27th Jul 2010 09:27
QUARTERLY REPORT TO SHAREHOLDERS 30 June 2010 SUMMARY
Cambay PSC (45% Operator) Onshore Gujarat, India
* Solid progress with detailed technical studies to unlock the potential of
the Eocene low permeability reservoirs using leading-edge North American
"shale gas" industry technology * Studies are working towards determining oil, gas and condensate distributions and generating recoverable hydrocarbon estimates before further evaluation by drilling (subject to Joint Venture approval)
WA-388-P (14% Operator) North West Shelf, Australia
* Seven leads have been identified ranging in potential size from 0.3 to 2.8
trillion cubic feet of prospective gas resource (potential recoverable best
estimate, 100% basis)
* Direct Hydrocarbon Indicators interpreted from the 3D seismic data suggests
the presence of gas * Joint Venture is considering options, including further defining the largest lead, for possible drilling
JPDA 06-103 (10% Operator) Timor Sea, Joint Petroleum Development Area
* Data from Lor©-1 and Lolotoe-1 wells have been integrated with existing
technical data
* Future work program and its timing currently under consideration
West Kampar (45% + further 22.5% secured) onshore Sumatra, Indonesia
* ICC Tribunal found in favour of Oilex in its claim to recover US$4.6million
from Operator's parent company
Corporate
* Oilex retained A$16.8 million cash at the end of the Quarter with no corporate debt OverviewOilex is nearing completion of the initial phase of extensive studies on theproperties of the Eocene low permeability ("tight") reservoirs in Cambay Field.Previously Oilex had identified the potential of these tight oil and gasreservoirs which it drilled and tested using conventional techniques. Oilexconcluded that the evaluation and commercialisation of these reservoirs couldbe harnessed using proprietary technology and expertise developed in recentyears in the growing North American shale gas industry. Since March 2010 BruceMcCarthy, Oilex's Managing Director, has been based in India to undertake leadactivities in relation to the Eocene low permeability reservoir project.
In Australia, 3D seismic processing studies were completed on the Company's WA-388-P block. The permit is located in a region of increasing exploration interest, being on the same play fairway as the Pluto and Wheatstone fields. It is close to the WA-389-P and WA-360-P permits which Woodside and Petrobras respectively are reported to have entered into farmin agreements in 2010.
Elsewhere Oilex continues to pursue a resolution to the West Kampar PSC JointVenture dispute. The International Court of Arbitration of the InternationalChamber of Commerce found in favour of Oilex (West Kampar) Limited in itsUS$4.6million claim. Oilex will now immediately pursue the enforcement of theAward to recover the amount due.In the Timor Sea JPDA 06-103 contract area, studies were completed to assessthe remaining prospectivity of this Permit. The Designated Authority and JointVenture are considering the future work program and its timing.
The Company's cash position at the end of the Quarter remains robust.
OPERATIONS REVIEW
CAMBAY FIELD, Gujarat, India
(Oilex Operator - 45%)
* Total net production from existing wells in the Cambay, Bhandut and
Sabarmati Fields was 2,546 barrels of oil for the Quarter (Oilex share).
Current oil production is substantially from the Miocene Basal Sand (MBS)
with approximately 25% by volume produced from the Eocene siltstones.
* An initial phase of extensive studies on the properties of the Eocene low
permeability ("tight") oil and gas reservoirs is nearing completion. Oilex
is using leading-edge technology and expertise derived from "shale gas" evaluation projects in North America. * The overall objective of these studies is to generate in place volume
estimates, confirm the oil, gas and condensate distribution and generate
recoverable hydrocarbon estimates for independent certification. These further steps will be carried out over the next three to six months. * The studies carried out to date have included:
* the detailed analysis of 12 well penetrations of the Eocene section of the
Cambay Field using proprietary low permeability reservoir technologies; and
* comparative studies by experts who are able to derive analogies from their
considerable experience with tight gas producing areas which have emerged
in North America in recent years.
* The studies have generated most of the key technical inputs required to
prepare deterministic and probabilistic in-place volume estimates and have
identified the parameters that require further analysis before they may be
reliably incorporated into the estimates of resources and reserves. * Analysis of 12 vintage Eocene wells has just been completed and is now ready for incorporation into the static volumetric model.
* Additional technical data including vintage wells, reprocessed 3D seismic,
will be incorporated into a static volumetric model as it becomes
available.
* Details of the studies were reviewed with the Cambay Field Joint Venture
and the Directorate General of Hydrocarbons, the government regulatory body
in India, on 15-19 July. * Dr Bruce McCarthy, Oilex's Managing Director, is now based in India to prepare for potential field operations to assess the low permeability
Eocene reservoirs using modern drilling and completion techniques currently
employed in North America. These operations will be part of work programs
and budgets that are subject to Joint Venture and Government of India (DGH)
approvals
Background on Cambay PSC - Eocene Low Permeability Reservoirs
The 161km2 Cambay contract area contains thick, low permeability reservoirs inthe Eocene section. The contract area was previously explored and developed byOil and Natural Gas Corporation (ONGC), India's largest State owned oil and gascompany in the 1950s and 1960s. However it was developed as a gas field mainlyfrom the shallower Oligocene reservoirs in the southern part of the block.Since its inception, the Cambay field has produced about 52 billion cubic feetof gas until it was shut-in in the early 1990's due to water and sandproduction problems.ONGC drilled over 30 wells to variable total depths through the Eocene tightreservoirs, using conventional drilling and completion technology. The deepestwell, Cambay-40 was drilled in 1963 to a depth of more than 3,200 metres withgas shows at Total Depth. The flow rates from conventional tests in the Eocenesection of the various wells were relatively low, in the range of 0.2 - 2.7MMCF / DAY and production volumes were minimal.Oilex completed a Farm-in Agreement with Gujarat State Petroleum Corporationand Niko and acquired an interest in the Cambay Production Sharing Contract(PSC) in March 2006 having identified the low permeability Eocene reservoirs asa potentially under-exploited section. To evaluate this potential Oilex andGSPC completed the following work program between 2006 and 2008:
* drilled 5 modern conventional vertical wells all of which had strong
indications of oil and gas while drilling including oil and gas in mud at
surface; * acquired 3D seismic over the entire contract area; * fracture stimulated 3 wells;
* conducted pre and post fracture stimulation well tests resulting in flows
of oil or gas and condensate to surface;
* initiated long term production testing on Cambay 19Z. Cambay 73 was shut in
as a potential gas condensate producer.
Figure 1: Location map and Cambay Field Depth Map with line of section(see Oilex website for full report)
Figure 2: Cambay Field Cross Section N-S (see Oilex website for full report)
Oilex concluded from this work program that the potential of the Eocene lowpermeability reservoirs could probably be best harnessed by drilling horizontalwells and undertaking multi-stage fracture stimulation of the tight reservoirs.Oilex had planned a horizontal well as part of its work program in 2008 but fora number of reasons the drilling program was terminated in October 2008 and thehorizontal well was not drilled.In 2009 Oilex recognised that evaluation and commercialisation of the Eocenereservoirs could be enhanced by the application of sophisticated tightreservoir evaluation, drilling and production techniques which have beendeveloped in recent years in the growing shale gas industry in North America.Although the Cambay Eocene low permeability reservoirs are not"unconventional", the technology which has been developed to the point of wideacceptance in the oil and gas business is directly relevant and applicable atCambay Field. Oilex was well placed to exploit these technologies on behalf ofthe Cambay Joint Venture given the existing comprehensive technical data basethat it had acquired or improved upon since 2005.
In late 2009, the Company started:
* a 3D seismic reprocessing program covering the entire contract area, to
identify where high potential zones of better potential productivity may be
present in the low permeability reservoir section,
* petrophysical evaluation of 33 well logs that penetrated the Eocene section
using proprietary low permeability reservoir and shale gas technology to
accurately evaluate critical reservoir characteristics and generate in
place volume estimates,
* applying the petrophysical analysis to model optimal fracture stimulation
designs and associated production profiles, and
* initial well planning and design work.
On completion of the analyses of the additional wells and other technical datathe Joint Venture will be in a position to revise and refine in-place volumeestimates, confirm the oil, gas and condensate distribution and generaterecoverable hydrocarbon estimates for independent certification. A drillingprogram to prove the potential for commercial development of the tight gasreservoirs will then be undertaken subject to JV approval and availability ofthe appropriate rigs and services.
WA-388-P, Australia
(Oilex Operator - 14%)
* Oilex has completed the interpretation of the Rose 3D seismic data on its
WA388-P block, located outboard of the North West shelf, Pluto, Wheatstone,
and Gorgon fields, offshore Western Australia.
Figure 3: WA-388-P location and permit maps(see Oilex website for full report)
* A portfolio of leads and play types has been developed. Seven leads
identified ranging in potential size from 0.3 to 2.8 trillion cubic feet
(TCF) of prospective gas resource (recoverable best estimate, 100% basis)
* Work completed over the last four months confirms that the seismic amplitude anomalies evident in the 3D seismic data are likely Direct Hydrocarbon Indicators suggesting the presence of gas by analogy with nearby fields and discoveries. * The Joint Venture is considering options including further defining the largest of the leads Placanica in preparation for possible drilling * The WA-388-P permit is in the region of increasing exploration interest
being located on the same play fairway as the Pluto and Wheatstone fields.
It is close to the WA-389-P and WA-360-P permits which Woodside and Petrobras have recently been reported to have entered into farmin agreements.
* Potential exist for gas discoveries of 1TCF or more to provide feedstock
for existing LNG projects such as Pluto, Wheatstone or North West Shelf.
* There are no outstanding work program commitments on the permit.
New Ventures
* Oilex is seeking to strengthen its asset portfolio and is largely focussing
its new ventures effort in South and South East Asia.
* A number of potential opportunities are currently being evaluated.
JPDA 06-103, TIMOR SEA(Oilex Operator - 10%)
* The JPDA 06-103 Joint Venture drilled the Lor©-1 and Lolotoe-1 wells during
fourth Quarter 2009 and first Quarter 2010. Neither well encountered
commercial hydrocarbon zones.
* The Lor©-1 and Lolotoe-1 well data have since been integrated with existing
data and the implications for prospectivity and the selection of future
drilling targets reviewed with JPDA 06-103 Joint Venture and ANP the Joint
Development Area Regulator. The forward work program and its timing are
currently under consideration.
* The contract area is located close to a number of existing producing oil
fields further to the west, as well as Eni's Kitan oil discovery.
WEST KAMPAR PSC, CENTRAL SUMATRA
(Oilex - 45% + further 22.5% secured*)
* On 24 June 2010, the International Court of Arbitration of the ICC
(International Chamber of Commerce) has found in favour of Oilex's wholly
owned subsidiary, Oilex (West Kampar) Limited, in its claim against PT
Asiabumi Petroleo (Asiabumi) for the recovery of US$4.6million that is owed
to Oilex. Asiabumi is the parent company of the Operator (PT Sumatera
Persada Energi - SPE).
* Oilex commenced the ICC Arbitration against Asiabumi in Singapore in April
2009 following the failure of SPE in early 2009 to repay a debt owing to
Oilex under a previous agreement between Oilex and SPE. SPE's obligations
to repay the debt were secured by a parent company guarantee granted by
Asiabumi to Oilex in 2008.
* The Award granted in Oilex's favour takes effect immediately. Oilex will
pursue the enforcement of the Award to recover the amount due.
* SPE continues to allege that Oilex no longer has an interest in the West
Kampar Production Sharing Contract arising out of an alleged failure to
perform obligations under the farmout agreement entered into by the parties
in 2007. Oilex denies those allegations and maintains that it holds its 45%
interest in the West Kampar PSC. The Indonesian regulator, BPMIGAS has not
transferred Oilex's 45% participating interest to SPE despite requests from
SPE.
* Oilex maintains that it is further entitled to have assigned an additional
22.5% to its 45% holding through the exercise of its rights under a Power
of Attorney granted by SPE following the failure of SPE to repay the funds
due referred to above. The assignment has been provided to BPMigas but has
not yet been approved or rejected. If the debt due to Oilex is satisfied,
it will not pursue this assignment.
* As reported in the last Quarterly, Oilex has not been served with the claim
filed in January 2010 by SPE in an Indonesian court seeking damages from
Oilex for alleged defamation arising out of correspondence relating to
SPE's performance as operator. Oilex rejects the allegations in the claim
and, if served, will vigorously oppose them.
* Oilex understands from industry communications and reports in the
Indonesian press that SPE has drilled and tested a second well (Pendalian
4) in the Pendalian Field earlier this year. Oilex is aware of recent
Indonesian press which claims significant flow rates from multiple zones in
the Pendalian 4 well during testing and refers to plans for development of
the Pendalian Field. Due to SPE's claim relating to Oilex's interest in the
PSC, for over a year Oilex has not been provided by SPE with any data
relating to the West Kampar PSC operations including any results of testing
the Pendalian 4 well. Oilex is therefore unable to comment on or endorse
the press reports.
* Oilex will continue to take steps to advance its participating interest in
the West Kampar PSC and to pursue enforcement of its Arbitration Award
while remaining open to a commercial resolution to the Joint Venture
dispute. Block 56, Oman(Oilex Operator - 25%)
* The Block 56 Joint Venture has given notice to the Oman Ministry of Oil and
Gas (MOG) of its intention to relinquish all of the Block 56 Contract Area
in accordance with the Exploration and Production Sharing Agreement (EPSA).
* While three small discoveries were made in Block 56 (Sarha-1, Ghadaq-1, Al
Jumd-1), the Joint Venture determined that those discoveries would not be
commercial to develop under the terms of the EPSA due to their small field
size or heavy oil characteristics.
* On behalf of the Block 56 Joint Venture, Oilex Oman Limited (as Operator)
will proceed to close down Joint Venture activities to the mutual
satisfaction of the MOG and the Joint Venture at the earliest reasonable
date. * The minimum financial obligation relating to the exploration work commitments under the EPSA has been satisfied by the Joint Venture.
Corporate
* Oilex retained A$16.8 million cash at the end of the Quarter with no
corporate debt.
* Net operating and investing cash outflows for the year ending 30 June 2010
was $3.0 million.
* In June 2010 Oilex requested an extension of its Good Standing Agreement
(GSA) with the Australian Government on behalf of the Joint Venture
partners for exploration permit EPP27 which the Joint Venture previously
relinquished with the Government's approval. In July 2010, the Australian
Government agreed to extend the GSA until the conclusion of the 2011
Australian Offshore Petroleum Exploration Release. Further details of the
GSA are set out in Oilex's announcement dated 20 March 2009. There are no
financial obligations under the GSA.
Safety, Health and Environment
No lost time incidents were recorded in Oilex's operational areas during theQuarter. Cumulative total man hours worked in India since the last LTI (April2008) is 768,367.
Oilex regularly updates its website at www.oilex.com.au
For and on behalf of the Board
B. H. McCarthyManaging Director27 July 2010The information in this report has been compiled by the Managing Director ofOilex Ltd, Bruce McCarthy B.Sc. (Hons) PhD (Geology) who has over 32 yearsexperience in petroleum geology. The estimates of hydrocarbons in place werereviewed by Ray Barnes B.Sc. (Hons), the Technical Director of Oilex Ltd whohas over 37 years experience in petroleum geology and is a member of the AAPG.Mr Barnes reviewed this announcement and consents to the inclusion of theestimated hydrocarbons in place in the form and context in which they appear.The resource estimates contained in this report are in accordance with thestandard definitions set out by the Society of Petroleum Engineers, PetroleumResources Management System, 2007.
Oilex's nominated advisor in relation to the AIM market is RFC Corporate Finance Ltd, contact: Stuart Laing, [email protected]
CORPORATE DETAILS Board of Directors Share Registry Max D.J. Cozijn Non-Executive Security Transfer Registrars Pty Ltd Chairman 770 Canning Highway Bruce McCarthy Managing Director Applecross WA 6153, Australia Ray Barnes Technical Director Telephone: +61 8 9315 2333 Ben Clube Finance Director Facsimile: +61 8 9315 2233 Laxmi Bhandari Non-Executive Director Email: [email protected] Ron Miller Non-Executive Director Capital Structure Stock Exchange Listing Ordinary Shares 220,074,885 Australian Stock Exchange Code: OEX Unlisted Options 22,475,000 AIM Market of London Stock Exchange Code: OEX Unlisted Performance Rights 465,000
LIST OF ABBREVIATIONS AND DEFINITIONS USED HEREIN
Associated Gas Natural gas found in contact with or dissolved in crude oil in the reservoir. It can be further categorized as Gas-Cap Gas or Solution Gas. BOPD Barrels of oil per day HS&E Health, Safety & Environment referring to all of the issues that relate to operational performance in a manner that is safe for personnel and the local environment MCF/DAY thousand standard cubic feet (of gas) per day MMCF/DAY million standard cubic feet (of gas) per day MMSTBO million stock tank barrels of oil (recoverable) MMSTBOIP million stock tank barrels of oil in place Prospective Those quantities of petroleum which are estimated, as of a Resources given date, to be potentially recoverable from undiscovered accumulations SCF/BBL standard cubic feet (of gas) per barrel (of oil), often converted at a rate of 5,800 - 6,000 cubic feet off gas equivalent to one barrel of oil to give Barrels of Oil Equivalent (BOE) asset schedule ASSET BASIN / JOINT VENTURE PARTIES EQUITY % OPERATOR STATE / COUNTRY
Cambay Field PSC / Cambay / Gujarat / India
Oilex Ltd 30.0 Oilex Ltd Oilex NL Holdings (India) 15.0 Limited Gujarat State Petroleum Corp. 55.0 Ltd
Bhandut Field PSC Cambay / Gujarat Oilex NL Holdings (India) 40.0 Oilex NL Holdings (India) Limited Limited Gujarat State Petroleum Corp. 60.0 Ltd
Sabarmati Field PSC Cambay / Gujarat / India Oilex NL Holdings (India) 40.0 Oilex NL Holdings (India) Limited Limited Gujarat State Petroleum Corp. 60.0 Ltd
Block 56 EPSA South Oman / Oman
Oilex Oman Limited 25.0 Oilex Oman Limited GAIL (India) Limited 25.0 Videocon Oman 56 Limited 25.0 Bharat PetroResources Limited 12.5 Hindustan Petroleum Corp Ltd 12.5
West Kampar PSC Central Sumatra / Sumatra/ Indonesia
Oilex (West Kampar) Limited 67.5(1) PT Sumatera Persada Energi PT Sumatera Persada Energi 32.5 JPDA 06-103 PSC Flamingo / Joint Petroleum Development Area / Timor-Leste & Australia Oilex (JPDA 06-103) Ltd 10.0 Oilex (JPDA 06-103) Ltd Japan Energy E&P JPDA Pty Ltd 15.0 GSPC (JPDA) Limited 20.0 Videocon JPDA 06-103 Limited 20.0 Bharat PetroResources JPDA Ltd 20.0 Pan Pacific Petroleum (JPDA 15.0 06-103) Pty Ltd WA-388-P Carnarvon / WA / Australia Oilex Ltd 14.0 Oilex Ltd Gujarat State Petroleum Corp Ltd 14.0 Videocon Industries Ltd 14.0 Bharat Petroresources Ltd 14.0 Hindustan Petroleum Corp Ltd 14.0 Sasol Petroleum Australia Ltd 30.0
(1) Oilex (West Kampar) Limited is entitled to have assigned an additional 22.5% to its holding through the exercise of its rights under a Power of Attorney granted by SPE following the failure of SPE to repay funds due. The assignment has been provided to BPMigas but has not yet been approved or rejected. If Oilex is paid the funds due then it will not pursue this assignment
Listing Rule 5.3Appendix 5B Mining exploration entity quarterly report Introduced 1/7/96. Origin: Appendix 8. Amended 1/7/97, 1/7/98, 30/9/2001, 01/06/10.Name of entity OILEX LTD ABN Quarter ended ("current quarter") 50 078 652 632 30 JUNE 2010
1 Consolidated statement of cash flows Cash flows related to operating activities Current quarter Year to date $A'000 (12 months) $A'000 1.1 Receipts from product sales and 104 1,195 related debtors 1.2 Payments for (a) exploration and (1,826) (1,855) evaluation (b) development (10) (265) (c) production (210) (638) (d) administration (net) (231) (1,499) 1.3 Dividends received - - 1.4 Interest and other items of a similar 72 184 nature received 1.5 Interest and other costs of finance - - paid 1.6 Income taxes paid - - 1.7 Other (provide details if material) - - Net Operating Cash Flows (2,101)
(2,878)
Cash flows related to investing activities
1.8 Payment for purchases of: (a) - - prospects - - (b) equity investments (33) (162) (c) other fixed assets 1.9 Proceeds from sale of: (a) prospects - - (b) equity investments - - (c) other fixed assets - 29 1.10 Loans to other entities - - 1.11 Loans repaid by other entities (5) 24 1.12 Other (provide details if material) - - Net investing cash flows (38) (109) 1.13 Total operating and investing cash (2,139)
(2,987)
flows (carried forward) 1.13 Total operating and investing cash (2,139) (2,987) flows (brought forward) Cash flows related to financing activities 1.14 Proceeds from issues of shares, (6) 9,424 options, etc
1.15 Proceeds from sale of forfeited shares -
-
1.16 Proceeds from borrowings (net) -
-
1.17 Repayment of borrowings -
- 1.18 Dividends paid - -
1.19 Other (provide details if material) -
-
Net financing cash flows (6)
9,424
Net increase (decrease) in cash held (2,145)
6,437
1.20 Cash at beginning of quarter/year to 18,222 10,506 date 1.21 Exchange rate adjustments to item 1.20 732 (134) 1.22 Cash at end of quarter 16,809 16,809Payments to directors of the entity and associates of the Current quarter directors $A'000
Payments to related entities of the entity and associates of
the related entities
1.23 Aggregate amount of payments to the parties included
332 in item 1.2
1.24 Aggregate amount of loans to the parties included in
item 1.10
1.25 Explanation necessary for an understanding of the transactions
2 Non-cash financing and investing activities
2.1 Details of financing and investing transactions which have had a
material effect on consolidated assets and liabilities but did not involve cash flows N/A
2.2 Details of outlays made by other entities to establish or increase their
share in projects in which the reporting entity has an interest N/A 3 Financing facilities available Amount available Amount used Add notes as necessary for an $A'000 $A'000 understanding of the position. 3.1 Loan facilities - - 3.2 Credit standby arrangements - - 4 Estimated cash outflows for next quarter $A'000 4.1 Exploration and evaluation 1,080 4.2 Development - 4.3 Production 120 4.4 Administration 230 Total 1,4305 Reconciliation of cash
Reconciliation of cash at the end of the Current quarter Previous quarter quarter (as shown in the consolidated
statement of cash flows) to the related $A'000 $A'000 items in the accounts is as follows. 5.1 Cash on hand and at bank 10,624 10,986 5.2 Deposits at call 6,185 7,236 5.3 Bank overdraft - - 5.4 Other (provide details) - - Total: cash at end of quarter 16,809
18,222
(item 1.22) 6 Changes in interests in mining tenements Tenement Nature of interest Interest Interest reference at at end of (note (2)) beginning quarter of quarter 6.1 Interests in mining Refer to Permit tenements Schedule in Quarterly relinquished, Report reduced or lapsed 6.2 Interests in mining Refer to Permit tenements acquired Schedule in Quarterly or increased Report 7 Issued and quoted securities at end of current quarter Description includes rate of interest and any redemption or conversion rights together with prices and dates. Total Number Issue price Amount paid number quoted per up per security security 7.1 Preference +securities - - - - (description) 7.2 Changes during quarter - - - - (a) Increases through issues (b) Decreases through returns of capital, buy-backs, redemptions 7.3 +Ordinary securities 220,074,885 220,074,885 Various - 7.4 Changes during quarter - - (a) Increases through - - issues (options exercised) (b) Decreases through returns of capital, buy-backs 7.5 +Convertible debt - - - - securities (description) 7.6 Changes during quarter - - - - (a) Increases through issues (b) Decreases through securities matured, converted 7.7 Options Exercise Expiry date price 775,000 - $0.90 31/07/2010 500,000 - $2.00 31/10/2010 400,000 - $2.50 31/01/2011 2,500,000 - $2.00 31/03/2011 300,000 - $2.25 31/03/2011 350,000 - $2.70 30/04/2011 900,000 - $1.75 30/06/2011 900,000 - $2.25 30/06/2011 2,000,000 - $0.30 30/06/2011 3,900,000 - $2.00 1/07/2011 3,900,000 - $2.50 1/07/2011 500,000 - $1.57 30/09/2011 300,000 - $2.75 31/03/2012 900,000 - $2.75 30/06/2012 4,350,000 - $0.30 01/07/2014 Total 22,475,000
Issued and quoted securities at end of current quarter (cont'd)
Description includes rate of interest and any redemption or conversion rights together with prices and dates.
Total number Number Issue price Amount paid quoted per security up per security 2006 Performance Rights 40,000 Tranche 1 expire 1/07/ 2011 2007 Performance Rights 120,000 Tranche 1 expire 1/07/2012 120,000 Tranche 2 expire 1/07/2012 120,000 Tranche 3 expire 1/07/2012 2008 Performance Rights 21,000 Tranche 1 expire 1/07/2013 22,000 Tranche 2 expire 1/07/2013 22,000 Tranche 3 expire 1/07/2013 Exercise Expiry Date Price
7.8 Issued during - -
quarter
7.9 Exercised during quarter 7.10 Expired during 350,000 - $1.60 30/04/2010 quarter 350,000 - $2.10 30/04/2010 1,150,000 - $0.30 01/07/2014 Total Options 1,850,000 2008 Performance Rights 63,000 Tranche 1 expire 1/07/2013 13,000 Tranche 2 expire 1/07/2013 14,000 Tranche 3 expire 1/07/2013 Total Performance 90,000 Rights 7.11 Debentures Nil Nil (totals only) 7.12 Unsecured notes Nil Nil (totals only) Compliance statement
1 This statement has been prepared under accounting policies which comply with accounting standards as defined in the Corporations Act or other standards acceptable to ASX.
2 This statement does give a true and fair view of the matters disclosed.
Sign here: Date: 27July 2010(Director)Print name: Ben Clube
vendorRelated Shares:
OEX.L