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IPB PETROLEUM LIMITED
ABN: 52 137 387 350
AND CONTROLLED ENTITIES
FINANCIAL REPORT
FOR THE HALF-YEAR ENDED
31 DECEMBER 2012
This half-year financial report is to be read in
conjunction with the financial report for the
year ended 30 June 2012
IPB PETROLEUM LIMITED AND CONTROLLED ENTITIES
FINANCIAL REPORT FOR THE HALF-YEAR ENDED
31 DECEMBER 2012
TABLE OF CONTENTS
Page
Directors’ Report 3
Auditor’s Independence Declaration 5
Financial Report for the half year ended 31 December 2012
Condensed Consolidated Statement of Comprehensive Income 6
Condensed Consolidated Statement of Financial Position 7
Condensed Consolidated Statement of Changes in Equity 8
Condensed Consolidated Statement of Cash Flows 9
Notes to the Financial Statements 10
Directors’ Declaration 13
Independent Auditor’s Review Report 14
IPB PETROLEUM LIMITED AND CONTROLLED ENTITIES
ABN: 52 137 387 350
DIRECTORS’ REPORT FOR THE HALF-YEAR ENDED 31 DECEMBER 2012
- 3 -
The directors present their report together with the condensed financial report of the consolidated
entity consisting of IPB Petroleum Limited and the entities it controlled, for the half-year ended 31
December 2012 and independent review report thereon. This financial report has been prepared in
accordance with Australian Accounting Standards.
Directors names
The names of the directors in office at any time during or since the end of the half-year are:
Name Period of directorship
Brendan Brown
Philip Smith
Shane Tanner
Terry White
Craig Mathieson
Geoffrey King
Resigned 26 November 2012
Appointed 15 August 2012
Appointed 5 February 2013
The directors have been in office since the start of the financial period to the date of this report unless
otherwise stated.
Review of operations
The consolidated loss of the group for the half-year after providing for income tax amounted to
$1,195,390.
Over the past six months to 31 December 2012, IPB has:
• Continued ongoing studies and analysis on both WA-424-P and WA-471-P permits exploration,
prospects and leads.
• Completed a Farmout Agreement with CalEnergy Resources:
On September 28th
2012, IPB, signed a binding farmout agreement with Cal Energy
Resources (Australia) Ltd, a 100% owned subsidiary of MidAmerican Energy Holdings
Company. All conditions precent to the Farmout agreement were satisfied by the 27th
November 2012. Cal Energy will fund 100% of the cost of drilling the Pryderi Prospect
Exploration well in the WA-424-P permit (estimated cost $15m) in exchange for a 25%
interest in the whole Permit and 60% interest in a new sub-block area within WA-424-P
which includes the current Gwydion Discovery and the neighbouring
Mathonwy/Gilfaithwy structures.
The Pryderi-1 well will satisfy the WA-424-P Year 2 exploration well commitment,
which is required to be drilled before 12th
July 2013. As part of this agreement Cal
Energy has become the operator of WA-424-P.
• Progressed plans and activities towards a planned target listing date first half 2013, subject to
market conditions on ASX.
IPB PETROLEUM LIMITED AND CONTROLLED ENTITIES
ABN: 52 137 387 350
The accompanying notes form part of these financial statements. - 6 -
CONDENSED CONSOLIDATED
STATEMENT OF COMPREHENSIVE INCOME
FOR THE HALF-YEAR ENDED 31 DECEMBER 2012
Half-year
2012 2011
Revenue
Interest income 34,792 46,444
Reimbursement income 109,067 -
143,859 46,444
Less: Expenses
Legal fees 93,622 9,518
Consulting fees 353,543 43,100
Employee benefits 586,992 468,846
Occupancy expenses 29,207 28,148
Depreciation and amortisation 8,637 15,177
Foreign exchange (gains)/losses 350 (2,328)
Travel and entertainment 38,581 67,655
Finance costs 256 -
Other expenses 228,061 221,337
1,339,249 851,453
Profit (loss) before income tax expense (1,195,390) (805,009)
Income tax expense (income tax benefit) - -
Profit (loss) from continuing operations (1,195,390) (805,009)
Profit (loss) from discontinued operations - -
Total comprehensive income for the half-year (1,195,390) (805,009)
IPB PETROLEUM LIMITED AND CONTROLLED ENTITIES
ABN: 52 137 387 350
The accompanying notes form part of these financial statements. - 7 -
CONDENSED CONSOLIDATED STATEMENT OF FINANCIAL POSITION
AS AT 31 DECEMBER 2012
Note: if activities are cyclical include a third column with prior financial year comparison
NOTE NOTE 31 Dec 30 June
2012 2012
CURRENT ASSETS
Cash and cash equivalents 1,178,388 2,417,637
Receivables 69,312 376,996
Other current assets 70,120 32,465
TOTAL CURRENT ASSETS 1,317,820 2,827,098
NON-CURRENT ASSETS
Property, plant and equipment 58,415 60,222
Other non-current assets 3 4,070,937 4,004,824
TOTAL NON-CURRENT ASSETS 4,129,352 4,065,046
TOTAL ASSETS 5,447,172 6,892,144
CURRENT LIABILITIES
Payables 72,437 345,412
Provisions 83,137 63,854
Other Liabilities 5,343 -
TOTAL CURRENT LIABILITIES 160,917 409,266
TOTAL LIABILITIES 160,917 409,266
NET ASSETS 5,286,255 6,482,878
EQUITY
Contributed capital 8,570,748 8,571,981
Reserves - -
Retained earnings (3,284,493) (2,089,103)
Equity attributable to owners of IPB Petroleum Limited 5,286,255 6,482,878
Non-controlling interest - -
TOTAL EQUITY 5,286,255 6,482,878
IPB PETROLEUM LIMITED AND CONTROLLED ENTITIES
ABN: 52 137 387 350
The accompanying notes form part of these financial statements. - 8 -
CONDENSED CONSOLIDATED
STATEMENT OF CHANGES IN EQUITY
FOR THE HALF-YEAR ENDED 31 DECEMBER 2012
Consolidated
Contributed
equity Reserves
Retained
earnings
Non-
controlling
interest
Total
Equity
Balance as at 1 July 2011 6,117,632 - (406,169) - 5,711,463
Profit for the half-year - - (805,010) - (805,010)
Total comprehensive income for
the half-year - - (805,010) - (805,010)
Transactions with owners in
their capacity as owners:
Employee share scheme 56,350 - - - 56,350
- - - - -
Balance as at 31 December 2011 6,173,982 - (1,211,179) - 4,962,803
Consolidated
Contributed
equity Reserves
Retained
earnings
Non-
controlling
interest Total Equity
Balance as at 1 July 2012 8,571,981 - (2,089,103) - 6,482,878
Profit for the half-year - - (1,195,390) - (1,195,390)
Total comprehensive income
for the half-year - - (1,195,390) - (1,195,390)
Transactions with owners in
their capacity as owners:
Employee share scheme (1,233) - - - (1,233)
- - - - -
Balance as at 31 December
2012 8,570,748 - (3,284,493) - 5,286,255
IPB PETROLEUM LIMITED AND CONTROLLED ENTITIES
ABN: 52 137 387 350
The accompanying notes form part of these financial statements. - 9 -
CONDENSED CONSOLIDATED STATEMENT OF CASH FLOWS
FOR THE HALF-YEAR ENDED 31 DECEMBER 2012
Note: if activities are cyclical include a third column with prior financial year comparison.
Half-year
2012 2011
CASH FLOW FROM OPERATING ACTIVITIES
Receipts from customers 119,974 -
Payments to suppliers and employees (1,518,195) (1,094,816)
Interest received 34,536 46,444
Net cash provided by operating activities (1,363,685) (1,048,372)
CASH FLOW FROM INVESTING ACTIVITIES
Payment for property, plant and equipment (6,830) -
Payment for investments - (58,531)
Payment for other non-current assets (146,113) (337,679)
Net cash provided by investing activities (152,943) (396,210)
CASH FLOW FROM FINANCING ACTIVITIES
Proceeds from share issue 275,591 165,392
Net cash provided by financing activities 275,591 165,392
Net increase in cash and cash equivalents (1,241,037) (1,279,190)
Foreign exchange differences on cash holdings - -
Cash and cash equivalents at beginning of half-year 2,419,425 2,622,823
Cash and cash equivalents at end of the half-year 1,178,388 1,343,633
IPB PETROLEUM LIMITED AND CONTROLLED ENTITIES
ABN: 52 137 387 350
NOTES TO THE HALF-YEAR FINANCIAL STATEMENTS 31 DECEMBER 2012
- 10 -
NOTE 1: BASIS OF PREPARATION OF THE HALF-YEAR FINANCIAL REPORT
This half-year financial report does not include all the notes of the type usually included in an
annual financial report.
It is recommended that this half-year financial report be read in conjunction with the annual
financial report for the year ended 30 June 2012 and any public announcements made by IPB
Petroleum Limited during the half-year in accordance with any continuous disclosure obligations
arising under the Corporations Act 2001.
IPB Petroleum Limited is a for-profit entity for the purpose of preparing the financial statements.
The half-year financial report was authorised for issue by the directors as at the date of the
directors’ report.
(a) Basis of preparation
This financial report is a general purpose half-year financial report that has been prepared in
accordance with Australian Accounting Standard AASB 134 Interim Financial Reporting and the
Corporations Act 2001.
The half-year financial report has been prepared under the historical cost convention, as modified
by revaluations to fair value for certain classes of assets as described in the accounting policies.
The accounting policies applied in this half-year financial report are consistent with those of the
annual financial report for the year ended 30 June 2012 and the corresponding half-year.
(b) Summary of the significant accounting policies
All accounting policies applied in this half-year financial report are the same as those used in the
annual financial report for the year ended 30 June 2012.
IPB PETROLEUM LIMITED AND CONTROLLED ENTITIES
ABN: 52 137 387 350
NOTES TO THE HALF-YEAR FINANCIAL STATEMENTS 31 DECEMBER 2012
- 11 -
NOTE 2: CAPITAL COMMITMENTS
a) Permit WA-424-P
A binding farm-out agreement was entered into on 28 September 2012 with Cal Energy Resources
(Australia) Limited in relation to area WA-424-P and the contract previously entered into with AGR
Petroleum Services for drilling of the Pryderi Prospect exploration well. Cal Energy Resources
(Australia) Limited are to find 100% of the cost of drilling the Pryderi Prospect exploration well
previously disclosed as a capital commitment to IPB Petroleum Limited in return for a 25% interest
in the permit.
b) Permit WA-471-P
As part of the binding farm-out agreement entered into on 28 September 2012 with Cal Energy
Resources (Australia) Limited, an Option exists for a 25% interest in permit WA-471-P, available to
be exercised for a nominal cost at any point within 3 months of the date of the Pryderi Prospect
well being drilled. IPB Petroleum Limited would remain operator of this permit should the Option
be exercised.
NOTE 3: OTHER NON-CURRENT ASSETS
Other non-current assets refers to expenses held as capital under AASB 6 – Exploration for and
evaluation of mineral resources. Expenditure held as such is vastly due to seismic exploration and
study in area WA-424-P.
a) Farm-out agreement with Cal Energy
As part of the binding farm-out agreement entered into on 28 September 2012 with Cal Energy
Resources (Australia) Limited, IPB Petroleum Limited received reimbursement of expenditure taken
up as capital in nature per AASB 6 (exploration for and evaluation of mineral resources). As this
standard acts to hold expenditure that would be capital in nature should successful development of
the asset occur, $80,000 previously included in this value has been removed as it has not been
incurred by IPB Petroleum Limited or its consolidated entities in exploration and evaluation of
permit WA-424-P.
b) Capitalisation of items previously written off
During the financial year ended 30 June 2012, $322,790 was written off as consultancy expenditure.
During the 6 months to 31 December 2012 it became apparent these items were capital in nature and
have thus been correctly transferred from retained earnings to other non-current assets. The value of
capitalised consultancy expenditure for the 6 months ended 31 December 2012 was $146,113.
$
Exploration & Evaluation Asset (30 June 2012) 3,682,034
Expenditure previously written off 322,790
Exploration & Evaluation Asset (30 June 2012 Re-stated) 4,004,824
Reimbursement from Cal Energy -80,000
Capital consultancy expenditure to 31 December 2012 146,113
Exploration & Evaluation Asset (31 December 2012) 4,070,937
IPB PETROLEUM LIMITED AND CONTROLLED ENTITIES
ABN: 52 137 387 350
NOTES TO THE HALF-YEAR FINANCIAL STATEMENTS 31 DECEMBER 2012
- 12 -
NOTE 4: SHARE SUBDIVISION
A subdivision of Ordinary shares was conducted on the 2nd
of November 2012 resulting in a 5:1 offer to
existing shareholders at that date. The effect was an issuance of an additional 74,400,000 shares for nil
contribution.
Number $
Opening shares held (Ordinary) at 1 July 2012 18,600,000 8,571,981
Additional shares by Subdivision on 2 November 2012 74,400,000 -
Ordinary shares in IPB Petroleum at 31 December 2012 93,000,000 8,571,981
NOTE 5: CHANGE OF NAME OF THE COMPANY
On 2 November 2012 the shareholders of the company voted to change the operating name of IPM
Petroleum Limited to IPB Petroleum Limited. This change in name was effective from that date.
NOTE 6: SUBSEQUENT EVENTS
It is noted that Geoffrey King was appointed as a non-executive director effective 5 February 2013.
There has been no matter or circumstance, which has arisen since 31 December 2012 that has
significantly affected or may significantly affect:
a) The operations, in financial years subsequent to 30 June 2012, of IPB Petroleum Limited, or
b) The results of those operations, or
c) The state of affairs, in financial years subsequent to 30 June 2012, of IPB Petroleum Limited.