CARBON MINERALS ABN 29 001 836 586 - ASX Code CRM
Seam Gas Pioneers of the Gunnedah Basin NSW
www.carbonminerals.com.au
HALF-YEAR FINANCIAL REPORT SIX MONTHS ENDED 30 JUNE 2016CARBON MINERALS LIMITED A.B.N. 29 001 836 586
DIRECTORS' REPORT
Your directors present their report on the consolidated entity consisting of Carbon Minerals Limited and the entities it controlled at the end of, or during, the half-year ended 30 June 2016.
Directors
The following persons were directors of Carbon Minerals Limited during the half-year and up to the date of this report:
M.P. Lincoln Smith
W.V. Annis-Brown
S.J. Danielson
Lee (alternate director for S.J. Danielson)
Operating Results
The consolidated loss of the consolidated entity for the half-year after income tax was $103,879 (2015 half- year: loss of $43,491).
Dividends
The directors report that during the half-year ended 30 June 2016 no dividends were declared or paid (2015 half-year: nil)
Review of Operations
Gunnedah Basin Coal-Seam-Gas Project
Petroleum Exploration Licences (PEL) 1 and 12, NSW (Gunnedah Basin)
(These tenements are held by wholly owned subsidiary, Australian Coalbed Methane Pty Ltd (ACM) and are subject to a Joint Venture (JV) with Santos QNT Pty Ltd (Santos), as previously advised. Santos holds a 65% interest in the tenements and is the project Operator.)
Throughout the first half of 2016 field operations remained limited to routine well maintenance. Operator Santos submitted various statutory reports to the Regulator in accordance with requirements.
Santos continues with proactive consultation with the local community including business groups, landholders and media.
On 1 March changes in legislation relating to mining and petroleum exploration in NSW came into effect. The changes brought the Mining Act 1992 and Petroleum (Onshore) Act 1991 into closer alignment in regards to title administration, compliance and enforcement. Changes of note include:
streamlined conditions of title (for new and renewed titles);
new compliance tools and offences;
new Community Consultation Code;
new drilling guidelines;
requirement for activity approvals from 1 Mar 2016;
the Work Program Guideline and Annual Activity Reporting Guidelines have been updated;
the Geoscientific Reporting Guideline has been revised; and
reduction to around 13 standard Conditions of Title.
Granting and renewal of petroleum titles in NSW is not expected until all government administrative procedures are in place to accommodate these recent legislative changes. As a consequence, renewal of the PEL1 title is still awaited by the JV. No petroleum titles have been granted or renewed in NSW since August 2014.
1
CARBON MINERALS LIMITED A.B.N. 29 001 836 586
DIRECTORS' REPORT (Continued)
Auditors' independence declaration
A copy of the auditor's independence declaration as required under section 307C of the Corporations Act 2001 is set out on page 3.
Rounding of amounts
The company has relied on the relief provided by ASIC Corporations (Rounding in Financial/Directors' Reports) Instrument 2016/191 relating to the 'rounding off' of amounts in the directors' report and financial report. Amounts in the directors' report and financial report have been rounded off to the nearest dollar in accordance with that instrument.
This report is made in accordance with a resolution of directors.
M.P. Lincoln Smith Director
Sydney
12 September 2016
2
pwc Auditor's Independence DeclarationAslead auditor for the review of Carbon Minerals Limited for the half-year ended 30June 2016,I declare that to the best of my knowledge and belief, there have been:
1.no contraventions of the auditor independence requirements of the Corporations Act 2001in relation to the review; and
2. no contraventions of any applicable code of professional conduct in relation to the review.
This declaration is in respect of Carbon Minerals Limited and the entities it controlled during the period.
Marc Upcroft Partner
PricewaterhouseCoopers
Sydney
12 September2016
PricewaterhouseCoopers, ABN 52 780433 757
Darling Park Tower 2, 201Sussex Street, GPO BOX 2650,SYDNEY NSW 1171
T: +61 2 8266 0000,F: +612 82669999, www.pwc.com.au
Liability limited by a scheme approved under Professional Standards Legislation.
Carbon Minerals Ltd. published this content on 23 October 2016 and is solely responsible for the information contained herein.
Distributed by Public, unedited and unaltered, on 24 October 2016 07:27:05 UTC.
Original documenthttp://www.carbonminerals.com.au/Half%20Year%20Report%2030%20June%202016.pdf
Public permalinkhttp://www.publicnow.com/view/6E5ADAE4130FE4E71A0ECD708662003B1EFE57B0
