30 Apr 2008 07:00
QUARTERLY REPORT TO SHAREHOLDERS 31 MARCH 2008
HIGHLIGHTS
* Sarha-1 exploration well, the first of a 3-well program in Block 56, Oman,
tested oil and was suspended as a potential future production well.
* Ghadaq-1 exploration well in Block 56, Oman intersected 2 heavy oil zones
and recovered oil in the test string from 1 zone. It was plugged and suspended as an oil discovery. * Cambay-23Z, the first well in the 6 well drilling program in India, intersected probable gas bearing horizons at the 2 main objectives and testing will be undertaken in the deeper zone. * Zero lost time incidents throughout operations centres. * Retain cash and receivables of approximately A$48 million. CORPORATE DETAILS Board of Directors Principal & Registered Office Max D.J. Cozijn Non-Executive Chairman Level 2, 50 Kings Park Road West Perth WA 6005, Australia Bruce McCarthy Managing Director Telephone: +61 8 9485 3200 Ray Barnes Technical Director Facsimile: +61 8 9485 3290 Email: oilex@oilex.com.au L. L. Bhandari Independent Director Website: www.oilex.com.au Capital Structure Ordinary Shares 132,083,885 Share Registry Unlisted Options 37,225,100 Security Transfer Registrars
Pty Ltd
Unlisted Performance Rights 1,181,000 770 Canning Highway
Applecross WA 6153, Australia Stock Exchange Listing Telephone: +61 8 9315 2333
Australian Stock Exchange Code: OEX Facsimile: +61 8 9315 2233 Email:registrar@securitytransfer.com.au
AIM Market of London Stock Exchange Code: OEX
OPERATIONS REVIEW INDIA CAMBAY FIELD, Gujarat (Oilex Operator - 45%)
Cambay-23Z, the first well of a six well program approved by the Joint Venture and designed to prove gas and oil reserves ahead of field redevelopment spudded on 07 March. The well reached TD of 2,100 metres in the Cambay Shale Formation and is preparing to test the primary objective Eocene EP IV interval after intersecting this and the secondary (OS II) objectives close to prognosis. Both targets appear to be gas-bearing.
The purpose of the program of 6 wells is to gather detailed
lithological and reservoir fluid information in the Cambay Field to provide a comprehensive basis for certification of oil and gas reserves and proceed to development of the field as a gas and oil project. In combination with the high quality 3D seismic survey over the block and the extensively reworked old well data, the information from the new wells (of which at least one will be drilled in each geological compartment) will provide a comprehensive basis for certification of oil and gas reserves at the level of the Oligocene and the Eocene main potential reservoir units.
All 6 wells will test the Oligocene and Eocene primary targets and any of those wells that indicate production potential from these zones may be suspended for future production of oil or gas. Four of the wells will also test deeper exploration targets at the base of the Eocene section and fractured Deccan basalts that have proven to be oil reservoirs in the Tarapur block operated by GSPC immediately to the north and on trend with the Cambay Field.
Environmental approval for up to 60 well locations has proceeded past the public hearing and committee stage within the Ministry of Environment and Forests (MOEF) and formal notification is expected soon.
Fig. 1- Locations by colour code for initial 6 wells (see report posted on Oilex website)
The next well in the sequence is Cambay-19Z that will evaluate OS II, EP IV and fractured Deccan basalt objectives on the flank of the western high block.
All targets in Cambay-19Z are anticipated to be primarily oil bearing.
The field was discovered in 1957 by ONGC, the first oil discovery in western India, onshore or offshore and was developed as a gas field mainly from OS II reservoirs in the southern part of the Cambay block. Since inception the field has produced about 52 bcf of gas until it was shut-in and we are of the view that a substantial resource remains to be exploited. The field continues to produce small volumes of oil intermittently from wells on the Western High block.
Fig. 2 - Stratigraphic section with potential reservoir zones (see report posted on Oilex website)
Fig. 3- Gross resource estimates (100% basis) calculated in 2007 using the 3D seismic data set and the existing well data base. Oilex net interest in Cambay PSC is 45%.
(see report posted on Oilex website)
SABARMATI FIELD, Gujarat (Oilex Operator - 40%)
No further work has been carried out in the past quarter. Intermittent production of oil continues from Sabarmati-1
BHANDUT Field, Gujarat (Oilex Operator - 40%)
No further work has been carried out in the past quarter. Oil continues to be produced intermittently.
OMAN Block 56, south oman (Oilex Operator - 25%)
Oilex, Operator on behalf of the Block 56 Joint Venture, commenced drilling operations in Oman at the end of 2007 and has drilled 2 wells, both of which are oil discoveries. The third and last well planned for the first phase of drilling will be drilled in the central northern part of the block as a wildcat exploration test of an inversion structure which is potentially charged from the relatively untested Tertiary Basin to the east .
The South Oman Salt Basin is a prolific oil producing province with extensive pipeline infrastructure linking the producing fields to the refining and export facilities in the north of the country. The fields were discovered and are operated by Petroleum Development Oman (PDO), a joint venture between the Government of the Sultanate of Oman and large multinational oil companies. The oil produced from these fields is characteristically heavier with density in the range 150 - 280 API gravity. All of the 7 reservoir objectives drilled in the first 2 wells appear to be oil-bearing and in the near-term, studies will be undertaken to determine the potential for commercial development of the discoveries.
Location of pipeline infrastructure and fields South Oman Salt Basin. (see report posted on Oilex website)
Several of the fields in this area hold over 1 billion barrels of oil in place. Most of these fields were discovered by PDO during the last 20 years. The most recent large field development to take place in the region is Oxy's Mukhaizna Field which is reported to be over 2 billion barrels of oil in place and which will be produced by steam flood to improve the flow characteristics of the 150 API gravity oil.
The Sarha and Ghadaq prospects, like many others in the western part of the block, are similar in structural form and reservoir objectives to the nearby producing fields operated by PDO. The pipeline network from those producing fields in the main part of the South Oman Salt Basin is only about 30 km to the west from Sarha-1.
Seismic Processing
The Michelle 2D seismic data volume has been processed and is in the final stages of quality check before the last pass processing is completed. Reprocessing of existing 2D and 3D data sets is continuing.
Seismic Acquisition
Preparations for tender of the 3D seismic acquisition program have been completed. Acquisition is expected to start in Q3.
(see report posted on Oilex website)
Sarha-1
Sarha-1 exploration well, located in the western part of Block 56 near the boundary with Block 6, spudded on 31 December 2007 and was suspended as a future potential oil producer on 10 March. Results of Sarha-1, the first of 11 exploration wells that will be drilled on Block 56, have been very encouraging confirming the presence of moveable oil in at least one of the main objective horizons, the Al Khlata Formation, with strong indications of oil saturations that were not able to be tested adequately in the Huqf, Haima and the Gharif Formations.
The intervals that were tested are: Objective Test Gross Interval (metres MD) Haima/Huqf Open Hole 1626 - 1676 Al Khlata Cased hole 1255 - 1295 Lower Gharif Cased Hole 1165 - 1185
DST #1 was conducted over the upper part of the Huqf Formation, interpreted to be a heavily fractured carbonate interval over which a marked resistivity anomaly was recorded while drilling. It is overlain by the Haima Sandstone. A large volume of drilling mud was lost to the formation and no cuttings or formation fluid was recovered during drilling of the Huqf carbonate section which we interpret as evidence of an extensive fracture system. The fracture system is likely to extend from near to the top of the formation where losses first occurred to the base of the drilled section and provide conduits for preferential flow of formation water possibly from zones deeper than the total depth of the well.
The quality of the oil in the oil fields of the South Oman Salt Basin is variable from lighter, mobile fluid to heavier, viscous oil. In the event that the Huqf Formation fluid corresponding to the resistive interval is oil of gravity 150-280 API, it is highly likely that water from the aquifer would preferentially flow through the fracture system on test.
After remedial cementing operations, DST #2A was conducted over the interval 1255-1295 metres in the Al Khlata Formation sandstones. The test recovered fluid comprising up to 90% oil at surface at variable rates using a progressive cavity pump. Analyses of the oil are being carried out to determine its composition and flow characteristics. A pressure build up test indicated that the reservoir has good
permeability. The results are very encouraging given the poor hole conditions and the difficulties encountered in cementing the casing string to isolate the oil bearing sands from other water bearing sands in the hole section.
Due to these problems the overlying Gharif Formation, the subject of DST could not be tested as remedial cementing work was not successful in isolating the indicated oil sands from the water sands above.
The oil recovered from this test was subsequently analysed and determined to be of gravity 15.90 API.
DST #3 was attempted over the Lower Gharif Formation sandstones through which oil shows and a resistivity anomaly were recorded while drilling. After a review of borehole conditions, additional cement was squeezed behind casing to improve the isolation of the anomalous zone
interpreted over the interval 1165 -1185 metres. The zone could not be isolated effectively and the test was terminated after producing formation water.
Ghadaq - 1
Ghadaq-1, the second well in the sequence, spudded on 16 March and was plugged and suspended as an oil discovery. The rig was released on 17 April to Alyanbou-1 the last well in the first phase of drilling.
The well was drilled to Total Depth of 1442 metres after setting 7" casing at 1421 metres. Evaluation of the upper section of the Huqf Formation carbonates below 1421 metres MD indicated that while oil shows were present, primary porosity was not well developed and testing was not warranted.
Two cased hole DST's were conducted in Ghadaq -1: at the Haima and Al Khlata Formations. No formation water was produced in either test. No flow was recorded from the Haima Formation.
The Al Khlata perforation intervals were tested by pump and
approximately 17 barrels of filtrate and oil appears to have been produced from the formation. Some heavy oil, described as "between tar and grease", was recovered during reverse circulation after the test.
The well was subsequently plugged and suspended as an oil discovery.
The results from Sarha and Ghadaq discoveries are being studied to determine the need for and the composition of future appraisal and exploration work programs on these structures. It is likely that a second well will be drilled on the Sarha prospect in third quarter 2008 when the rig returns to Block 56 for the second phase of 4 wells.
Ghadaq-1 Well Bore Schematic (see report posted on Oilex website) Future Program
The third well, Alyanbou-1, in the first phase of drilling in Oman is located to test a large inversion feature located on the western margin of the large Tertiary basin in the northeastern section of the block.
Four wells are planned for Q3 2008 on locations that will depend to a large extent on the results from the initial 3 well program and a further 4 wells are anticipated to be drilled in late 2008 and Q1 2009. The rig has been assigned to another operator for a period after Alyanbou-1 and is expected to return to Block 56 in August or September 2008 to drill the next 4 wells.
Resource Estimates
Estimates of the potential oil resource-in-place are based on mapping of a single potential 10m thick reservoir unit in the shallower Permo-Carboniferous objective (Al Khlata Formation equivalent). No estimates have been made for the potential volumes in the Huqf Formation deeper objective or for the potential of multiple reservoir units at the shallower level.
Hydrocarbon potential has been recognized for targets ranging from the Cambrian Buah formation to the Cretaceous Wasia group in areas where depth of burial is sufficient to mitigate the biodegradation of oil at the shallower levels. The possible presence of a thicker sedimentary section in the block implying a more extensive distribution of the Ara Salt unit into Block 56 raises the possibility of salt related structures similar to those producing to the west in the main salt basin.
Prospect Estimated Range of Gross Oil Volume-in-Place:
Sarha 6-40 mmstboip (20 mean) + large Huqf potential Ghadaq 5-30 mmstboip (14 mean) + large Huqf potential Alyanbou 10-375 mmstboip (135 mean)
(mmstboip - million stock tank barrels of oil in place) Above figures are reported on a Gross (i.e. 100%) basis. Oilex is the operator and has a 25% interest.
A drilling contract was awarded to Abraj Energy Services LLC, an Omani company for a drilling program initially of 3 wells that began in December. In Q3 2008, it is anticipated that the rig will return to drill 4 wells with another 4 wells planned for Q4 2008 or Q1 2009. The contract is for 1 year with 2 optional extensions each of 6 months.
INDONESIA West Kampar PSC, Central Sumatra
(Oilex - 45%)
Pendalian-3 appraisal well was drilled, tested and suspended as a future oil production well in November 2007. The Operator, PT Sumatera Persada Energi
(SPE), conducted four drillstem swab tests (DST), three of which (DST's #3, 4 and 5) flowed oil at potentially commercial rates.
The first appraisal well on the Pendalian structure spudded on 28 September. Pendalian-3 appraised the oil field discovered in 1993 by the Pendalian-1
well, a cored slim hole which encountered a number of oil zones at depths ranging from 250 metres to 500 metres. Two shallow zones in the Sihapas Sandstone flowed oil from cased hole tests in Pendalian-1 and commingled flow potential with artificial lift is anticipated to be about 1,200 barrelsper day.
It is intended that early cash flow generated by Pendalian production would be applied to the exploration of highly prospective trends that have been recognized in the northern part of the block and in the area nearby to
Pendalian Field. Development Plan
SPE is currently seeking approval of BP Migas for the staged development of Pendalian Field. The initial stage is single well production from Pendalian-3 following which in Q4 2008 3-4 production wells would be completed with the expectation of producing the field at 4,500 - 6,000 bopd.The objective is to bring Pendalian-3 into production in early Q3 subject tothe timing of the approval by BP Migas. Due to the shallow depth of the reservoir and low volume of associated gas,
production from the Sihapas Sandstone oilfields in adjacent areas is carried out by installing beam pumps from inception to provide artificial lift.
The current best estimate of the resource, 12 million barrels of oil in place based on a single zone, will be revised when the proposed 3D seismic survey is acquired over the field. Location Map West Kampar PSC, onshore Sumatra - (see report posted on Oilex
website) AUSTRALIA EPP 27 - Otway Basin, Offshore South Australia (Oilex Operator - 20%)
Oilex, on behalf of the EPP 27 Joint Venture, is pursuing a slot on an appropriate rig to drill a well in EPP 27 at the earliest opportunity in 2008/2009. The exploration permit term which ended in February 2008 has been renewed for 6 months.
WA-388-P Carnarvon Basin, Offshore Western Australia (Oilex Operator - 20%)
Oilex, on behalf of the JV, has finalised a contract to conduct a 3D seismic survey of 1,064 km2 over a part of the permit in 2008.
Interpretation of the reprocessed 2D and existing third party seismic data continued.
The seismic survey is planned to follow the acquisition in JPDA 06-103 using the vessel "Geowave Champion".
(see report posted on Oilex website) JOINT PETROLEUM DEVELOPMENT AREA BETWEEN TIMOR LESTE AND AUSTRALIA JPDA 06-103, Flamingo Basin Offshore Joint Petroleum Development Area (Oilex Operator - 25%)
The Maura 3D seismic survey was awarded to Wavefield Inseis vessel "Geowave Champion". The survey will cover an area of 2,082 sq km and is expected to commence about 15-25 May.
(see report posted on Oilex website) COMMUNITY DEVELOPMENT - TIMOR-LESTE RURAL HEALTH PROJECT
Oilex's business objective is to produce exceptional results for the Company and all stakeholders. A fundamental component of our strategy is to develop and maintain excellent working relationships with the communities where we work and to maintain a high level of corporate responsibility.
Timor-Leste is one of the parties, with Australia, to the agreements governing the Joint Petroleum Development Area where Oilex has a
significant work program. One of the fundamental long-term issues affecting the communities of Timor-Leste is poor health and Oilex has established a working alliance with Australian Aid International ("AAI") for the provision of health care and training of health care workers that is needed in remote communities of Timor-Leste. This year the work is focussed on the island of Atauro to the north of Dili and providing health care facilities to remote villages.
This program will have both immediate and long term impact on the health system and its intended beneficiaries. It is fully coordinated with the objectives Timor Leste Ministry of Health and World Health Organization.
COMPANY STRUCTURE
The Company presently has 132,083,885 shares on issue. These shares are traded on the ASX in Australia and on the AIM market of the London Stock Exchange under the code: OEX.
Oilex also has 37,225,100 unlisted options on issue, the majority of these being held by executive staff and 1,181,000 Employee Performance Rights.
At 31 March, 2008 the Company retained net cash and receivables of approximately A$48 million.
Oilex regularly updates its website at www.oilex.com.au
For and on behalf of the Board
Dr B. H. McCarthyManaging Director29 April 2008The information in this report has been compiled by the Managing Director ofOilex Ltd, Bruce McCarthy B.Sc. (Hons) PhD (Geology) who has over 29 yearsexperience in petroleum geology. The estimates of hydrocarbons in place werereviewed by Ray Barnes B.Sc. (Hons), the Technical Director of Oilex Ltd whohas over 35 years experience in petroleum geology and is a member of the AAPG.Mr Barnes reviewed this announcement and consents to the inclusion of theestimated hydrocarbons in place in the form and context in which they appear.The resource estimates contained in this report are in accordance with thestandard definitions set out by the Society of Petroleum Engineers, furtherinformation on which is available at www.spe.org.
Oilex's nominated advisor in relation to the AIM market is RFC Corporate Finance Ltd, contact: Stuart Laing, stuartl@rfc.com.au
PERMIT SCHEDULE PERMIT BASIN / STATE / COUNTRY JOINT VENTURE PARTIES EQUITY % OPERATOR Cambay Field Cambay / Gujarat /India Oilex Ltd 30.00 Oilex LtdPSC Oilex NL Holdings (India) Limited 15.00 Gujarat State Petroleum Corp. Ltd 55.00Bhandut Field Cambay /Gujarat/India Oilex NL Holdings 40.00 Oilex NL HoldingsPSC (India) Limited (India) Limited Gujarat State Petroleum Corp. Ltd 60.00 Sabarmati Field Cambay / Gujarat / India Oilex NL Holdings PSC (India) Limited 40.00 Oilex NL Holdings (India) Limited Gujarat State Petroleum Corp. Ltd 60.00 Block 56 EPSA South Oman / Oman Oilex Oman Limited 25.00 Oilex Oman Limited GAIL (India) Limited 25.00 Videocon Industries Ltd 25.00 Bharat Petroleum Corporation Ltd 12.50 Hindustan Petroleum Corp Ltd 12.50 West Kampar Central Sumatra / Sumatra Oilex (West Kampar)PSC / Indonesia Limited 45.00 PT Sumatera Persada Energi PT Sumatera Persada Energi 55.00 EPP27 Otway / SA / Australia Oilex Ltd 20.00 Oilex Ltd Videocon Industries Ltd 20.00 Gujarat State Petroleum Corp. Ltd 20.00 Great Artesian Oil & Gas Limited 40.00 JPDA Flamingo / Joint Petroleum Oilex (JPDA 06-103) Ltd 25.00 Oilex (JPDA 06-103) Ltd06-103 Development Area/Timor-Leste GSPC (JPDA)Limited 25.00PSC & Australia Global Energy Inc. 25.00 Bharat Petroresources JPDA Ltd 25.00 WA-388-P Carnarvon / WA / Australia Oilex Ltd 20.00 Oilex Ltd Gujarat State Petroleum Corp Ltd 20.00 Videocon Industries Ltd 20.00 Bharat Petroleum Corporation Ltd 20.00 Hindustan Petroleum Corp Ltd 20.00 APPENDIX 5B Mining Exploration Entity Quarterly Report
Introduced 1/7/96. Origin: Appendix 8. Amended 1/7/97, 1/7/98, 30/9/2001.
Name of entity OILEX LTD ABN 50 078 652 632 Quarter ended ("current quarter") 31 MARCH 2008
Consolidated statement of cash flows
Cash flows related to operating activities Current quarter Year to date
$A'000 (9months) $A'000 1.1 Receipts from product sales and related - - debtors 1.2 Payments for (a) exploration and (5,281) (15,998)
evaluation - - (b) development (268) (632) (c) production (d) administration (net) (679) (2,539)
1.3 Dividends received - - 1.4 Interest and other items of a similar 1,015 2,442 nature received 1.5 Interest and other costs of finance (428) (683) paid 1.6 Income taxes paid - - 1.7 Other (provide details if material) - - Net Operating Cash Flows (5,641) (17,410) Cash flows related to investing activities 1.8 Payment for purchases of:(a) prospects - -
(b) equity investments - - (c) other fixed assets (103) (508)
1.9 Proceeds from sale of: (a) prospects 113 113
(b)equity investments - - (c) other fixed assets - - 1.10 Loans to other entities - (1,767)
1.11 Loans repaid by other entities 1,821 - 1.12 Other (provide details if material) - - Net investing cash flows (1,831) (2,162) 1.13 Total operating and investing cash (3,810) (19,572) flows (carried forward) 1.13 Total operating and investing (3,810)
(19,572)
cash flows (brought forward) Cash flows related to financing activities 1.14 Proceeds from issues of shares, 400 678 options, etc 1.15 Proceeds from sale of forfeited - - shares 1.16 Proceeds from borrowings (net) - - 1.17 Repayment of borrowings (5,000) (5,000) 1.18 Dividends paid - - 1.19 Other (provide details if - - material) Net financing cash flows (4,600) (4,322) Net increase (decrease) in cash (8,410) (23,894) held 1.20 Cash at beginning of quarter/year 51,509 66,993 to date 1.21 Exchange rate adjustments to item - - 1.20 1.22 Cash at end of quarter 43,099 43,099
Payments to directors of the entity and associates of the directors
Payments to related entities of the entity and associates of the relatedentities Current quarter $A'000 1.23 Aggregate amount of payments to the parties 199 included in item 1.2 1.24 Aggregate amount of loans to the parties - included in item 1.10 1.25 Explanation necessary for an understanding of the transactions -
Non-cash financing and investing activities
2.1 Details of financing and investing transactions which have had a material effect on consolidated assets and liabilities but did not involve cash flows N/A 2.2 Details of outlays made by other entities to establish or increase their share in projects in which the reporting entity has an interest N/A
Financing facilities available
Add notes as necessary for an understanding of the position.
Amount available Amount used $A'000 $A'000 3.1 Loan facilities 5,000 5,000
3.2 Credit standby arrangements - -
Estimated cash outflows for next quarter
$A'000 4.1 Exploration and evaluation 8,500 4.2 Development - Total 8,500Reconciliation of cash
Reconciliation of cash at the end of Current quarter Previous quarter
the quarter (as shown in the consolidated statement of cash flows) $A'000 $A'000 to the related items in the accounts is as follows. 5.1 Cash on hand and at bank 3,125 3,089 5.2 Deposits at call 39,974 48,420 5.3 Bank overdraft - - 5.4 Other (provide details) - - Total: cash at end of quarter 43,099 51,509 (item 1.22)
Changes in interests in mining tenements
Tenement Nature of interest Interest Interest reference at at end of (note (2)) beginning quarter of quarter 6.1 Interests in - Refer to Permit - - mining tenements Schedule in relinquished, Quarterly Report reduced or lapsed 6.2 Interests in Refer to Permit mining tenements Schedule in acquired or Quarterly Report increased
Issued and quoted securities at end of current quarter
Description includes rate of interest and any redemption or conversion rights together with prices and dates.
Total number Number Issue price Amount paid quoted per security up per security 7.1 Preference +securities - - - - (description) 7.2 Changes during quarter - - - - (a) Increases through issues (b) Decreases through returns of capital, buy-backs, redemptions 7.3 +Ordinary securities 132,083,885 132,083,885 Various - 7.4 Changes during quarter 2,000,000 2,000,000 $0.20 - (a) Increases through - - - - issues (options exercised) (b) Decreases through returns of capital, buy-backs 7.5 +Convertible debt - - - - securities (description) 7.6 Changes during quarter - - - - (a) Increases through issues (b) Decreases through securities matured, converted 7.7 Options Exercise Expiry date price (description and conversion 500,000 - $1.00 31/12/2009 factor) 3,000,000 - $1.50 31/12/2009 1,000,100 - $0.50 07/12/2008 2,000,000 - $0.40 14/12/2008 3,000,000 - $0.50 14/12/2008 4,250,000 - $0.80 14/12/2009 1,000,000 - $0.50 16/02/2009 4,500,000 - $0.50 31/03/2010 775,000 - $0.50 31/07/2009 775,000 - $0.65 31/07/2009 775,000 - $0.90 31/07/2010 500,000 - $1.50 31/10/2009 500,000 - $1.75 31/10/2009 500,000 - $2.00 31/10/2010 500,000 - $1.40 31/01/2010 450,000 - $2.00 31/01/2010 450,000 - $2.50 31/01/2011 2,500,000 - $2.00 31/03/2011 300,000 - $1.75 31/03/2010 300,000 - $2.25 31/03/2011 300,000 - $2.75 31/03/2012 500,000 - $1.57 30/09/2011 350,000 - $1.60 30/04/2010 350,000 - $2.10 30/04/2010 350,000 - $2.70 30/04/2011 3,900,000 - $2.00 01/07/2011 3,900,000 - $2.50 01/07/2011
Issued and quoted securities at end of current quarter (cont'd)
Description includes rate of interest and any redemption or conversion rights together with prices and dates.
Total number Number Issue price Amount paid quoted per security up per security 2006 Performance Rights 279,000 Tranche 1 expire 1/07/2011 254,000 Tranche 2 expire 1/07/2011 249,000 Tranche 3 expire 1/07/2011 2007 Performance Rights 143,000 Tranche 1 expire 1/07/2012 128,000 Tranche 2 expire 1/07/2012 128,000 Tranche 3 expire 1/07/2012 7.8 Issued during - - Exercise Expiry date quarter price - - 7.9 Exercised during 2,000,000 - $0.20 28/02/2008 quarter 7.10 Expiredduring - - - - quarter 7.11 Debentures Nil Nil (totals only) 7.12 Unsecured notes Nil Nil (totals only) Compliance statement
1 This statement has been prepared under accounting policies which comply with accounting standards as defined in the Corporations Act or other standards acceptable to ASX.
2 This statement doesgive a true and fair view of the matters disclosed.
Sign here:Date: 29 April 2008(Director/Company Secretary)Print name: Max D.J. Cozijn
vendor