Download - 2014-03-11 Consolidated Interim Accounts
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ABN68079432796
Consolidatedinterimfinancialreport
forsixmonthsended
31December2013
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TranservEnergyLimited ConsolidatedInterimFinancialReport
Directorsreport
1
Thedirectorspresent their report togetherwith the consolidated financial report for thehalfyearended 31December2013and the
reviewreportthereon.
Directors
TheDirectors
of
the
company
at
any
time
during
or
since
the
end
of
the
half
year
to
the
date
of
this
report
are:
CraigBurton ExecutiveChairman
StephenKeenihan ExecutiveDirector
IanCockerill ExecutiveDirector
WilliamBloking NonExecutiveChairman(Resigned19November2013)
BrettMitchell NonExecutiveDirector(Resigned20August2013)
ReviewofoperationsHalfyearended31December2013
WarroGasProject(TSVWorkingInterest=57%)
Drilling continues to remain a target for late 2014 to coincide with
drillingandfraccingprogrammescurrentlybeingscheduledinthePerth
Basinbyotheroperators.
The JointVenturepartners,TranservandAlcoahavecommencedpre
drillplanninganddesignworkasapreludetothenextphaseofatwo
well drilling and testing program at Warro. Work carried out or
underwayduringthepastquarterincluded;
Ahydrogeologicalstudyofgroundwater intheregionaround
Warro.Thisworkconcludedthattherewouldbenoimpacton
theaquifersystemsprovidedthewellintegrityismaintained.
Adetailedreviewoffaultpatterns inWarroareausingstate
oftheartneuralnetworkmapping technology. Thisproject
confirmedveracity thepreviousworkandhas reinforced the
JointVenturesrationaleforthenextwelllocations.
Initiationofstudiestoestablishbaseorbackground levelsof
seismicityandsoilgascomposition.
Participation inaprojectwithDMP,FarmersFederation,PGA
andAPPEAtodefineandsimplifystandardaccessagreements
andbuildconfidenceinthelocalcommunitiesintheprocess.
TheNativeTitlenegotiationshavereachedaconclusionsubjecttofinal
documentationwhichispresentlywiththeSouthWestAboriginalLand
Councilfor
execution.
WarroProjectBackground
TheWarrofieldlies200kmnorthofPerthinthePerthBasinandisone
ofthelargestundevelopedonshoregasfieldsinAustralia.
Transervcurrentlyhasa57percentstake inWarroand is theproject
operator.Alcoa isearningup to65per cent (currentlyat43per cent)undera farminagreementby spendingup to$100millionon
explorationanddevelopmentactivitiesatWarro.Alcoa is fundinga stagedevaluationandconstructionprogram,which includeswells,
productioninfrastructureandtherecentlycompleted3Dseismicsurvey.
Warro,whichcoversapproximately7,000ha isabout3,750mbelow the surfaceand is locatedjust31kmeastofboth theDampierto
BunburyNaturalGasPipelineandtheDongaratoPerthParmeliaPipeline.
Map1WarroLocation
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CanadianActivities
TranservholdsinterestsinCanadianoilandgasassets inthreeregions: AlbertaDuvernay/RockCreek,AlbertaGenesee(Mannvilletight
oil) and British Columbia (Carnaby). While the Company is ready to embark on drilling activities in Canada, thewellswill remain in
abeyanceuntilvariousfundinginitiativesarefinalised.
Alberta
Duvernay/RockCreek(TSVWorkingInterest=34%)
TherehasbeennodrillingactivitybytheCompanyinthisareaduring
thisquarter.
CanadianPanOcean(CPO)continuetocarryoutfundraisingefforts
in an effort to close the Duvernay acreage sale that the Company
announced on 5 March 2013. This sale remains subject to CPO
successfully obtaining funding and Transerv is monitoring CPOs
progress. Whilst this sale isnotcertain, theBoardbelieves thatCPO
hasa reasonableprospectofcompleting the transaction. IfCPOdoes
notcomplete,theCompanyisreadytoexecuteaseparatesaleprocess.
GeneseeTightOilPlay(TSVWorkingInterest=50%)
TherehasbeennodrillingorlandactivitybytheCompanyinthisarea
duringthefirsthalfoftheyear.
BritishColumbia
Carnaby
(TSV
Working
Interest
=
55%)
Carnaby has producing properties and exploration assets in British
Columbiato
the
east
of
Ft.
St
John.
These
lands
are
held
in
three
differentareasassetoutintheLocalityMap.
MontneyTwoRivers
Carnabysholding in theTwoRiversarea is51,388acresnet (57,021
acresgross).
As a result of continuing industry success in the area, and the
encouraging results of the Independent Review carried out by
McDanielandAssociates,Carnabyhasundertakenadetailedreviewof
theMontneysectionoverallitslands,andthesurroundingarea. This
workhas
identified
four
prospective
oil
prone
levels
which
are
widely
distributedacrosstheCarnabylands. Twoofthesezonesarecurrently
being developed in fields to the south. Twoof the identified zones
remainunexploitedatpresent. Theworkhasrecognisedandmapped
anumberofkeyreservoircharacteristicswhichappeartocontrolthe
locationoftheplaysweetspots. Thisworkispresentlybeingusedto
guide our continued land acquisition in the area and locate future
drillingtargets.
ParadiseArea
Carnaby Energy has proposed drilling a horizontal well into the
Montneyturbidite
channel
offset
from
avertical
well
that
has
producedoilfromthesameinterval. Carnabysinterest inthearea is
approximately 50% and the drilling of thiswell awaitsjoint venture
approval.
Map3CarnabyLocation
Map2
Woma
Location
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Financial
TheCompanyscashbalanceat31December2013was$5,284,078(30June2013:$1,565,377).
Anetprofitof$548,894isreportedforthesixmonthsended31December2013(31December2012:$1,926,467loss),withabasicgain
pershareof0.01cents(31December2012:0.06centslosspershare).
Equity
Asat31December20134,034,097,761ordinaryshareswereon issuewith thecompany.Thenumberofunlistedoptionson issuewas
593,500,000.
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LeadAuditorsIndependenceDeclarationundersection308CoftheCorporationsAct2001
The lead auditors independence declaration is set out on page 5 and forms part of the directors report for the halfyear ended 31
December2013.
DatedatPerththis11th
dayofMarch,2014
Signedinaccordancewitharesolutionofthedirectors:
StephenKeenihan
ExecutiveDirector
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LeadAuditorsIndependenceDeclaration
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IndependentAuditorsReviewReport
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IndependentAuditorsReviewReport
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Consolidatedstatementofprofitorlossandothercomprehensiveincome
Forthesixmonthsended31December2013
8
31Dec13 31Dec12
Notes AUD AUD
Revenuefrom
continuing
operations 1,421,584 1,254,127
Costofgoodsandservices sold (1,097,034) (1,078,769)
324,550 175,358
Shareofloss ofassociates accountedforusingtheequity
method 5 (1,632) (32,404)
Otherincome 2,636,290 1,154,934
Expenses
Auditandaccountingcosts (451,396) (35,628)
Employeebenefits (232,224) (160,582)
Directorsfees (132,418) (104,750)
Professionalfees (12,177) (16,380)
Consultantfees (105,400) (290,580)
Depreciationand amortisation (621,392) (633,650)
Administrativeexpenses (681,822) (716,473)
Financingcosts (40,526) (572,451)
Otheroperatingexpenses (10,640) (164,775)
Profit/(Loss)beforeincometaxexpensefromcontinuing
operations 671,213 (1,397,381)
Incometaxexpense/(benefit) (122,319) (529,086)
Profit/(Loss)afterincometaxexpensefortheperiod 548,894 (1,926,467)
Profit/(loss)attributable
to:
Membersoftheparententity 771,442 (1,347,785)
Noncontrollinginterests (222,548) (578,682)
548,894 (1,926,467)
Othercomprehensive income:
Foreigncurrencytranslation 214,395 237,946
Totalcomprehensive profit/(loss)fortheperiod,net of
incometax 763,289 (1,688,521)
Basic/diluted
profit/(loss)
per
share
(cents
per
share) 0.01
(0.06)
The consolidated statement of profit or loss and other comprehensive income is to be read in conjunction
with the notes to the consolidated interim financial report.
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Consolidatedstatementoffinancialposition
Forthesixmonthsended31December2013
9
31Dec13 30Jun13
Note AUD AUD
Assets
CurrentAssets
Cashandcashequivalents 5,284,078 1,565,377
Otherreceivables andprepayments 960,849 4,619,609
6,244,927 6,184,986
Noncurrentassetsheldforsale 7 2,050,585 2,018,913
Totalcurrentassets 8,295,512 8,203,899
NoncurrentAssets
Property,plantandequipment 57,872 106,820
Investmentsaccountedforusingtheequitymethod 5 630,091 602,974
Developmentassets 8 13,261,553 13,527,732
Explorationandevaluationassets 9 57,702,631 57,405,341
Totalnoncurrentassets 71,652,147 71,642,867
Totalassets 79,947,659 79,846,766
Liabilities
CurrentLiabilities
Tradeandotherpayables 1,418,284 2,048,759
Provisions 72,796 49,425
Currenttaxliabilities 484,586
Totalcurrentliabilities 1,491,080 2,582,770
Noncurrentliabilities
Financiall iabil ities 3,542,081 3,274,500
Deferredtaxl iabil ity 724,251 590,577
Provisions 1,728,279
1,700,239
Totalnoncurrentliabilities 5,994,611 5,565,316
Totalliabilities 7,485,691 8,148,086
Net assets 72,461,968 71,698,680
Equity
Issuedcapital 10 66,952,804 66,952,804
Reserves 9,316,664 9,102,270
Minorityinterest 11 2,673,651 2,896,199
Accumulatedlosses (6,481,151) (7,252,593)
TotalequityattributabletoequityholdersoftheCompany 72,461,968 71,698,680
The consolidated statement of financial position is to be read in conjunction with the notes
to the consolidated interim financial report.
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Consolidatedstatementofchangesonequity
Asat31December2013
10
Forthesixmonthsended31December2013 ShareCapital
Foreign
Exchange
Reserve
Options
Reserve
Accumulated
Losses
Non
controlling
interest
TotalEquity
AUD AUD AUD AUD AUD AUDBalanceat1July2013 66,952,804 897,882 8,204,388 (7,252,593) 2,896,199 71,698,680
Totalcomprehensive incomeforthe period
Lossattributabletomembersoftheparententity 548,894 548,894
Lossattributabletononcontrollinginterests - - - 222,548 (222,548)
Othercomprehensive income
Foreigncurrencytranslationdifferences 214,394 214,394
Totalothercomprehensive income 214,394 771,442 (222,548) 763,288
Totalcomprehensive incomeforperiod 214,394 771,442 (222,548) 763,288
Transactionswithowners,recordeddirectlyinequity
Contributionsbyanddistributionstoowners
Totalcontributionsbyanddistributionstoowners
Balanceat31December2013 66,952,804 1,112,276 8,204,388 (6,481,151) 2,673,651 72,461,968
Forthesixmonthsended31December2012 ShareCapital
Foreign
Exchange
Reserve
Options
Reserve
Accumulated
Losses
Non
controlling
interest
TotalEquity
AUD AUD AUD AUD AUD AUD
Balanceat1July2012 63,453,519 (99,954) 7,990,372 (7,484,407) 3,771,761 67,631,291
Totalcomprehensive incomeforthe period
Lossattributabletomembersoftheparententity (1,926,467) (1,926,467)
Lossattributabletononcontrollinginterests - - - 578,682 (578,682)
Othercomprehensive income
Foreigncurrencytranslationdifferences 237,946 237,946
Totalothercomprehensive income 237,946 237,946
Totalcomprehensive incomeforperiod 237,946 (1,347,785) (578,682) (1,688,521)
Transactionswithowners,recordeddirectlyinequity
Contributionsby
and
distributions
to
owners
Shareoptionsvested 164,775 - - 164,775
Totalcontributionsbyanddistributionstoowners 164,775 164,775
Balanceat31December2012 63,453,519 137,992 8,155,147 (8,832,192) 3,193,079 66,107,545
The consolidated statement of changes in equity is to be read in conjunction with the notes
to the consolidated interim financial report.
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Consolidatedstatementofcashflow
Forthesixmonthsended31December2013
11
31Dec13 31Dec12
Note AUD AUD
Cash
flows
from
operating
activitiesReceiptsfromcustomers 1,718,707 2,394,157
ReceiptforResearchandDevelopmentRebate 3,472,291
Interestreceived 17,618 4,361
Paymenttosuppliers andemployees (3,050,009) (1,282,862)
Net cashfromoperatingactivities 2,158,607 1,115,656
Cashflowsfrominvestingactivities
Paymentforproduction,explorationandevaluationexpenditure (432,014) (1,580,645)
Paymentforproperty,plant&equipment (31,434)
Paymentforinvestmentin associates (28,749) (247,978)
Paymentfortaxoninvestmentincome (473,230)
Proceedsfromsaleofassets 2,494,087
Netcash
used
in
investing
activities 1,560,094
(1,860,057)
Cashflowsfromfinancingactivities
Proceedsfromshorttermloans 380,095
Net cashfromfinancingactivities 380,095
Netincrease/(decrease)incashandcashequivalents 3,718,701 (364,306)
Cashand cashequivalentsatbeginningofyear 1,565,377 1,080,832
Effectofexchangeratefluctuations oncashheld 32,833
Cashandcashequivalentsat31December2013 5,284,078 749,359
The consolidated statement of cash flow is to be read in conjunction with the notes
to the consolidated interim financial report.
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1. Reportingentity
TranservEnergyLimited(theCompany)isacompanydomiciledinAustralia.TheaddressoftheCompanysregisteredofficeisLevel7,1008
HayStreet,Perth,WA6000. Theconsolidatedinterimfinancialreportoftheconsolidatedentityforthesixmonthsended31December2013
comprisestheCompanyanditssubsidiaries(togetherreferredtoastheconsolidatedentity).Theconsolidatedentityisprimarilyinvolvedin
oilandgasexplorationinAustraliaandCanada.
2. Statementofcompliance
The consolidated interim financial report is a general purpose financial report prepared in accordance with the requirements of the
CorporationAct2001,AustralianAccounting StandardsAASB134: InterimFinancialReporting,AustralianAccounting Interpretationsand
otherauthoritativepronouncementsoftheAustralianStandardsBoard.CompliancewiththeAustralianAccountingStandardsensuresthat
thefinancialstatementsandnotesalsocomplywithInternationalFinancialReportingStandards.
Theconsolidated interim financialreportdoesnot includeallof the information required fora fullannual financialreport,andshouldbe
readinconjunctionwiththeconsolidatedannualfinancialreportoftheconsolidatedentityasatandfortheyearended30June2013.
Thesameaccountingpoliciesandmethodsofcomputationhavebeen followed in this interim financial reportaswereapplied inannual
financialreport
of
the
consolidated
entity
as
at
and
for
the
year
ended
30
June
2013.
ThisconsolidatedinterimfinancialreportwasapprovedbytheBoardofDirectorson11th
March2014.
3. Significantaccountingpolicies
Theseconsolidatedinterimfinancialstatementshavebeenpreparedinaccordancewiththeaccountingpoliciesadoptedinthelastannual
financialstatementsfortheyearto30June2013.
The accounting policies have been applied consistently throughout the consolidated entity for the purposes of preparation of these
consolidatedinterimfinancialstatements.
TheConsolidatedEntityhasadoptedthenewandrevisedStandardsandInterpretationsissuedbytheAustralianAccountingStandardsBoard
(the
AASB)
that
are
relevant
to
their
operations
and
effective
for
the
current
period.
ImpactofnewandrevisedStandardsandamendmentsthereofandInterpretationseffectiveforthecurrentperiodthatarerelevanttothe
Groupinclude:
* AASB10,ConsolidatedFinancialStatements
AASB10iseffectiveforaccountingperiodsbeginningonorafter1January2013andreplacestheguidanceoncontrolandconsolidation
in AASB 127, Consolidated and Separate Financial Statements, and Interpretation 112, Consolidation Special Purpose Entities. It
introducesasingledefinitionofcontrolofanentity,focusingontheneedtohavebothexposure,orrights,tovariablereturnsandthe
powertoaffectthosereturns,beforecontrolispresent.Thegrouphasrevieweditsinvestmentsinotherentitiesandconcludedthatthe
applicationofAASB10doesnothaveanyimpactontheamountsrecognisedintheconsolidatedinterimfinancialstatements.
* AASB11,JointArrangements
AASB11iseffectiveforaccountingperiodsbeginningonorafter1January2013andintroducesaprinciplesclassifiedaseitherajoint
operationorajointventure.Jointventuresareaccountedforusingtheequityarrangements.Basedontheassessmentofcontractual
rightsandobligations,ajointarrangementwillbebasedapproachtoaccountingforjointarrangements.Thefocusisnolongeronthe
legalstructureofjointarrangements,butratheronhowcontractualrightsandobligationsaresharedbythepartiestothejointmethod,
andthechoicetoproportionallyconsolidateisnolongerpermitted.Partiestoajointoperationcontinuetoaccountfortheirdirectright
to,andtheirshareof,jointlyheldrevenues,expenses,assetsandliabilitiesofthejointoperation.TheGrouphasassessedthenatureof
itsjointarrangementsandtheapplicationofAASB11doesnothaveanyimpactontheamountsrecognisedintheconsolidatedinterim
financialstatements.
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* AASB12,DisclosureofInterestsinOtherEntities
AASB12 iseffective foraccountingperiodsbeginningonorafter1 January2013 and setsout the requireddisclosures forentities
reportingunderAASB10andAASB11,replacingthedisclosurerequirementscurrently found inAASB128, Investments inAssociates
and Joint Ventures. The application of AASB 12 has no impact on the amounts recognised in the consolidated interim financial
statements.
* AASB13,FairValueMeasurement
AASB13iseffectiveforaccountingperiodsbeginningonorafter1January2013andprovidesguidanceonhowtomeasurefairvalue
and enhance fair value disclosures. The application of AASB 13 has not changed the Company's measurement techniques for
determiningfairvalueanddoesnothaveanyimpactontheamountsrecognisedintheconsolidatedinterimfinancialstatements.
* AASB119,AmendmentstoEmployeeBenefits
AASB119 iseffective foraccountingperiodsbeginningonorafter1 January2013and setsout the requireddisclosures forentities
reportingunderAASB119.AnamendedversionofAASB119'EmployeeBenefit'withrevisedrequirementsforpensionandotherpost
employment benefits, terminationbenefits and other change requires a number of disclosureswhich are consistentwith previous
disclosuresmadeby theCompany.AASB119amendments toEmployeeBenefitshaveno impacton theamounts recognised in the
consolidatedinterim
financial
statements.
4. Estimates
The preparation of interim financial reports requires management to make judgements, estimates and assumptions that affect the
applicationofaccountingpoliciesand thereportedamountsofassetsand liabilities, incomeandexpense. Actualresultsmaydiffer from
theseestimates.
Inpreparingthisconsolidatedinterimfinancialreport,thesignificantjudgementsmadebymanagementinapplyingtheconsolidatedentitys
accountingpoliciesandthekeysourcesofestimationuncertaintywerethesameasthosethatappliedtotheconsolidatedfinancialreportas
atandfortheyearended30June2013.
5.
Share
of
profits
of
associates
accounted
for
using
the
equity
method
31Dec13 30Jun13
AUD AUD
NonCurrentAssets
Explorationandevaluationassets 630,091 602,974
ExplorationandEvaluationAssets
Costas at1July 602,974 322,479
Additions 28,749 318,726
Explorationexpenditurewrittenoff (1,632) (38,231)
Costas atperiodend31Dec/30Jun 630,091 602,974
6. Segmentreporting
DuringtheperiodtheCompanyoperatedintwobusinesssegmentsmineralexploration,developmentandproductionofoilandgasintwo
geographicalareasAustraliaandCanada.
Thegrouphas identified itsoperating segmentbasedon the internal report that is reviewedandusedby theBoardofDirectors (chief
operatingdecisionmaker)inassessingperformanceanddeterminingtheallocationofresources.
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Australia Canada TotalSegment
Unallocated
Elimination Consolidated
Revenue 31Dec13 31Dec13 31Dec13 31Dec13 31Dec13
Salestoexternal customers 1,421 ,58 4 1,42 1,5 84 1,421,584
Total SalesRevenue 1,421 ,58 4 1,42 1,5 84 1,421,584
Financialincome 16,496 1,123 17,619 17,619
Otherincome 4,132 2,614,539 2,618,671
2,618,671
TotalRevenue 20,628 4,037,246 4,057,874 4,057,874
Segmentresult (1,065,976) 2,384,189 1 ,318,213 (2,701) 1,315,512
Depreciationand amortisation (29,774) (591,618) (621,392) (621,392)
Impairmentofassets
Interestrevenue 16,496 1,123 17,619 17,619
Financecosts (40,526) (40,526) (40,526)
Profitbeforeincometaxexpense (1,079,254) 1,753,168 673,914 (2,701) 671,213
Incometax (122,319) (122,319)
Researchand Developmentrebate
Profitafterincometaxexpense 548,894
Assets
Totalcurrent
assets 2,357,650 5,937,862 8,295,512
8,295,512
Total noncurrentassets 67,059,638 4,592,509 71,652,147 71,652,147
Total assets 69,417,288 10,530,371 79,947,659 79,947,659
Total assetsinclude:
Investmentsin associates 630,091 630,091 630,091
Liabilities
Total currentl iabil ities (253,729) (1,237,351) (1,491,080) (1,491,080)
Total noncurrentliabilities ( 5,994,611) (5,994,611) (5,994,611)
Total l iabil ities (253,729) (7,231,962) (7,485,691) (7,485,691)
Australia Canada TotalSegment
Unallocated
Elimination Consolidated
Revenue 31Dec12 31Dec12 31Dec12 31Dec12 31Dec12
Salesto
external
customers
1,254,127 1,254,127
1,254,127
Total SalesRevenue 1,254,127 1,254,127 1,254,127
Financialincome 2,385 1,976 4,361 4,361
Otherincome 99,130 1,110,244 1,209,374 1,209,374
TotalRevenue 101,515 2,366,347 2,467,862 2,467,862
Segment result (1,055,190) 861,876 (193,314) (2,328) (195,642)
Depreciationandamortisation (13,849) (619,801) (633,650) (633,650)
Impairmentofassets
Interestrevenue 2,385 1,976 4,361 4,361
Financecosts (572,451) (572,451) (572,451)
Profitbeforeincometaxexpense (1,066,654) (328,400) (1,395,054) (2,328) (1,397,382)
Incometax (529,086) (529,086)
Profitafterincometaxexpense (1,926,468)
Australia Canada TotalSegment
Unallocated
Elimination Consolidated
30Jun13 30Jun13 30Jun13 30Jun13 30Jun13
Assets
Total currentassets 1,980,203 6,223,696 8,203,899 8,203,899
Total noncurrentassets 49,548,027 22,094,840 71,642,867 71,642,867
Total assets 51,528,230 28,318,536 79,846,766 79,846,766
Total assets include:
Investmentsinassociates 602,974 602,974 602,974
Liabilities
Total currentl iabil ities (523,766) (2,059,004) (2,582,770) (2,582,770)
Total noncurrentliabilities (5,565,316) (5,565,316) (5,565,316)
Total l iabilities (523,766) (7,624,320) (8,148,086) (8,148,086)
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7. Noncurrentassetsheldforsale
31Dec13 30Jun13
AUD AUDRights RockCreekandDuvernay 2,050,585 2,018,913
8. Developmentassets
31Dec13 30Jun13
AUD AUD
Developmentassets 13,261,553 13,527,732
Movement inproductionexpenditure
OpeningBalance 13,527,732 13,879,177
Acquiredduring
the
year
Expenditureincurredduringtheperiod 38,416 634,084
Depreciation/amortisation fordevelopmentassets (553,129) (1,204,527)
Impairmentofdevelopmentassets (800,082)
Foreigncurrencymovement 248,534 1,019,080
13,261,553 13,527,732
9. Explorationandevaluationassets
31Dec
13 30
Jun
13
AUD AUD
Explorationandevaluationassets 57,702,631 57,405,341
Movement inexplorationandevaluationexpenditure
OpeningBalance 57,405,341 57,559,927
Acquiredduringtheyear
Transferredtoavailableforsaleduringtheyear (93,912) (2,018,913)
Expenditureincurredduringtheperiod 316,474 1,530,926
Depreciation/amortisation forexplorationassets (7,830) (15,660)
Foreigncurrencymovement 82,558 349,061
57,702,631 57,405,341
Therecoverabilityofthecarryingamountsofexplorationandevaluationassetsisdependentonthesuccessfuldevelopmentandcommercial
exploitationorsaleoftherespectiveareasofinterest.
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10. Issuedcapital
Theconsolidatedentityrecordedthefollowingamountswithinshareholdersequityasaresultoftheissuanceofordinaryshares:
Forthesixmonthsended31December 2013
31Dec13 Ordinaryshares Numberofshares Issueprice AUD
1Jul
13 Opening
balance 4,034,097,761 68,063,521
Lessshareissuecosts: (1,110,717)
66,952,804
Fortheyearended30June2013
30Jun13 Ordinaryshares Numberofshares Issueprice AUD
1Jul12 Openingbalance 3,444,349,218 64,525,045
Issueofsharesforcash 589,748,543 0.6c ents 3,53 8,4 76
Closingbalance 4,034,097,761 68,063,521
Lessshareissuecosts:
Openingbalance (1,071,526)
Currentyearcosts (39,191)
Share
issue
costs
at
the
end
of
the
year (1,110,717)
66,952,804
GrantDate Exercisable Expirydate Exerci seprice Number of
options
11Mar11 26May11to22Apr13 30Jun15 $0.03 45,000,000
11Mar11 11May11to22Apr13 30Jun15 $0.03 92,500,000
23Mar11 23Mar12 22Mar15 $0.02 336,000,000
23Aug11 23Aug11 31Dec14 $0.04 70,000,000
21Feb
12 21
Feb
12 22
Mar
15 $0.02
35,000,000
13Sep12 13Sep12 22Mar15 $0.02 15,000,000
Total 593,500,000
11. MinorityInterests
31Dec13 30Jun13
AUD AUD
ContributedEquity 5,509,972 5,509,972
Shareoflossattributedtononcontrollingi nter (2,836,321) (2,613,773)
2,673,651 2,896,199
12. Relatedparties
Arrangementswithrelatedpartiescontinuetobe inplace. Fordetailsonthesearrangements,refertothe30June2013annualfinancial
report.
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Notestotheaccounts
17
13. Subsequentevents
Nomatters or circumstances have arisen since the end of the financial periodwhich significantly affect ormay significantly affect the
operationsof theconsolidatedentity, the resultsof thoseoperations,or the stateofaffairsof theconsolidatedentity in future financial
years,otherthanassetoutbelow.
RepurchaseofCommonSharesCarnaby
On27January2014,CarnabyEnergyLtd(theCorporation)offeredtopurchaseallofthecommonsharesheldbydissentingshareholdersof
theCorporationonthebasisof$0.02foreachCommonShare. TheOffertoPurchasewasopenforacceptanceuntil5.00pm(Calgarytime)
on31January2014andwasconditionalonnotlessthan100%oftheCommonSharesbeingvalidlydepositedundertheOffertoPurchase.
100%oftheDissentingShareholdersCommonShareswerevalidlydepositedundertheOffertoPurchaseasatorpriortotheClosingDate.
TheCorporation,havingreceivedtheoriginalcertificatesrepresenting100%oftheCommonSharesheldbytheDissentingShareholdershas
paidinfulltotheDissentingShareholderspursuanttotheOffertoPurchasetheaggregateamountof$69,250.04. TheCommonShareshave
beenpurchasedforcancellation.
SaleofDuvernayandRockCreekAcreage
CanadianPanOcean (CPO)continue tocarryout fund raisingefforts inaneffort toclose theDuvernayacreage sale that theCompany
announcedon
5March
2013.
This
sale
remains
subject
to
CPO
successfully
obtaining
funding
and
Transerv
is
monitoring
CPOs
progress.
Whilst this sale is not certain, the Boardbelieves that CPO has a reasonable prospect of completing the transaction. If CPO does not
complete,theCompanyhasanexperiencedagent inCanadareadytocommenceaseparatesaleprocess.
Commitmentsandcontingencies
Therehasbeennochangesince30June2013.
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DirectorsDeclaration
IntheopinionofthedirectorsofTranservEnergyLimited(theCompany):
1.
thefinancialstatementsandnotessetoutonpages8to17,areinaccordancewiththeCorporationsAct2001including:
a.
givingatrueandfairviewofthefinancialpositionoftheconsolidatedentityasat31December2013andofitsperformance,
asrepresentedbytheresultsofitsoperationsandcashflowsforthehalfyearendedonthatdate;and
b.
complyingwithAustralianAccountingStandardAASB134InterimFinancialReportingandtheCorporationsRegulations2001;
and
2.
therearereasonablegroundstobelievethattheCompanywillbeabletopayitsdebtsasandwhentheybecomedueandpayable.
DatedinPerththis11th
dayofMarch,2014
Signedinaccordancewitharesolutionofdirectors:
StephenKeenihan
ExecutiveDirector