29th Oct 2010 09:20
QUARTERLY REPORT TO SHAREHOLDERS
30 September 2010
Summary
Cambay PSC (45% Operator) onshore Gujarat, India
* Reserves and Contingent Resources significantly upgraded
* The P90 to P10 unaudited reserves (net recoverable to Oilex's 45% interest)
range from 248 to 591 billion cubic feet of gas and 11 to 27 million
barrels of condensate.
* Proof-of-concept well and production testing planned in first half of 2011
* Detailed technical studies completed to unlock the potential of the Cambay
"tight" reservoirs using leading-edge North American "shale gas" industry
technology
* Good correlation between the Cambay "tight" reservoirs and the Eagle Ford
and Haynesville "tight/shale" plays in the USA which have experienced
considerable success
WA-388-P (14% Operator) North West Shelf, Australia
* Seven prospects identified ranging in size from 0.3 to 2.8 trillion cubic
feet of gas (prospective resource recoverable best estimate, 100% basis)
* Joint Venture evaluating options including drilling * Well commitment permit year deferred to August 2011
JPDA 06-103 (10% Operator) Timor Sea, Joint Petroleum Development Area
* Future work program currently under review
West Kampar (45% + further 22.5% secured) onshore Sumatra, Indonesia
* Recovery of monies owing to Oilex under Arbitration Award being pursued
* The Operator (SPE) has discontinued its defamation claim against Oilex
Financial
* Oilex retained A$13.9 million cash at the end of the Quarter
* No corporate debt at end of the Quarter
Overview
During the Quarter Oilex Ltd continued to increase itsfocus on India. On 6th September, the Company announced a significant upgradeto its reserves and contingent resources on the Cambay Field low permeability("tight") Eocene reservoirs in Gujarat, India. The P90 to P10 unauditedreserves (net recoverable to Oilex's 45% interest) range from 248 to 591billion cubic feet of gas and 11 to 27 million barrels of condensate.This announcement followed a 9-month programme of extensive technical studieson the Cambay Field "tight" reservoirs using proprietary technologies derivedfrom "tight/shale gas" projects in North America. The Cambay Eocene reservoirsdisplay relatively good porosity for "tight' reservoirs" and, with a grossthickness of 200 to 500 metres, these zones are substantially thicker than mostNorth American "tight/shale" reservoirs.Subject to Joint Venture and Government approvals, Oilex will further evaluatethe "tight" reservoir potential with a proof-of-concept well and productiontest using modern, multi-stage fracture stimulation technology. Bruce McCarthy,Oilex's Managing Director, has been based in India to lead the "tight"reservoir project. Drilling is expected to start in the first half of 2011.
The Company is also reviewing options for its high-impact exploration assets offshore Australia and its cash position at the end of the Quarter remains robust.
Commentary
Oilex's Managing Director, Dr Bruce McCarthy said, "The Company has renewed its focus on India based on the significant potential of the Cambay "tight" gas project and the growing demand for gas in India, especially in the industrialised state of Gujarat.
The large upgrade to reserves and contingent resources announced in September,which we aim to cement with an independent competent person's report in early2011, has given considerable support to this strategy. Key to this success hasbeen applying leading-edge North American tight/shale gas industry expertiseand proven technology to our extensive database on the Cambay Eocenereservoirs. We now look forward to an exciting and active work programme in thefirst half of 2011 for which we have a healthy cash balance".OPERATIONS REVIEWCAMBAY FIELD, Gujarat, India(Oilex Operator - 45%)
* Oilex announced a significant upgrade to its Reserves and Contingent
Resources for the Cambay Field low permeability ("tight") Eocene reservoirs
in Gujarat, India, following a 9-month program of extensive technical
studies.
* These studies used proprietary reservoir evaluation technologies derived
from similar "tight/shale gas" projects in North America.
* The following tables summarise the net (Oilex 45%) reserves and contingent
resources for the Cambay Field "tight" Eocene reservoirs at 6 September
2010: Summary of Reserves Reserves Justified for Development Attributable to Oilex Net Working Interest (45%) Probability P90 P50 P10 Natural gas (BCF) 248 384 591 Condensate (MMbbls) 11 17 27
Net reserves presented above include Government share of production applicable under the PSC.
Summary of Contingent Resources
Contingent Resources Development Pending Attributable to Oilex Net Working Interest (45%) Probability P90 P50 P10 Natural gas (BCF) 186 324 568 Condensate (MMbbls) 8 14 26
Net contingent resources presented above include Government share of production applicable under the PSC.
These estimates were prepared in accordance with generally accepted engineeringand evaluation principles set out by the Society of Petroleum Engineers (SPE)PRMS guidelines and are classified as Reserves Justified for Development andContingent Resources Development Pending. The probabilistic unaudited estimateshave been prepared by Oilex with advice from North American tight/shale gasconsultants. It is the Company's view that the P90, P50 and P10 "ReservesJustified for Development" estimates set out above correspond to proved, provedplus probable, and proved plus probable plus possible reserves respectivelyunder the ASX Listing Rules. The estimates have not been endorsed by theGovernment of India or the Directorate General of Hydrocarbons, India. Anindependent reserves certification will be completed in early 2011.
* The Company was advised by two North American companies, NuTech Energy
Alliance ("NuTech"), a leader in advanced petrophysical, geological and
fracture stimulation solutions for "tight" and "shale gas" reservoirs, and
Morning Star LLC ("Morning Star"), a worldwide petroleum consulting group
with expertise in reserve certification of "tight" reservoir projects. * With the support of its consultants, Oilex has completed the following technical studies: a. petrophysical evaluation of 36 well logs that penetrated the Eocene section using NuTech's proprietary low permeability software applications that give critical reservoir characteristics which are fundamental to generating estimates of hydrocarbon-in-place volumes in tight reservoirs; b. application of the results of the petrophysical analyses to model optimal fracture stimulation well completion designs and associated production profiles; c. re-processing and re-interpretation of block-wide 3D seismic data including enhanced seismic products;
d. comparative studies by experts who are able to identify analogues from
their experience with tight gas producing areas in North America; and
e. probabilistic in-place volume and recoverable resource estimates.
* The studies indicate a good correlation between the Cambay Eocene reservoirsand the Eagle Ford and Haynesville reservoirs, two of the most prolific "tight/shale gas" plays in North America. The Cambay Eocene reservoirs that have beenanalysed display relatively good porosity for "tight' reservoirs" and with agross thickness of 140 to 400 metres these zones are substantially thicker thanmost North American "tight/shale" reservoirs.* Subject to Joint Venture and Indian Government approval, Oilex will furtherevaluate the "tight" reservoir potential with drilling and production testingusing modern, multi-stage fracture stimulation technology. Drilling of aproof-of-concept well is expected to start early in 2011.
* Well planning and detailed design and recruitment of the drilling team have started. Oilex's Managing Director, Dr Bruce McCarthy (ex-Cairn Energy), is based in India to lead the "tight" reservoir project.
* Total net production from existing wells in the Cambay, Bhandut and Sabarmati Fields was 1,504 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.
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.
* A portfolio of prospects 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)
* 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 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 where Woodside and Petrobras respectively have recently been reported to have entered into farm-in agreements.
* There is potential for gas discoveries of 1TCF or more to provide feedstock
for existing LNG projects such as Pluto, Wheatstone or North West Shelf.
* On 10 August 2010, the Designated Authority approved a variation to the
work program in the remaining two years of the secondary term permit, years
5 and 6. The minimum work requirement for the fifth year of the permit (August 2010 to August 2011) is 450 square kilometres of 3D seismic reprocessing. The last year of the secondary term, year 6, contains an obligation to drill one well. The Joint Venture will decide whether to enter that permit year prior to August 2011. 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 were 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 is currently being considered by the Joint Venture
and the ANP, the authority responsible for the JPDA.
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) 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$4.6 million 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 is pursuing the recovery of the monies owing under the Award.
* 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 farm-out 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. * 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 has been discontinued by SPE. Oilex was never served with the claim. * 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, despite requests, 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).
* On behalf of the Block 56 Joint Venture, Oilex Oman Limited (as Operator)
is proceeding to close down Joint Venture activities to the mutual satisfaction of the MOG and the Joint Venture. * The minimum financial obligation relating to the exploration work commitments under the EPSA has been satisfied by the Joint Venture.
Financial
* Oilex retained A$13.9 million cash at the end of the Quarter * No corporate debt at the end of the Quarter. * Net operating and investing cash outflows for the quarter ended 30 September 2010 were A$1.8 million.
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 819,728.
Further information can be found on the Company's website www.oilex.com.au including a background paper titled "Potential of the Cambay Field Low Permeability Reservoirs".
For further information, please contact:
Oilex Ltd +61 (0)8 9485 3200 (Western Australia)
Bruce McCarthy Managing Director
[email protected] Ben Clube, Finance Director [email protected] Read Corporate +61 (0)8 9388 1474 (Western Australia)Nicholas Read [email protected] Conduit PR +44 (0)20 7429 6610 (UK) Paul Youens +44 (0)7843 260 623 (UK) [email protected] Jonathan Charles +44 (0)7791 892 509 (UK) [email protected] RFC Corporate Finance Ltd +61 (0)8 9480 2506 (Western Australia)
Stuart Laing [email protected] Information in this report relating to hydrocarbon reserves or resources hasbeen compiled by Mr Ray Barnes B.Sc. (Hons), the Technical Director of OilexLtd who has over 37 years experience in petroleum geology and is a member ofthe AAPG. Mr Barnes consents to the inclusion of the information in this reportrelating to hydrocarbon reserves and resources in the form and context in whichit appears. Resource estimates contained in this report are in accordance withthe standard definitions set out by the Society of Petroleum Engineers,Petroleum Resources 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 24,740,000 AIM Market of London Stock Exchange Code: OEX Unlisted Performance Rights 440,000
LIST OF ABBREVIATIONS AND DEFINITIONS USED HEREIN
Associated Natural gas found in contact with or dissolved in crude oil in Gas the reservoir. It can be further categorized as Gas-Cap Gas or Solution Gas. Bbls Barrels of oil or condensate BCF Billion Cubic Feet at standard temperature and pressure conditions BOE Barrels of Oil Equivalent. Converting gas volumes to the oil equivalent is customarily done on the basis of the nominal heating content or calorific value of the fuel. Common industry gas conversion factors usually range between 1 barrel of oil equivalent (BOE) = 5,600 standard cubic feet (scf) of gas to 1 BOE = 6,000 scf. (Many operators use 1 BOE = 5,620 scf derived from the metric unit equivalent 1 m³ crude oil = 1,000 m³ natural gas). BOPD barrels of oil per day
Deterministic The method of estimation of Reserves or Resources is called
Estimate deterministic if a discrete estimate(s) is made based on known geoscience, engineering, and economic data. GOR Gas to oil ratio in an oil field, calculated using measured natural gas and crude oil volumes at stated conditions. The gas/ oil ratio may be the solution gas/oil, symbol Rs; produced gas/ oil ratio, symbol Rp; or another suitably defined ratio of gas production to oil production. Volumes herein measured in scf/bbl. MMSCF/DAY million standard cubic feet (of gas) per day MMbbls million barrels of oil or condensate (recoverable) Contingent Those quantities of petroleum estimated, as of a given date, to Resources be potentially recoverable from known accumulations by application of development projects, but which are not currently considered to be commercially recoverable due to one or more contingencies. Contingent Resources may include, for example, projects for which there are currently no viable markets, or where commercial recovery is dependent on technology under development, or where evaluation of the accumulation is insufficient to clearly assess commerciality. Contingent Resources are further categorized in accordance with the level of certainty associated with the estimates and may be sub-classified based on project maturity and /or characterized by their economic status. Development Pending - A discovered accumulation where project activities are ongoing to justify commercial development in the foreseeable future. Development Unclarified or on Hold - A discovered
accumulation
where project activities are on hold and/or where
justification
as a commercial development may be subject to significant delay. Prospective Those quantities of petroleum which are estimated, as of a given Resources date, to be potentially recoverable from undiscovered accumulations Reserves Reserves are those quantities of petroleum anticipated to be commercially recoverable by application of development projects to known accumulations from a given date forward under defined conditions. Proved Reserves are those quantities of petroleum, which by analysis of geoscience and engineering data, can be estimated with reasonable certainty to be commercially recoverable, from a given date forward, from known reservoirs and under defined economic conditions, operating methods, and government regulations. Probable Reserves are those additional Reserves which analysis of geoscience and engineering data indicate are less likely to be recovered than Proved Reserves but more certain to be recovered than Possible Reserves. Possible Reserves are those additional reserves which analysis of geoscience and engineering data indicate are less likely to be recoverable than Probable Reserves.3P P90 refers to the quantity for which it is estimated there is at least a 90% probability the actual quantity recovered will equal or exceed; P50 refers to the quantity for which it is estimated there is at least a 50% probability the actual quantity recovered will equal or exceed; and P10 refers to the quantity for which it is estimated there is at least a 10% probability the actual quantity recovered will equal or exceed. SCF/BBL standard cubic feet (of gas) per barrel (of oil) TCF Trillion Cubic Feet Tight Gas The reservoir cannot be produced at economic flow rates or Reservoir recover economic volumes of natural gas unless the well is stimulated by a large hydraulic fracture treatment, a horizontal wellbore, or by using multilateral wellbores ASSET SCHEDULE ASSET BASIN / STATE / COUNTRY JOINT VENTURE EQUITY OPERATOR PARTIES % Oilex Ltd 30.0 Oilex NL Holdings 15.0 Cambay Cambay / Gujarat / India (India) Limited Oilex Ltd Field PSC Gujarat State Petroleum Corp. 55.0 Ltd Oilex NL Holdings 40.0 (India) Limited Oilex NL Bhandut Cambay / Gujarat / India Holdings Field PSC Gujarat State (India) Petroleum Corp. 60.0 Limited Ltd Oilex NL Holdings 40.0 (India) Limited Oilex NL
Sabarmati Cambay / Gujarat / India Holdings
Field PSC Gujarat State (India) Petroleum Corp. 60.0 Limited Ltd Oilex Oman Limited 25.0 GAIL (India) 25.0 Limited Videocon Oman 56 25.0 Block 56 South Oman / Oman Limited Oilex Oman EPSA Limited Bharat PetroResources 12.5 Limited Hindustan Petroleum Corp. 12.5 Ltd Oilex (West 67.5 West Central Sumatra / Sumatra/ Kampar) Limited (1) PT Sumatera Kampar Indonesia Persada EnergiPSC PT Sumatera 32.5 Persada Energi Oilex (JPDA 06-103) Ltd 10.0 Japan Energy E&P 15.0 JPDA Pty Ltd GSPC (JPDA) 20.0 JPDA Flamingo / Joint Petroleum Limited 06-103 Development Area / Oilex Ltd 06-103 Limited Bharat PetroResources 20.0 JPDA Ltd Pan Pacific Petroleum (JPDA 15.0 06-103) Pty Ltd Oilex Ltd 14.0 Gujarat State Petroleum Corp. 14.0 Ltd Videocon 14.0 Industries Ltd
WA-388-P Carnarvon / WA / Australia Bharat 14.0 Oilex Ltd
PetroResources Ltd Hindustan 14.0 Petroleum Corp Ltd 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 SEPTEMBER 2010
1 Consolidated statement of cash flows Cash flows related to operating activities Current quarter Year to date $A'000 (3 months) $A'000 1.1 Receipts from product sales and - - related debtors 1.2 Payments for (a) exploration and (1,474) (1,474) evaluation (b) development - - (c) production (80) (80) (d) administration (net) (392) (392) 1.3 Dividends received - - 1.4 Interest and other items of a similar 97 97 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 (1,849)
(1,849)
Cash flows related to investing activities
1.8 Payment for purchases of: - - (a) prospects - - (b) equity investments (1) (1) (c) other fixed assets 1.9 Proceeds from sale of: - - (a) prospects - - (b) equity investments - - (c) other fixed assets 1.10 Loans to other entities - - 1.11 Loans repaid by other entities 34 34 1.12 Other (provide details if material) - - Net investing cash flows 33 33 1.13 Total operating and investing cash (1,816)
(1,816)
flows (carried forward) 1.13 Total operating and investing cash (1,816) (1,816) flows (brought forward) Cash flows related to financing activities 1.14 Proceeds from issues of shares, - - 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 - - Net increase (decrease) in cash held (1,816)
(1,816)
1.20 Cash at beginning of quarter/year to 16,809 16,809 date 1.21 Exchange rate adjustments to item 1.20 (1,106)
(1,106) 1.22 Cash at end of quarter 13,887 13,887Payments to directors of the entity and associates of the Current quarterdirectors $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 in
333 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 2,000 4.2 Development - 4.3 Production 120 4.4 Administration 360 Total 2,4805 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 3,449 10,624 5.2 Deposits at call 10,438 6,185 5.3 Bank overdraft - - 5.4 Other (provide details) - - Total: cash at end of quarter 13,887
16,809
(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 Number quoted Issue Amount paid price 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 500,000 - $2.00 31/10/2010 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 3,000,000 - $0.30 15/09/2012 4,350,000 - $0.30 01/07/2014 Total 24,300,000
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 15,000 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 3,000,000 - $0.30 15/09/2012 quarter 7.9 Exercised during quarter 7.10 Expired during 400,000 - $2.50 31/01/2011 quarter 775,000 - $0.90 31/07/2010 Total Options 1,175,000 2006 Performance Rights 25,000 Tranche 1 expire 1/01/2011 Total Performance 25,000 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: 29 October 2010
(Director)Print name: Ben ClubeAppendix 5B
Mining exploration entity quarterly report
END
vendorRelated Shares:
OEX.L