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EMERALD RESOURCES NL — Interim / Quarterly Report 2013
Jul 30, 2013
64849_rns_2013-07-30_17f7f94e-e419-4c74-b9d9-f4db868cb343.pdf
Interim / Quarterly Report
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Ground Floor, 20 Kings Park Road West Perth WA 6005 Ph: 08 9389 2111 Fax: 08 9389 2199 Email: [email protected] www.emeraldoilandgas.com
31 July 2013
Company Announcements Platform Australian Securities Exchange
QUARTERLY ACTIVITIES AND CASHFLOW REPORT June 30, 2013
Please find attached the Quarterly Activities Report and Appendix 5B Quarterly Cashflow Report for the quarter ended June 30, 2013.
Yours sincerely,
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MIKE KRZUS Director [email protected]
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ASX Release
31 July 2013
QUARTERLY ACTIVITIES REPORT FOR THREE MONTHS ENDED 30 June 2013
EMERALD OIL & GAS NL
Ground Floor, 20 Kings Park Road West Perth WA 6005 Ph: 08 9389 2111 Fax: 08 9389 2199
Highlights
Contact:
MIKE KRZUS
Director [email protected]
- Shareholders voted against resolution for in specie distribution of Emerald Oil Inc (EOX) shares to eligible shareholders on a pro rata basis.
GRAEME SMITH
Company Secretary [email protected]
E-MAIL: [email protected]
-
Canning basin tenements to be divested for cash and shares.
-
Approximately $404,000 cash balance.
WEBSITE:
www.emeraldoilandgas.com
Directors/Officers:
Jeremy Shervington – Chairman Mike Krzus – Director McAndrew Rudisill – Director Davide Bosio - Director
Dino DiCosta - Director
Issued Capital (30 Jun 13):
943,651,304 Shares (EMR) 167,600,000 Unlisted options
Market Capitalisation (30 Jun 13): Undiluted ~$5.7m (@ 0.6 cents)
Cash on hand (30 Jun 13)
$404,000
ASX Code:
EMR
EMERALD OIL & GAS NL – JUNE 2013 QUARTERLY REPORT
- 1 –
Projects
Appalachian Gas - Magoffin County, Kentucky (Emerald 75% Equity Interest in Kentucky Energy Partners LLC)
Highlights:
- Current gas production rates of approximately 340Mcfd and are expected to rise significantly with the installation of a compressor, which is currently being installed.
LOCATION
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Emerald's Appalachian gas operations are operated through Kentucky Energy Partners, a company 75% owned by Emerald. KEP currently holds 2,500 lease acres with 29 existing wells potentially capable of gas production, an 8 mile long gas gathering pipeline and gas conditioning/compression facilities.
Over 2 MMcfd wellhead production potential has been identified to date from flow tests on KEP wells.
Sour gas sales are approximately 340 Mcfd. KEP sour gas production is expected to increase to between 500 and 1000 Mcfd from the connected wells with compression currently being installed.
EMERALD OIL & GAS NL – JUNE 2013 QUARTERLY REPORT
- 2 –
Canning Basin – Western Australia (Emerald 75% Equity Interest in Kentucky Energy Partners LLC)
As announced to ASX on 29 July 2013, the Company has entered into a conditional agreement with Key Petroleum Limited to divest its Canning interests for a mixture of cash and shares.
The consideration to be paid for these interests by Key Petroleum consists of –
(i) $50,000 cash, and (ii) the issue of 4 million ordinary fully paid shares in Key Petroleum Limited to Emerald (or its nominee) at an issue price based on the 5 day VWAP of Key shares over the 5 days preceding the completion date, which is expected to be the 15 August 2013.
The transfer of the above registered interests is conditional upon standard approval by the Department of Mines and Petroleum.
Corporate
Cash Position
At 30 June 2013 the Group had $404,000 cash on hand.
Shareholding in Emerald Oil Inc (EOX)
On 24 May 2013, the Company held a General Meeting of Shareholders to vote on whether or not to have an in specie distribution of Emerald Oil Inc (EOX) shares to eligible shareholders on a pro rata basis.
The resolution put to shareholders was rejected.
Public Announcements
The Company made the following announcements during the quarter and up to the date of this quarterly report:
| Date | Headline |
|---|---|
| 26/07/2013 | Trading Halt Request |
| 26/07/2013 | Trading Halt |
| 24/05/2013 | Results of Meeting |
| 30/04/2013 | Quarterly Activities & Cashflow Report |
| 26/04/2013 | Notice of General Meeting & Proxy form |
For more information please contact:
MIKE KRZUS
Director
Tel: +618 9389 2111 [email protected]
EMERALD OIL & GAS NL – JUNE 2013 QUARTERLY REPORT
- 3 –
About Emerald Oil & Gas NL
Emerald Oil & Gas NL (ASX: EMR) was listed on the ASX in June 2006. Emerald Oil & Gas NL is a petroleum exploration and production company based in Perth, Australia. The Company's major asset consists of a substantial equity interest in Emerald Oil Inc (NYSE:EOX), an active Williston Basin operating company listed on the New York Stock Exchange. In addition, Emerald holds exploration and production interests in Kentucky, USA and Canning Basin, Western Australia.
Statements regarding Emerald’s plans with respect to its petroleum properties are forward-looking statements. There can be no assurance that Emerald’s plans for development of its petroleum properties will proceed as currently expected. There can be no assurance that Emerald will be able to confirm the presence of additional petroleum deposits, that any discovery will prove to be economic or that an oil or gas field will successfully be developed on any of Emerald’s petroleum properties.
EMERALD OIL & GAS NL – JUNE 2013 QUARTERLY REPORT
- 4 –
Appendix 5B Mining exploration entity quarterly report
Rule 5.3
Appendix 5B
Mining exploration entity quarterly report
Introduced 01/07/96 Origin Appendix 8 Amended 01/07/97, 01/07/98, 30/09/01, 01/06/10, 17/12/10
Name of entity
Emerald Oil & Gas NL
| ABN 009 795 046 |
Quarter ended (“current quarter”) |
|---|---|
| 009 795 046 | 30 June 2013 |
Consolidated statement of cash flows
| Cash flows related to operating activities 1.1 Receipts from product sales and related debtors 1.2 Payments for (a) exploration & evaluation (b) development (c) production (d) administration 1.3 Dividends received 1.4 Interest and other items of a similar nature received 1.5 Interest and other costs of finance paid 1.6 Income taxes paid 1.7 Other (provide details if material) NetOperating Cash Flows |
Current quarter $A’000 |
Year to date (12 months) $A’000 |
|---|---|---|
| 16 - (50) - (120) - 3 - - - |
100 (1,684) (183) - (1,764) - 12 (36) - - |
|
| (151) | (3,555) | |
| Cash flows related to investing activities 1.8 Payment for purchases of: (a) prospects (b) equity investments (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 1.12 Other (provide details if material) Net investing cash flows 1.13 Total operating and investing cash flows (carried forward) |
- - - - - - - - - |
- - - - 2,333 - - - - |
| - | 2,333 | |
| (151) | (1,222) |
- See chapter 19 for defined terms.
17/12/2010 Appendix 5B Page 1
Appendix 5B Mining exploration entity quarterly report
| 1.13 Total operating and investing cash flows (brought forward) |
(151) | (1,222) |
|---|---|---|
| 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 1.17 Repayment of borrowings 1.18 Dividends paid 1.19 Other (provide details if material) Share issue transaction costs Net financing cash flows |
- - - - - - |
1 - 1,875 (363) - (103) |
| - | 1,410 | |
| Net increase (decrease) in cash held 1.20 Cash at beginning of quarter/year to date 1.21 Exchange rate adjustments to item 1.20 1.22 Cash at end ofquarter |
(151) 581 (26) |
188 504 (288) |
| 404 | 404 |
Payments to directors of the entity and associates of the directors Payments to related entities of the entity and associates of the related entities
| 1.23 1.24 |
Aggregate amount of payments to the parties included in item 1.2 Aggregate amount of loans to the parties included in item 1.10 |
Current quarter $A'000 |
|---|---|---|
| 82 | ||
| - | ||
| 1.25 | Explanation necessaryfor an understandingof the transactions | |
| The amount above includes payments to directors and to companies associated with the directors for this quarter. Payments to Jeremy Shervington Legal Practice relate to the provision of legal services on commercial terms. |
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
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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
Financing facilities available
Add notes as necessary for an understanding of the position.
| 3.1 Loan facilities 3.2 Credit standby arrangements |
Amount available $A’000 |
Amount used $A’000 |
|---|---|---|
| Nil | Nil | |
| Nil | Nil |
- See chapter 19 for defined terms.
Appendix 5B Page 2
17/12/2010
Appendix 5B Mining exploration entity quarterly report
Estimated cash outflows for next quarter
| Estimated cash outflows for next quarter | |
|---|---|
| 4.1 Exploration and evaluation 4.2 Development 4.3 Production 4.4 Administration |
$A’000 |
| - | |
| 40 | |
| - | |
| 100 | |
| Total | 140 |
Reconciliation of cash
| Reconciliation of cash | ||
|---|---|---|
| Reconciliation of cash at the end of the quarter (as shown in the consolidated statement of cash flows) to the related items in the accounts is as follows. |
Current quarter $A’000 |
Previous quarter $A’000 |
| 5.1 Cash on hand and at bank 5.2 Deposits at call 5.3 Bank overdraft 5.4 Other (provide details) |
404 | 581 |
| - | - | |
| - | - | |
| - | - | |
| Total: cash at end of quarter(item 1.22) | 404 | 581 |
Changes in interests in mining tenements
| 6.1 Interests in mining tenements relinquished, reduced or lapsed 6.2 Interests in mining tenements acquired or increased |
Tenement reference |
Nature of interest (note (2)) |
Interest at beginning ofquarter |
Interest at end of quarter |
|---|---|---|---|---|
- See chapter 19 for defined terms.
17/12/2010 Appendix 5B Page 3
Appendix 5B Mining exploration entity quarterly 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 quoted | Issue price per security (see note 3) (cents) |
Amount paid up per security (see note 3) (cents) |
|
|---|---|---|---|---|
| 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 7.4 Changes during quarter (a) Increases through issues (b) Decreases through returns of capital,buy-backs |
943,651,304 | 943,651,304 | ||
| 7.5 +Convertible debt securities (description) 7.6 Changes during quarter (a) Increases through issues (b) Decreases through securities matured,converted |
||||
| 7.7 Options (description and conversion factor) 7.8 Issued during quarter 7.9 Exercised during quarter 7.10 Expired during quarter |
117,600,000 50,000,000 |
- - |
Exercise price 5 cents 5 cents |
Expiry date 30 April 2014 28 June 2014 |
| 5,000,000 | 10 cent | 31 March 2013 | ||
| 7.11 Debentures (totals only) |
||||
| 7.12 Unsecured notes (totals only) |
- See chapter 19 for defined terms.
Appendix 5B Page 4
17/12/2010
Appendix 5B Mining exploration entity quarterly report
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 (see note 5).
-
2 This statement does give a true and fair view of the matters disclosed.
Sign here:
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Date: 31 July 2013
(Director)
Print name:
Mike Krzus
Notes
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1 The quarterly report provides a basis for informing the market how the entity’s activities have been financed for the past quarter and the effect on its cash position. An entity wanting to disclose additional information is encouraged to do so, in a note or notes attached to this report.
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2 The “Nature of interest” (items 6.1 and 6.2) includes options in respect of interests in mining tenements acquired, exercised or lapsed during the reporting period. If the entity is involved in a joint venture agreement and there are conditions precedent which will change its percentage interest in a mining tenement, it should disclose the change of percentage interest and conditions precedent in the list required for items 6.1 and 6.2.
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3 Issued and quoted securities The issue price and amount paid up is not required in items 7.1 and 7.3 for fully paid securities .
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4 The definitions in, and provisions of, AASB 6: Exploration for and Evaluation of Mineral Resources and AASB 107: Statement of Cash Flows apply to this report.
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5 Accounting Standards ASX will accept, for example, the use of International Financial Reporting Standards for foreign entities. If the standards used do not address a topic, the Australian standard on that topic (if any) must be complied with.
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- See chapter 19 for defined terms.
17/12/2010 Appendix 5B Page 5