Avantisteam Says: Melbana Energy : Half Year Financial Report 31 December 201... - Jonathan Cartu CPA Accounting Firm - Tax Accountants
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Avantisteam Says: Melbana Energy : Half Year Financial Report 31 December 201…

Melbana Energy : Half Year Financial Report 31 December 201...

Avantisteam Says: Melbana Energy : Half Year Financial Report 31 December 201…








03/02/2020 | 06:24pm EST

Melbana Energy Limited

ABN 43 066 447 952

Half Year Financial Report – 31 December 2019

Melbana Energy Limited Corporate directory

31 December 2019

Directors

Andrew Purcell (Executive Chairman)

Michael Sandy (Non-Executive Director)

Peter Stickland (Non-Executive Technical Director)

Company secretary

Melanie Leydin

Registered office

Level 3, 350 Collins Street

Melbourne, VIC 3000 Australia

Telephone: +61 (3) 8625 6000

Principal place of business

Level 3, 350 Collins Street

Melbourne, VIC 3000 Australia

Telephone: +61 (3) 8625 6000

Share register

Link Market Services Limited

Level 1, 333 Collins Street

Melbourne, VIC 3000 Australia

Telephone: +61 (3) 9615 9800

Auditor

Grant Thornton Audit Pty Ltd

Collins Square, Tower 5

727 Collins Street

Melbourne VIC 3008 Australia

Stock exchange listing

Melbana Energy Limited securities are listed on the Australian Securities Exchange

(ASX code: MAY)

Website

www.melbana.com

Melbana Energy Limited Directors’ report

31 December 2019

The Directors present their report, together with the financial statements, on the Consolidated Entity consisting of Melbana Energy Limited (referred to hereafter as the ‘Company’ or ‘Parent Entity’) and the entities it controlled at the end of, or during, the half -year ended 31 December 2019.

Directors

The following persons were Directors of Melbana Energy Limited during the whole of the financial half -year and up to the date of this report, unless otherwise stated:

Andrew Purcell (Executive Chairman)

Michael Sandy (Non-Executive Director and Interim Chief Executive Officer from 22 July 2019) Peter Stickland (Non-Executive Technical Director)

Principal activities

The principal activities during the half year of the Consolidated Entity were oil and gas exploration in Cuba and Australia together with development concepts for the Tassie Shoal Methanol and LNG Projects.

Dividends

There were no dividends paid, recommended or declared during the current or previous financial half -year.

Review of operations

The loss for the Consolidated Entity after providing for income tax amounted to $1,418,518 (31 December 2018: $1,966,907).

Corporate

Melbana’s future prospects are centred on continuing to sec ure quality exploration, development and producing opportunities and seeking to maximise the value to shareholders of its current portfolio, identifying and securing additional value -accretive projects, and/or undertaking a corporate transaction.

Adequacy of funding will, for the immediate future, remain a key focus for the Company and its shareholders. The Company will look to raise additional funding either through farm -in/sale and/or capital injection to advance its projects, as it may consider necessary given that it expects to be reimbursed in this financial year approximately $5 million, in accordance with the terms of a binding heads of agreement (HOA) it entered into with Sociedade Nacional De CombustĂ­veis De Angola, Empresa PĂșblica (Sonangol), the National Oil Company of Angola, as detailed below. The Company also, subsequent to the period end, acquired a 27.81% interest in Metgasco Limited (Metgasco), as also detailed below, which is expected to entitle it to its share of the in-specie distribution of 20 million shares in Byron Energy Limited that Metgasco has announced it will ask its shareholders to approve at a meeting to be held late in Q1 CY2020). In the event that the Consolidated Entity cannot meet its share of work program commitments, permits may need to be surrendered.

Significant changes in the state of affairs

On 15 July 2019, the Company announced an off -market takeover bid for all…

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