PATERSON RESOURCES LTD — Interim / Quarterly Report 2007

Feb 26, 2007

URANIUM OIL AND GAS LIMITED ACN 115 593 005

CONDENSED FINANCIAL REPORT

FOR THE HALF-YEAR ENDED

31 DECEMBER 2006

URANIUM QIL AND GAS LIMITED HALF-YEAR FINANCIAL REPORT

CORPORATE DIRECTORY

Directors

Mr Zhukov (Zeke) Pervan-Non-Executive Chairman Mr William Bannister - Managing Director Mr David Zohar-Executive Director Mr John Karajas- Non Executive Director

Company Secretary

Mr David Zohar Mr John Van Dieren

Registered Office

Level 8 256 St Georges Terrace PERTH WA 6000

Communications and Head Office

160 Crawford Road Inglewood WA 6052 Telephone/Fax: +61 8 9371 2770

Share Register

Computershare Investor Services Pty Ltd Level 2 45 St Georges Terrace Perth WA 6000

Telephone: 1300 557 010 International: +61 8 9323 2000 Facsimile: +61 8 9323 2033

Stock Exchange Listing

Australian Stock Exchange Limited Home Branch - Perth 2 The Esplanade Perth WA 6000

ASX Code UOG - Fully paid ordinary shares

Solicitors Lawton Gillon

Auditor BDO Perth

DIRECTORS' REPORT

The Board of Directors of Uranium Oil and Gas Limited ("UOG" or the "Company") present their report on the Company for the half year ended 31 December 2006.

DIRECTORS

The names of the Directors of UOG in office during the half-year and until the date of this report are:

Mr John Karajas Mr David Zohar Mr William Bannister Mr Zhukov Pervan

Unless otherwise shown, all Directors were in office from the beginning of the half-year until the date of this report.

REVIEW AND RESULTS OF OPERATIONS

Operating Results

Net operating loss after tax for the half-year ended 31 December 2006 was $226,548 (2005: $429,015) after writing off exploration costs of $56,738.

Review of Operations

During the half year ended 31 December 2006 the Company undertook the following:

1. The Company issued a prospectus and supplementary prospectus after 30 June 2006 and achieved an ASX listing on 16 October 2006 after raising a total of $7,113,620 (shares quoted from 18 October 2006). The capital raising included $315,000 relating to repayments of debt and fees. In addition a total of 126,250 share options were exercised to raise a gross $25,250. Capital raising costs totalled $923,659.

Refer note 6 to the condensed financial statements for details on farm-ins and farm-outs.

AUDITOR'S INDEPENDENCE DECLARATION

Section 307C of the Corporations Act 2001 requires our auditors, BDO, to provide the directors of Red River Resources Limited with an Independence Declaration in relation to the review of the half-year financial report. This Independence Declaration is on page 18 and forms part of this Directors' Report.

Signed in accordance with a resolution of Directors

Manuel 1

WILLIAM BANNISTER Managing Director West Perth. 26 February 2007

DIRECTORS' DECLARATION

The directors of Uranium Oil and Gas Limited declare that:

The attached condensed financial statements and notes thereto are in accordance with the Corporations Act 2001, including:

• complying with Accounting Standard AASB 134 "Interim Financial $(i)$ Reporting" and the Corporations Regulations: and
• giving a true and fair view of the Company's financial position as at 31 $(ii)$ December 2006 and of its performance for the half year ended on that date.

In the Directors opinion 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 made in accordance with a resolution of the Board of Directors.

$M_{max} = 2$

WILLIAM BANNISTER Managing Director

West Perth, 26 February 2007

CONDENSED INCOME STATEMENT FOR THE HALF YEAR ENDED 31 DECEMBER 2006

	Six Months Ended31 December2006$	Six Months Ended31 December2005S
Revenue
Interest	102,687	492
Sale of tenements		33,000
Option fee	20,000
Unrealised gain on investments	101,500
	224,187	33,492
Expenses
Administration costs	181,197	51,736
Consulting fees	197,500	312,059
Depreciation
Exploration and application costs written off	72,038	98,712
(Loss) before income tax expense	(226,548)	(429, 015)
Income tax expense
Net (loss) attributable to members ofUranium Oil and Gas Limited	(226, 548)	(429, 015)
Basic loss per share (cents per share)	0.63	4.43
Diluted loss per share (cents per share)	0.38	2.44

The above Condensed Income Statement should be read in conjunction with the accompanying notes.

CONDENSED STATEMENT OF CHANGES IN EQUITYFOR THE HALF YEAR ENDED 31 DECEMBER 2006

	IssuedShareCapital	Accumulated(Losses)	OptionReserve	Total
		$	S	S
Balance at 1 July 2005
(Loss) for period		(429, 015)		(429, 015)
Shares issued during the period	502,353			502,353
Capital raising costs
Options issued for services
Balance as at 31 December 2005	502,353	(429,015)		73,338
Balance as at 1 July 2006	537,353	(523,960)		13,393
Loss for the period		(226, 548)		(226, 548)
Shares issued during the period	7,138,870			7,138,870
Capital raising costs	(923, 659)			(923, 659)
Options issued for services			19,080	19,080
Balance as at 31 December 2006	6,752,564	(750, 508)	19,080	6,021,136

The above Condensed Statement of Changes in Equity should be read in conjunction with the accompanying notes.

CONDENSED BALANCE SHEET AS AT 31 DECEMBER 2006

		31 December2006$	30 June2006$
	Note
Current Assets
Cash and cash equivalents		5,556,267	9,337
Receivables		116,765	41,899
Prepayments			7,001
Total Current Assets		5,673,032	58,237
Non-current Assets
Receivables (deposit on property)	6	50,000
Other financial assets		373,833	72,333
Total Non-current Assets		423,833	72,333
TOTAL ASSETS		6,096,865	130,570
Current Liabilities
Payables		71,229	117,177
Provisions - Employee entitlements		4,500
Total Current Liabilities		75,729	117,177
TOTAL LIABILITIES		75,729	117,177
NET ASSETS		6,021,136	13,393
EQUITY
Issued Capital	$\frac{2}{2}$	6,752,564	537,353
Option Reserve		19,080
Accumulated (losses)		(750, 508)	(523,960)
TOTAL EQUITY		6,021,136	13,393

The above Condensed Balance Sheet should be read in conjunction with the accompanying notes.

CONDENSED CASH FLOW STATEMENTS FOR THE HALF-YEAR ENDED 31 DECEMBER 2006

	Six MonthsEnded31 December2006	Six MonthsEnded31 December2005
	S	S
Cash flows from operating activities
Payments to suppliers and employees,
including exploration and evaluation	(351,720)	(405, 112)
Other income-option fee/sale of tenements	20,000	5,000
Interest received	102,687	492
GST	(85, 886)	(28, 939)
Net cash outflows from operating activities	(314,919)	(424, 859)
Cash flows from investing activities
Deposit on property	(50,000)
Payments for unlisted investment	(200,000)
Net cash outflow from investing activities	(250,000)
Cash flows from financing activities
Proceeds from issue of shares and exercise of
options	6,823,870	440,000
Share issue expenses	(892, 021)
Loans to/from associated and other entities	180,000	10,000
Net cash inflow from financing activities	6,111,849	450,000
Net (decrease)/ increase in cash held	5,546,930	25,141
Cash and cash equivalents at the beginning ofthe half year	9,337
Cash and cash equivalents at the end of the
half year	5,556,267	25,141

The above Condensed Cash Flow Statements should be read in conjunction with the accompanying notes.

NOTES TO THE CONDENSED FINANCIAL STATEMENTS FOR THE HALF YEAR ENDED 31 DECEMBER 2006

$\mathbf{I}$ . BASIS OF PREPARATION

The half-year financial report does not include all notes of the type normally included within the annual financial report and therefore cannot be expected to provide as full an understanding of the financial performance, financial position and financing and investing activities of the Company as the full financial report.

The half-year report should be read in conjunction with the Annual Financial Report of Uranium Oil and Gas Limited as at 30 June 2006. It is also recommended that the halfyear report be considered together with any public announcements made by Uranium Oil and Gas Limited during the half-year ended 31 December 2006 in accordance with the continuous disclosure obligations arising under the Corporations Act 2001.

Basis of Accounting

The half-year financial report is a general purpose financial report which has been prepared in accordance with the requirements of the Corporations Act 2001, applicable Accounting Standards including AASB 134 "Interim Financial Reporting" and other mandatory professional reporting requirements. The comparative figures for 2005 are for the period from incorporation (3 August 2005) to 31 December 2005.

Compliance with A-IFRS's

Australian Accounting Standards include Australian equivalents to International Financial Reporting Standards (A-IFRSs). Compliance with A-IFRSs ensures that the financial report that includes the Company's financial statements and notes comply with A-IFRSs.

The half-year financial report has been prepared in accordance with the historical cost convention. The half year report does not include full disclosure of the type normally included in an annual financial report. For the purposes of preparing the half-year financial report, the half-year has been treated as a discrete reporting period. The accounting policies adopted are consistent with those of the previous financial year.

Accounting Policies

Exploration and Evaluation Expenditure $(a)$

Exploration and evaluation expenditure incurred is written off as incurred. Acquisition expenditure is accumulated in respect of each identifiable area of interest held in the name of the Company. These acquisition costs are only carried forward to the extent that they are expected to be recouped through the successful development or sale of the area or where activities in the area have not vet reached a stage which permits reasonable assessment of the existence of economically recoverable reserves.

Accumulated acquisition costs in relation to an abandoned area are written off in full against profit in the year in which the decision to abandon the area is made. Where the abandoned area has previously been revalued, the previous revaluation increment is reversed against the Asset Revaluation Reserve.

When production commences, the accumulated acquisition and development costs for the relevant area of interest are amortised over the life of the area according to the rate of depletion of the economically recoverable reserves. Any costs of site restoration are provided for during the relevant production stages and included in the costs of that stage.

A regular review is undertaken of each area of interest to determine the appropriateness of continuing to carry forward costs in relation to that area of interest.

(b) Recoverable Amount

Non current assets are not revalued to an amount above their recoverable amount, and where carrying values exceed this recoverable amount assets are written down. In determining recoverable amount the expected net cash flows are discounted to their present value.

$\left( \mathbf{c} \right)$ Property, Plant & Equipment

Depreciation

Items of property, plant and equipment are depreciated using the diminishing value method over their estimated useful lives to the Company. The depreciation rates used for each class of asset for the current period are as follows:

• Furniture & Fittings 20% $\bullet$
• $7.5%$ Plant & Equipment
• Computer Equipment 40%

Assets are depreciated from the date the asset is ready for use.

$(d)$ Income Tax

Under AASB 112 "Income Taxes", a balance sheet approach is adopted for calculating taxation. This method recognises deferred tax balances for all temporary differences arising between the carrying value of an asset or liability and its tax base. The Company adopts the balance sheet method of tax-effect accounting. The charge for current income tax expense is based on the profit for the year adjusted for any non assessable or disallowable items.

Timing differences, which arise due to the different accounting years in which items of revenue and expense are included in the determination of the operating result before income tax and taxable income are brought to account as either provision for deferred income tax or an asset described as future income tax benefit at the rate of income tax applicable to the year in which the benefit will be received or the liability will become payable.

Future income tax benefits are not brought to account unless realisation of the asset is assured beyond reasonable doubt. Future income tax benefits in relation to tax losses are not brought to account unless it is highly probable of realisation of the benefit.

(e) Employee Benefits

$\hat{L}$ Wages and salaries, annual leave and sick leave

Liabilities for wages and salaries, including non-monetary benefits, annual leave and accumulating sick leave expected to be settled within 12 months of the reporting date are recognised in other creditors in respect of employees' services up to the reporting date and are measured at the amounts expected to be paid when the liabilities are settled.

Long service leave ii.

The liability for long service leave expected to be settled within 12 months of the reporting date is recognised in the provision for employee benefits and is in accordance with (i) above. The liability for long service leave expected to be settled more than 12 months from the reporting date is recognised in the provision for employee benefits and is measured as the present value of expected future payments to be made in respect of services provided by employees up to the reporting date. Consideration is given to expected future wage and salary levels, experience of employee departures and periods of service. Expected future payments are discounted using market yields at the reporting date on national government bonds with terms to maturity and currency that match, as closely as possible, the estimated future cash outflows.

Cash and Cash Equivalents $(f)$

For the purpose of the Statement of Cash Flows, cash includes cash on hand and in banks, and money market investments readily convertible to cash within 30 working days, net of outstanding bank overdrafts.

Accounts Payable $(2)$

Liabilities are recognised for amounts to be paid in the future for goods or services already received, whether or not yet billed to the Company. Trade accounts payable are normally settled within 30 days.

(h) Revenue Recognition

Revenue is recognised to the extent that it is probable that the economic benefits will flow to the entity and the revenue can be reliably measured. The following specific recognition criteria must also be met before revenue is recognised.

Interest revenue is recognised on a proportional basis taking into account the interest rates applicable to the financial assets.

Issued Capital $(i)$

Ordinary share capital is recognised at the fair value of the consideration received by the Company.

Any transaction costs arising on the issue of ordinary shares are recognised directly in equity as a reduction in share proceeds received.

$(i)$ Trade and other payables

Liabilities for trade creditors and other amounts are carried at cost which is the fair value of the consideration to be paid in the future for goods and services received. whether or not billed to the Company.

Payables to related parties are carried at the principal amount. Interest, when charged by the lender, is recognised as an expense on an accrual basis.

Joint Ventures $(k)$

Interest in the joint venture operation is brought to account by including in the respective classifications, the share of individual assets employed and share of liabilities and expenses incurred.

Leases $\mathbf{a}$

Leases are classified at their inception as either operating or finance leases based on the economic substance of the agreement so as to reflect the risks and benefits incidental to ownership.

Operating leases

The minimum lease payments of operating leases, where the lessor effectively retains substantially all of the risks and benefits of ownership of the leased item, are recognised as an expense on a straight line basis.

(m) Earnings Per Share

i. Basic earnings per share

Basic earnings per share is determined by dividing net profit after income tax attributable to members of the Company, excluding any costs of service equity other than ordinary shares, by the weighted average number of ordinary shares outstanding during the financial year, adjusted for bonus elements in ordinary shares issued during the year.

ii. Diluted earnings per share

Diluted earnings per share adjusts the figure used in the determination of basic earnings per share to take into account the after income tax effect of interest and other financial costs associated with dilutive potential ordinary shares and the weighted average number of shares assumed to have been issued for no consideration in relation to dilutive potential ordinary shares.

Financial Instruments $(n)$

Recognition

Financial instruments are initially measured at cost on trade date, which includes transaction costs, when related contractual rights or obligations exist. Subsequent to initial recognition these instruments are measured as set out below.

Financial assets at fair value through profit and loss

A financial asset is classified in this category if acquired principally for the purpose of selling in the short term, or if so designed by management and within the requirement of AASB139 Recognition and Measurement of Financial Instruments. Derivatives are also categories as held for trading unless they are designated as hedges. Realised and

URANIUM OIL AND GAS LIMITED HALF-YEAR FINANCIAL REPORT

unrealised gains and losses arising from changes in the fair value of these assets are included in the income statement in the period in which they arise.

Loans and receivables

Loans and receivables are non-derivative financial assets with fixed or determinable payments that are not quoted in an active market and are stated at amortised cost using the effective interest rate method.

Held-to-maturity investments

These investments have fixed maturities, and it is the Company's intention to hold these investments to maturity. Any held-to-maturity investments held by the group are stated at amortised cost using the effective interest rate method.

Available-for-sale financial assets

Available-for-sale financial assets include any financial assets not included in the above categories. Available-for-sale financial assets are reflected at fair value. Unrealised gains and losses arising from changes in fair value are taken directly to equity.

Financial liabilities

Available-for-sale financial assets include any financial assets not included in the above categories. Available-for-sale financial assets are reflected at fair value. Unrealised gains and losses arising from changes in fair value are taken directly to equity.

Derivative instruments

Derivative instruments are measured at fair value. Gains and losses arising from changes in fair value are taken to the income statement unless they are designated as hedges.

Fair value

Fair value is determined based on current bid prices for all quoted investments. Valuation techniques are applied to determine the fair value for all unlisted securities. including recent arm's length transactions, reference to similar instruments and option pricing models.

Impairment

At each reporting date, the group assess whether there is objective evidence that a financial instrument has been impaired. In this case of available-for-sale financial instruments, a prolonged decline in the value of the instrument is considered to determine whether an impairment has arisen. Impairment losses are recognised in the income statement.

NOTES TO THE CONDENSED FINANCIAL STATEMENTS FOR THE HALF YEAR ENDED 31 DECEMBER 2006

$21$ ISSUED CAPITAL

	Company31 December2006	Company30 June2006
	$	S
(a) Issued and paid up capital:64,694,353 fully paid ordinary shares
$(30 \text{ June } 2006: 29,000,003)$	6,752,564	537,353
(b) Option reserve:
Balance at beginning of period
Increase on option based payment	19,080
	19,080

250,000 share options were granted to the Brokers to the Issue and were deemed to have a fair value of $19,080. The $19,080 is part of the capital raising costs of the Company.

Movement of fully paid ordinary shares during the period were as follows:

	6 Months ended 31 December2006
	Number ofShares	$
At the beginning of the half year	29,000,003	537,353
Shares for consulting fees	1,575,000	315,000
Shares issued for cash pursuant to a prospectus	33,993,100	6,798,620
Share options exercised in period	126,250	25,250
Less: Share Issue expenses		(923, 659)
At Reporting Date	64,694,353	6,752,564

As at 31 December 2006 there are 37,407,800 share options outstanding exercisable at 20 cents each, on or before 4 August 2010. During the half year 126,250 share options were exercised and 18,034,059 share options granted (part of capital raising process).

$\overline{3}$ . DIVIDENDS PAID OR PROVIDED FOR

No dividends have been paid or provided for during the half-year.

$\overline{4}$ . SUBSEQUENT EVENTS AFTER BALANCE DATE

The Company has agreed to acquire two uranium prospective tenements in the Northern Territory by the payment of 1,000,000 August 2010 share options at a deemed fair value of $60,000. The Company has issued a further 8,500 shares on the exercise of 8,500 20 cent share options. Other than for the above there have been no significant events occurring after balance date requiring disclosure.

$\overline{\mathbf{5}}$ . SEGMENT INFORMATION

The Company operates in the mineral exploration industry in Australia.

6. CONTINGENT LIABILITIES

The Company has entered into a conditional purchase agreement to acquire a commercial property in Victoria Park, Western Australia for the sum of $650,000. The purchase is conditional on the Town of Victoria Park allowing the Company to operate their business on the property. A deposit of $50,000 has been paid to 31 December 2006 and it is expected that approval will be obtained in the first quarter of 2007. If approved a further sum of $600,000 is payable plus fit out costs yet to be finalised. There are no additional material contingent liabilities since the last reporting balance date. The Company has the following joint ventures/farm-in arrangements.

Bungalow Well - Western Australia

Red River Resources Limited ("Red River") has entered enter into a Joint Venture with Uranium Oil and Gas Limited on the Bungalow Well Uranium Project (Exploration Licence Application E36/549) in the North Eastern Goldfields. Western Australia.

Red River may earn a 40% interest in the tenement by expending $500,000 on exploration over a period of 3 years and Red River paying to Uranium Oil and Gas Limited $20,000 (paid in July 2006). Following expenditure of $100,000 Red River shall earn a 10% interest in the tenement. Upon expenditure of a further $200,000 Red River shall earn a further 10% interest in the tenement. Upon the expenditure of a further $200,000 Red River shall earn a further 20% interest in the tenement. Red River may withdraw from the joint venture at any time after expending $100,000 on exploration on the tenement.

Proposed Farm In

In addition, the Company ("UOG") in November 2006 announced a conditional Heads of Agreement with Swancove Enterprises Pty Ltd ("Swancove"). The Farm In Agreement is subject to the approval of shareholders of UOG as Swancove is a company in the control of an UOG director, David Zohar. The terms of the Farm In Agreement are as follows:

• UOG will reimburse Swancove costs incurred in acquiring the tenements not $\ddot{\phantom{a}}$ exceeding $10,000.
• UOG must maintain the tenements in good standing for a period of 2 years $\bullet$ following the grant of the tenements to acquire a $50$ per cent interest in the tenements.
• UOG will have the right to acquire a further 40 per cent in the tenements upon $\bullet$ expending $1,000,000 after it has acquired its 50 per cent interest.
• If UOG withdraws from the agreement prior to earning its 50 per cent interest, it $\bullet$ will withhold no interest in the tenement.
• UOG will be the operator of the Farm In.
• The Agreement is subject to the completion of formal documentation and the approval of shareholders of UOG.

Chartered Accountants & Advisers

Level 8, 256 St George's Terrace Perth WA 6000 PO Box 7426 Cloisters Square Perth WA 6850 Tel: (61-8) 9360 4200 Fax: (61-8) 9481 2524 Email: bdo@bdowa.com.au www.hdo.com.sn

INDEPENDENT REVIEW REPORT TO THE MEMBERS OF URANIUM OIL AND GAS LIMITED

Report on the Half-Year Financial Report

We have reviewed the accompanying half-year financial report of Uranium Oil and Gas Limited, which comprises the condensed balance sheet as at 31 December 2006, and the condensed income statement, condensed statement of changes in equity and condensed cash flow statement for the half-year ended on that date, other selected explanatory notes and the directors' declaration in order for the disclosing entity to lodge the half-year financial report with the Australian Securities and Investments Commission

Directors' Responsibility for the Half-Year Financial Report

The directors of the disclosing entity are responsible for the preparation and fair presentation of the half-year financial report in accordance with Australian Accounting Standards (including the Australian Accounting Interpretations) and the Corporations Act 2001. This responsibility includes designing, implementing and maintaining internal control relevant to the preparation and fair presentation of the half-year financial report that is free from material misstatement, whether due to fraud or error; selecting and applying appropriate accounting policies; and making accounting estimates that are reasonable in the circumstances.

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 an Interim 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 financial report is not in accordance with the Corporations Act 2001 including: giving a true and fair view of the disclosing entity's financial position as at 31 December 2006 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 Uranium Oil and Gas Limited, ASRE 2410 requires that we comply with the ethical requirements relevant to the audit of the annual financial report.

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

Level 8, 256 St George's Terrace Perth WA 6000 PO Box 7426 Cloisters Square Perth WA 6850 Tel: (61-8) 9360 4200 Fax: (61-8) 9481 2524 Email: bdo@bdowa.com.au www.hdo.com.au

In conducting our review, we have complied with the independence requirements of the Corporations Act 2001. We confirm that the independence declaration required by the Corporations Act 2001, provided to the directors of Uranium Oil and Gas Limited on 27 February 2007, would be in the same terms if provided to the directors as at the date of this auditor's review report.

Conclusion

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 Uranium Oil and Gas Limited is not in accordance with the Corporations Act 2001 including:

• giving a true and fair view of the disclosing entity's financial position as at 31 (a) December 2006 and of its performance for the half-year ended on that date; and
• (b) complying with Accounting Standard AASB 134 Interim Financial Reporting and Corporations Regulations 2001.

BDO

Sherif Andrawes Partner

Dated 27 February 2007 Perth, Western Australia

26 February 2007 S.A:MB:PECP

BDO is a national association of separate parmerships and emities.

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Chartered Accountants & Advisers

Level 8, 256 St George's Terrace Perth WA 6000 PO Box 7426 Cloisters Square Perth WA 6850 Tel: (61-8) 9360 4200 Fax: (61-8) 9481 2524 Email: bdo@bdowa.com.au www.bdo.com.au

27 February 2007

The Directors Uranium Oil and Gas Ltd Suite 29, 44 Kings Park Road WEST PERTH WA 6005

Dear Sirs

DECLARATION OF INDEPENDENCE BY BDO CHARTERED ACCOUNTANTS TO THE DIRECTORS OF URANIUM OIL AND GAS LTD

To the best of my knowledge and belief, there have been:

• no contraventions of the auditor independence requirements of this Act in relation to $\mathcal{L}^{\text{max}}$ the review; and
• no contraventions of any applicable code of professional conduct in relation to this $\mathcal{L}^{\text{max}}$ review.

Yours faithfully BDO Chartered Accountants & Advisers

$\mathbb{Z}/\mathbb{A}$

Sherif Andrawes Partner

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