30th Jan 2009 07:25
QUARTERLY REPORT TO SHAREHOLDERS 31 December 2008 HIGHLIGHTS * 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 off take 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 with Sarha appraisal intersecting oil over 200m net section. Al Jumd-1 well discovered oil in the Al Khlata over the interval 1163 - 1328 metres with no oil-water contact identified and 27 metres of net pay. Testing is planned of the 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 (A$1.9 million). * Zero lost time incidents throughout operations centres. * Retained net cash of A$14.7 million. CORPORATE DETAILS Board of Directors Principal & Registered Office Max D.J. Cozijn Non-Executive Chairman Level 2, 50 Kings Park Road Bruce McCarthy Managing Director West Perth WA 6005, Australia Ray Barnes Technical Director Telephone: +61 8 9485 3200 L. L. Bhandari Independent Director Facsimile: +61 8 9485 3290 Email: [email protected] Capital Structure Share Registry Ordinary Shares 151,348,885 Security Transfer Registrars Pty Ltd Unlisted Options 33,925,100 770 Canning Highway
Unlisted Performance Rights 1,077,000 Applecross WA 6153, Australia
Telephone: +61 8 9315 2333 Stock Exchange Listing Facsimile: +61 8 9315 2233 Email: [email protected] Australian Stock Exchange Code: OEX AIM Market of London Stock Exchange Code: OEX OPERATIONS REVIEW INDIACAMBAY FIELD, Gujarat(Oilex Operator - 45%)Highlights * Oil production from Miocene Basal Sand (MBS) commenced during the quarter with two wells brought on production. * Two additional development wells are planned for second quarter 2009 with potential to add 800-1,000 bpd of oil production. * Flow continued from Cambay-19Z and Cambay-73 EPIII/EPIV fracture stimulated zones providing critical data to assist with planning for the potential development of gas resources in these intervals. * Planning for two additional MBS appraisal/production wells has advanced with drilling currently scheduled for May 2009.
Cambay-74
Cambay-74 was drilled in October 2008 and was located to test the deeper Basal EP IV primary objective which had tested oil in Cambay-19Z. Oil was confirmed in the Miocene secondary objective and the well was completed without drilling the deeper targets. It commenced production from the MBS on 5 December 2008. For the period to end December the well had produced 7,453 bbls of oil. The well is currently is producing from the MBS at a rate of approximately 270 bopd with 0-5% water and a 640 psi FTHP. The gas/oil ratio (GOR) has remained relatively constant at ~430 scf/bbl. The oil is being transported to a nearby refinery and sold along with the crude oil produced from Cambay-64. The well remains choked back and production rates have fluctuated due to issues associated with limited tank storage capacity at the refinery and constraints on transporting larger volumes of oil by road. Oilex is currently working with the refineries to acquire additional storage capacity to rectify the bottlenecks.
Cambay-64
Cambay-64 is an old well that was re-entered to test the possibility of the presence of a by-passed oil zone at the level of the MBS. The test was successful and the well commenced production from the MBS on 17 October 2008. For the period to end December the well has produced 9,374 bbls of oil. The well is currently producing from the MBS in a choked back condition (choke size 12/64 to 16/64") to preserve reservoir energy and due to delivery point constraints as described above. Constrained rates have varied from 30 - 90 bopd with a FTHP fluctuating between 450 - 800 psi and remedial work which was anticipated in October is planned for early 2009 to improve the oil flow potential while additional tank storage capacity is acquired.
Figure 1 - Cambay Field Structure Maps with Appraisal Well Locations - A, Top Deccan; B, Basal EP IV; C, Top EP IV; D, Top OS II(see Oilex website for full report)
Production summary
* Production to end December 2008 totalled 16,860 bbls has been constrained by offtake restrictions. Oilex is currently sourcing additional storage tanks to alleviate current production offtake restrictions. * C-64 and C-74 are thought to be in pressure communication however the communication between the wells is being baffled by local variations in reservoir quality or minor faulting * The pressure data from C-74 indicate that the well may be in communication with a higher pressured compartment.
MBS Development Options
Integration of seismic data and old well intersections has high graded a number of locations for drilling of 2 development wells planned to commence in Q2 2009. Re-entry and testing of the MBS in the C-57 well is being conducted in early 2009. That well is located close to the limit of structural closure on current maps (Fig 2). If oil is produced on test from this well it would indicate that the volumetric estimate for MBS resources of up to 20 mmbstoip (100% basis) at the higher end of the range of 5 - 20 mmstboip previously published.
A detailed reserve estimate is expected to be completed after the results of C-57 and additional appraisal/ develop- ment wells are known.
Figure 2 - Top MBS Depth Structure Map with well locations(see Oilex website for full report)
Eocene EP III and EP IV
* Fracture stimulation and testing of the EPIII/EPIV interval was undertaken during the quarter in three wells, Cambay-23Z, Cambay-19Z and Cambay-73. The results will provide a valuable database to allow for planning of an appropriate potential development scheme of the large in-place resource of oil and gas that is interpreted to be present in the interval. * Cambay-23z was fracture stimulated and tested in the EP-III & EP-IV zones in early December. Only test fluids and water have been recovered since the frac. The EP-IV interval in Cambay-23z is ~11m structurally lower than the same interval in the original Cambay-23 well that was drilled some 200m west of 23z and tested (0.5MMCFD and 41BOPD) by ONGC in 1963. * Cambay-19Z was fracture stimulated at the EP-III & EP-IV in November and at the end of the quarter was flowing gas at about 210 mcf/day (35 boe/day) and an oil / condensate mixture at about 35 bpd (GOR of ~ 6000 scf/bbl) with a FTHP of 100 psi. * Cambay-73 was also fracture stimulated at the EP-III & EP-IV in November and at the end of the quarter was flowing gas at about 220 mcf/day (37 boe/ day), an oil / condensate mixture at about 10 bpd (GOR of ~ 23,500 scf/bbl) and around 37 bpd water with a FTHP of 40 - 60 psi. Liquid production is intermittent slugging flow due to the low flow rates and fluid loading and unloading in the tubing and wellbore. Total oil equivalent production is about 47 boepd. This well is structurally deeper than Cambay-19z. * Analysis of 65 existing wells and newly acquired 3D seismic data had indicated a best estimate initial in-place resource of 62 million barrels of oil (including condensate) and 350 bcf of gas (on a 100% basis) calculated for the main EPIV and OSII reservoirs. * 48 million barrels of oil in place was allocated to the EPIII/IV and OS II zones in the area appraised in the campaign of which about 36 million barrels initial oil in place was estimated for EP IV. * Based on a natural flow rate of 50 bopd from a single zone in the EPIII/IV, an improvement by a factor of 2.5 - 5 times applied to 4 fracture stimulated intervals in a horizontal or high angle EPIII/IV production well is considered to be reasonable.
Next Steps in Cambay Campaign
* Re-enter and test MBS interval in Cambay - 57. * Install additional storage tank to remove current oil production level constraints for Cambay -64 and - 74. * Perform remedial work on Cambay - 64 well to improve oil production. * Drill two additional MBS appraisal/development wells likely to commence in May 2009. * Continue to monitor and analyse flow from fracture stimulation zones in Cambay -19Z, - 73 and - 23Z. Sabarmati Field, Gujarat(Oilex Operator - 40%)
No further work has been carried out in the past quarter. Intermittent production of oil continues from Sabarmati-1. The understanding of the reservoir performance in Sabarmati field will benefit greatly from the fracture stimulation work planned for Cambay Field as the main reservoir unit has similar characteristics to the Eocene EP III-IV at Cambay and options for drilling a long reach directional well may be considered after the results of the work at Cambay are better known.
Bhandut Field, Gujarat
(Oilex Operator - 40%)
No further work has been carried out in the past quarter. Oil continues to be produced intermittently from existing wells. The field remains prospective with drilling of the structural crest to the west of the wells drilled to date and multiple reservoir objectives from Miocene to fractured Deccan to be reviewed after relevant work at Cambay is concluded.
INDONESIA
West Kampar PSC, Central Sumatra
(Oilex - 45 %)
Oilex is continuing to pursue the early development of the Pendalian field and the ongoing work program to maximise the value of the West Kampar asset.
The Pendalian-3 phase 1 development plan or "Put on Production" (POP) proposal was completed and submitted to the relevant authorities on 5 November 2008. The development plan which is a precursor to full field development involves a single well completion from the Sihapas C5 (1155) Zone in the Pendalian -3 well. Analysis of well test data and analogous nearby fields predicts sustained rates from first year of over 600 bopd from this zone, with the potential for significant additional production from the shallower Sihapas D6 Zone. The POP development plan involves leased production facilities on site with the oil trucked approximately 50 km to the Kasikan Field which is connected by pipeline to the Central Sumatran Oil Gathering System. Planning also progressed for Pendalian-4 appraisal/development well scheduled for Q1/Q2 2009 which, if successful, is also planned to be brought on stream using the Pendalian-3 production infrastructure.
The planned 250 km 2D seismic survey in West Kampar block to delineate prospects for the planned 3 well exploration program in mid to late 2009 is now due to commence in Q2 2009 subject to confirmation of the availability of the seismic contractor. A number of attractive leads will be delineated by this survey. A 50km2 3D acquisition programmed over the Pendalian Field is scheduled to follow the 2D acquisition.
Subsequent to end of December 2008, Oilex Ltd announced on 8 January that its wholly owned subsidiary Oilex (West Kampar) Limited has elected to terminate the agreement to acquire an additional 15% participating interest in the West Kampar Production Sharing Contract onshore Sumatra, Indonesia from PT Sumatera Persada Energi (SPE). Oilex retains a 45% Working Interest in the PSC. This is consistent with Oilex's plans to adjust its interests in the West Kampar PSC as noted in the Operations Update accompanying the earlier announcement made on 22 December 2008.
Under the terms of this agreement, Oilex had the right to terminate the agreement if Government approval to the assignment had not been received by 7 January 2009. SPE is required to reimburse the funds advanced by Oilex to date under the terms of the agreement and Oilex holds security for such reimbursement.
The participating interests in the West Kampar PSC are currently:
Joint Venture Party Participating Interest Oilex (West Kampar) Limited 45% PT Sumatera Persada Energi 55% (Operator) OMANBlock 56, South Oman(Oilex Operator - 25%)
The second phase drilling program in Block 56, Oman comprising four wells has been completed successfully with encouraging results from 3 wells including the Al Jumd-1 well for which a testing program is being planned and the Umq-1 well in the central part of the block which had oil and gas shows over more than 500 metres of section. After the December quarter end, the Abraj 204 rig was released from the Umq-1 well location, the final well in the second phase of drilling on Block 56, on 11 January.
The well results have confirmed the oil potential of the Eastern Flank Salt Basin in Block 56 and extended the prospective area into the extensive Central Terrace area where no previous drilling had been carried out. The program included the drilling of the Sarha-2 appraisal/exploration well and the Lathab-1, Al Jumd-1 and Umq-1 exploration wells. The well results are summarised below in sequence of drilling.
Sarha-2 Appraisal Well
* Sarha -2 appraisal well spudded on 5 September 2008 and confirmed the presence of the oil column in the Al Khlata reservoir interval that was intersected in the Sarha-1 discovery well located approximately 600 metres to the south east of Sarha-2. * The well was drilled on a horizontal trajectory into the primary reservoir objective and intersected up to 275 metres gross interval of oil bearing sands, of which approximately 200 metres is calculated to be productive net pay. The horizontal section was re-drilled due to downhole problems that precluded the running of the completion tubing. * The well initially produced 150-200 barrels of oil per day (bopd) on pump test following installation of screens to prevent sand production. The oil is heavier than that tested at Sarha-1 and flow rates declined during the test. * Currently reviewing technical data to determine optimum flow potential and future development strategy prior to long term production test. The well is suspended as a potential production well.
Lathab-1 Exploration Well
* Lathab-1 spudded on 9 November and was located on an independent structural prospect to the north of Sarha Field on the eastern flank of the main salt basin. * Oil shows were encountered through the Al Khlata, Haima and Huqf Formation reservoir intervals and thin oil pay was calculated from wireline logs. Pay interval considered to be insufficient to warrant testing and the well was abandoned.
Al Jumd-1 Exploration Well
* Al Jumd-1 was the northern most location to be drilled and the well spudded on 1 December 2008. The well discovered oil in the Al Khlata over the interval 1163 - 1328 metres with no oil-water contact identified, interpreting 27 metres of net pay from wireline logs. * The structure is in the northwest area of Block 56 and is geologically similar to the Sarha oil field. * The well was suspended pending a testing program which is currently being planned and is scheduled for March 2009.
Figure 3-Block 56 Oman showing well locations(see Oilex website for full report)
Umq-1 Exploration Well
* The well spudded on 22 December 2008 and the rig was released on 11 January 2009. Oil shows and associated high gas readings were intersected in the Huqf primary objective over a gross interval of over 500 metres from 1,316 metres (Top Huqf Formation) to 1,840 metres (total depth of the well). * No significant porous reservoir intervals were penetrated in the Huqf section drilled. Operational difficulties including significant mud losses prevented the further deepening of the well to intersect sandstone intervals predicted beneath the Huqf carbonate. * This result significantly enhances the large untested potential of the Central Terrace area which was identified as one of the main exploration objectives by the Joint Venture when it applied for Block 56.
Oilex is currently reviewing technical and commercial options for follow up appraisal, testing and possible development for this project for consideration by the Joint Venture in view of the lower oil price environment.
JOINT PETROLEUM DEVELOPMENT AREA BETWEEN TIMOR LESTE AND AUSTRALIA
JPDA 06-103, FLAMINGO BASIN OFFSHORE JOINT PETROLEUM DEVELOPMENT AREA
(Oilex Operator - 25%)
Processing of the Maura 3D seismic survey data continued during the quarter. The survey comprises 2140 km2 of data. The survey was completed in August 2008.
An initial fast track volume of the 3D seismic data was received in early December 2008 with final processed data due in early March 2009. Initial impressions are encouraging and some very attractive prospects analogous to significant oil fields in the region are emerging from the interpretation. These have estimated prospective resources in the range of 300-500 mmstboip (100% basis). Final prospect selection will occur in the second quarter 2009.
Figure 4 - JPDA 06-103 Prospect and Lead map and outline of new Maura 2008 3D survey(see Oilex website for full report)
Operational planning for the 2009 drilling program continued at a good pace with Oilex as operator on behalf of the JPDA Block 06-103 Joint Venture signing the agreement for Peak Asia Pacific Pty Ltd (subsidiary of the AGR Group) to be drilling project management company in December 2008. The contract with Sedco Forex for supply of the Transocean Legend semi submersible drilling rig for three firm well slots and two option well slots was finalised in September 2008. The well program will be executed in two phases to enable time to analyse well results form the initial two wells programmed in phase I and select optimum target for the second drilling phase.
The Transocean Legend rig is scheduled to arrive in Australia in March 2009 to conduct drilling programs for other joint ventures prior to commencing work in the JPDA 06-103 block. The first phase of two wells is currently scheduled to commence in August 2009. The block carries a 4 well commitment. Under the terms of the PSC the work is due to be completed by January 2010.
Figure 5 -Seismic line though Lolotoeprospectin south of JPDA06-103 (see Oilex website for full report)
AUSTRALIA
WA-388-P Carnarvon Basin, Offshore Western Australia
(Oilex Operator - 14%)
The Rose 3D seismic survey of 1,180 km2 began in August 2008 over the south eastern part of the permit using the vessel "Geowave Champion" and acquisition was completed on 30th September 2009. The survey was completed without any HSE incidents and conducted efficiently with survey acquisition costs under budget. The data are currently being processed with final versions expected in April 2009.
Oilex farmed out part of its interest to Sasol, effective 10 November 2008, reducing Oilex's equity from 20% to 14% in return for Sasol carrying part of Oilex's share in the Rose 3D seismic survey. The other 4 joint venturers in the permit also each farmed out 6% of their respective 20% participating interests to Sasol at the same time. Sasol now holds a 30% participating interest and all 5 remaining joint venture parties each hold 14%.
Figure 6 - Location Rose 3D Seismic Survey, WA-388P(see Oilex website for full report)
EPP 27 - Otway Basin, Offshore South Australia
(Oilex Operator - 20%)
Oilex, on behalf of the EPP 27 Joint Venture, continued negotiations with the relevant authorities regarding arrangements for the exploration permit for which the final permit year 6 had not been extended after ending on 24 August 2008.
CORPORATE
Safety, Health and Environment
No lost time incidents were recorded in Oilex's operational areas during the quarter.
Community Development - Timor-Leste Rural Health project
Objective: Implement health care training and support operations in pre-determined areas of need in cooperation with the Ministry of Health, local health authorities and communities.
AAI is an Australian-based, independent humanitarian aid organisation that is non-profit and non-sectarian. AAI is operating a health program on the island of Artauro for which Oilex has provided funding since inception. The program is fully coordinated with the Ministry of Health and World Health Organization and supports their respective objectives.
Company Structure
The Company presently has 152,054,885 shares on issue. These shares are traded on the ASX in Australia and on the AIM market of the London Stock Exchange under the code: OEX.
Oilex also has 33,925,100 unlisted options on issue, the majority of these being held by executive staff and 1,077,000 Employee Performance Rights.
Capital Raising
During the quarter the Company finalised a placement of 43.8 million shares to raise gross proceeds of A$10.1 million at an issue price of $0.23 per share. The funds raised pursuant to the Issue will be utilised in progressing the Company's oil and gas activities and ongoing working capital requirements, with priority on developing its production assets with the aim to become cash flow positive in 2009.
Sale of Bow Shares
Contracts were completed for the sale of shares held by Oilex in Bow Energy generating proceeds of A$1.9 million.
At 31 December, 2008 the Company retained net cash of approximately A$14.7 million and no debt.
Oilex regularly updates its website at www.oilex.com.au
For and on behalf of the Board
Dr B. H. McCarthyManaging Director30 January 2009
The information in this report has been compiled by the Managing Director of Oilex Ltd, Bruce McCarthy B.Sc. (Hons) PhD (Geology) who has over 29 years experience in petroleum geology. The estimates of hydrocarbons in place were reviewed by Ray Barnes B.Sc. (Hons), the Technical Director of Oilex Ltd who has over 35 years experience in petroleum geology and is a member of the AAPG. Mr Barnes reviewed this announcement and consents to the inclusion of the estimated hydrocarbons in place in the form and context in which they appear. The resource estimates contained in this report are in accordance with the standard definitions set out by the Society of Petroleum Engineers, further information on which is available at www.spe.org.
Oilex's nominated advisor in relation to the AIM market is RFC Corporate Finance Ltd, contact: Stuart Laing, [email protected]
LIST OF ABBREVIATIONS
BOPD - barrels of oil per day
BPD - barrels (of fluid) per day
BS&W - base, sediment and water contaminants in oil
FTHP - flowing tubing head pressure
GOR - gas oil ratio measured in scf/bbl
scf/bbl - standard cubic feet (of gas) per barrel (of oil) produced
mmstboip - million stock tank barrels of oil in place
mcf/day - thousand cubic feet (of gas) per day
boe/day or BOEPD - barrels of oil equivalent per day (converted at 1 barrel = 6,000 cubic feet of gas)
PERMIT SCHEDULEPERMIT BASIN / STATE / JOINT VENTURE EQUITY % OPERATOR COUNTRY PARTIES Cambay Field Cambay / Gujarat / Oilex Ltd 30.00 Oilex Ltd PSC India Oilex NL Holdings 15.00 (India) Limited Gujarat State 55.00 Petroleum Corp. Ltd Bhandut Field Cambay / Gujarat / Oilex NL Holdings 40.00 Oilex NL PSC India (India) Limited Holdings (India) Gujarat State 60.00 Limited Petroleum Corp. Ltd Sabarmati Cambay / Gujarat / Oilex NL Holdings 40.00 Oilex NL Field PSC India (India) Limited Holdings (India) Gujarat State 60.00 Limited Petroleum Corp. Ltd
Block 56 EPSA South Oman / Oman Oilex Oman Limited 25.00 Oilex Oman
Limited GAIL (India) Limited 25.00 Videocon Hydrocarbon 25.00 Holding Ltd Bharat Petroresources 12.50 Ltd Hindustan Petroleum 12.50 Corp Ltd West Kampar Central Sumatra / Oilex (West Kampar) 45.00(1) PT Sumatera PSC Sumatra/ Indonesia Limited Persada Energi PT Sumatera Persada 55.00 Energi EPP27 Otway / SA / Oilex Ltd 20.00 Oilex Ltd Australia Videocon Industries 20.00 Ltd Gujarat State 20.00 Petroleum Corp. Ltd Great Artesian Oil & 40.00 Gas Limited JPDA 06-103 Flamingo / Joint Oilex (JPDA 06-103) 25.00 Oilex (JPDA PSC Petroleum Ltd 06-103) Ltd Development Area / Timor-Leste & GSPC (JPDA) Limited 25.00 Australia Global Energy Inc. 25.00 Bharat Petroresources 25.00 JPDA Ltd WA-388-P Carnarvon / WA / Oilex Ltd 14.00 Oilex Ltd Australia Gujarat State 14.00 Petroleum Corp Ltd Videocon Industries 14.00 Ltd Bharat Petroresources 14.00 Ltd Hindustan Petroleum 14.00 Corp Ltd Sasol Petroleum 30.00 Australia Ltd (1) Subsequent to Quarter end Oilex exercised its right not to proceed withacquiring additional 15%. Listing Rule 5.3 Appendix 5B Mining exploration entity quarterly report
Introduced 1/7/96. Origin: Appendix 8. Amended 1/7/97, 1/7/98, 30/9/2001.
Name of entity OILEX LTD ABN Quarter ended ("current quarter") 50 078 652 632 31 DECEMBER 2008
Consolidated statement of cash flows
Cash flows related to operating activities Current quarter Year to date
$A'000 (6 months) $A'000 1.1 Receipts from product sales and related - - debtors
1.2 Payments for (a) exploration and evaluation (6,125) (18,648)
(b) development - - (c) production (732) (1,074) (d) administration (net) (850) (2,025) 1.3 Dividends received - - 1.4 Interest and other items of a similar nature 57 415 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 (7,650) (21,332) Cash flows related to investing activities 1.8 Payment for purchases of: (a) prospects - (4,128) (b) equity investments - - (c) other fixed assets (104) (304) 1.9 Proceeds from sale of: (a) prospects - - (b) equity investments 937 937 (c) other fixed assets - - 1.10 Loans to other entities (126) (126) 1.11 Loans repaid by other entities - 1,438 1.12 Other (provide details if material) - - Net investing cash flows 707 (2,183) 1.13 Total operating and investing cash flows (6,943) (23,515) (carried forward) 1.13 Total operating and investing cash (6,943) (23,515) flows (brought forward) Cash flows related to financing activities 1.14 Proceeds from issues of shares, 4,391 4,391 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) 102 102 Net financing cash flows 4,493 4,493 Net increase (decrease) in cash (2,450) (19,022) held 1.20 Cash at beginning of quarter/year 18,797 33,487 to date 1.21 Exchange rate adjustments to item (1,638) 244 1.20 1.22 Cash at end of quarter 14,709 14,709
Payments to directors of the entity and associates of the directors
Payments to related entities of the entity and associates of the relatedentities Current quarter $A'000 1.23 Aggregate amount of payments to the parties included in 252 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
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 $162k was received after year end from the balance of Tranche 1, being 706,000 ordinary shares at 23 cents per share allotted 20 January 2009. At the General Meeting held 30/01/2009 shareholders approved the allotment of an additional 24,000,000 ordinary shares at 23 cents per share, raising cash of $5.52m. 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
Financing facilities available
Add notes as necessary for an understanding of the position.
Amount available Amount used $A'000 $A'000 3.1 Loan facilities - - 3.2 Credit standby arrangements - -
Estimated cash outflows for next quarter
$A'000 4.1 Exploration and evaluation 3,000 4.2 Development 2,000 Total 5,000Reconciliation 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'000items in the accounts is as follows. 5.1 Cash on hand and at bank 14,279 6,396 5.2 Deposits at call 430 12,401 5.3 Bank overdraft - - 5.4 Other (provide details) - - Total: cash at end of quarter (item 14,709 18,797 1.22)
Changes in interests in mining tenements
Tenement Nature of interest Interest Interest reference at beginning at end (note (2)) of 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
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 Issue price Amount paid quoted per security up per 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 151,348,885 151,348,885 Various - 7.4 Changes during quarter 19,094,000 19,094,000 $0.23 - (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 (description and conversion factor) 500,000 - $1.00 31/12/2009 3,000,000 - $1.50 31/12/2009 4,250,000 - $0.80 14/12/2009 1,000,000 - $0.50 16/02/2009 4,500,000 - $0.50 31/03/2010 775,000 - $0.50 31/07/2009 775,000 - $0.65 31/07/2009 775,000 - $0.90 31/07/2010 500,000 - $1.50 31/10/2009 500,000 - $1.75 31/10/2009 500,000 - $2.00 31/10/2010 500,000 - $1.40 31/01/2010 450,000 - $2.00 31/01/2010 450,000 - $2.50 31/01/2011 2,500,000 - $2.00 31/03/2011 300,000 - $1.75 31/03/2010 300,000 - $2.25 31/03/2011 300,000 - $2.75 31/03/2012 500,000 - $1.57 30/09/2011 350,000 - $1.60 30/04/2010 350,000 - $2.10 30/04/2010 350,000 - $2.70 30/04/2011 3,900,000 - $2.00 01/07/2011 3,900,000 - $2.50 01/07/2011 900,000 - $1.75 30/06/2011 900,000 - $2.25 30/06/2011 900,000 - $2.75 30/06/2012
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 60,000 Tranche 1 expire 1/07/2011 234,000 Tranche 2 expire 1/07/2011 229,000 Tranche 3 expire 1/07/2011 2007 Performance Rights 128,000 Tranche 1 expire 1/07/2012 128,000 Tranche 2 expire 1/07/2012 128,000 Tranche 3 expire 1/07/2012 2008 Performance Rights 89,000 Tranche 1 expire 1/07/2013 40,000 Tranche 2 expire 1/07/2013 41,000 Tranche 3 expire 1/07/2013 7.8 Issued during - - - - quarter 7.9 Exercised 2006 Performance Rights during quarter 171,000 Tranche 1 7.10 Expired Exercise Expiry during price date quarter 1,000,100 - $0.50 7/12/2008 2,000,000 $0.40 14/12/2008 3,000,000 $0.50 14/12/2008 2006 Performance Rights 48,000 Tranche 1 expire 1/07/2011 20,000 Tranche 2 expire 1/07/2011 20,000 Tranche 3 expire 1/07/2011 2007 Performance Rights 15,000 Tranche 1 expire 1/07/2012 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: 30 January 2009 (Director/Company Secretary)
Print name: Max D.J. Cozijn
vendorRelated Shares:
OEX.L