GAS2GRiD
GAS2GRID LIMITED
A.B.N. 46 112 138 780
INTERIM REPORT 31 DECEMBER 2016
GAS2GRID Limited ABN 45 112 13s 1so Interim Report - 31 December 2016 Contents PageDirectors' report 1
Auditor's independence declaration 8
Interim financial report
Consolidated statement of profit or loss and other comprehensive income 9
Consolidated statement of financial position 10
Consolidated statement of changes in equity 11
Consolidated statement of cash flows 12
Notes to the financial statements 13
Directors' declaration 17
Independent audit review report 18
This interim financial report does not include all the notes of the type normally included in an annual financial report. Accordingly, this report is to be read in conjunction with the annual report for the year ended 30 June 2016 and any public announcements made by Gas2Grid Limited during the interim reporting period in accordance with the continuous disclosure requirements of the Corporations Act 2001.
Gas2Grid Limited Directors' report 31 December 2016 Directors' reportYour Directors present their report on the consolidated entity consisting of Gas2Grid Limited and the entity it controlled at the end of, or during the half-year ended 31 December 2016.
DirectorsThe following persons were Directors of Gas2Grid Limited during the half-year and up to the date of this report:
D A Munns D J Morton
P W V M Sam Yue
Review of Operations PHILIPPINES: SERVICE CONTRACT 44 (100%), Onshore CebuThe "DOE" approved a 2 year Technical Moratorium that ended on 27 January 2017 in order to provide sufficient time to complete studies and establish the appropriate completion technology for maximising sustainable oil production that if successful will lead to full oil field appraisal/development.
A drilling proposal for the Nuevo Malolos-1 Deepening was submitted to the DOE for their approval in March 2016. Approval was not received by the Company until mid-September, 2016.
The late approval did not allow sufficient time to complete the drilling operations, conduct a long term oil production test of the well and submit an application for a 25 year production term within the remaining time provided for under the Technical Moratorium. The Company will not spend money on operations unless security of title has been established and under the current situation security of title is not guaranteed.
The Company applied to the DOE requesting sufficient time be granted in which to complete the operations. The request was denied. The Company engaged in discussions with the DOE and has recently lodged an application under "Force Majeure", as provided for under the Service Contract terms.
Gas2Grid Limited Interim Report 2017
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Gas2Grid Limited Directors' report (continued)
31 December 2016
135m C!l 280"
Nuevo Malolos-1Deepening well location and well track
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SC 44 Location on Cebu Island, Philippines
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Gas2Grid Limited 2 Interim Report 2017
Gas2Grid Limited published this content on 15 March 2017 and is solely responsible for the information contained herein.
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Original documenthttp://www.gas2grid.com/s/170315-GGX-ASX-Release-Gas2Grid-Half-Year-Report-December-2016.pdf
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