Quarterly Report September 2017

HIGHLIGHTS 

CAMBAY FIELD, ONSHORE GUJARAT, INDIA 

  • Core analysis confirms EP-IV tight siltstones at Cambay can be effectively stimulated, and that commercial gas flow rates are potentially achievable.  The study also identified compelling reasons for past under-performance of EP-IV wells.
  • Application for a ten-year extension of the PSC lodged in September 2017 ahead of PSC expiry date of September 2019.
  • Active work programme of work overs and vertical wells being planned for 2018 subject to receipt of PSC extension and funding.
  • Intermittent Gas production continued from the C-77H well at the Cambay Field. 
  • During the quarter, the Joint Venture partner, GSPC, paid the equivalent of US$78,182 (gross) against outstanding cash calls.

BHANDUT FIELD, ONSHORE GUJARAT, INDIA

  • During the quarter, the Joint Venture partner, GSPC, paid the equivalent of US$34,708 (gross) against outstanding cash calls.
  • Application for an extension of the PSC lodged in September 2017 ahead of PSC expiry date of September 2019.
  • Potential opportunities for the sale of the PSC continue to be advanced.

CORPORATE

  • Cash resources at 30 September 2017 A$1.91 million.
  • Implementation of further extensive cost reduction initiatives effective from 1 October 2017.
  • 11,722,222 broker options exercised.
  • Actively reviewing new opportunities to create value by expanding the Company’s project portfolio.

September 2017 Quarterly Report