Helios Energy Limited
Interim Financial Report
31 December 2020
Helios Energy Ltd | |
ABN 61 143 932 110 | |
CONTENTS | |
Page | |
Corporate Directory | 1 |
Directors' Report | 2 |
Auditor's Independence Declaration | 6 |
Interim Financial Statements | 7 |
Notes to the Interim Financial Statements | 11 |
Directors' Declaration | 16 |
Independent Auditor's Review Report to the Members |
Interim Financial Report - 31 December 2020
17
These interim financial statements do not include all the notes of the type normally included in the annual financial statements. Accordingly, these interim financial statements are to be read in conjunction with the annual financial statements for the year ended 30 June 2020 and any public announcements made by the Company during the period from 1 July 2020 to the date of this report in accordance with the continuous disclosure requirements of the Corporations Act 2001 (Cth).
Helios Energy Ltd Corporate Directory
31 December 2020
CORPORATE DIRECTORYDirectorsCompany Secretary Registered OfficeShare RegisterAuditorLawyersStock Exchange
Hui Ye
Non-Executive Chairman
Richard He
Managing Director
Nicholas Ong Non-Executive Director
Robert Bearden Non-Executive Director
John Palermo
Australian Office
Level 3, 18 Richardson Street West Perth WA 6005 Australia PO Box 1485 West Perth WA 6872 Australia T:+61 1300 291 195 F:+618 6298 6191
USA Office
2 Riverway, 17th Floor Suite 1710, Houston
Texas USA 77056
T:+1 713 333 3613
F:+1 713 583 0965
Computershare Investor Services Pty Ltd Level 11, 172 St George's Terrace
Perth WA 6000 Australia Investor enquiries: 1300 557 010
T:+618 9323 2000
F:+618 9323 2033
BDO Audit (WA) Pty Ltd 38 Station Street
Subiaco WA 6008 Australia
T:+618 6382 4600
F:+618 6382 4601
Steinepreis Paganin
Level 4, The Read Buildings 16 Milligan Street
Perth WA 6000 Australia
T: +618 9321 4000
F: +618 9321 4333
Website
Australian Securities Exchange (ASX) ASX Code: HE8 and HE8OAwww.heliosenergyltd.com
Helios Energy Ltd Directors' Report 31 December 2020
DIRECTORS' REPORT
Your directors present their report on the consolidated entity consisting of Helios Energy Ltd and the entities it controlled at the end of, or during, the financial period ended 31 December 2020 (Helios Energy or the Company or the Group).
DIRECTORS
The name of each person who has been a director during the reporting period and to the date of this report are:
Hui Ye - appointed 1 December 2017. Richard He - appointed 20 October 2017. Nicholas Ong - appointed 4 August 2017. Robert Bearden - appointed 14 February 2018.
COMPANY SECRETARY
The company secretary is John Palermo who was appointed on 10 September 2018.
PRINCIPAL ACTIVITIES AND REVIEW OF OPERATIONS
The Company is an oil and gas exploration company whose principal activity is the Presidio Oil Project which is located in Presidio County in the State of Texas in the USA.
Presidio Oil Project - Presidio County, Texas, USA
Upon the completion of the third well in the Presidio Oil Project, being the Presidio 141#2 well, Helios will have a 70%WI in a total of 85,685 gross acres (59,980 net acres) and a 70%WI in the 3 wells drilled by Helios in the Presidio Oil Project, namely, Presidio 141#2, Quinn Creek 141#1 and Quinn Mesa 113.
50% Increase in Play Area - Now 300,000 Acres in Total
Helios has completed 88 miles of 2D seismic which has established a thick presence of Austin Chalk age equivalent Ojinaga Formation across Helios' entire acreage position of 85,685 gross acres. The thickness of the Ojinaga Formation ranges from 1,000 feet in the eastern section of Helios' acreage to 2,000 feet in the western section. In addition, these 88 miles of 2D seismic has established a thick presence of Ojinaga Formation across the entire Ojinaga Shale Formation play area which has now increased by 50% from approximately 200,000 acres to approximately 300,000 acres in size.
Testing of Presidio 141#2 Well
Pressure build up testing of the Presidio 141#2 well continued during the half year ending on 31 December 2020. After the pressure build up testing is fully completed, the Presidio 141#2 well will be returned to oil and gas production by natural unassisted flow. Production tubing will be run to the toe of the lateral portion of the well and the well will then be placed on artificial lift but only after the well has ceased to flow naturally. As the well is shallow with normal formation pressure, the well will require artificial lift for commercial oil production. The Presidio 141#2 well is a shallow well with a total measured depth of 5,846 feet including the fracked 1,400 feet horizontal portion which was drilled into the primary target zone within the lower bench of the Ojinaga Formation.
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Helios Energy Limited published this content on 16 March 2021 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 18 March 2021 18:13:06 UTC.