Document_And_Entity_Informatio
Document And Entity Information | 3 Months Ended | |
Sep. 30, 2013 | Nov. 06, 2013 | |
Document And Entity Information [Abstract] | ' | ' |
Document Type | '10-Q | ' |
Amendment Flag | 'false | ' |
Document Period End Date | 30-Sep-13 | ' |
Document Fiscal Year Focus | '2014 | ' |
Document Fiscal Period Focus | 'Q1 | ' |
Trading Symbol | 'SSN | ' |
Entity Registrant Name | 'Samson Oil & Gas LTD | ' |
Entity Central Index Key | '0001404079 | ' |
Current Fiscal Year End Date | '--06-30 | ' |
Entity Voluntary Filers | 'No | ' |
Entity Well-known Seasoned Issuer | 'No | ' |
Entity Current Reporting Status | 'Yes | ' |
Entity Filer Category | 'Accelerated Filer | ' |
Entity Common Stock, Shares Outstanding | ' | 2,547,627,193 |
Consolidated_Balance_Sheets
Consolidated Balance Sheets (USD $) | Sep. 30, 2013 | Jun. 30, 2013 |
CURRENT ASSETS | ' | ' |
Cash and cash equivalents | $8,471,966 | $13,170,627 |
Restricted Cash | 2,532,688 | ' |
Accounts receivable, net of allowance for doubtful accounts of $nil and $nil respectively | 4,601,886 | 3,090,666 |
Prepayments | 5,366,474 | 411,113 |
Pipe inventory - held by third party | ' | 78,944 |
Income tax receivable | 777,804 | 777,804 |
Total current assets | 21,750,818 | 17,529,154 |
PROPERTY, PLANT AND EQUIPMENT, AT COST | ' | ' |
Oil and gas properties, successful efforts method of accounting, less accumulated depreciation, depletion and impairment of $18,881,803 and $18,318,918 at September 30, 2013 and June 30, 2013, respectively. | 21,164,920 | 19,992,018 |
Other property and equipment, net of accumulated depreciation and amortization of $378,456 and $351,037 at September 30, 2013 and June 30, 2013, respectively | 333,934 | 367,657 |
Net property, plant and equipment | 21,498,854 | 20,359,675 |
OTHER ASSETS | ' | ' |
Undeveloped capitalized acreage | 12,369,412 | 12,369,412 |
Capitalized exploration expense | 2,462,337 | 2,468,934 |
Other | 79,618 | 79,490 |
TOTAL ASSETS | 58,161,039 | 52,806,665 |
CURRENT LIABILITIES | ' | ' |
Accounts payable | 2,676,932 | 1,381,407 |
Accruals | 1,780,859 | 5,406,982 |
Provision for annual leave | 275,633 | 242,368 |
Total current liabilities | 4,733,424 | 7,030,757 |
Asset retirement obligations | 1,039,021 | 868,589 |
TOTAL LIABILITIES | 5,772,445 | 7,899,346 |
STOCKHOLDERS' EQUITY - nil par value | ' | ' |
2,547,627,193 (equivalent to 127,381,360 ADR's) and 2,229,165,163 (equivalent to 111,452,258 ADR's) ordinary shares issued and outstanding at September 30, 2013 and June 30, 2013, respectively | 99,534,343 | 92,717,784 |
Other comprehensive income | 1,783,475 | 1,978,250 |
Accumulated deficit | -48,929,224 | -49,788,715 |
Total stockholders' equity | 52,388,594 | 44,907,319 |
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY | $58,161,039 | $52,806,665 |
Consolidated_Balance_Sheets_Pa
Consolidated Balance Sheets (Parenthetical) (USD $) | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Jun. 30, 2012 |
Consolidated Balance Sheets [Abstract] | ' | ' | ' | ' |
Other property and equipment, accumulated depreciation and amortization | $378,456 | $351,037 | ' | ' |
Oil and Gas Property, Successful Effort Method, Accumulated Depreciation, Depletion and Amortization | $18,881,803 | $18,318,918 | ' | ' |
Common stock, par value | ' | ' | $0 | $0 |
Common stock, shares issued | 2,547,627,193 | 2,229,165,163 | ' | ' |
Common stock, shares outstanding | 2,547,627,193 | ' | ' | ' |
Common stock, shares issued ADR | 127,381,360 | 111,452,258 | ' | ' |
Common stock, shares outstanding ADR | 127,381,360 | 111,452,258 | ' | ' |
Consolidated_Statements_Of_Ope
Consolidated Statements Of Operations And Comprehensive Income (Loss) (USD $) | 3 Months Ended | |
Sep. 30, 2013 | Sep. 30, 2012 | |
REVENUES AND OTHER INCOME: | ' | ' |
Interest income | $14,445 | $71,640 |
Gain on sale of oil and gas properties | 2,524,411 | ' |
Other | 99 | 12 |
TOTAL REVENUE AND OTHER INCOME | 3,937,891 | 1,668,410 |
EXPENSES: | ' | ' |
Lease operating expense | -644,750 | -811,989 |
Depletion, depreciation and amortization | -464,082 | -590,767 |
Impairment expense | -83,121 | ' |
Exploration and evaluation expenditure | -267,705 | -361,944 |
Accretion of asset retirement obligations | -15,696 | -13,434 |
General and administrative | -1,603,046 | -1,482,812 |
TOTAL EXPENSES | -3,078,400 | -3,260,946 |
Loss from operations | 859,491 | -1,592,536 |
Income tax benefit | ' | 668,998 |
Net loss | 859,491 | -923,538 |
OTHER COMPREHENSIVE GAIN (LOSS) [Abstract] | ' | ' |
Foreign Currency Translation gain (loss) | -194,775 | 151,676 |
Total comprehensiveincome/(loss) for the period | 664,716 | -771,862 |
Net gain/(loss) per ordinary share from operations: | ' | ' |
Basic - cents per share | $0.04 | ($0.05) |
Diluted - cents per share | $0.04 | ($0.05) |
Weighted average ordinary shares outstanding: | ' | ' |
Basic | 2,358,235,080 | 1,784,580,214 |
Diluted | 2,384,723,326 | 1,784,580,214 |
Oil [Member] | ' | ' |
REVENUES AND OTHER INCOME: | ' | ' |
Sales | 1,256,990 | 1,446,537 |
Gas [Member] | ' | ' |
REVENUES AND OTHER INCOME: | ' | ' |
Sales | 141,946 | 145,764 |
Other Liquids [Member] | ' | ' |
REVENUES AND OTHER INCOME: | ' | ' |
Sales | ' | $4,457 |
Consolidated_Statements_Of_Cha
Consolidated Statements Of Changes In Stockholders' Equity (USD $) | Ordinary Shares [Member] | Retained Earnings/(Accumulated Deficit) [Member] | Other Comprehensive Income (Loss) [Member] | Total |
Balance at Jun. 30, 2013 | $92,717,784 | ($49,788,715) | $1,978,250 | $44,907,319 |
Net income | ' | 859,491 | ' | 859,491 |
Foreign Currency Translation, net tax of $nil | ' | ' | -194,775 | -194,775 |
Total comprehensiveincome/(loss) for the period | ' | 859,491 | -194,775 | 664,716 |
Stock based compensation | 5,255 | ' | ' | 5,255 |
Issue of share capital | 7,337,485 | ' | ' | 7,337,485 |
Share issue costs | -526,181 | ' | ' | -526,181 |
Balance at September 30, 2013 at Sep. 30, 2013 | $99,534,343 | ($48,929,224) | $1,783,475 | $52,388,594 |
Consolidated_Statements_Of_Cha1
Consolidated Statements Of Changes In Stockholders' Equity (Parenthetical) (USD $) | 3 Months Ended |
Sep. 30, 2013 | |
Consolidated Statements Of Changes In Stockholders' Equity [Abstract] | ' |
Foreign currency translation, tax | $0 |
Consolidated_Statements_Of_Cas
Consolidated Statements Of Cash Flows (USD $) | 3 Months Ended | |
Sep. 30, 2013 | Sep. 30, 2012 | |
Cash flows used in operating activities | ' | ' |
Receipts from customers | $1,395,904 | $1,653,515 |
Payments to suppliers & employees | -1,672,154 | -1,902,203 |
Interest received | 12,078 | 87,463 |
Income taxes paid | ' | -100 |
Net cash flows used in operating activities | -264,172 | -161,325 |
Cash flows from investing activities | ' | ' |
Proceeds from sale of oil and gas properties | 1,737,401 | ' |
Payments for plant & equipment | ' | -6,910 |
Payments for exploration and evaluation | -201,866 | -8,653,155 |
Payments for oil and gas properties | -12,586,328 | -94,592 |
Net cash flows used in investing activities | -11,050,793 | -8,754,657 |
Cash flows from financing activities | ' | ' |
Issuance of share capital | 7,337,138 | ' |
Proceeds from the exercise of options | 347 | 444,272 |
Share issuance costs | -526,181 | ' |
Net cash flows provided by financing activities | 6,811,304 | 444,272 |
Net decrease in cash and cash equivalents | -4,503,661 | -8,471,710 |
Cash and cash equivalents at the beginning of the fiscal period | 13,170,627 | 18,845,894 |
Effects of exchange rate changes on cash and cash equivalents | -195,000 | 154,963 |
Cash and cash equivalents at end of fiscal period | $8,471,966 | $10,529,147 |
Basis_of_Presentation
Basis of Presentation | 3 Months Ended |
Sep. 30, 2013 | |
Basis of Presentation [Abstract] | ' |
Basis of Presentation | ' |
1. Basis of Presentation | |
These Consolidated Financial Statements have been prepared in accordance with accounting principles generally accepted in the United States of America (GAAP) for interim financial reporting. All adjustments which are normal and recurring by nature, in the opinion of management, necessary for fair statement of Samson Oil & Gas Limited’s (the Company) Consolidated Financial Statements have been included herein. Interim results are not necessarily indicative of expected annual results because of the impact of fluctuations in prices received for oil and natural gas, as well as other factors. In the course of preparing the Consolidated Financial Statements, management makes various assumptions, judgments and estimates to determine the reported amounts of assets, liabilities, revenues and expenses, and in the disclosures of commitments and contingencies. Changes in these assumptions, judgments and estimates will occur as a result of the passage of time and the occurrence of future events, and, accordingly, actual results could differ from amounts previously established. | |
The Company’s Consolidated Financial Statements have been prepared on a basis consistent with the accounting principles and policies reflected in the Company’s audited financial statements as of and for the year ended June 30, 2013. The year-end Consolidated Balance Sheet presented herein was derived from audited Consolidated Financial Statements, but does not include all disclosures required by GAAP. | |
These Consolidated Financial Statements should be read in conjunction with our audited Consolidated Financial Statements included in our Annual Report on Form 10-K for the fiscal year ended June 30, 2013. | |
Accruals. The components of accrued liabilities for the periods ended September 30, 2013 and June 30, 2013 include accruals based on estimated costs relating to goods and services provided yet not invoiced. | |
Prepayments. The components of prepayments for the periods ended September 30, 2013 and June 30, 2013 include cash advanced to the operators of our drilling projects as a prepayment toward future expected drilling operations. As at September 30, 2013 cash had been advanced to the operator of our North Stockyard infill development project for the drilling and/or completion of three wells. | |
Recent Accounting Standards | |
There are no material new accounting pronouncements that have been issued but not yet adopted by the Company as of September 30, 2013. | |
Income_Taxes
Income Taxes | 3 Months Ended | |||||||
Sep. 30, 2013 | ||||||||
Income Taxes [Abstract] | ' | |||||||
Income Taxes | ' | |||||||
2. Income Taxes | ||||||||
Three months ended | ||||||||
30-Sep-13 | 30-Sep-12 | |||||||
Income tax benefit/(expense) | $ | - | $ | 668,998 | ||||
Effective tax rate | 0.00% | 42.01% | ||||||
While in the current quarter we have recorded a profit, this is due to the sale of a portion of our undeveloped acreage in our North Stockyard project as described in note 6. Currently we are not anticipating taxable income for the year ending June 30, 2014 and as such have not recorded a tax expense for the period. We will continue to monitor our anticipated taxable income each quarter and record any adjustment if it becomes necessary. | ||||||||
The Company also has available prior year cumulative net operating losses that may be carried forward to reduce taxable income in future years. The Tax Reform Act of 1986 contains provisions that limit the utilization of net operating loss carryforwards if there has been a change in ownership as described in Internal Revenue Code Section 382. The Company’s prior year losses are limited by IRC Section 382, however expected current year losses are not subject to these limitations. | ||||||||
ASC Topic 740 requires that a valuation allowance be provided if it is more likely than not that some portion or all deferred tax assets will not be realized. The Company's ability to realize the benefit of its deferred tax assets will depend on the generation of future taxable income through profitable operations. | ||||||||
Due to the Company's history of losses and the uncertainty of future profitable operations, the Company has recorded a full valuation allowance against its deferred tax assets. | ||||||||
Earnings_Per_Share
Earnings Per Share | 3 Months Ended | ||||||
Sep. 30, 2013 | |||||||
Earnings Per Share [Abstract] | ' | ||||||
Earnings Per Share | ' | ||||||
3. Earnings Per Share | |||||||
Basic earnings (loss) per share is calculated by dividing net earnings (loss) attributable to ordinary shares by the weighted average number of shares outstanding for the period. Under the treasury stock method, diluted earnings per share is calculated by dividing net earnings (loss) by the weighted average number of shares outstanding including all potentially dilutive ordinary shares (which in Samson’s case consists of unexercised stock options). In the event of a net loss, however no potential ordinary shares are included in the calculation of shares outstanding since the impact would be anti-dilutive. In addition, when the Company records a net loss, none of the loss is allocated to these unexercised stock options since the securities are not obligated to share in Company losses. Consequently, in periods of net loss, outstanding options will have no dilutive impact to the Company’s basic earnings per share. | |||||||
The following table details the weighted average dilutive and anti-dilutive securities outstanding, which consist of options, for the periods presented: | |||||||
Three months ended | |||||||
30-Sep-13 | 30-Sep-12 | ||||||
Dilutive | - | - | |||||
Anti–dilutive | 219,793,738 | 226,477,135 | |||||
The following tables set forth the calculation of basic and diluted earnings/(loss) per share: | |||||||
Three months ended | |||||||
30-Sep-13 | 30-Sep-12 | ||||||
Net income (loss) | $ | 859,491 | -923,538 | ||||
Basic weighted average ordinary shares outstanding | 2,358,235,080 | 1,784,580,214 | |||||
Add: dilutive effect of stock options | - | - | |||||
Add: bonus element for rights issue | 26,488,246 | - | |||||
Diluted weighted average ordinary shares outstanding | 2,384,723,326 | 1,784,580,214 | |||||
Basic earnings per ordinary share – cents per share | 0.04 | -0.05 | |||||
Diluted earnings per ordinary share – cents per share | 0.04 | -0.05 | |||||
Asset_Retirement_Obligations
Asset Retirement Obligations | 3 Months Ended | ||||||
Sep. 30, 2013 | |||||||
Asset Retirement Obligations [Abstract] | ' | ||||||
Asset Retirement Obligations | ' | ||||||
4. Asset Retirement Obligations | |||||||
The Company’s asset retirement obligations primarily represent the estimated present value of the amounts expected to be incurred to plug, abandon and remediate producing and shut–in properties at the end of their productive lives in accordance with applicable state and federal laws. The Company determines the estimated fair value of its asset retirement obligations by calculating the present value of estimated cash flows related to plugging and abandonment liabilities. The significant inputs used to calculate such liabilities include estimates of costs to be incurred, the Company’s credit adjusted discount rates, inflation rates and estimated dates of abandonment. The asset retirement liability is accreted to its present value each period and the capitalized asset retirement cost is depleted using the units–of–production method. | |||||||
The following table summarizes the activities for the Company’s asset retirement obligations for the three months ended September 30, 2013 and 2012: | |||||||
Three months ended | |||||||
30-Sep-13 | 30-Sep-12 | ||||||
Asset retirement obligations at beginning of period | $ | 868,589 | $ | 808,572 | |||
Liabilities incurred or acquired | 154,736 | - | |||||
Liabilities settled | - | - | |||||
Disposition of properties | - | - | |||||
Accretion expense | 15,696 | 13,434 | |||||
Asset retirement obligations at end of period | 1,039,021 | 822,006 | |||||
Less: current asset retirement obligations (classified with accounts payable and accrued liabilities) | - | - | |||||
Long-term asset retirement obligations | $ | 1,039,021 | $ | 822,006 | |||
Discount rates used to calculate the present value vary depending on the estimated timing of the obligation, but typically range between 4% and 9%. | |||||||
Equity_Incentive_Compensation
Equity Incentive Compensation | 3 Months Ended |
Sep. 30, 2013 | |
Equity Incentive Compensation [Abstract] | ' |
Equity Incentive Compensation | ' |
5. Equity Incentive Compensation | |
Stock-based compensation is measured at the grant date based on the value of the awards, and the fair value is recognized on a straight-line basis over the requisite service period (usually the vesting period). | |
Total compensation cost recognized in the Statements of Operations for the grants under the Company’s equity incentive compensation plans was $5,255 and $80,051 during the three months ended September 30, 2013 and 2012. | |
As of September 30, 2013, there was $nil total unrecognized compensation cost related to outstanding stock options. | |
Sale_of_Oil_and_Gas_Properties
Sale of Oil and Gas Properties | 3 Months Ended |
Sep. 30, 2013 | |
Gain (Loss) on Sale of Oil and Gas Property [Abstract] | ' |
sale of oil and gas properties tex block | ' |
6. Sale of Oil and Gas Assets | |
In August 2013, we divested half our equity position in the undeveloped acreage in the North Stockyard project to Slawson Exploration Company Inc. (“Slawson”) for $5.562 million in cash and other consideration while retaining our full interest in the currently producing wells in the North Stockyard field. $0.9 million of the cash portion of the purchase price is subject to the delivery of a useable well bore in Billabong, which is currently undergoing wash over operations. The remaining $4.6 million in consideration was transferred into an escrow account at sale date, less $0.4 million which was transferred to Slawson as it related to cash calls from other non-operator parties received by Samson prior to the sale. As at September 30, 2013 $1.7 million in sale funds has been released from the escrow account. The remaining $2.5 million is recorded as Restricted Cash on the Balance Sheet at September 2013. The escrow period on this cash expires on February 1, 2014, at which time any remaining balance in the account will be released from escrow to us. | |
As a consequence of the transaction the rig contract with Frontier was also terminated, with no penalty payment. Slawson are now the operator of the project going forward for the development of the undeveloped acreage. | |
Along with the undeveloped acreage which was valued at $2.64 million in the agreement (recognized as a gain on sale in the Income Statement of $2.52 million, net of costs of assets sold of $0.12 million), we have also transferred 25% working interest in the drilled but not yet completed Billabong and Sail and Anchor wells, as wells a 25% working interest in the salt water disposal well drilled in the prior year in the North Stockyard project for $2.92 million, recognized as a reimbursement in the capitalized costs for these assets in the Balance Sheet. | |
Fair_Value_Measurements
Fair Value Measurements | 3 Months Ended | ||||||||||||||
Sep. 30, 2013 | |||||||||||||||
Fair Value Measurements [Abstract] | ' | ||||||||||||||
Fair Value Measurements | ' | ||||||||||||||
7. Fair Value Measurements | |||||||||||||||
Fair value is defined as the price that would be received in the sale of an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date (exit price). The Company utilizes market data or assumptions that market participants would use in pricing the asset or liability, including assumptions about risk and the risks inherent in the inputs to the valuation technique. These inputs can be readily observable, market corroborated, or generally unobservable. The Company classifies fair value balances based on the observability of those inputs. The FASB has established a fair value hierarchy that prioritizes the inputs used to measure fair value. The hierarchy gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities (level 1 measurement) and the lowest priority to unobservable inputs (level 3 measurement). | |||||||||||||||
The three levels of the fair value hierarchy are as follows: | |||||||||||||||
| Level 1—Quoted prices are available in active markets for identical assets or liabilities as of the reporting date. Active markets are those in which transactions for the asset or liability occur in sufficient frequency and volume to provide pricing information on an ongoing basis. | ||||||||||||||
| Level 2—Pricing inputs are other than quoted prices in active markets included in level 1, but are either directly or indirectly observable as of the reported date and for substantially the full term of the instrument. Inputs may include quoted prices for similar assets and liabilities. Level 2 includes those financial instruments that are valued using models or other valuation methodologies. | ||||||||||||||
| Level 3—Pricing inputs include significant inputs that are generally less observable from objective sources. These inputs may be used with internally developed methodologies that result in management’s best estimate of fair value. | ||||||||||||||
Financial assets and liabilities are classified in their entirety based on the lowest level of input that is significant to the fair value measurement. The Company’s assessment of the significance of a particular input to the fair value measurement requires judgment, and may affect the valuation of fair value assets and liabilities and their placement within the fair value hierarchy levels. The following table sets forth by level within the fair value hierarchy the Company’s financial assets and liabilities that were accounted for at fair value as of September 30, 2013 and June 30, 2013. | |||||||||||||||
Carrying value at September 30, 2013 | Level 1 | Level 2 | Level 3 | Fair Value at September 30, 2013 | |||||||||||
Assets | |||||||||||||||
Cash and cash equivalents | $ | 8,471,966 | $ | 8,471,966 | $ | - | $ | - | $ | 8,471,966 | |||||
Restricted cash | 2,532,688 | 2,532,688 | - | - | 2,532,688 | ||||||||||
Carrying value at June 30, 2013 | Level 1 | Level 2 | Level 3 | Fair Value at June 30, 2012 | |||||||||||
Assets | |||||||||||||||
Cash and cash equivalents | $ | 13,170,627 | $ | 13,170,627 | $ | - | $ | - | $ | 13,170,627 | |||||
The following methods and assumptions were used to estimate the fair value of the assets and liabilities in the table above: | |||||||||||||||
Fair Value of Financial Instruments. The Company’s financial instruments consist primarily of cash and cash equivalents, restricted cash, accounts receivable and payable and derivatives (discussed below). The carrying values of cash equivalents and accounts receivable and payable are representative of their fair values due to their short–term maturities. | |||||||||||||||
Assets and Liabilities Measured at Fair Value on a Nonrecurring Basis. The Company also applies fair value accounting guidance to measure non–financial assets and liabilities such as business acquisitions, proved oil and gas properties, and asset retirement obligations. These assets and liabilities are subject to fair value adjustments only in certain circumstances and are not subject to recurring revaluations. These items are primarily valued using the present value of estimated future cash inflows and/or outflows. Given the unobservable nature of these inputs, they are deemed to be Level 3. | |||||||||||||||
Commitments_And_Contingencies
Commitments And Contingencies | 3 Months Ended |
Sep. 30, 2013 | |
Commitments And Contingencies [Abstract] | ' |
Commitments And Contingencies | ' |
8. Commitments and Contingencies | |
Environmental Matters | |
The Company has no material accrued environmental liabilities for its sites, including sites in which governmental agencies have designated the Company as a potentially responsible party, because it is not probable that a loss will be incurred and the minimum cost and/or amount of loss cannot be reasonably estimated. However, due to uncertainties associated with environmental assessment and remediation activities, future expense to remediate the currently identified sites, and sites identified in the future, if any, could be incurred. Management believes, based upon current site assessments, that the ultimate resolution of any matters will not result in material costs incurred. | |
Commitments and Contingent Liabilities | |
In April of 2012, we contracted for the use of Frontier Rig 24, a newly manufactured and highly sophisticated drilling rig, for an 18 month period at a cost of $14.2 million. The lease for this rig began on January 21, 2013, when we began incurring rental charges of $26,000 per day. In August 2013, as part of a sale of development acreage to Slawson, this contract was cancelled at no additional penalty cost to us. | |
Capitalized_Exploration_Expens
Capitalized Exploration Expense | 3 Months Ended | |
Sep. 30, 2013 | ||
Capitalized Exploration Expense [Abstract] | ' | |
Capitalized Exploration Expense | ' | |
9. Capitalized Exploration Expense | ||
We use the successful efforts method of accounting for exploration and evaluation expenditure in respect of each area of interest. The application of this policy requires management to make certain estimates and assumptions as to future events and circumstances, in particular the assessment of whether economic quantities of reserves have been found. Any such estimates and assumptions may change as new information becomes available. | ||
Exploration and evaluation assets are assessed for impairment when facts and circumstances indicate that the carrying amount of an exploration and evaluation asset may exceed its recoverable amount. When assessing for impairment consideration is given to but not limited to the following: | ||
§ | the period for which Samson has the right to explore; | |
§ | planned and budgeted future exploration expenditure; | |
§ | activities incurred during the year; and | |
§ | activities planned for future periods. | |
If, after having capitalized expenditures under our policy, we conclude that we are unlikely to recover the expenditures through future exploitation, then the relevant capitalized amount will be written off to the statement of operations. | ||
At September 30, 2013 we have capitalized exploration expenditures of $2.5 million and undeveloped capitalized acreage of $12.4 million expenditures. This primarily relates to costs in relation to our Hawk Springs (including 3D seismic acquisition costs) and Roosevelt projects (including the drilling and permitting of exploration wells). The costs include acreage acquisition costs in both of Hawk Springs and Roosevelt project areas. Exploration or divestment activities are continuing in all exploration areas. The outcome of these activities remains uncertain, thus no determination has been made in relation to the impairment of any of our exploration properties. | ||
Issue_of_Share_Capital
Issue of Share Capital | 3 Months Ended |
Sep. 30, 2013 | |
Issue of Share Capital [Abstract] | ' |
Issue of Share Capital | ' |
10. Issue of Share Capital | |
During the three months ended September 30, 2013, 9,864 Australian 3.8 cent options were exercised for net proceeds of $348. The options were issued in a public rights offering conducted in June 2013. | |
During the three months ended September 30, 2013 we issued 318,452,166 ordinary shares for 2.5 cents (Australian cents)/2.3 cents (United States cents) for proceeds of $7.3 million. The ordinary shares were issued to a number of investors in the US and Australia. | |
Cash_Flow_Statement
Cash Flow Statement | 3 Months Ended | ||||||
Sep. 30, 2013 | |||||||
Cash Flow Statement [Abstract] | ' | ||||||
Cash Flow Statement | ' | ||||||
11. Cash Flow Statement | |||||||
Reconciliation of net income/(loss) after tax to the net cash flows from operations: | |||||||
Three months ended | |||||||
30-Sep-13 | 30-Sep-12 | ||||||
Net income/(loss) after tax | $ | 859,491 | $ | -923,538 | |||
Depletion, depreciation and amortization | 464,082 | 590,767 | |||||
Stock based compensation | 5,255 | 80,051 | |||||
Accretion of asset retirement obligation | 15,696 | 13,434 | |||||
Impairment expense | 83,121 | - | |||||
Exploration and evaluation expenditure | 267,705 | 361,944 | |||||
Gain on sale of oil and gas properties | -2,524,411 | - | |||||
Changes in assets and liabilities: | |||||||
Increase in receivables | -3,032 | -33,290 | |||||
Increase in income tax receivable/deferred tax asset | - | -669,098 | |||||
Increase/(decrease) in provision for annual leave | 33,265 | -16,671 | |||||
Increase in payables | 534,656 | 435,076 | |||||
NET CASH FLOWS USED IN OPERATING ACTIVITIES | $ | -264,172 | $ | -161,325 | |||
Income_Tax_Tables
Income Tax (Tables) | 9 Months Ended | |||||||
Mar. 31, 2013 | ||||||||
Income Taxes [Abstract] | ' | |||||||
Schedule Of Effective Income tax Rate | ' | |||||||
Three months ended | ||||||||
30-Sep-13 | 30-Sep-12 | |||||||
Income tax benefit/(expense) | $ | - | $ | 668,998 | ||||
Effective tax rate | 0.00% | 42.01% | ||||||
Earnings_Per_Share_Tables
Earnings Per Share (Tables) | 9 Months Ended | ||||||
Mar. 31, 2013 | |||||||
Earnings Per Share [Abstract] | ' | ||||||
Schedule Of Weighted Average Dilutive And Anti-Dilutive Securities | ' | ||||||
Three months ended | |||||||
30-Sep-13 | 30-Sep-12 | ||||||
Dilutive | - | - | |||||
Anti–dilutive | 219,793,738 | 226,477,135 | |||||
Schedule Of Calculation Of Basic And Diluted Earnings Per Share | ' | ||||||
Three months ended | |||||||
30-Sep-13 | 30-Sep-12 | ||||||
Net income (loss) | $ | 859,491 | -923,538 | ||||
Basic weighted average ordinary shares outstanding | 2,358,235,080 | 1,784,580,214 | |||||
Add: dilutive effect of stock options | - | - | |||||
Add: bonus element for rights issue | 26,488,246 | - | |||||
Diluted weighted average ordinary shares outstanding | 2,384,723,326 | 1,784,580,214 | |||||
Basic earnings per ordinary share – cents per share | 0.04 | -0.05 | |||||
Diluted earnings per ordinary share – cents per share | 0.04 | -0.05 | |||||
Asset_Retirement_Obligations_T
Asset Retirement Obligations (Tables) | 9 Months Ended | ||||||
Mar. 31, 2013 | |||||||
Asset Retirement Obligations [Abstract] | ' | ||||||
Summary Of Activities Of Asset Retirement Obligations | ' | ||||||
Three months ended | |||||||
30-Sep-13 | 30-Sep-12 | ||||||
Asset retirement obligations at beginning of period | $ | 868,589 | $ | 808,572 | |||
Liabilities incurred or acquired | 154,736 | - | |||||
Liabilities settled | - | - | |||||
Disposition of properties | - | - | |||||
Accretion expense | 15,696 | 13,434 | |||||
Asset retirement obligations at end of period | 1,039,021 | 822,006 | |||||
Less: current asset retirement obligations (classified with accounts payable and accrued liabilities) | - | - | |||||
Long-term asset retirement obligations | $ | 1,039,021 | $ | 822,006 | |||
Fair_Value_Tables
Fair Value (Tables) | 9 Months Ended | ||||||||||||||
Mar. 31, 2013 | |||||||||||||||
Fair Value Measurements [Abstract] | ' | ||||||||||||||
Schedule Of Fair Value, Assets And Liabilities Measured On Recurring And Nonrecurring Basis | ' | ||||||||||||||
Carrying value at September 30, 2013 | Level 1 | Level 2 | Level 3 | Fair Value at September 30, 2013 | |||||||||||
Assets | |||||||||||||||
Cash and cash equivalents | $ | 8,471,966 | $ | 8,471,966 | $ | - | $ | - | $ | 8,471,966 | |||||
Restricted cash | 2,532,688 | 2,532,688 | - | - | 2,532,688 | ||||||||||
Carrying value at June 30, 2013 | Level 1 | Level 2 | Level 3 | Fair Value at June 30, 2012 | |||||||||||
Assets | |||||||||||||||
Cash and cash equivalents | $ | 13,170,627 | $ | 13,170,627 | $ | - | $ | - | $ | 13,170,627 | |||||
Cash_Flow_Statement_Reconcilat
Cash Flow Statement Reconcilation (Tables) | 9 Months Ended | ||||||
Mar. 31, 2013 | |||||||
Cash Flow Statement [Abstract] | ' | ||||||
Schedule Of Cash Flow Statement Reconciliation | ' | ||||||
Three months ended | |||||||
30-Sep-13 | 30-Sep-12 | ||||||
Net income/(loss) after tax | $ | 859,491 | $ | -923,538 | |||
Depletion, depreciation and amortization | 464,082 | 590,767 | |||||
Stock based compensation | 5,255 | 80,051 | |||||
Accretion of asset retirement obligation | 15,696 | 13,434 | |||||
Impairment expense | 83,121 | - | |||||
Exploration and evaluation expenditure | 267,705 | 361,944 | |||||
Gain on sale of oil and gas properties | -2,524,411 | - | |||||
Changes in assets and liabilities: | |||||||
Increase in receivables | -3,032 | -33,290 | |||||
Increase in income tax receivable/deferred tax asset | - | -669,098 | |||||
Increase/(decrease) in provision for annual leave | 33,265 | -16,671 | |||||
Increase in payables | 534,656 | 435,076 | |||||
NET CASH FLOWS USED IN OPERATING ACTIVITIES | $ | -264,172 | $ | -161,325 | |||
Income_Taxes_Narrative_Details
Income Taxes (Narrative) (Details) (USD $) | 3 Months Ended | ||
Sep. 30, 2012 | Sep. 30, 2013 | Jun. 30, 2013 | |
Income Taxes [Abstract] | ' | ' | ' |
Income tax refund received | ($100) | ' | ' |
Income tax receivable | ' | $777,804 | $777,804 |
Income_Taxes_Schedule_Of_Effec
Income Taxes (Schedule Of Effective Income tax Rate) (Details) (USD $) | 3 Months Ended | |
Sep. 30, 2013 | Sep. 30, 2012 | |
Income Taxes [Abstract] | ' | ' |
Income tax benefit/(expense) | ' | $668,998 |
Effective tax rate | 0.00% | 42.01% |
Earnings_Per_Share_Details
Earnings Per Share (Details) (USD $) | 3 Months Ended | |
Sep. 30, 2013 | Sep. 30, 2012 | |
Earnings Per Share [Abstract] | ' | ' |
Anti-dilutive | 219,793,738 | 226,477,135 |
Net income | $859,491 | ($923,538) |
Basic weighted average ordinary shares outstanding | 2,358,235,080 | 1,784,580,214 |
Add: dilutive effect of stock options | ' | ' |
Add: bonus element for rights issue | 26,488,246 | ' |
Diluted weighted average ordinary shares outstanding | 2,384,723,326 | 1,784,580,214 |
Basic earnings per ordinary share - cents per share | $0.04 | ($0.05) |
Diluted earnings per ordinary share - cents per share | $0.04 | ($0.05) |
Asset_Retirement_Obligations_D
Asset Retirement Obligations (Details) (USD $) | 3 Months Ended | ||
Sep. 30, 2013 | Sep. 30, 2012 | Jun. 30, 2013 | |
Asset Retirement Obligations [Line Items] | ' | ' | ' |
Asset retirement obligations at beginning of period | $868,589 | $808,572 | ' |
Liabilities incurred or acquired | 154,736 | ' | ' |
Accretion expense | 15,696 | 13,434 | ' |
Asset retirement obligations at end of period | 1,039,021 | 822,006 | ' |
Long-term asset retirement obligations | $1,039,021 | $822,006 | $868,589 |
Minimum [Member] | ' | ' | ' |
Asset Retirement Obligations [Line Items] | ' | ' | ' |
Asset Retirement Obligations, Discount Rate | 4.00% | ' | ' |
Maximum [Member] | ' | ' | ' |
Asset Retirement Obligations [Line Items] | ' | ' | ' |
Asset Retirement Obligations, Discount Rate | 9.00% | ' | ' |
Equity_Incentive_Compensation_
Equity Incentive Compensation (Summary Of Stock Option Activity) (Details) (USD $) | 3 Months Ended | |
Sep. 30, 2013 | Sep. 30, 2012 | |
Equity Incentive Compensation [Abstract] | ' | ' |
Employee Service Share-based Compensation, Nonvested Awards, Total Compensation Cost Not yet Recognized | $0 | ' |
Share-based Compensation | $5,255 | $80,051 |
Sale_of_Oil_and_Gas_Properties1
Sale of Oil and Gas Properties (Details) (USD $) | 3 Months Ended |
Sep. 30, 2013 | |
Gain (Loss) on Sale of Oil and Gas Property [Abstract] | ' |
total value of slawson sale | $5,562,000 |
value of undeveloped acreage sold to slawson | 2,640,000 |
value applied to Billabong well | 900,000 |
well cost reimbursement from slawson | 2,920,000 |
Gain Loss On Sale Of Property | 2,524,411 |
cost of acreage sold in slawson sale | 120,000 |
cash value of slawson sale net of billabong allocated | 4,600,000 |
cash calls transferred to slawson | 400,000 |
Proceeds From Sale Of Oil And Gas Property And Equipment | 1,737,401 |
Restricted Cash and Cash Equivalents, Current | $2,532,688 |
percentage of interest sold | 25.00% |
Fair_Value_Measurements_Schedu
Fair Value Measurements (Schedule Of Fair Value, Assets And Liabilities Measured On Recurring And Nonrecurring Basis) (Details) (USD $) | Sep. 30, 2013 | Jun. 30, 2013 |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Cash and cash equivalents | $8,471,966 | $13,170,627 |
Restricted Cash and Cash Equivalents | 2,532,688 | ' |
Carrying Value [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Cash and cash equivalents | 8,471,966 | 13,170,627 |
Restricted Cash and Cash Equivalents | 2,532,688 | ' |
Level 1 [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Cash and cash equivalents | 8,471,966 | 13,170,627 |
Restricted Cash and Cash Equivalents | $2,532,688 | ' |
Commitments_And_Contingencies_
Commitments And Contingencies (Details) (USD $) | 1 Months Ended | 3 Months Ended |
In Millions, unless otherwise specified | Apr. 30, 2012 | Sep. 30, 2013 |
Commitments And Contingencies [Abstract] | ' | ' |
Commitment contract commencement date | '2012-04 | ' |
Commitment contract term | '18 | ' |
Commitment contract amount | $14.20 | ' |
Equipment rental expense per day | 26,000 | ' |
cancellation date | ' | '2013-08 |
Capitalized_Exploration_Expens1
Capitalized Exploration Expense (Details) (USD $) | 3 Months Ended | |
Sep. 30, 2013 | Jun. 30, 2013 | |
Capitalized Exploration Expense [Abstract] | ' | ' |
Capiltalized exploration expense after write off | $2,500,000 | ' |
Undeveloped capitalized acreage | $12,369,412 | $12,369,412 |
Issue_of_Share_Capital_Details
Issue of Share Capital (Details) | 3 Months Ended | ||
Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | |
USD ($) | USD ($) | AUD | |
Issue of Share Capital [Abstract] | ' | ' | ' |
Shares issued upon exercise of options, shares | 9,864 | ' | ' |
Net proceeds from option exercises | $347 | $444,272 | ' |
Shares issued to institutional investors | 318,452,166 | ' | ' |
Price per share, shares issued | $0.02 | ' | 0.025 |
Issue of share capital | $7,337,485 | ' | ' |
Cash_Flow_Statement_Details
Cash Flow Statement (Details) (USD $) | 3 Months Ended | |
Sep. 30, 2013 | Sep. 30, 2012 | |
Cash Flow Statement [Abstract] | ' | ' |
Net (loss) after tax | $859,491 | ($923,538) |
Depletion, depreciation and amortization | 464,082 | 590,767 |
Stock based compensation | 5,255 | 80,051 |
Accretion of asset retirment obligation | 15,696 | 13,434 |
Impairment expense | 83,121 | ' |
Exploration and evaluation expenditure | 267,705 | 361,944 |
Gain on sale of oil and gas properties | -2,524,411 | ' |
Increase in receivables | -3,032 | -33,290 |
Increase in income tax receivable/deferred tax asset | ' | -669,098 |
Increase/(decrease) in provision for annual leave | 33,265 | -16,671 |
Increase in payables | 534,656 | 435,076 |
Net cash flows used in operating activities | ($264,172) | ($161,325) |