Energy NL
ANNUAL REPORT 2016INDUS ENERGY NL ANNUAL REPORT 2016
CORPORATE DIRECTORY2 Directors' Report
11 Auditor's Independence Declaration
12Consolidated Statement of Profit or Loss and Other Comprehensive Income
Consolidated Statement of Financial Position
Consolidated Statement of Changes in Equity
Consolidated Statement of Cash Flows
Notes to the Consolidated Financial Statements
Directors' Declaration
Independent Auditor's Report
ASX Additional Notes
Corporate Governance Statement
Directors
John Simpson Non-Executive Chairman Anthony Milewski Managing Director Jonathan Whyte Non-Executive Director
Chief Operating Officer
Ken Bull
Company Secretary
Jonathan Whyte
Registered and Principal Office
Unit 17, Level 2, 100 Railway Road
Subiaco WA 6008
PO Box 8129, Subiaco East WA 6008 Telephone: +61 8 9380 9920
Facsimile: +61 8 9381 5064 Website: www.indusenergy.com.au
Share Registry
Computershare Investor Services Pty Ltd Level 11, 172 St Georges Terrace
Perth WA 6000
Auditors
PKF Mack
4th Floor, 35 Havelock Street West Perth WA 6005
Stock Exchange
Indus Energy NL is a public company listed on the Australian Securities Exchange and incorporated in Western Australia.
ASX Codes
IND - Ordinary Fully Paid Shares
ABN
22 009 171 046
CHAIRMAN'S LETTERDEAR SHAREHOLDER
I am pleased to present Indus Energy NL's Annual Report for the year ended 30 June 2016.
Set against a backdrop of low oil prices the efforts of the Indus Board for the majority of 2016 have been primarily directed at securing an attractive acquisition opportunity outside of the oil and gas sector, with the focus being on assets with near term production potential.
The Company reviewed and conducted due diligence on several opportunities during the year, mainly in the gold sector, and recently entered into an option agreement with Western Australian based gold mining company IMD Gold Mines Ltd, who are in the process of securing an attractive portfolio of prospective gold projects in the Southern Cross region of Western Australia.
Both Indus and IMD Gold have completed due diligence and, subject to the satisfaction of some key conditions precedent, the parties will enter a binding sale and purchase agreement and go through the required regulatory channels to complete this transaction.
The aim of this potential acquisition, or any other acquisition by Indus, is to create a new listed company with near production ready assets.
On the corporate front, the Company has been disciplined in preserving its healthy cash position, reducing all corporate and other overheads to a minimum throughout the year, which has in turn enhanced the negotiating position of Indus with potential asset vendors.
Finally, I would like to thank shareholders for their support during the year. We appreciate your patience as the Company strives to complete an acquisition that will deliver sustainable value to our shareholders.
Yours faithfully
John (Gus) Simpson
Non-Executive Chairman
FOR THE YEAR ENDED 30 JUNE 2016 1
DIRECTORS' REPORTYour Directors present their report, together with the financial statements of the consolidated group (or 'Indus'), being the Company and its controlled entities, for the financial year ended 30 June 2016.
DIRECTORS AND COMPANY SECRETARY
The names of the directors in office at any time during, or since the end of the financial year, are:
John Simpson
Anthony Milewski
Jonathan Whyte (appointed 25 August 2015)
Marcus Gracey (resigned 25 August 2015)
Directors have been in office since the start of the financial year to the date of this report unless otherwise stated.
PRINCIPAL ACTIVITIES AND SIGNIFICANT CHANGES IN THE NATURE OF ACTIVITIES
The principal activities of the consolidated group during the financial year consisted of pursuing acquisition opportunities, predominantly in the resources sector.
In September 2015 the Company announced that the term sheet entered into with regard to a contemplated farm in to oil sands properties in Alberta, Canada, had been terminated by both parties to the agreement. Throughout the remainder of the financial year the Company actively pursued acquisition opportunities both within and outside the resources sector. Other than these events there were no significant changes in the nature of the consolidated group's principal activities during the financial year.
OPERATING RESULTS AND REVIEW OF OPERATIONS FOR THE YEAR
The consolidated loss of the consolidated group after providing for income tax for the year ended 30 June 2016 amounted to
$391,121 (2015: $4,476,366).
REVIEW OF OPERATIONS 2016
Project Review and Entering into Option Agreement with IMD Gold Limited
Following the termination of the negotiations to farm into the certain oil sands properties in Alberta Canada, the Board actively pursued several potentially attractive acquisition opportunities during the financial year, in both the oil and gas and other sectors, including gold.
In August 2016 the Company announced that it had entered into an option agreement with Western Australia based public unlisted gold mining company IMD Gold Mines Ltd (IMD Gold). Under the option agreement both Indus and IMD Gold have conducted legal and technical due diligence and Indus has the right, subject to the terms of the option agreement, to initiate the acquisition of IMD Gold and proceed to a binding sale and purchase agreement as required to implement the transaction.
Upon completion, the acquisition of IMD Gold would represent a proposed change of activities for Indus from oil and gas to gold with the aim of creating a new ASX listed gold producer with a plan to develop and expand further production ready assets in the near future. IMD Gold is currently in the process of securing a portfolio of gold projects in Western Australia, with a focus on near term gold production. Further details on the transaction including a summary of the projects and acquisition terms are contained in the ASX announcement released on 24 August 2016.
2 INDUS ENERGY NL ANNUAL REPORT
Indus Energy NL published this content on 01 November 2016 and is solely responsible for the information contained herein.
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