Quarterly Report
Highlights
• Revenue from Australian operations of $3.0m for the quarter, up from normalised Australian revenues of $2.87m recorded in the December 2010 quarter. The December 2010 quarterly normalised Australian revenues backed out a one-off sale of inventory oil on the decommissioning of the Jackson to Moonie pipeline ($3.75m). Canadian revenues also ceased in the December 2010 quarter following the sale of Drillsearch’s interest in Circumpacific.
• Australian production of 26,332bbls, a decline of 10% on the previous quarter.
• A cash position of $8.5m with no debt.
• Completed sale of non-core assets – the Gippsland Basin permit to Larus Pty Ltd and the Naccowlah block interests to Bounty Oil and Gas NL.
• Completion of the share consolidation.
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