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EMERALD RESOURCES NL Interim / Quarterly Report 2014
64849_rns_2014-04-29_e1c3a1b9-9a0f-4907-a9f5-f013be306ca6.pdf
Interim / Quarterly Report
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Level 1,248 Hay Street Subiaco WA 6008 Email: [email protected] www.emeraldoilandgas.com
31 March 2014
Company Announcements Platform Australian Securities Exchange
QUARTERLY ACTIVITIES AND CASHFLOW REPORT March 31, 2014
Please find attached the Quarterly Activities Report and Appendix 5B Quarterly Cashflow Report for the quarter ended March 31, 2014.
Yours sincerely,
Amanda Burgess Company Secretary
QUARTERLY ACTIVITIES REPORT FOR THREE MONTHS ENDED 31 MARCH 2014
Appalachian Gas - Magoffin County, Kentucky (Emerald 75% Equity Interest in Kentucky Energy Partners LLC)
LOCATION
Emerald's Appalachian gas operations are operated through Kentucky Energy Partners ("KEP"), a company 75% owned by Emerald. KEP currently holds 1,200 lease acres with 12 existing wells potentially capable of gas production, an 8 mile long gas gathering pipeline.
The operator has informed Emerald that KEP's current sour gas production is approximately 450 Mcfd. The operator is continuing to assess KEP's sour gas production with the objective to increase up to 800 Mcfd with the connection of additional existing gas wells.
Corporate
Cash Position and Listed Securities
At 31 March 2014 the Group had \$13,307,560 cash on hand after selling its US listed securities this quarter.
On Market Buy-Back
On 23 January 2014 EMR announced its intention to commence an on-market buy-back of up to 94,365,130 of the issued capital of the Company in accordance with the ASX guidelines and Corporations Act. The Company commenced the on-market buy-back on 27 February 2014 and as at 29 April 2014 had completed 93,550,717 share buy-back with only 814,413 remaining of the current on market share buy-back.
Issued Capital
Issued capital as at 30 April 2014 is 850,100,587 fully paid ordinary shares and 50,000,000 unlisted options. Market capitalisation as at 31 March 2014 was approximately \$8.50m (@ $$0.01$ ).
Public Announcements
The Company made the following announcements during the quarter:
| Date | Headline |
|---|---|
| 29/04/2014 | Daily share buy-back notice - Appendix 3E |
| 28/04/2014 | Change in substantial holding from OGH |
| 28/04/2014 | Daily share buy-back notice - Appendix 3E |
| 24/04/2014 | Daily share buy-back notice - Appendix 3E |
| 23/04/2014 | Daily share buy-back notice - Appendix 3E |
| 22/04/2014 | Daily share buy-back notice - Appendix 3E |
| 16/04/2014 | Daily share buy-back notice - Appendix 3E |
| 15/04/2014 | Daily share buy-back notice - Appendix 3E |
| 01/04/2014 | Daily share buy-back notice - Appendix 3E |
| 28/03/2014 | Daily share buy-back notice - Appendix 3E |
| 28/03/2014 | Daily share buy-back notice - Appendix 3E |
| 25/03/2014 | ASIC Form 484 - Cancellation of Shares |
| 20/03/2014 | Change in Company Secretary |
| 18/03/2014 | Daily share buy-back notice - Appendix 3E |
| 17/03/2014 | Daily share buy-back notice - Appendix 3E |
| 14/03/2014 | Interim Financial Report |
| 10/03/2014 | Daily share buy-back notice - Appendix 3E |
| 04/03/2014 | Daily share buy-back notice - Appendix 3E |
| 28/02/2014 | Daily share buy-back notice - Appendix 3E |
| 27/02/2014 | Daily share buy-back notice - Appendix 3E |
| 27/02/2014 | Sale of Listed Investment Emerald Oil Inc |
| 07/02/2014 | Addendum to Quarterly Activities Report |
| 03/02/2014 | Quarterly Activities and Cashflow Reports |
| 23/01/2014 | Announcement of buy-back - Appendix 3C |
For more information please contact:
Jeremy Shervington Chairman
Tel: +618 9389 2111
About Emerald Oil & Gas NL
Emerald Oil and Gas NL (ASX:EMR) is a petroleum exploration and production company based in Perth, Western Australia. Emerald has an operating asset in the USA
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.
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") 31 March 2014
Consolidated statement of cash flows
| Cash flows related to operating activities | Current quarter \$A'000 |
Year to date $(6$ months) |
|
|---|---|---|---|
| 1.1 | Receipts from product sales and related | \$A'000 | |
| debtors | 44 | ||
| 1.2 | Payments for (a) exploration & evaluation | (20) | |
| (b) development | (69) | ||
| (c) production | |||
| (d) administration | (244) | (595) | |
| 1.3 | Dividends received | ||
| 1.4 | Interest and other items of a similar nature received |
10 | 12 |
| 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 | (234) | (628) | |
| 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 |
50 | |
| (b) equity investments | 13,675 | 13,715 | |
| (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 | 13,675 | 13,765 | |
| 1.13 | Total operating and investing cash flows | ||
| (carried forward) | 13,440 | 13.136 |
+ See chapter 19 for defined terms.
Appendix $5B$ Mining exploration entity quarterly report
| 1.13 | Total operating and investing cash flows | ||
|---|---|---|---|
| (brought forward) | 13,136 | 13,440 | |
| 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 buy | (238) | (238) |
| back | |||
| Net financing cash flows | (238) | (238) | |
| Net increase (decrease) in cash held | 13,202 | 12,898 | |
| 1.20 | Cash at beginning of quarter/year to date | 107 | 404 |
| 1.21 | Exchange rate adjustments to item 1.20 | ||
| 1.22 | Cash at end of quarter | 13,309 | 13,309 |
Payments to directors of the entity and associates of the directors Payments to related entities of the entity and associates of the related entities
| Current quarter \$A'000 |
||
|---|---|---|
| 1.23 | Aggregate amount of payments to the parties included 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 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
Details of financing and investing transactions which have had a material effect on $2.1$ consolidated assets and liabilities but did not involve cash flows
During the quarter, the Group sold its shares in an US listed entity, with a deemed value of \$13.675mil. The shares were sold during the quarter with proceeds disclosed at item 1.9(b).
Details of outlays made by other entities to establish or increase their share in projects in $2.2$ which the reporting entity has an interest
+ See chapter 19 for defined terms.
$\overline{A}$
Financing facilities available
Add notes as necessary for an understanding of the position. $\overline{1}$
| Amount available | Amount used | ||
|---|---|---|---|
| \$A'000 | A'000 | ||
| 3.1 | Loan facilities | Nil | Nil |
| 3.2 | Credit standby arrangements | Nil | Nil |
Estimated cash outflows for next quarter
| Total | 270 | |
|---|---|---|
| 4.4 | Administration | 250 |
| 4.3 | Production | L. |
| 4.2 | Development | 20 |
| 4.1 | Exploration and evaluation | |
| \$A 000 |
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 |
|
|---|---|---|---|
| Cash on hand and at bank 5.1 |
13,307 | 107 | |
| 5.2 | Deposits at call | ||
| 5.3 | Bank overdraft | ||
| 5.4 | Other (provide details) | ||
| Total: cash at end of quarter (item 1.22) | 13,307 | 107 |
Changes in interests in mining tenements
| Tenement reference |
Nature of interest (note(2)) |
Interest at beginning of quarter |
Interest at end of quarter |
||
|---|---|---|---|---|---|
| 6.1 | Interests in mining tenements relinquished, reduced or lapsed |
||||
| 6.2 | Interests in mining tenements acquired or increased |
+ See chapter 19 for defined terms.
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 per | Amount paid up | ||
|---|---|---|---|---|---|
| quoted | security (see | per security (see | |||
| $note$ 3) (cents) | $note$ 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 | 919,869,173 | 919,869,173 | ||
| securities | |||||
| 7.4 | Changes during | ||||
| quarter | |||||
| (a) Increases | |||||
| through issues (b) Decreases |
|||||
| through returns of | 69,768,586 due | 69,768,586 due | |||
| capital, buy-backs | to share buy | to share buy | |||
| back | back | ||||
| 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 |
Exercise price | Expiry date | ||
| conversion factor) | 50,000,000 | 5 cents | 28 June 2014 | ||
| 7.8 | Issued during | ||||
| quarter | |||||
| 7.9 | Exercised during | ||||
| quarter | |||||
| 7.10 | Expired during | 117,600,000 | 5 cents | 30 April 2014 | |
| quarter | |||||
| 7.11 | Debentures | ||||
| (totals only) | |||||
| 7.12 | Unsecured notes | ||||
| (totals only) |
+ See chapter 19 for defined terms.
Compliance statement
- This statement has been prepared under accounting policies which comply with $\mathbf{I}$ accounting standards as defined in the Corporations Act or other standards acceptable to ASX (see note 5).
- $\overline{2}$ This statement does give a true and fair view of the matters disclosed.
Date: 31 March 2014
Print name: Amanda Burgess
Notes
Sign here:
- $\mathbf{I}$ 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.
- $\overline{2}$ 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.
- Issued and quoted securities The issue price and amount paid up is not $\overline{3}$ required in items 7.1 and 7.3 for fully paid securities.
- The definitions in, and provisions of, AASB 6: Exploration for and Evaluation of $\overline{4}$ Mineral Resources and AASB 107: Statement of Cash Flows apply to this report.
- Accounting Standards ASX will accept, for example, the use of International 5 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.
as se se se en
+ See chapter 19 for defined terms.