TIDM88E
RNS Number : 4625S
88 Energy Limited
14 July 2022
14 July 2022
QUARTERLY ACTIVITIES REPORT
For the quarter ended 30 June 2022
88 Energy Limited (ASX:88E, AIM:88E, OTC:EEENF) (88 Energy or
the Company) provides the following report for the quarter ended 30
June 2022.
Highlights
Project Icewine (75% WI)
-- Icewine East third-party evaluation of the Shelf Margin Delta
(SMD), Slope Fan Set (SFS) and Basin Floor Fan (BFF) play fairways
was completed in May 2022, which interpreted all of Pantheon
reservoir units (SMD, SFS, BFF) to extend onto 88 Energy's Icewine
East acreage.
-- Completed in-depth petrophysical re-evaluation of Icewine-1
and the broader Icewine East acreage, with results indicating
comparable, or better, reservoir quality in some reservoir units
relative to those of Pantheon's tested intervals which flowed
oil.
-- Licensing agreement executed with SAExploration, Inc. (SAE)
for use of SAE's Franklin Bluffs 3D seismic survey data (FB3D),
covering a significant area over the Icewine East leases, inculding
areas over the SMD, SFS and BFF reservoir units.
-- Completion of independent resource report ongoing, scheduled in early Q3 2022.
-- Planning underway for a new exploration well expected to spud in 2023.
Project Peregrine (100% WI)
-- Ongoing Merlin-2 post well studies to assess future exploration potential.
-- Multiple independent drill ready targets remain untested (Harrier-1 & Merlin-1A).
-- Merlin-2 demobilisation completed in April and majority of
invoices paid before quarter end.
Project Longhorn (73% WI)
-- Production (70% oil) has increased over 70% since acquisition in mid-February 2022
-- Successful completion of two work-overs, with three of seven
planned for 2022 now completed.
-- Quarterly cash flow distribution of A$1.3M received in June 2022.
Umiat Oil Field (100% WI)
-- Studies commenced with an Alaskan drilling operator regarding
use of a new light-weight rig and optimised operations to drill a
cost effective exploration well designed to unlock further upside
in Umiat Unit.
Corporate
-- Cash of A$10.5M and no debt (as at 30 June 2022).
Project Icewine (75% WI)
During the quarter, 88 Energy progressed further studies and
analysis across the Icewine East acreage, which included completing
the mapping of the SMD, SFS and BFF play fairways onto the Project
Icewine East acreage. In May, the Company announced that Jordan
& Pay completed an independent evaluation of the play fairways,
utilising available well information from presentations publicly
released by neighbouring project proponent, Pantheon Resources plc
(AIM:PANR) (Pantheon) This was coupled with internal Company data
(including Icewine-1 and Icewine-2 well logs and existing 2D
seismic) and concluded that all Pantheon reservoir units (SMD, SFS,
BFF) extended onto the Project Icewine acreage.
Also during the quarter, the Company commissioned an in-depth
petrophysical re-evaluation of Icewine-1 and the broader Icewine
East area by independent petrophysical consultants (Stimulation
Petrophysics Consulting, LLC and Snowfall Energy LLC). The
consultants focussed on assessing Icewine-1 logs against intervals
that flowed oil in Pantheon's acreage to the north. Pleasingly, a
comparison of the tested interval in Alkaid-1 against a similar
interval in Icewine-1 indicated favourable potential for a flow
test of the same zone in the Icewine East acreage.
Pantheon's wells - Alkaid-1, Talitha-A and Theta West-1 - all
flowed 35 to 40 API oil from multiple Brookian reservoirs.
Pantheon's testing has confirmed reservoir deliverability of light,
sweet oil (see Pantheon releases of 7 February and 21 February
2022), which 88 Energy believes is positive for the prospectivity
of the adjacent Project Icewine acreage. Data from the Talitha-A
and Theta West-1 wells are not yet publicly available and as a
result, only a qualitative comparison of these logs against
Icewine-1 logs have been carried out to date.
Given the favourable petrophysical comparison between Icewine-1
and Alkaid-1, the Company is optimistic that a production test in
the Icewine East acreage could potentially yield a similar or
better result than seen during the testing of Alkaid-1. The Company
also notes Pantheon's announcement of 7 July 2022 that it has
spudded a horizontal production well in Alkaid, named Alkaid#2, to
prove up the development concept (see also Pantheon release of 24
January 2022 and Figure 2).
At the end of June, the Company signed a licensing agreement
with SAE for the use of SAE's Franklin Bluffs 3D seismic survey
data (FB3D). The FB3D seismic data was acquired in 2015 by SAE and
covers approximately 86 square miles, predominantly over the
Icewine East acreage. More importantly, the FB3D extends across an
area where the SMD, SFS and BFF play fairways have been
independently mapped on the Icewine East acreage.
The FB3D data will assist the Company with carrying out its
forthcoming analysis, including Amplitude- The FB3D data will
assist the Company with carrying out its forthcoming analysis,
including Amplitude-variation-with-offset analysis (AVO analysis)
and simultaneous seismic inversion. These studies will aid the
Company in defining 'sweet spots' for each play and determining
optimal drilling locations for future exploration and appraisal
wells.
88 Energy's initial license fee included US$2.0 in cash and
US$1.0 million in fully paid new ordinary shares in 88 Energy
(approximately 181 million shares at an issue price of A$0.008 per
share, being the closing price of 88 Energy shares on the ASX on 24
June 2022).
Other activities that the Company undertook in Q2 2022
included:
-- Progressing the maiden Project Icewine East prospective
resource estimate, scheduled for completion early Q3 2022.
-- Planning operations for 2023, which are targeted to include
an exploration well to be drilled in the Icewine East acreage, and
at least one flow test from the multiple Brookian reservoirs that
have been mapped on the Icewine East acreage. These are the same
reservoirs that nearby Pantheon wells - Alkaid-1, Talitha-A and
Theta West-1 - have flowed 35 to 40 API oil.
Project Peregrine (100% WI)
The Merlin-2 well was designed to appraise the N20, N19 and N18
horizons which were encountered in the Merlin-1 well drilled in
2021. The well was spudded on 7(th) Match 2022 and reached Total
Depth (TD) of 7,334 feet on 22nd March 2022. All three Nanushuk
targets (N20, N19 and N18) were penetrated during drilling, with
Logging While Drilling (LWD) data and physical cuttings collected
throughout the Merlin-2 program. Observations of LWD logs and drill
cuttings collected during drilling revealed target intervals were
thicker than those encountered in Merlin-1. Plugging, abandonment
and demobilisation of the Merlin-2 well was completed in April
2022.
The results of Merlin-2 are largely consistent with the Merlin-1
exploration well drilled in 2021. Strong fluorescence, oil sheen,
petroliferous odour and cut noted in the drilling cuttings,
elevated C2-C5 mud gas readings over the target zones with total
gas significantly above background gas readings and also evidence
from the reservoir sampling tool of moveable hydrocarbons.
Both Merlin wells were drilled on sparse, vintage 2D seismic
data, which provides a narrow field of view of the reservoir and
limited optionality on driling locations. 88 Energy will assess the
merits of a future 3D seismic acquisition program or an in-fill 2D
program in order to define optimal play fairways and determine the
potential commerciality of the Project Peregrine acreage.
The Company has commenced detailed analysis of all data obtained
from the Merlin-2 drilling program and will evaluate potential
future appraisal activities within the Project Peregrine acreage,
which include independent drilling locations such as the Harrier-1
prospect to test the N14 and N15 horizons.
In particular, during the quarter, the Company commenced an
independent NPRA basin modelling study to further improve 88
Energy's understanding of the geological history and how it
pertains to the Nanushuk reservoir quality across Project
Peregrine. Coupled with petrographic studies of Merlin side-wall
cores, the modelling will utilise available maximum Brookian uplift
/ erosion and burial depth data to produce qualitative reservoir
risk maps of the Nanushuk Formation which, will help inform how the
Project Peregrine reservoir quality varies Northward, away from the
Merlin-1 and 2 locations. This study is anticipated to be completed
by Q3, 2022.
Yukon Leases (100% WI)
The Yukon Leases contain the 82 million barrel1 Cascade
Prospect, which was intersected peripherally by Yukon Gold-1 and
classified as a historic oil discovery. The Company continues to
complete due diligence and commercial assessment of a joint
development with near-by resource owners.
1. Refer to 88 Energy release dated 7th November 2018. Note
cautionary statement on page 6 .
Umiat Oil Field (100% WI)
In Q1 2021, 88 Energy acquired the Umiat Oil Field. As part of
the acquisition, the Company received the Umiat data pack which
includes Umiat 3D seismic data. The Umiat 3D survey abuts the
southern edge of the Project Peregrine lease blocks. Integrating
the Linc/Malamute seismic interpretation has provided a better
understanding of the Peregrine reservoir geometries to the north as
well as enriching the Company's petrophysical database with
additional well control (Umiat-8 and Umiat-23H).
Internal reinterpretation of modern 3D seismic is suggestive of
untested reservoirs at Umiat. Prospects have been mapped in the
footwall of the Umiat structure as well as downdip from the proven
oil zone in the hanging wall. Initial internal volumetric
calculations suggest there may be multi-million barrels of
potentially recoverable oil combined in the hanging wall and
footwall. Both prospects are deeper than the current reserves at
Umiat which the Company expects will have a positive impact on
producibility.
Initial development studies, focusing on the potential
integration of Ultra Low Sulphur Diesel (ULSD) production, suggests
that this development option adds further value to a future Umiat
development, considering the high cost of diesel (US$6-7/gal) on
the North Slope of Alaska.
A separate Umiat-23H well performance review concluded that this
well significantly underperformed due to poor drilling and
completion techniques. This well was drilled in 2014 by a previous
owner and flowed at a sustained rate of 200 BOPD with no water, and
a maximum rate of 800 BOPD. Further review of the historical data
includes a more conventional trajectory and completion design for a
5,000ft horizontal section that was modelled to produce at
stabilised rates of between 800 and 1,600 BOPD. The Company
believes an opportunity exists for the optimisation of historic
subsurface development plans.
During the quarter, the Company commenced discussions with an
Alaskan drilling operator regarding use of a new light weight rig
and optimised operations to drill a cost-effective exploration well
designed to unlock further upside in Umiat.
Project Longhorn (73% WI)
On 21 February 2022, 88 Energy executed a binding Securities
Purchase Agreement (SPA) for the acquisition of a 73% average net
working interest in established conventional oil and gas production
assets in the proven Permian Basin, onshore Texas, U.S. The oil and
gas assets, collectively known as Project Longhorn contain
certified net 2P reserves of 2.05MMBOE(1) . The purchase price for
the acquisition was US$9.7M, consisting of US$7.2M cash and US$2.5M
in 88 Energy shares (98.1 million shares at an issue price of
A$0.035 per share). The acquisition represents the Company's first
move into producing oil and gas assets and is in line with
Company's strategy to build a successful oil and gas exploration
and production Company.
During the quarter, the Company has been pleased with the
progress at Project Longhorn as the operator and 24% net working
interest partner, Lonestar I, LLC (Lonestar), successfully
completed the second and third of seven planned capital-efficient
work-overs scheduled in 2022. In line with the first work-over,
these were completed on time and on budget and have delivered a
significant increase to the total oil and gas production rates of
Project Longhorn.
Production from the Longhorn wells exceeded 650 BOE per day
gross (over 475 BOE per day net, approximately 70% oil) following
completion of the third work-over at the end of May, at initial
production rates. Daily production rates are anticipated to settle
at around 500 BOE per day gross (over 365 BOE per day net, of which
approximately 70% is oil) in Q3 2022, which represents an overall
output increase of 70% since the completion of the acquisition in
mid-February 2022.
The production increase provides additional direct exposure to
the higher WTI oil and gas price environment and accelerates
payback on both the acquisition of the assets and the capital
investment in the work-overs.
Given the success of the initial three work-overs this year, as
well as the continued high oil and gas price environment, during
the quarter, the joint venture participants agreed to accelerate
the capital development program and the completion of the remaining
four planned work-overs this year. As part of this agreement, 88
Energy has agreed to part fund its share of the anticipated US$3.5
million (net) in development capital through the issuance of US$3.0
million in 88 Energy shares (approximately 544 million shares at an
issue price of A$0.008 per share, being the closing price of 88
Energy shares on the ASX on 24 June 2022) to Lonestar, to fund
Longhorn's working capital contributions towards the remaining
CY2022 capital development program ( Capital Development Shares
).
Project Longhorn is now scheduled to complete the targeted seven
capital development activities earlier than planned during Q4
2022.
1. Further ASX Listing Rule 5.31 Information (Notes to Reserves)
related to these Reserves is provided in Appendix 1 of the
announcement dated 21 February 2022 as released on ASX, AIM and
OTCQB markets.
Reserves Cautionary Statement: Oil and gas reserves and resource
estimates are expressions of judgment based on knowledge,
experience, and industry practice. Estimates that were valid when
originally calculated may alter significantly when new information
or techniques become available. Additionally, by their very nature,
reserve and resource estimates are imprecise and depend to some
extent on interpretations, which may prove to be inaccurate. As
further information becomes available through additional drilling
and analysis, the estimates are likely to change. This may result
in alterations to development and production plans which may, in
turn, adversely impact the Company's operations. Reserves estimates
and estimates of future net revenues are, by nature, forward
looking statements and subject to the same risks as other
forward-looking statements.
Finance
The ASX Appendix 5B attached to this quarterly report contains
the Company's cash flow statement for the quarter. The material
cash flows for the period were:
-- Exploration and evaluation expenditure of (A$23.8M) [March
2022 quarter: A$16.4M], primarily associated with Merlin-2 drilling
activities and demobilisation. During the quarter, most of the
final costs associated with the Merlin-2 program were paid. US$2.0M
was also paid to SAE as part of the initial license fee for the
FB3D data.
-- Project Longhorn quarterly cash distribution of A$1.3M.
-- Lease rental payments of A$0.5M, offset by Project Icewine
joint venture contributions of A$0.8M.
-- Administration, staff, and other costs of A$1.3M.
At quarter end, the Company had cash reserves of A$10.5M and no
debt.
Information required by ASX Listing Rule 5.4.3
Project Location Interest Interest
Name Net at beginning at end
Area of Quarter of Quarter
(acres)
--------------
Project Icewine Onshore, North Slope Alaska 192,830 75% 75%
------------------- ----------------------------- ---------- -------------- ------------
Onshore, North Slope Alaska
Project Peregrine (NPR-A) 195,373 100% 100%
------------------- ----------------------------- ---------- -------------- ------------
Onshore, Permian Basin
Project Longhorn Texas 964 73% 73%
------------------- ----------------------------- ---------- -------------- ------------
Onshore, North Slope Alaska
Umiat Unit (NPR-A) 17,633 100% 100%
------------------- ----------------------------- ---------- -------------- ------------
Yukon Leases Onshore, North Slope Alaska 15,235 100% 100%
------------------- ----------------------------- ---------- -------------- ------------
Pursuant to the requirements of the ASX Listing Rules Chapter 5
and the AIM Rules for Companies, the technical information and
resource reporting contained in this announcement was prepared by,
or under the supervision of, Dr Stephen Staley, who is a
Non-Executive Director of the Company. Dr Staley has more than 35
years' experience in the petroleum industry, is a Fellow of the
Geological Society of London, and a qualified Geologist /
Geophysicist who has sufficient experience that is relevant to the
style and nature of the oil prospects under consideration and to
the activities discussed in this document. Dr Staley has reviewed
the information and supporting documentation referred to in this
announcement and considers the prospective resource estimates to be
fairly represented and consents to its release in the form and
context in which it appears. His academic qualifications and
industry memberships appear on the Company's website and both
comply with the criteria for "Competence" under clause 3.1 of the
Valmin Code 2015. Terminology and standards adopted by the Society
of Petroleum Engineers "Petroleum Resources Management System" have
been applied in producing this document.
The graphics below can be viewed in the pdf version of this
announcement, which is available on the Company's website
www.88energy.com:
-- Figure 1: Third-party mapping indicates extension of all PANR
prospect play fairways into Project Icewine.
-- Figure 2: The FB3D seismic data covers an area over the
third-party mapped SMD, SFS and BFF play fairways, which 88 Energy
believes is an extension of all Pantheon's prospect play fairways
onto Icewine East.
-- Figure 3: remaining Yukon acreage retained on State lands
after relinquishment of Tract 29 in ANWR. Tract 29 relinquished in
Q2 2022 given ongoing restrictions and inability to explore in
lease / uncertainty when drilling could occur - all fees were
refunded to 88 Energy.
-- Figure 4: Conceptual 3D model of Umiat Structure.
-- Figure 5: Project Longhorn acreage.
Media and Investor Relations:
88 Energy Ltd
Ashley Gilbert, Managing Director
Tel: +61 8 9485 0990
Email:investor-relations@88energy.com
Fivemark Partners, Investor and Tel: +61 410 276 744
Media Relations Tel: +61 422 602 720
Andrew Edge / Michael Vaughan
EurozHartleys Ltd Tel: + 61 8 9268 2829
Dale Bryan
Cenkos Securities Tel: + 44 131 220 6939
Neil McDonald / Derrick Lee /
Pearl Kellie
Appendix 5B
Mining exploration entity or oil and gas exploration entity
quarterly cash flow report
Name of entity
-----------------------------------------------------
88 Energy Limited
ABN Quarter ended ("current quarter")
--------------- ----------------------------------
80 072 964 179 30 June 2022
----------------------------------
Consolidated statement of cash Current quarter Year to date
flows (6 months)
$A'000 $A'000
1. Cash flows from operating
activities
1.1 Receipts from customers - -
1.2 Payments for
(a) exploration & evaluation - -
(b) development - -
(c) production - -
(d) staff costs (504) (1,326)
(e) administration and corporate
costs (848) (1,755)
1.3 Dividends received (see note - -
3)
1.4 Interest received - 2
1.5 Interest and other costs of - -
finance paid
1.6 Income taxes paid - -
1.7 Government grants and tax - -
incentives
1.8 Other - -
---------------- -------------
Net cash from / (used in)
1.9 operating activities (1,352) (3,079)
----------------- ------------------------------------ ---------------- -------------
2. Cash flows from investing
activities
2.1 Payments to acquire or for:
(a) entities - (10,694)
(b) tenements (462) (1,311)
(c) property, plant and equipment - -
(d) exploration & evaluation (23,806) (40,245)
(e) investments - -
(f) other non-current assets - -
2.2 Proceeds from the disposal
of:
(a) entities - -
(b) tenements - -
(c) property, plant and equipment - -
(d) investments - -
(e) other non-current assets - -
2.3 Cash flows from loans to other - -
entities
2.4 Dividends received (see note - -
3)
2.5 Other - Joint Venture Contributions 822 831
- Distribution from Project
Longhorn 1,324 1,921
---------------- -------------
Net cash from / (used in)
2.6 investing activities (22,122) (49,498)
----------------- ------------------------------------ ---------------- -------------
3. Cash flows from financing
activities
Proceeds from issues of equity
securities (excluding convertible
3.1 debt securities) - 32,153
3.2 Proceeds from issue of convertible - -
debt securities
3.3 Proceeds from exercise of - -
options
Transaction costs related
to issues of equity securities
3.4 or convertible debt securities - (2,152)
3.5 Proceeds from borrowings - -
3.6 Repayment of borrowings - -
3.7 Transaction costs related - -
to loans and borrowings
3.8 Dividends paid - -
3.9 Other (provide details if - -
material)
---------------- -------------
Net cash from / (used in)
3.10 financing activities - 30,001
----------------- ------------------------------------ ---------------- -------------
4. Net increase / (decrease)
in cash and cash equivalents
for the period
Cash and cash equivalents
4.1 at beginning of period 32,631 32,317
Net cash from / (used in)
operating activities (item
4.2 1.9 above) (1,352) (3,079)
Net cash from / (used in)
investing activities (item
4.3 2.6 above) (22,122) (49,498)
Net cash from / (used in)
financing activities (item
4.4 3.10 above) - 30,001
Effect of movement in exchange
4.5 rates on cash held 1,312 728
---------------- -------------
Cash and cash equivalents
4.6 at end of period 10,469 10,469
----------------- ------------------------------------ ---------------- -------------
5. Reconciliation of cash and Current quarter Previous quarter
cash equivalents $A'000 $A'000
at the end of the quarter
(as shown in the consolidated
statement of cash flows) to
the related items in the accounts
5.1 Bank balances 10,469 32,631
5.2 Call deposits - -
5.3 Bank overdrafts - -
5.4 Other (provide details) - -
---------------- -----------------
Cash and cash equivalents
at end of quarter (should
5.5 equal item 4.6 above) 10,469 32,631
----------------- ----------------------------------- ---------------- -----------------
6. Payments to related parties of the entity Current quarter
and their associates $A'000
Aggregate amount of payments to related
parties and their associates included in
6.1 item 1 198
----------------
6.2 Aggregate amount of payments to related -
parties and their associates included in
item 2
----------------
Note: if any amounts are shown in items 6.1 or 6.2, your quarterly
activity report must include a description of, and an explanation
for, such payments.
6.1 Payments relate to Director and consulting fees paid to
Directors. All transactions involving directors and associates were
on normal commercial terms.
7. Financing facilities Total facility Amount drawn
Note: the term "facility' amount at quarter at quarter end
includes all forms of financing end $US'000
arrangements available to $US'000
the entity. Add notes as necessary
for an understanding of the
sources of finance available
to the entity.
7.1 Loan facilities - -
------------------- ----------------
7.2 Credit standby arrangements - -
------------------- ----------------
7.3 Other (please specify) - -
------------------- ----------------
7.4 Total financing facilities - -
------------------- ----------------
7.5 Unused financing facilities available at -
quarter end
----------------
7.6 Include in the box below a description of each facility
above, including the lender, interest rate, maturity date
and whether it is secured or unsecured. If any additional
financing facilities have been entered into or are proposed
to be entered into after quarter end, include a note providing
details of those facilities as well.
----------------- ---------------------------------------------------------------------------
8. Estimated cash available for future operating $A'000
activities
Net cash from / (used in) operating activities
8.1 (item 1.9) (1,352)
8.2 (Payments for exploration & evaluation classified (23,806)
as investing activities) (item 2.1(d))
8.3 Total relevant outgoings (item 8.1 + item (25,158)
8.2)
8.4 Cash and cash equivalents at quarter end 10,469
(item 4.6)
8.5 Unused finance facilities available at quarter -
end (item 7.5)
---------
8.6 Total available funding (item 8.4 + item 10,469
8.5)
---------
Estimated quarters of funding available
8.7 (item 8.6 divided by item 8.3) 0.4
---------
Note: if the entity has reported positive relevant outgoings
(ie a net cash inflow) in item 8.3, answer item 8.7 as
"N/A". Otherwise, a figure for the estimated quarters
of funding available must be included in item 8.7.
8.8 If item 8.7 is less than 2 quarters, please provide answers
to the following questions:
8.8.1 Does the entity expect that it will continue to
have the current level of net operating cash flows for
the time being and, if not, why not?
-------------------------------------------------------------------
Answer: 8.2 consists of Merlin-2 program costs which were
fully covered by existing cash reserves. Merlin 2 was
plugged and demobilised in April 2022 and final invoices
will be paid in July 2022.
-------------------------------------------------------------------
8.8.2 Has the entity taken any steps, or does it propose
to take any steps, to raise further cash to fund its operations
and, if so, what are those steps and how likely does it
believe that they will be successful?
-------------------------------------------------------------------
Answer: There is no requirement to raise further cash
based on anticipated expenditure and cash distributions
from Project Longhorn in 2022.
-------------------------------------------------------------------
8.8.3 Does the entity expect to be able to continue its
operations and to meet its business objectives and, if
so, on what basis?
-------------------------------------------------------------------
Answer: The business expects to continue to meet its business
objectives including assessing opportunities across its
Alaska portfolio and its rental obligations as well as
operating objectives for Project Longhorn
-------------------------------------------------------------------
Note: where item 8.7 is less than 2 quarters, all of
questions 8.8.1, 8.8.2 and 8.8.3 above must be answered.
----------------- -------------------------------------------------------------------
Compliance statement
1 This statement has been prepared in accordance with accounting
standards and policies which comply with Listing Rule 19.11A.
2 This statement gives a true and fair view of the matters disclosed.
Date: 14 July 2022
Authorised by: By the Board
(Name of body or officer authorising release - see note 4)
Notes
1. This quarterly cash flow report and the accompanying activity
report provide a basis for informing the market about the entity's
activities for the past quarter, how they have been financed and
the effect this has had on its cash position. An entity that wishes
to disclose additional information over and above the minimum
required under the Listing Rules is encouraged to do so.
2. If this quarterly cash flow report has been prepared in
accordance with Australian Accounting Standards, 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. If this quarterly cash flow report has been prepared
in accordance with other accounting standards agreed by ASX
pursuant to Listing Rule 19.11A, the corresponding equivalent
standards apply to this report.
3. Dividends received may be classified either as cash flows
from operating activities or cash flows from investing activities,
depending on the accounting policy of the entity.
4. If this report has been authorised for release to the market
by your board of directors, you can insert here: "By the board". If
it has been authorised for release to the market by a committee of
your board of directors, you can insert here: "By the [name of
board committee - eg Audit and Risk Committee]". If it has been
authorised for release to the market by a disclosure committee, you
can insert here: "By the Disclosure Committee".
5. If this report has been authorised for release to the market
by your board of directors and you wish to hold yourself out as
complying with recommendation 4.2 of the ASX Corporate Governance
Council's Corporate Governance Principles and Recommendations, the
board should have received a declaration from its CEO and CFO that,
in their opinion, the financial records of the entity have been
properly maintained, that this report complies with the appropriate
accounting standards and gives a true and fair view of the cash
flows of the entity, and that their opinion has been formed on the
basis of a sound system of risk management and internal control
which is operating effectively.
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END
UPDRIMATMTBBMRT
(END) Dow Jones Newswires
July 14, 2022 02:00 ET (06:00 GMT)
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