,477Revaluation of investments - - 1,235,197 - - 1,235,197Foreign currency translationdifferences - - - 860,034 - 860,034Loss for the period - - - - (6,721,880) (6,721,880)Shares issued on exercise ofoptions 277,500 - - - - 277,500Transfer on exercise of options (214,178) - - 214,178 -Equity-settled share basedpayment transactions - 3,312,768 - - - 3,312,768
Balance at 31 December 2007 101,171,197 10,851,634 1,565,250
1,373,413 (40,531,398) 74,430,096
Balance at 1 July 2008 101,368,396 13,101,354 2,595,516
(2,658,994) (41,583,408) 72,822,864Devaluation of investments (2,199,336) (2,199,336)Loss for the period (32,633,462) (32,633,462)Transferred to income statementupon sale of investment (396,180) (396,180)Foreign currency translationdifferences 12,380,106 12,380,106Shares issued 4,391,620 4,391,620Capital raising costs (366,169) (366,169)Shares issued on exercise ofEmployee Performance Rights (239,400) 239,400 -Transfer on cancellation &forfeiture of options (813,172) 813,172 -Equity-settled share basedpayment transactions 537,030 537,030Balance at 31 December 2008 105,393,847 12,585,812 -
9,721,112 (73,164,298) 54,536,473
The condensed notes on pages 8 to 12 are an integral part of these consolidated interim financial statements.
CONSOLIDATED INTERIM STATEMENT OF CASH FLOWS FOR THE SIX MONTHS ENDED 31 DECEMBER 2008 31 December 31 December 2008 2007 $ $Cash flows from operating activitiesCash receipts from customers - -Payments to suppliers and employees (2,025,018) (2,040,023)Production costs (297,779) -Interest received 414,665 1,427,145Interest paid - (255,001)Net cash used in operating activities (1,908,132)
(867,879)
Cash flows from investing activitiesAdvances from/(to) joint ventures 1,311,662
(3,587,727)
Payments for exploration and evaluation (19,424,077)
(10,284,115)
Payments for purchase of prospects (4,128,333) -Disposal of investment 937,279 -
Acquisition of property, plant and equipment (303,649) (437,902) Net cash used in investing activities
(21,607,118)
(14,309,744)
Cash flows from financing activitiesProceeds from issue of share capital 4,391,621 -Share capital received in advance 101,565Proceeds from the exercise of options -
277,500
Net cash from financing activities 4,493,186
277,500
Net increase/(decrease) in cash held (19,022,064)
(14,900,123)
Cash and cash equivalents at 1 July 33,487,053
66,993,383
Effect of exchange rate fluctuations on cash held 243,840 (446,319)
Cash and cash equivalents at 31 December 14,708,829
51,646,941
The condensed notes on pages 8 to 12 are an integral part of these consolidated interim financial statements.
CONDENSED NOTES TO THE CONSOLIDATED INTERIM FINANCIAL REPORT
FOR THE SIX MONTHS ENDED 31 DECEMBER 2008
1. REPORTING ENTITY
Oilex Ltd (the "Company") is a company domiciled in Australia. The consolidated interim financial report of the Company as at and for the six months ended 31 December 2008 comprises the Company and its subsidiaries (together referred to as the "Group") and the Group's interest in jointly controlled operations.
The consolidated annual financial report of the Group as at and for the year ended 30 June 2008 is available upon request from the Company's registered office at Level 2, 50 Kings Park Road, West Perth, Western Australia 6005 or at www.oilex.com.au.
2. BASIS OF PREPARATION
(a) Statement of Compliance
The consolidated interim financial report is a general purpose financial report which has been prepared in accordance with AASB 134: Interim Financial Reporting and the Corporations Act 2001.
The consolidated interim financial report does not include all of the information required for a full annual financial report, and should be read in conjunction with the consolidated annual financial report of the Group as at and for the year ended 30 June 2008.
This consolidated interim financial report was approved by the Board of Directors on 13 February 2009.
(b) Going Concern
The Directors believe that it is appropriate to prepare thefinancial statements on a going concern basis. As at 31 December 2008, theGroup's current assets exceeded current liabilities by $12,354,783 and theGroup has cash and cash equivalents of $14,708,829. The Directors aresatisfied that the value of the Group's assets can be realised through furtherevaluation, development and production or alternatively through asset sale orfarm down. The Directors are also satisfied that the Company has adequateplans in place in order that its funding requirements in the foreseeablefuture can be met and that the Company is progressing with these plansaccordingly. The Group's cash flow forecast indicates that the financing planswill ensure the Group will have sufficient cash resources to fulfil all of itsoperational activities in the future, including the Group's commitments setout in Note 11. The Directors regularly monitor funding requirements alongwith the Group's asset portfolio, operational activities and in light ofaltering market conditions to ensure they are appropriately balanced by eitherrevising the Company's financing plans, making changes to its operationalactivities, realising assets or raising capital as required. Such changes maypossibly include the realisation of assets or settling of liabilities otherthan in the normal course of business at amounts that may be different tothose stated in the financial report.
3. SIGNIFICANT ACCOUNTING POLICIES
The accounting policies applied by Oilex in this 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 2008.
4. ESTIMATES
The preparation of an interim financial report requires managementto make judgements, estimates and assumptions that affect the application ofaccounting policies and the reported amounts of assets and liabilities, incomeand expense. Actual results may differ from these estimates.In preparing this consolidated interim financial report, thesignificant judgements made by management in applying the Group's accountingpolicies and the key sources of estimation uncertainty were the same as thosethat applied to the consolidated financial report as at and for the year ended30 June 2008.5. SEGMENT INFORMATION
Primary Reporting - Geographical Segments
Group and India Australia Oman Timor-Leste Indonesia Unallocated Consolidated $ $ $ $ $ $ $Half-year ended31 December 2007 Segment revenue 217,394 - - - - - 217,394 Segment result (1,204,804) 642,048 (294,903) (232,272) (160,125) (5,471,824) (6,721,880) Half-year ended31 December 2008 Segment revenue 439,652 - - - - - 439,652 Segment result (3,068,616) (1,157,492) (9,168,138) (7,789,010)
(4,562,068) (6,888,138) (32,633,462)
Oilex operates in one business segment, being the exploration, development and production of hydrocarbons.
6. EXPLORATION AND EVALUATION
31 December Year Ended 2008 30 June 2008 Exploration and evaluation Opening Balance 31,464,923 13,498,334Expenditure capitalised pending determination 14,549,439
19,560,074
Effect of movements in foreign exchange rates 14,906,861 (1,593,485) 60,921,223 31,464,923
Capitalised exploration and evaluation expenditure (17,103,297)
-written off Closing Balance 43,817,926 31,464,9237. SHARE BASED PAYMENTSThe Company has an established share option programme that entitlesdirectors, key management personnel and advisers to purchase shares in theCompany. The terms and conditions of the share option program are disclosed inthe consolidated financial report as at and for the year ended 30 June 2008.No further grants were made in the six months ended 31 December 2008.The Company also has established an Employee Performance RightsPlan, approved by shareholders in 2006, which entitles employees to optionsand performance rights. The terms and conditions of the Plan are disclosed inthe consolidated financial report as at and for the year ended 30 June 2008.In the six months ended 31 December 2008 further grants of performance rightson similar terms were made to employees.
The basis of measuring fair value of options and performance rights granted is consistent with that disclosed in the consolidated financial report as at and for the year ended 30 June 2008.
The terms and conditions of the grants made during the six months ended 31 December 2008 are as follows:
Grant Date Number of Instruments Vesting Conditions Contractual Life of Rights PERFORMANCE RIGHTSKey Management Personnel11 July 2008 50,000 One year of service 5 years Employees11 July 2008 39,000 One year of service 5 years11 July 2008 40,000 Two years of service 5 years11 July 2008 41,000 Three years of service 5 years
During the six months ended 31 December 2008, the following options lapsed unexercised and performance rights were forfeited due to service conditions not being met:
Grant Date Number of Vesting Conditions Contractual Life Instruments of Options/RightsOPTIONSDirectors14 December 2005 5,000,000 Yearly over three years of 3 years service Financiers and Advisers7 December 2005 1,000,100 Vest immediately 3 years PERFORMANCE RIGHTSKey Management Personnel11 January 2007 40,000 One year of service 5 years Employees11 January 2007 8,000 One year of service 5 years11 January 2007 20,000 Two years of service 5 years11 January 2007 20,000 Three years of service 5 years
Fair value of performance rights granted during the six months ended 31 December 2008 has been determined using the following assumptions:
Performance RightsFair value at measurement date $0.79 to $0.98Share price $1.10Exercise price NilExpected volatility 60% to 80%Effective life 3 to 4 yearsExpected dividends -Risk-free interest rate 6.5% to 6.6%8. EQUITY SECURITIES ISSUED 2008 2007 Number of Number of Shares Shares Issue of share capital 19,094,000 -Exercise of employee performance rights 171,000 -Exercise of options - 700,000 19,265,000 700,000
As advised to the ASX on 30 December Oilex Ltd allotted 19,094,000 of the 19,800,000 fully paid ordinary shares pursuant to Tranche 1 of a placement completed in December 2008. The balance of 706,000 shares from Tranche 1 were allotted on 20 January 2009. Shareholders at a General Meeting held 30 January approved a further Tranche 2 allotment of 24,000,000.
2008 $ Number of Issued Capital Shares Number of shares on issue 1 July 2008 132,083,885
101,368,396
Exercise of employee performance rights 171,000Tranche 1 - 19,800,000 sharesInitial allotment 19,094,000 4,391,620Capital raising costs (366,169)Number of shares on issue 31 December 2008 151,348,885Issued Capital as at 31 December 2008
105,393,847
Other disclosures:In relation to Tranche 2 - the allotment of24,000,000 shares:Received before 31 December 2008 - $101,565 included 441,586in creditors
9. CONTINGENCIES
(a) Oilex Ltd has issued guarantees in relation to the exploration and development Work Programme in India, the lease of corporate offices in West Perth as well as credit card guarantees. The Bank Guarantees amount to US$155,000 and AUD$271,000. An equal amount is held in cash and cash equivalents as security by the Banks.
(b) Oilex Ltd, as operator of EPP27, is close to finalisingnegotiations with the relevant authorities and joint venture participantsregarding the proposed good standing agreement ("GSA") in respect of EPP27.The term of the final permit year 6 ended on 24 August 2008 without the jointventure meeting the work program commitment of drilling a well due to lack ofprospective drilling targets. Oilex's monetary share of the GSA is expected tobe $2.1m and is to be expended on field activities in the primary term onre-released offshore acreage which is awarded in the next two bidding roundspursuant to a successful bid or as a sole bidder during the next two newlyreleased acreage rounds.
10. 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 2008.
11. EXPENDITURE COMMITMENTS
Exploration and Evaluation Expenditure Commitments
In order to maintain current rights of tenure to explorationpermits, the Group is required to perform minimum exploration and evaluationwork to meet the minimum expenditure requirements specified by various stateand national governments. These obligations are subject to renegotiation whenapplication for an exploration permit is made and at other times.
The exploration and evaluation expenditure commitments below, represent commitments made to the relevant government authorities, respective joint venture participants and to third party service providers. These obligations are not provided for in the financial report.
The Group's share of these commitments is estimated to be payableas follows: 31 December 30 June 2008 2008 Within one year 25,563,178 25,234,658
One year or later and no later than five years 15,047,633 17,470,634
40,610,811 42,705,292
Exploration and evaluation commitments include the remaining work programme commitments in respect of Block 56, Oman, estimated at $5.5million. The work programme commitments in respect of Block 56, Oman carry a minimum financial expenditure commitment which has been exceeded.
Financial commitments for subsequent periods are contingent upon future exploration results and can not be estimated. These obligations are subject to renegotiation upon expiry of the exploration leases.
12. SUBSEQUENT EVENTS
(a) Following shareholders' approval gained on 30 January 2009, a total of 24,000,000 fully paid ordinary shares were allotted at $0.23 per share on 4th and 11th February 2009, raising gross proceeds of $5,520,000 pursuant to Tranche 2 of a capital raising completed in December 2008.
(b) On 8 January 2009 a wholly owned subsidiary Oilex (West Kampar)Limited elected to terminate the agreement to acquire an additional 15%participating interest in the West Kampar Production Sharing Contract (PSC)onshore Sumatra, Indonesia from PT Sumatera Persada Energi (SPE). Oilexretains a 45% Working Interest in the PSC. This is consistent with Oilex'splans to adjust its interests in the West Kampar PSC as noted in theOperations Update accompanying the earlier announcement made on 22 December2008. Under the terms of this agreement, Oilex had the right to terminate theagreement if Government approval to the assignment had not been received by 7January 2009. SPE is required to reimburse the funds advanced by Oilex to dateunder the terms of the agreement and Oilex holds security for suchreimbursement including security over 22.5% of SPE's interest in the WestKampar PSC.
The financial effect of the above events has not been brought to account at balance date.
DIRECTORS' DECLARATION
In the opinion of the Directors of Oilex Ltd (the "Company"):
1. the financial statements and notes set out on pages 4 to 12, are in accordance with the Corporations Act 2001 including:
a) giving a true and fair view of the financial position of the consolidated entity as at 31 December 2008 and of its performance for the six month period 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.
Dated at West Perth this 13th day of February 2009
Signed in accordance with a resolution of the Directors.
Mr M.D.J. Cozijn Mr R.G. BarnesChairman Technical DirectorWest Perth,Western Australia13 February 2009 Independent auditor's review report to the members of Oilex Ltd
Report on the financial report
We have reviewed the accompanying interim financial report of Oilex Ltd, whichcomprises the consolidated interim balance sheet as at 31 December 2008,income statement, statement of changes in equity and cash flow statement forthe interim period ended on that date, a statement of accounting policies andother selected explanatory notes 1 to 11 and the directors' declaration of theGroup comprising the company and the entities it controlled at the half-year'send or from time to time during the interim period.
Directors' responsibility for the interim financial report
The directors of the company are responsible for the preparation and fairpresentation of the interim financial report in accordance with AustralianAccounting Standards (including the Australian Accounting Interpretations) andthe Corporations Act 2001. This responsibility includes establishing andmaintaining internal control relevant to the preparation and fair presentationof the interim financial report that is free from material misstatement,whether due to fraud or error; selecting and applying appropriate accountingpolicies; and making accounting estimates that are reasonable in thecircumstances.
Auditor's responsibility
Our responsibility is to express a conclusion on the interim financial reportbased on our review. We conducted our review in accordance with AuditingStandard on Review Engagements ASRE 2410 Review of Interim and Other FinancialReports Performed by the Independent Auditor of the Entity, in order to statewhether, on the basis of the procedures described, we have become aware of anymatter that makes us believe that the half year financial report is not inaccordance with the Corporations Act 2001 including: giving a true and fairview of the Group's financial position as at 31 December 2008 and itsperformance for the interim ended on that date; and complying with AustralianAccounting Standard AASB 134 Interim Financial Reporting and the CorporationsRegulations 2001. As auditor of Oilex Ltd, ASRE 2410 requires that we complywith the ethical requirements relevant to the audit of the annual financialreport.A review of a interim financial report consists of making enquiries, primarilyof persons responsible for financial and accounting matters, and applyinganalytical and other review procedures. A review is substantially less inscope than an audit conducted in accordance with Australian Auditing Standardsand consequently does not enable us to obtain assurance that we would becomeaware 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 2008 and of its performance for the interim ended on that date; and
(b) complying with Australian Accounting Standard AASB 134 Interim Financial Reporting and the Corporations Regulations 2001.
KPMGB C FullartonPartnerPerth13 February 2009
KPMG, an Australian partnership and a member firm of the KPMG network of independant member firms affiliated with KPMG International, a Swiss cooperative.
vendorRelated Shares:
OEX.L