DRILLSEARCH ENERGY LIMITED Drillsearch Energy Limited ABN: 73 006 474 844
for the six months ended 31 December 2015
(Including Appendix 4D Disclosures, Directors' Report and Financial Report)
Drillsearch Energy Limited ABN 73 006 474 844 Interim report - 31 December 2015Page
Appendix 4D 1
Directors' report 2
Auditors independence declaration 11
Independent auditor's review report to the members 12
Directors' declaration 14
Interim financial statements
Consolidated statement of comprehensive income 15
Consolidated balance sheet 16
Consolidated statement of changes in equity 17
Consolidated statement of cash flows 18
Notes to the consolidated financial statements 19
Schedule of tenements 31
This half-year 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 financial report for the year ended 30 June 2015 and any public announcements made by Drillsearch Energy Limited during the interim reporting period in accordance with the continuous disclosure requirements of the Corporations Act 2001.
Appendix 4D 31 December 2015
Appendix 4D
For the half year ended 31 December 2015
Prior corresponding period: Half year ended 31 December 2014
Results for announcement to the market
Key Information
2015 2014
$'000 $'000
Revenue from ordinary activities 98,875 146,714 Down 32.6% Net loss for the period attributable to members (26,114) (3,624) Down 621%
Dividends
No dividend for the half year ended 31 December 2015.
Net Tangible Assets
2015 2014
Net tangible assets backing per ordinary security (cents) 58.8 65.2
Basic earnings per share (cents) (11.2) (0.8)
Details of individual and total dividends or distributions and dividends or distributions payments.
There were no distributions or dividends paid or payable during the period.
Details of any dividend or distribution reinvestment plans in operation and the last date for the receipt of an election notice for the participation in any dividends or distribution reinvestment plan
There were no dividend or distribution reinvestment plans in operation.
Changes in ownership of controlled entities during the period
During the period, there were no changes in ownership of controlled entities.
Drillsearch Energy Limited
Directors' report 31 December 2015
The Directors of Drillsearch Energy Limited submit the financial report of Drillsearch Energy Limited and its subsidiaries (the Group) for the half year ended 31 December 2015.
Directors
Mr J. D. McKerlie (Non-executive Director and Chairman) Mr P. J. Bainbridge (Non-executive Director)
Mr T. S. Cheah (Non-executive Director)
Mrs F. A. Robertson (Non-executive Director) Mr H. R. B. Wecker (Non-executive Director)
The above directors held office during and since the end of the half year.
Results and review of operations
The Group reported a consolidated net loss of $26.1 million (2014: restated loss of $3.6 million) for the half year ending 31 December 2015, after tax benefit.
Further details of the Group's financial and operating performance can be found in the Financial and Operating Performance report on page 4.
Principal activities
The Group's principal activities in the course of the financial year were oil and gas exploration, development and production. The Company divides these activities into three business units: Oil; Wet Gas (gas and liquids); and Unconventional.
No significant changes in the nature of these activities occurred during the financial year.
Significant changes in the state of affairs
There have been no significant changes in the state of affairs of the Group during the year.
Subsequent events
As announced to the Australian Securities Exchange (ASX) on 23 October 2015, Drillsearch entered into a Merger Implementation Agreement with Beach Energy Limited (Beach Energy), whereby it was proposed that Drillsearch merge with Beach Energy by way of Scheme of Arrangement. Subsequent to the reporting period, Drillsearch shareholders overwhelmingly voted in favour of the proposed merger at the 'Scheme Meeting' on 27 January 2016 and the Scheme was approved by the Court on 18 February 2016.
The Scheme is expected to be implemented on 1 March 2016 (the 'Implementation Date'), at which point Drillsearch will become a wholly-owned subsidiary of Beach Energy. Following the Implementation Date Drillsearch will apply to be removed from the ASX official list.
More information regarding the merger with Beach Energy, including pro forma financial information for the 'Merged Group' as at 30 June 2015, is set out in the Scheme Booklet released to the ASX on 16 December 2015.
Drillsearch Energy Limited issued this content on 24 February 2016 and is solely responsible for the information contained herein. Distributed by Public, unedited and unaltered, on 24 February 2016 02:05:18 UTC
Original Document: http://drillsearch.com.au/?wpdmdl=2595
