HYTERRA LTD — Interim / Quarterly Report 2020

Dec 15, 2019

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T r i p l e E n e r g y L i m i t e d A C N 1 1 6 8 2 9 6 7 5

I N T E R I M F I N A N C I A L R E P O R T 3 0 S E P T E M B E R 2 0 1 9

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CONTENTS	PAGE
Directors’ Report	3
Auditor’s Independence Declaration	5
Condensed Statement of Comprehensive Income	6
Condensed Statement of Financial Position	7
Condensed Statement of Changes in Equity	8
Condensed Statement of Cash Flows	9
Notes to the Condensed Financial Statements	10
Directors’ Declaration	16
Independent Auditor’s Review Report	17

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DIRECTORS’ REPORT

Your directors submit the financial report of the Group for the half-year ended 30 September 2019. In order to comply with the provisions of the Corporations Act 2001, the directors report as follows:

Directors

The names of directors who held office during or since the end of the interim period and until the date of this report are noted below. Directors were in office for this entire period unless otherwise stated.

Murray d’Almeida	Independent Non-Executive Director and acting Chairman
Chris Berkefeld	Independent Non-Executive Director
Hongbing Zhang	Non-Executive Director (appointed 15 May 2019)
RuoYun Zhang	Non-Executive Director (appointed 15 May 2019)
Tun Yiu (Michael) Kei	Executive Director (appointed 15 May 2019)
Ming Kit (Tommy) Cheng	Former Non-Executive Chairman (resigned 15 May 2019)
Chun Fai (Edward) Siew	Former Alternate Director for Mr Tommy Cheng (resigned 15 May 2019)

Operating results

The loss of the Group for the half-year after income tax was $197,819 (30 September 2018 loss: $221,388).

Review of Operations

Xin 214 Project - Songyuan

During the prior financial year, the Company announced it had entered into a Memorandum of Understanding (MoU) with Guangzhou Bofu Investment Co. Ltd ( GBIC ), which intends to acquire an 80% interest in Songyuan Petroleum Development Co. Ltd ( SPDC ), which in turn has the right to derive income from the development of 4 oil blocks in Songyuan City, Jilin Province in the Peoples Republic of China ( PRC ).

Triple staff and representatives in Hong Kong ( HK ) and mainland China are continuing to progress negotiations and due diligence on the project which has been extended to Q1 2020. The MoU contemplates that the parties will negotiate a transaction whereby Triple indirectly or directly acquires GBIC, thereby obtaining the right to derive income from the abovementioned oil blocks. MoUs of this type are commonly used in the PRC as a pre-cursor to more formal documentation.

Aolong JV Project in Heilongjiang

No significant exploration activity was carried out during the period on the Hegang project area or other areas to which the Aolong Co-operative Joint Venture ( CJV ) holds contractual rights to acquire interests. The joint venture partners continue to work towards agreeing necessary measures for closer cooperation, to minimize any future development conflicts as well as identifying other project areas suitable for gas production, having regard to the geological complexities apparent in the existing project area. Further work to continue the identification, rank and work-up of potential sites for future drilling remains subject to funding and the successful outcome of joint venture discussions.

Corporate & Financial

Triple staff in Australia, HK and PRC, including and supported by employees of HK-Listed Beijing Gas Blue Sky Ltd ( BGBS ), continue to work actively on the evaluation of other potential new projects consistent with the Company’s strategy.

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As of 30 September 2019 the Group’s consolidated cash balance was A$352,454, including funds held by the Aolong CJV in China. As previously disclosed, Triple continues to have the benefit of financial, strategic and operational support from BGBS and its management in continuing its operations and meet its business objectives.

Auditor’s Independence Declaration

Section 307C of the Corporations Act 2001 requires our auditors, HLB Mann Judd, to provide the directors of the Company with an Independence Declaration in relation to the review of the interim financial report. This Independence Declaration is set out on page 5 and forms part of this directors’ report for the half-year ended 30 September 2019.

This report is signed in accordance with a resolution of the Board of Directors made pursuant to s.306(3) of the Corporations Act 2001.

Murray d’Almeida

Director Dated this 13[th] day of December 2019

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AUDITOR’S INDEPENDENCE DECLARATION

As lead auditor for the review of the consolidated financial report of Triple Energy Limited for the half-year ended 30 September 2019, I declare that, to the best of my knowledge and belief, there have been no contraventions of:

• (a) the auditor independence requirements of the Corporations Act 2001 in relation to the review; and

• (b) any applicable code of professional conduct in relation to the review.

Perth, Western Australia N G Neill 13 December 2019 Partner

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CONDENSED STATEMENT OF COMPREHENSIVE INCOME FOR THE HALF-YEAR ENDED 30 SEPTEMBER 2019

ONDENSED STATEMENT OF COMPREHENSIVE INCOME OR THE HALF-YEAR ENDED 30 SEPTEMBER 2019
Notes Continuing operations Other income 2a Project expenses 2b Corporate and administrative expenses 2b Loss before income tax expense Income tax expense Loss after tax expense Net loss for the half-year Other comprehensive income/(loss) Items that may be reclassified to profit or loss Exchange differences on translation of foreign operations Total comprehensive loss for the half-year Loss attributable to: Owners of the group Non-controlling interests Loss for the half-year Total comprehensive loss attributable to: Owners of the group Non-controlling interests Total comprehensive loss for the half-year Basic and diluted loss per share (cents per share)	Consolidated Consolidated 30 Sept 2019 $ 30 Sept 2018 $ - 198 (55,058) (81,044) (142,761) (140,542)
	(197,819) (221,388) - -
	(197,819) (221,388) (197,819) (221,388)
	(15,173) 23,459
	(212,992) (197,929)
	(197,592) (219,760) (227) (1,628)
	(197,819) (221,388)
	(211,101) (200,993) (1,891) 3,064
	(212,992) (197,929)
	0.27 0.51

The accompanying notes form part of these financial statements.

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CONDENSED STATEMENT OF FINANCIAL POSITION AS AT 30 SEPTEMBER 2019

Note ASSETS Current Assets Cash and cash equivalents Other current assets Total Current Assets Total Assets LIABILITIES Current Liabilities Trade and other payables Borrowings Total Current Liabilities Non-Current Liabilities Borrowings Total Non-Current Liabilities Total Liabilities Net Liabilities Equity Issued capital 3 Reserves Accumulated losses Parent entity interest Non-controlling interests Total deficiency	Consolidated Consolidated 30 Sep 2019 $ 31 Mar 2019 $ 352,453 555,172 9,915 21,042
	362,368 576,214
	362,368 576,214
	(754,723) (812,246) - -
	(754,723) (812,246)
	(151,657) (94,988)
	(151,657) (94,988)
	(906,380) (907,234)
	(544,012) (331,020)
	37,232,495 37,232,495 1,137,378 1,150,887 (38,811,796) (38,614,204)
	(441,923) (230,822) (102,089) (100,198)
	(544,012) (331,020)

The accompanying notes form part of these financial statements.

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CONDENSED STATEMENT OF CHANGES IN EQUITY FOR THE HALF-YEAR ENDED 30 SEPTEMBER 2019

As at 1 April 2018 Loss for the period Foreign exchange reserve movements on translation of overseas subsidiaries Changes in net assets attributable to non-controlling interests Total comprehensive loss for the period As at 30 September 2018 As at 1 April 2019 Loss for the period Foreign exchange reserve movements on translation of overseas subsidiaries Total comprehensive loss for the period As at 30 September 2019	Issued Capital Reserves Accumulated Losses Total Non- controlling interests Total equity $ $ $ $ $ $ 36,645,591 780,393 (37,790,526) (364,542) (98,758) (463,300) - - (219,760) (219,760) (1,628) (221,388) - 23,459 - 23,459 - 23,459 - (4,692) - (4,692) 4,692 -
	- 18,767 (219,760) (200,993) 3,064 (197,929)
	36,645,591 799,160 (38,010,286) (565,535) (95,694) (661,229)
	37,232,495 1,150,887 (38,614,204) (230,822) (100,198) (331,020) - - (197,592) (197,592) (227) (197,819) - (13,509) - (13,509) (1,664) (15,173)
	- (13,509) (197,592) (211,101) (1,891) (212,992)
	37,232,495 1,137,378 (38,811,796) (441,023) (102,089) (544,012)

The accompanying notes form part of these financial statements.

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CONDENSED STATEMENT OF CASH FLOWS

FOR THE HALF-YEAR ENDED 30 SEPTEMBER 2019

Cash flows from operating activities Payments to suppliers and employees Interest received Net cash used in operating activities Cash flows from financing activities Proceeds from borrowings Transaction costs on issue of shares Net cash from / (used in) financing activities Net decrease in cash held Cash and cash equivalents at the beginning of the period Effects of exchange rate changes on the balance of cash held in foreign currencies Cash and cash equivalents at the end of the period

Consolidated Consolidated 30 Sep 2019 $ 30 Sep 2018 $ Inflows/(Outflows) (259,388) (233,433) - 198 (259,388) (233,235) 56,669 61,880 - - 56,669 61,880 (202,719) (171,355) 555,172 280,053 - (2) 352,453 108,696

The accompanying notes form part of these financial statements.

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NOTES TO THE CONDENSED FINANCIAL STATEMENTS FOR THE HALF-YEAR ENDED 30 SEPTEMBER 2018

NOTE 1: STATEMENT OF SIGNIFICANT ACCOUNTING POLICIES

Statement of compliance

The interim financial statements are a general purpose financial report prepared in accordance with the requirements of the Corporations Act 2001, applicable accounting standards including AASB 134 ‘Interim Financial Reporting’, Accounting Interpretations and other authoritative pronouncements of the Australian Accounting Standards Board (‘AASB’). Compliance with AASB 134 ensures compliance with IAS 34 ‘Interim Financial Reporting’.

The interim financial statement comprises the condensed interim financial statements for the Group. For the purposes of preparing the interim financial statements, the Company is a for-profit entity.

This condensed half-year report does not include full disclosures of the type normally included in an annual financial report. Therefore, it cannot be expected to provide as full an understanding of the financial performance, financial position and cash flows of the Group as in the full financial report.

It is recommended that this financial report be read in conjunction with the annual financial report for the year ended 31 March 2019 and any public announcements made by Triple Energy Limited (“Triple”) during the half-year in accordance with continuous disclosure requirements arising under the Corporations Act 2001 and the ASX Listing Rules.

The accounting policies and methods of computation adopted are consistent with those of the previous financial year and corresponding interim reporting period, except as set out below.

Basis of preparation

The interim report has been prepared on a historical cost basis, except for the revaluation of certain financial instruments to fair value. Cost is based on the fair value of the consideration given in exchange for assets. The Company is domiciled in Australia and all amounts are presented in Australian dollars, unless otherwise noted.

For the purpose of preparing the interim report, the half-year has been treated as a discrete reporting period.

Going concern

The financial statements have been prepared on a going concern basis, which contemplates continuity of normal business activities and the commercial realisation of the Group’s assets, and the settlement of liabilities in the normal course of business.

For the period ended 30 September 2019 the Group recorded a net loss after tax of $197,819, net operating and investing cash outflows of $259,388 and had a working capital deficiency as at 30 September 2019 of $392,355. Consequently the Directors have identified a need for the Group to raise further funds, either through issuing additional equity, convertible securities or potentially a shareholder loan in order to fund ongoing exploration and project evaluation activities and to meet the working capital requirements of the business. The Company expects its subsidiaries will continue to be able to defer payment of liabilities owed (including the interest-free loan received from BGBS). The Company is engaged with key stakeholders and with investors introduced by its HK and mainland China-based investors in relation to potential new investment for both near-term capital requirements and longer-term strategic growth and funding initiatives.

The Directors have reviewed the Group’s overall position in respect of the matters identified above and are of the opinion that the use of the going concern basis is appropriate in the circumstances based on the expectation that additional funding will be available to the Company and its subsidiaries. However, if the Group is unable to obtain sufficient additional funding through the raising of capital or from loan funds, there exists a material uncertainty that may cast significant doubt on the Group’s ability to continue as a going concern and therefore, its ability to realise its assets and discharge its liabilities in the normal course of business and at the amounts stated in the financial report.

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NOTES TO THE CONDENSED FINANCIAL STATEMENTS

FOR THE HALF-YEAR ENDED 30 SEPTEMBER 2019

NOTE 1: STATEMENT OF SIGNIFICANT ACCOUNTING POLICIES (continued)

Significant accounting judgments and key estimates

The preparation of interim financial reports requires management to make judgments, estimates and assumptions that affect the application of accounting policies and the reported amounts of assets, liabilities, income and expense. Actual results may differ from these estimates.

Except as described below, in preparing this interim report, the significant judgments made by management in applying the Group’s accounting policies and the key estimates of uncertainty were the same as those applied for the year ended 31 March 2019.

Adoption of new and revised Accounting Standards

In the half-year ended 30 September 2019, the Directors have reviewed all of the new and revised Standards and Interpretations issued by the AASB that are relevant to the Group’s operations and effective for annual reporting periods beginning on or after 1 April 2019.

It has been determined by the Directors that there is no material impact, of the new and revised Standards and Interpretations on its business.

The Directors have also reviewed all new Standards and Interpretations that have been issued but are not yet effective for the half-year ended 30 September 2019. As a result of this review the Directors have determined that there is no impact, material or otherwise, of the new and revised Standards and Interpretations on the Group’s business.

AASB 9 Accounting Policy

Form 1 April 2019, the Group classified its financial assets in the following categories:

• Those to be measured subsequently at fair value (either through other comprehensive income (OCI) or through profit or loss) and;

• Those to be measured at amortised cost.

The classification depends on the entity’s business model for managing the financial assets and the contractual terms of the cash flows.

The Group reclassifies debt instruments when and only when its business model for managing those assets changes.

Measurement

At initial recognition, the Group measures a financial asset at its fair value plus, in the case of a financial asset not at fair value through profit or loss (FVPL), transaction costs that are directly attributable to the acquisition of the financial asset. Transaction costs of financial assets carried at FVPL are expense in the profit or loss.

Subsequent measurement of financial instruments depends on the Group’s business model for managing the asset/liability and the cash flow characteristics of the asset/liability. The Group classifies its financial instruments as amortised cost. These are instruments that are held for the payment of contractual cash flows where those cash flows are solely payments of principal and interest. Any gain/loss arising on derecognition is recognised directly in profit or loss together with any foreign exchange loss (where relevant).

Impairment

As per AASB 9 the Group applies an expected credit loss model and not an incurred credit loss model as per AASB 139. To reflect changes in credit risk, this expect credit loss model requires the Group to account for expected credit loss since initial recognition.

AASB 9 also determines that a loss allowance for expected credit loss be recognised on debt investments subsequently measured at amortised cost or at fair value through other comprehensive income, lease receivables, contract assets, loan commitments and financial guarantee contracts as the impairment provision would apply to them.

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NOTES TO THE CONDENSED FINANCIAL STATEMENTS

FOR THE HALF-YEAR ENDED 30 SEPTEMBER 2019

NOTE 1: STATEMENT OF SIGNIFICANT ACCOUNTING POLICIES (continued)

If the credit risk on a financial instrument did not show significant change since initial recognition and expected credit loss amount equal to 12‐month expected credit losses is used. However, a loss allowance is recognised at an amount equal to the lifetime expected credit loss if the credit risk on that financial instrument has increased significantly since initial recognition, or if the instrument is an acquired credit‐impaired financial asset.

A simple approach is followed in relation to trade receivables, as the loss allowance is measured at lifetime expected credit loss.

NOTE 2: LOSS BEFORE INCOME TAX EXPENSE

The following revenue and expense items are relevant in explaining the financial performance for the half-year: (a) Other income Interest (b) Expenses (i) Project expenses Exploration and Evaluation Expenses Project and Business Development Wages and Salaries Travel and associated Other business development Less expense recoveries Total project expense (i) Corporate and Administrative Expenses Directors Fees Consulting Fees Accounting and Auditing Occupancy costs Listing and Compliance Other Administrative expenses Total Corporate and Administrative Expenses	Consolidated Consolidated 30 September 2019 $ 30 September 2018 $ - 198 34,865 19,123 (46,755) 49,179 66,948 12,742 - -
	55,058 81,044
	39,996 29,997 26,140 18,387 22,289 18,038 2,410 1,427 39,905 17,296 12,021 55,397
	142,761 140,542

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NOTES TO THE CONDENSED FINANCIAL STATEMENTS FOR THE HALF-YEAR ENDED 30 SEPTEMBER 2019

NOTE 3: ISSUED CAPITAL

Ordinary shares - Issued and fully paid Performance Shares Total Movements in issued capital during the period Fully Paid Ordinary Shares At start of period Shares issued(i) Issue costs At end of period	Consolidated Consolidated 30 September 2019 $ 31 March 2019 $ 36,432,495 36,432,495 800,000 800,000 37,232,495 37,232,495 6 months to 12 months to 6 months to 12 months to 30-Sep 31-Mar 30-Sep 31-Mar 2019 2019 2019 2019 No. No. $ $ 71,996,054 43,197,632 36,432,495 35,845,591 - 28,798,422 - 633,565 - - - (46,664)
	71,996,054 71,996,054 36,432,495 36,432,495

(i) On 30 August 2018 Triple announced a fully-underwritten non-renounceable entitlements offer ( Entitlements Offer ) of fully paid ordinary shares ( New Shares ) based upon an entitlement of two (2) New Shares for every three (3) existing shares held at the record date. New Shares under the Entitlement Offer were offered at 2.2 cents per share to raise approximately A$633,565 before costs. The Entitlement Offer closed during October 2018 and allotment of the shortfall to the underwriter was completed on 13 October 2018.

Options on issue Movements in share options: Outstanding at the beginning of the period Lapsed during period Outstanding at the end of the period post consolidation	Consolidated Consolidated 30 September 2019 No. 31 March 2019 No.
	- 2,250,000 2,250,000 4,175,000 (2,250,000) (1,925,000)
	- 2,250,000

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NOTES TO THE CONDENSED FINANCIAL STATEMENTS FOR THE HALF-YEAR ENDED 30 SEPTEMBER 2019

NOTE 4: OPERATING SEGMENTS

Management has determined that the Group has one reportable segment, being oil and gas exploration and development in the People’s Republic of China. As the Group is focused on the oil and gas sector, the Board monitors the Group based on actual versus budgeted revenues and expenditure incurred by area of interest. This internal reporting framework is the most relevant to assist the Board with making decisions regarding the Company and its ongoing activities, while also taking into consideration the results of work that has been performed to date.

NOTE 5: DIVIDENDS

The Directors of the Company have not declared an interim dividend.

NOTE 6: FINANCIAL INSTRUMENTS

The directors consider that the carrying value of financial assets and financial liabilities recognised in the consolidated financial statements approximate their fair values.

NOTE 7: LOSS PER SHARE

(a) Earnings used in calculating earnings per share For basic loss per share: Loss from Continuing Operations (b) Weighted average number of shares Weighted average number of ordinary shares for basic earnings per share There are no potential ordinary shares that are considered dilutive, as a result no dilutive earnings per share has been disclosed.	Consolidated 30 September 2019 $ 30 September 2018 $
	(197,819) (221,388)
	71,996,054 43,197,632

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NOTES TO THE CONDENSED FINANCIAL STATEMENTS FOR THE HALF-YEAR ENDED 30 SEPTEMBER 2019

NOTE 8: EVENTS SUBSEQUENT TO REPORTING DATE

Other than as noted elsewhere in this report, no matter or circumstance has arisen since 30 September 2019 that in the opinion of the Directors has significantly affect, or may significantly affect in future financial periods:

• the Group’s operations;

• the results of those operations; or

• the Group’s state of affairs.

NOTE 9: CONTINGENCIES

The Group had no contingencies as at 30 September 2019.

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DIRECTORS’ DECLARATION

In the opinion of the Directors of Triple Energy Limited (‘the Company’):

1. The financial statements and notes thereto are in accordance with the Corporations Act 2001 including:

2. a. complying with Accounting Standards, the Corporations Regulations 2001 and other mandatory professional requirements; and

3. b. giving a true and fair view of the Group’s financial position as at 30 September 2019 and of its performance for the half-year then ended.

4. c. the interim financial statements and notes thereto are in accordance with International Financial Reporting Standards issued by the International Accounting Standards Board.

5. there are reasonable grounds to believe that the Company will be able to pay its debts as and when they become due and payable.

This declaration is signed in accordance with a resolution of the Board of Directors made pursuant to s.303 (5) of the Corporations Act 2001.

Murray d’Almeida

Director

Dated this 13[th] day of December 2019

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INDEPENDENT AUDITOR’S REVIEW REPORT

To the members of Triple Energy Limited

Report on the Condensed Half-Year Financial Report

Conclusion

We have reviewed the accompanying half-year financial report of Triple Energy Limited (“the c ompany”) which comprises the condensed consolidated statement of financial position as at 30 September 2019, the condensed consolidated statement of comprehensive income, the condensed consolidated statement of changes in equity and the condensed consolidated statement of cash flows for the half-year ended on that date, notes comprising a summary of significant accounting policies and other explanatory notes, and the directors’ declaration , for the consolidated entity comprising the company and the entities it controlled at the half-year end or from time to time during the half-year.

Based on our review, which is not an audit, we have not become aware of any matter that makes us believe that the half-year financial report of Triple Energy Limited is not in accordance with the Corporations Act 2001 including:

• (a) giving a true and fair view of the consolidated entity’s financial position as at 30 September 2019 and of its performance for the half-year ended on that date; and

• (b) complying with Accounting Standard AASB 134 Interim Financial Reporting and the Corporations Regulations 2001 .

Emphasis of matter - material uncertainty related to going concern

We draw attention to Note 1 in the interim financial report, which indicates that a material uncertainty exists that may cast significant doubt on the entity’s ability to continue as a going concern. Our conclusion is not modified in respect of this matter.

Directors’ responsibility for the half-year financial report

The directors of the company are responsible for the preparation of the half-year financial report that gives a true and fair view in accordance with Australian Accounting Standards and the Corporations Act 2001 and for such internal control as the directors determine is necessary to enable the preparation of the half-year financial report that gives a true and fair view and is free from material misstatement, whether due to fraud or error.

Auditor’s responsibility

Our responsibility is to express a conclusion on the half-year financial report based on our review. We conducted our review in accordance with Auditing Standard on Review Engagements ASRE 2410 Review of a Financial Report Performed by the Independent Auditor of the Entity in order to state whether, on the basis of the procedures described, we have become aware of any matter that makes us believe that the half-year financial report is not in accordance with the Corporations Act 2001 including: giving a true and fair view of the c onsolidated entity’s financial position as at 30 September 2019 and its performance for the half-year ended on that date; and complying with Accounting Standard AASB 134 Interim Financial Reporting and the Corporations Regulations 2001 . As the auditor of the company, ASRE 2410 requires that we comply with the ethical requirements relevant to the audit of the annual financial report.

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A review of a half-year financial report consists of making enquiries, primarily of persons responsible for financial and accounting matters, and applying analytical and other review procedures. A review is substantially less in scope than an audit conducted in accordance with Australian Auditing Standards and consequently does not enable us to obtain assurance that we would become aware of all significant matters that might be identified in an audit. Accordingly, we do not express an audit opinion.

Independence

In conducting our review, we have complied with the independence requirements of the Corporations Act 2001 .

HLB Mann Judd Chartered Accountants

N G Neill Partner

Perth, Western Australia 13 December 2019