Document And Entity Information
| Document And Entity Information - shares | 9 Months Ended | |
| Mar. 31, 2017 | May 12, 2017 | |
| Document And Entity Information [Abstract] | ||
| Document Type | 10-Q | |
| Amendment Flag | false | |
| Document Period End Date | Mar. 31, 2017 | |
| Document Fiscal Year Focus | 2,017 | |
| Document Fiscal Period Focus | Q3 | |
| Trading Symbol | SSN | |
| Entity Registrant Name | Samson Oil & Gas LTD | |
| Entity Central Index Key | 1,404,079 | |
| 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 | Smaller Reporting Company | |
| Entity Common Stock, Shares Outstanding | 3,283,000,444 |
Consolidated Balance Sheets
| Consolidated Balance Sheets - USD ($) | Mar. 31, 2017 | Jun. 30, 2016 |
| CURRENT ASSETS | ||
| Cash and cash equivalents | $ 2,083,227 | $ 2,654,812 |
| Accounts receivable | 1,594,459 | 1,996,415 |
| Prepayments | 305,270 | 183,305 |
| Oil inventory | 219,288 | 463,768 |
| Oil and gas properties held for sale | 13,768,865 | |
| Total current assets | 4,202,244 | 19,067,165 |
| PROPERTY, PLANT AND EQUIPMENT, AT COST | ||
| Oil and gas properties, successful efforts method of accounting, less accumulated depreciation, depletion and impairment of $15,991,616 and $15,049,015 at December 31, 2016 and June 30, 2016, respectively | 31,394,105 | 31,522,323 |
| Other property and equipment, net of accumulated depreciation and amortization of $647,467 and $573,995 at December 31, 2016 and June 30, 2016, respectively | 326,275 | 308,474 |
| Net property, plant and equipment | 31,720,380 | 31,830,797 |
| OTHER NON CURRENT ASSETS | ||
| Undeveloped capitalized acreage | 271,078 | 220,703 |
| Restricted cash - bonding | 450,000 | 450,000 |
| Other | 270,109 | 474,325 |
| TOTAL ASSETS | 36,913,811 | 52,042,990 |
| CURRENT LIABILITIES | ||
| Accounts payable | 4,418,775 | 4,125,643 |
| Accruals | 172,576 | 1,629,975 |
| Provision for annual leave | 250,204 | 194,497 |
| Vendor Finance | 4,400,000 | 4,046,428 |
| Credit facility | 19,902,557 | 11,500,000 |
| Fair value of derivative instruments | 1,262,277 | 1,671,653 |
| Total current liabilities | 30,406,389 | 23,168,196 |
| NON CURRENT LIABILITIES | ||
| Fair value of derivative instruments | 160,721 | 1,233,076 |
| Asset retirement obligations | 3,472,786 | 3,450,245 |
| Credit Facility | 19,000,000 | |
| TOTAL LIABILITIES | 34,039,896 | 46,851,517 |
| STOCKHOLDERS' EQUITY - nil par value | ||
| 3,282,860,301(equivalent to 16,414,301ADR's) and 3,215,854,701 (equivalent to 16,079,273 ADR's) ordinary shares issued and outstanding at December 31, 2016 and June 30, 2016, respectively | 106,174,704 | 105,719,184 |
| Accumulated other comprehensive income | 877,907 | 927,718 |
| Accumulated deficit | (104,178,698) | (101,455,429) |
| Total stockholders' equity | 2,873,913 | 5,191,473 |
| TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY | $ 36,913,809 | $ 52,042,990 |
Consolidated Balance Sheets (Pa
| Consolidated Balance Sheets (Parenthetical) - USD ($) | Mar. 31, 2017 | Jun. 30, 2016 |
| Consolidated Balance Sheets [Abstract] | ||
| Other property and equipment, net of accumulated depreciation and amortization | $ 671,164 | $ 573,995 |
| Oil and gas properties, successful efforts method of accounting, less accumulated depreciation, depletion and impairment | $ 16,426,241 | $ 15,049,015 |
| Common stock, par value | $ 0 | |
| Common stock, shares issued | 3,283,000,444 | 3,215,854,701 |
| Common stock, shares issued ADR | 16,415,002 | 16,079,273 |
| Common stock, shares outstanding ADR | 16,414,301 |
Consolidated Statements Of Oper
| Consolidated Statements Of Operations And Comprehensive Income (Loss) - USD ($) | 3 Months Ended | 9 Months Ended | ||
| Mar. 31, 2017 | Mar. 31, 2016 | Mar. 31, 2017 | Mar. 31, 2016 | |
| REVENUES AND OTHER INCOME: | ||||
| Interest income | $ 75 | $ 255 | $ 352 | $ 2,457 |
| Gain on derivative instruments | 1,424,590 | 379,442 | 214,055 | |
| Other | (174,923) | 879,330 | 1,625,194 | 897,232 |
| TOTAL REVENUE AND OTHER INCOME | 4,338,723 | 2,006,203 | 12,076,543 | 7,016,691 |
| EXPENSES: | ||||
| Lease operating expense | (1,986,860) | (661,394) | (7,563,746) | (3,492,564) |
| Depletion, depreciation and amortization | (404,893) | (791,104) | (1,492,214) | (3,674,347) |
| Impairment expense | (49,126) | (244,480) | (9,852,113) | |
| Exploration and evaluation expenditure | (12,360) | (21,399) | (36,905) | (4,214,118) |
| Accretion of asset retirement obligations | (79,320) | (15,353) | (235,381) | (45,357) |
| Loss on derivative instruments | (358,514) | |||
| Amortisation of borrowing costs | (66,849) | (35,485) | (200,547) | (106,457) |
| Interest expense | (309,143) | (207,650) | (1,275,791) | (594,046) |
| Acquisition Costs | (215,853) | (215,853) | ||
| General and administrative | (1,284,076) | (902,455) | (3,750,748) | (2,874,973) |
| TOTAL EXPENSES | (4,143,501) | (3,258,333) | (14,799,812) | (25,069,828) |
| Loss from operations | 195,222 | (1,252,130) | (2,723,269) | (18,053,137) |
| Net loss | 195,222 | (1,252,130) | (2,723,269) | (18,053,137) |
| OTHER COMPREHENSIVE GAIN (LOSS) [Abstract] | ||||
| Foreign Currency Translation gain/( loss) | (39,535) | (1,653) | (49,811) | (65,817) |
| Total comprehensive loss for the period | $ 155,687 | $ (1,253,783) | $ (2,773,080) | $ (18,118,954) |
| Net gain/(loss) per ordinary share from operations: | ||||
| Basic - cents per share | $ 0.01 | $ (0.04) | $ (0.08) | $ (0.64) |
| Diluted - cents per share | $ 0.01 | $ (0.04) | $ (0.08) | $ (0.64) |
| Weighted average ordinary shares outstanding: | ||||
| Basic | 3,282,861,876 | 2,837,834,301 | 3,248,624,375 | 2,837,830,689 |
| Diluted | 3,282,861,876 | 2,837,834,301 | 3,248,624,375 | 2,837,830,689 |
| Oil [Member] | ||||
| REVENUES AND OTHER INCOME: | ||||
| Sales | $ 2,942,564 | $ 960,705 | $ 9,690,287 | $ 5,281,528 |
| Gas [Member] | ||||
| REVENUES AND OTHER INCOME: | ||||
| Sales | 136,430 | 156,333 | 344,708 | 583,292 |
| Other Liquids [Member] | ||||
| REVENUES AND OTHER INCOME: | ||||
| Sales | $ 9,987 | $ 9,580 | $ 36,560 | $ 38,127 |
Consolidated Statements Of Chan
| Consolidated Statements Of Changes In Stockholders' Equity - 9 months ended Mar. 31, 2017 - USD ($) | Ordinary Shares [Member] | Retained Earnings/(Accumulated Deficit) [Member] | Other Comprehensive Income (Loss) [Member] | Total |
| Balance at Jun. 30, 2016 | $ 105,719,184 | $ (101,455,429) | $ 927,718 | $ 5,191,473 |
| Net loss | (2,723,269) | (2,723,269) | ||
| Foreign Currency Translation, net tax of $nil | (49,811) | (49,811) | ||
| Total comprehensive loss for the period | (2,723,269) | (49,811) | (2,773,080) | |
| Stock based compensation | 488,944 | 488,944 | ||
| Exercise of Options | 3,811 | 3,811 | ||
| Share issue costs | (37,235) | (37,235) | ||
| Balance at Mar. 31, 2017 | $ 106,174,704 | $ (104,178,698) | $ 877,907 | $ 2,873,913 |
Consolidated Statements Of Cha6
| Consolidated Statements Of Changes In Stockholders' Equity (Parenthetical) | 9 Months Ended |
| Mar. 31, 2017USD ($) | |
| Consolidated Statements Of Changes In Stockholders' Equity [Abstract] | |
| Foreign currency translation, tax | $ 0 |
Consolidated Statements Of Cash
| Consolidated Statements Of Cash Flows - USD ($) | 9 Months Ended | |
| Mar. 31, 2017 | Mar. 31, 2016 | |
| Cash flows (used in)/provided by operating activities | ||
| Receipts from customers | $ 11,065,372 | $ 8,482,172 |
| Proceeds from/(Payments for) derivative instruments | (1,102,289) | 437,380 |
| Payments to suppliers & employees | (9,912,808) | (7,345,116) |
| Interest received | 347 | 2,444 |
| Interest paid | (1,501,096) | (603,027) |
| Cash payments for bonding | (350,000) | |
| Net cash flows provided by operating activities | (1,450,474) | 623,853 |
| Cash flows from investing activities | ||
| Proceeds from sale of oil and gas properties | 13,932,512 | |
| Payments for plant & equipment | (114,296) | |
| Payments for exploration and evaluation | (86,963) | (578,105) |
| Payments for oil and gas properties | (2,216,713) | (1,811,612) |
| Net cash flows used in investing activities | 11,514,540 | (2,389,717) |
| Cash flows from financing activities | ||
| Proceeds from the exercise of options | 3,811 | 1,475 |
| Proceeds from borrowings | 1,000,000 | 301,000 |
| Repayment of borrowings | (11,597,443) | |
| Share issuance costs | (37,235) | (500) |
| Net cash flows (used in)/ provided by financing activities | (10,630,867) | 301,975 |
| Net increase/(decrease) in cash and cash equivalents | (566,801) | (1,463,889) |
| Cash and cash equivalents at the beginning of the fiscal period | 2,654,812 | 2,062,720 |
| Effects of exchange rate changes on cash and cash equivalents | (4,784) | (66,279) |
| Cash and cash equivalents at end of fiscal period | $ 2,083,227 | $ 532,552 |
Basis of Presentation
| Basis of Presentation | 9 Months Ended |
| Mar. 31, 2017 | |
| 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, 201 6 . The year-end Consolidated Balance Sheet presented herein was derived from audited Consolidated Financial Statements, but does not include all disclosures required by GAAP. It is suggested that these financial statements be read in conjunction with the financial statements and the notes thereto included in the Company’s latest annual report (“Form 10-K”). Accruals. A ccrued liabilities at June 30, 201 6 and March 31, 2017 consist primarily of estimate s for goods and services received but not yet invoiced. Prepayments. Prepayments at June 30, 2016 and March 31, 2017 include insurance premiums and other subscription costs paid in advance for the year. Comparatives. Changes have been made to the classification of certain prior period comparatives in order to remain consistent with the current period presentation. These changes have had no material impact on the financial statements. Liquidity These financial statements have been prepared on the going concern basis, which contemplates the continuity of normal business activities and the realization of assets and settlement of liabilities in the normal course of business. As disclosed in the financial statements, we incurred losses of $2.8 million for the nine months ended March 31, 2017 and had cash outflows from operations of $1.5 million. As at March 31, 2017 we had net current liabilities of $26.2 million. Our ability to continue as a going concern is dependent on the renegotiation of our finance facilities and/or a partial or full monetization of our assets. We have commenced refinancing discussions with our current lender and have also commenced discussion with an investment banker representing non-bank financing. Based on our current financial position we may be required to accept terms less favorable than would otherwise be available to us. On May 9, 2017 we signed a Purchase and Sale Agreement to sell our State GC assets for $1.2 million. This is expected to close on or about May 24, 2017. The funds will be used to reduce our outstanding debt with Mutual of Omaha Bank, however our borrowing base will not be lowered allowing these funds to be redrawn if required. Recent Accounting Standards In August 2014, the FASB issued Accounting Standards Update (“ASU”) No. 2014-15, Presentation of Financial Statements –Going Concern (“ASU 2014-15”). The objective of ASU 2014-15 is to provide guidance on management’s responsibility to evaluate whether there is substantial doubt about a company’s ability to continue as a going concern and to provide related footnote disclosures. ASU 2014-15 is effective for fiscal years ending after December 15, 2016 and annual and interim periods thereafter. This standard is not expected to have an impact on the Company’s co nsolidated financial statements and we are currently assessing the expected impact on footnote disclosures. In May 2014, the FASB issued Accounting Standards Update No. 2014-09, Revenue from Contracts with Customers (Topic 606), which amends the existing accounting standards for revenue recognition. The standard requires an entity to recognize revenue in a manner that depicts the transfer of goods or services to customers at an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services. The guidance in ASU 2014-09 is now effective for annual reporting periods beginning after December 15, 2017, i ncluding interim periods therein, as a result of the FASB's recent decision to defer the effective date by one year. We are currently evaluating the method of adoption and impact this standard will have on our consolidated financial statements and related disclosures. |
Restatement of Quarterly Inform
| Restatement of Quarterly Information | 9 Months Ended |
| Mar. 31, 2017 | |
| Accounting Changes and Error Corrections [Abstract] | |
| Restatement of Quarterly Information | 2. Restatement of Quarterly Information (unaudited) The Company took over operatorship of the Foreman Butte field in May and June of 2016. This change necessitated a review of our accounts payable procedures. During the course of this review we noted that the design of one of processes was not sufficient to adequately capture all invoices in a timely fashion. The impact of this is stated below. We have since revised and redesigned our accounts payable procedures and controls. We have assessed the impact on the financial statements included in the 10Q for the quarter ended December 31, 2016 and have concluded that the impact of this misstatement was no sufficient to warrant a notice of non-reliance on the financial statements to be issued. The impact of the restatement for the three months and six months ended December 31, 2016 is below. Three months ended Dec 31, 2016 Six months ended Dec 31, 2016 As previously reported LOE Adjustment As restated As previously reported LOE Adjustment As restated Total Revenue and Other Income $ 4,873,142 $ - $ 4,873,142 $ 8,782,967 $ - $ 8,782,967 Total Expenses (6,709,625) (516,040) (7,225,665) (11,131,997) (516,040) (11,648,037) Loss (1,836,483) (516,040) (2,352,523) (2,349,030) (516,040) (2,865,070) Income tax expense - - - - - - Net loss (1,836,483) (516,040) (2,352,523) (2,349,030) (516,040) (2,865,070) Net loss per ordinary share from operations Basic - cents per share (0.06) (0.01) (0.07) (0.07) (0.02) (0.09) Diluted - cents per share (0.06) (0.01) (0.07) (0.07) (0.02) (0.09) |
Income Taxes
| Income Taxes | 9 Months Ended |
| Mar. 31, 2017 | |
| Income Taxes [Abstract] | |
| Income Taxes | 3. Income Taxes The Company has cumulative net operating losses (“NOLs”) 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 NOLs if there has been a change in ownership as described in Internal Revenue Code Section 382. The Company’s prior year NOLs are limited by IRC Section 382. 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 benefits 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 | 9 Months Ended |
| Mar. 31, 2017 | |
| Earnings Per Share [Abstract] | |
| Earnings Per Share | 4. 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. The following table details the weighted average dilutive and anti-dilutive securities outstanding, which consist of transferable options to purchase ordinary shares which are tradeable on the ASX (“options”), for the periods presented: Three months ended Nine months ended 31-Mar-17 31-Mar-16 31-Mar-17 31-Mar-16 Dilutive - - - - Anti–dilutive 411,033,246 322,400,133 246,930,682 320,615,486 The following tables set forth the calculation of basic and diluted loss per share: Three months ended Nine months ended 31-Mar-17 31-Mar-16 31-Mar-17 31-Mar-16 Net income (loss) $ 195,222 $ (1,252,130) $ (2,723,269) $ (18,053,137) Basic weighted average ordinary shares outstanding 3,282,861,876 2,837,834,301 3,248,624,375 2,837,830,689 Basic earnings/(loss) per ordinary share – cents per share 0.01 (0.04) (0.08) (0.64) Diluted earnings/(loss) per ordinary share – cents per share 0.01 (0.04) (0.08) (0.64) |
Asset Retirement Obligations
| Asset Retirement Obligations | 9 Months Ended |
| Mar. 31, 2017 | |
| Asset Retirement Obligations [Abstract] | |
| Asset Retirement Obligations | 5. 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 those obligations. 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. Liabilities settled during the period relate to wells in our Hawk Springs project area in Goshen County, Wyoming which were plugged and abandoned during the period ended December 31, 2016. Disposition of properties relates to the sale of our North Stockyard project in North Dakota, which also closed during the quarter ended December 31, 2016. The following table summarizes the activities for the Company’s asset retirement obligations for the nine months ended March 31, 2017 and 2016: Nine months ended 31-Mar-17 31-Mar-16 Asset retirement obligations at beginning of period $ 3,750,245 $ 1,810,674 Liabilities incurred or acquired - 1,868,273 Liabilities settled (134,721) (46,322) Disposition of properties (378,119) - Accretion expense 235,381 45,357 Asset retirement obligations at end of period 3,472,786 3,677,982 Less: current asset retirement obligations (classified with accounts payable and accrued liabilities) - (316,392) Long-term asset retirement obligations $ 3,472,786 $ 3,361,590 |
Fair Value Measurements
| Fair Value Measurements | 9 Months Ended |
| Mar. 31, 2017 | |
| Fair Value Measurements [Abstract] | |
| Fair Value Measurements | 6 . 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 unobservable 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 March 31, 201 7 and June 30, 201 6 . Carrying value at March 31, 2017 Level 1 Level 2 Level 3 Netting (1) Fair Value at March 31, 2017 Current Assets: Cash and cash equivalents $ 2,083,227 $ 2,083,227 $ - $ - $ - $ 2,083,227 Derivative Instruments - - 43,297 - (43,297) - Non Current Assets Derivative Instruments - - 418,824 - (418,824) - Current Liabilities Derivative instruments 1,262,277 - 1,305,574 - (43,297) 1,262,277 Non Current Liabilities Derivative Instruments 160,721 - 579,545 - (418,824) 160,721 Carrying value at June 30, 2016 Level 1 Level 2 Level 3 Netting (1) Fair Value at June 30, 2016 Current Assets: Cash and cash equivalents $ 2,654,812 $ 2,654,812 $ - $ - $ - $ 2,654,812 Derivative Instruments - - 136,727 - (136,727) - Non Current Assets Derivative Instruments - - 220,317 - (220,317) - Current Liabilities Derivative instruments 1,671,653 - 1,808,380 - (136,727) 1,671,653 Non Current Liabilities Derivative Instruments 1,233,076 - 1,453,393 - (220,317) 1,233,076 (1) Netting In accordance with the Company’s standard practice, its commodity derivatives are subject to counterparty netting under agreements governing such derivatives and therefore the risk of loss is somewhat mitigated. The following methods and assumptions were used to estimate the fair value of the assets and liabilities in the table above: Level 1 Fair value Measurements 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. Level 2 Fair Measurements Derivative Contracts. The Company’s derivative contracts consist of oil collars and oil call options. The fair value of these contracts are based on inputs that are either readily available in the public market, such as oil future prices or inputs that can be corroborated from active markets. Fair value is determined through the use of a discounted cash model using applicable inputs discussed above. Other fair value measurements 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. Some oil and gas properties are stated at fair value as at June 30 , 201 6 . As a result of the significant decline in oil prices experienced in recent months, the carrying value of oil and gas properties was reviewed and subject to impairment costs of $ 11 million for the twelve months ended June 30, 2016, the majority of which relat ed to our North Stockyard field due to the sustained decrease in the oil price . Following the sale of our North Stockyard property in October 2016, we closed out 42,300 barrels of oil hedges and 220,750 mcf of natural gas hedges at a cost of $169,182 to us, including $165,003 in deferred premiums. |
Commitments And Contingencies
| Commitments And Contingencies | 9 Months Ended |
| Mar. 31, 2017 | |
| Commitments And Contingencies [Abstract] | |
| Commitments And Contingencies | 7. Commitments and Contingencies The Company has no accrued environmental liabilities for its sites, including sites in which governmental agencies have designated the Company as a potentially responsible party , because it is not probable that a loss will be incurred and the minimum cost and/or amount of loss cannot be reasonably estimated. However, due to uncertainties associated with environmental assessment and remediation activities, future expense to remediate the currently identified sites, and sites identified in the future , if any, could be incurred. Management believes, based upon current site assessments, that the ultimate resolution of any such matters will not materially affect our results of operations or cash flows. From time to time, we are involved in various legal proceedings through the ordinary course of business. While the ultimate outcome is not known, management believes that any resolution will not materially impact the financial statements. |
Issue of Share Capital
| Issue of Share Capital | 9 Months Ended |
| Mar. 31, 2017 | |
| Issue of Share Capital [Abstract] | |
| Issue of Share Capital | 9. Share Capital Issue of Share Capital During the three months ended March 31, 2017, 140,143 options with an exercise price of AUD$ 0.038 per ordinary share were exercised for net proceeds of AUD$5,325/US$3,811. On March 31, 2017 229,442,097 unexercised options expired. During the nine months ended March 31, 2017 the company issued 67,005,600 ordinary shares to employees and Directors of the company. These shares were issued in lieu of cash salaries for employees and directors during the period from August 1, 2015 to August 31, 2016. The share price on the grant was US$0.0035 per ordinary share. No shares were issued during the three months ended March 31, 2016. During the nine months ended March 31, 2016, 52,279 options with an exercise price of AUD$ 0.038 per ordinary share were exercised for net proceeds of AUD$1,986/US$1,475 . All options exercised were issued in a public rights offering conducted in June 2013. Issue of Warrants During the nine months ended March 31, 2017 the company issued 272,000,000 warrants at no cost to employees and Directors of the company. The warrants have an exercise price of AUD$0.0055 and an expiry date of November 17, 2026. The options vest on November 17, 2017. The have been valued at AUD$0.0038 using a binomial option pricing model. The company also issued 48,000,000 warrants to Australian based employees and directors of the Company. These warrants have an exercise price of AUD$0.007, vest on November 17, 2017 and expire on November 27, 2026. The expense related to both warrants grants will be recognized over the vesting period. To date share based payments of $0.2 million has been recognized. A further $0.8 million will be recognized prior to the options vesting date, assuming all employees and directors remain with the company. |
Cash Flow Statement
| Cash Flow Statement | 9 Months Ended |
| Mar. 31, 2017 | |
| Cash Flow Statement [Abstract] | |
| Cash Flow Statement | 10. Cash Flow Statement Reconciliation of loss after tax to the net cash flows from operations: Nine months ended 31-Mar-17 31-Mar-16 Net loss after tax $ (2,723,269) $ (18,053,137) Depletion, depreciation and amortization 1,492,214 3,674,347 Accretion of asset retirement obligation 235,381 45,357 Impairment expense 244,480 9,852,113 Exploration and evaluation expenditure 36,905 4,214,118 Amortization borrowing costs 200,547 106,457 Non cash (gain)/loss on derivative instruments (1,481,731) 473,324 Acquisition costs - 215,853 Net gain from sale of assets (1,625,194) - Share based payments 560,607 - Changes in assets and liabilities: Decrease in receivables 401,956 1,623,775 Increase/(decrease) in provision for annual leave 55,707 (23,998) Increase/(decrease) in payables 1,151,923 (1,504,356) NET CASH FLOWS(USED IN)/PROVIDED BY OPERATING ACTIVITIES $ (1,450,474) $ 623,853 |
Credit Facility
| Credit Facility | 9 Months Ended |
| Mar. 31, 2017 | |
| Credit Facility [Abstract] | |
| Credit Facility Disclosure | 11. Credit Facility Nine months ended 31-Mar-17 31-Mar-16 Credit facility at beginning of period $ 30,500,000 $ 18,699,000 Cash advanced under facility 1,000,000 301,000 Cash committed to be advanced under facility - 11,500,000 Repayments (11,597,443) - Credit facility at end of period (1) $ 19,902,557 $ 30,500,000 Funds available for drawdown under the facility 97,443 - (1) The credit facility is recognized as a current liability as the facility is currently due for repayment in October 2017. In January 2014, we entered into a $25.0 million credit facility with our primary lender, Mutual of Omaha Bank, with an initial borrowing base of $8.0 million, which was increased to $15.5 million in June 2014. In November 2014, the borrowing base was increased to $19.0 million, which was fully drawn prior to the closing of the Foreman Butte Acquisition (as defined below). In March 2016, our credit facility was amended to increase the borrowing base to $30.5 million to partially fund the Foreman Butte Acquisition. An additional $4 million in financing was also provided by the seller. This promissory note is due April 1, 2017 and has a 10% interest rate. We were required under the amended credit agreement to repay Mutual of Omaha $10 million by June 30, 2016. This was ultimately increased to $11.5 million and extended to October 31, 2016. The pay down was achieved through the sale of our North Stockyard property for $14.95 million on October 28, 2016 and was made on October 31, 2016. In May 2017, Mutual of Omaha agreed to repay our outstanding promissory note through a term note in addition to our current facility. This closed on May 5, 2017. Samson paid $0.45 million in interest from existing cash reserves, while Mutual of Omaha paid $4.0 million in principal. As a result of this amendment to the credit facility the interest changed from being based on LIBOR to the Wall Street Journal published Prime Rate (“Prime”). The interest rate on the term loan is Prime plus 2.5% or approximately 6.5% and the credit facility is Prime plus 1.0% or 5%. Both facilities will mature on October 31, 2017. As of November 10, 2016 our borrowing base was increased to $20 million by Mutual of Omaha Bank, of which $19.9 million has been drawn down. The additional borrowing base capacity has no additional restrictions on it. The borrowing base under our credit facility may be increased (up to the credit facility maximum of $50.0 million, which would require syndication of the loan) or decreased in the future depending on the value of our reserves. Borrowing base redeterminations are performed by the lender every six months based on our June and December reserve reports. We also have the ability to request a borrowing base redetermination at another period, once a year. In March 2016, the facility was extended to $30.5 million to partly fund the Foreman Butte Acquisition. As a result of this amendment to the facility agreement, the following changes were made to the original facility agreement: · The addition of more restrictive financial covenants (including the debt to EBITDA ratio and the minimum liquidity requirement); · Increases in the interest rate and unused facility fee; · The addition of a minimum hedging requirement of 75% of forecasted production; · A requirement to reduce our general and administrative costs from $6 million per year to $3 million per year; · A requirement to raise $5 million in equity on or before September 30, 2016 (this was extended to November 15, 2016 and then effective November 10, 2016 Mutual of Omaha agreed that this requirement had been met following the $1.4 million capital raise completed in April 2016 and by the application of retained funds from the North Stockyard sale); · A requirement to pay down at least $10 million of the loan by June 30, 2016 (which was increased to $11.5 million and extended to October 31, 2016 in line with the closing of the North Stockyard sale) and we repaid $11.5 million on October 31, 2016; and · The addition of a monthly cash flow sweep whereby 50% of cash operating income will be used to repay outstanding borrowings under the Credit Agreement. $0.1 million has been repaid under this covenant. The credit facility includes the following covenants, tested on a quarterly basis: · Current ratio greater than 1 · Debt to EBITDAX (annualized) ratio no greater than 5.75 for the quarter ended March 30, 2016 through to September 30, 2016 reducing to 4.00 by September 30, 2017 · Senior leverage ratio of no greater than 4.25 to 1 for the quarter ended June 30, 2016 reducing to 3.75 for the quarter ending December 31, 2016 and thereafter · Interest coverage ratio minimum of between 2.5 and 1.0 As at March 31, 2017 we were in breach of our spending cap with respect to the general and administrative expenses. We have requested a waiver of this covenant. We were in compliance with all other covenants as at March 31, 2017. If the current pricing environment does not improve it will difficult to maintain compliance with covenants based our current debt levels. If we are not in compliance with the financial covenants in the credit facility, or if we do not receive a waiver from the lender, and if we fail to cure any such noncompliance during the applicable cure period, the due date of our debt could be accelerated by the lender. In addition, failure to comply with any of the covenants under our credit facility could adversely affect our ability to fund ongoing operations. We also must continue to improve our operations to address our working capital deficit. We incurred $0. 6 million in borrowing costs (including legal fees and bank fees) in connection with the establishment of this facility which have been deferred and are being amortized over the life of the facility. |
Derivatives
| Derivatives | 9 Months Ended |
| Mar. 31, 2017 | |
| Derivatives [Abstract] | |
| Derivatives | 12. Derivatives The Company has not designated any of its derivative contracts as hedges for accounting purposes. The Company records all derivative contracts at fair value. Changes in derivative contracts are recognized in earnings. Changes in settlements and valuation gains and losses are included in loss/(gain) on derivative instruments in the Statement of Operations. These contracts are settled on a monthly basis. Derivative assets and liabilities arising from the Company’s derivative contracts with the same counterparty that provide for net settlement are reported on a net basis in the Balance Sheet. The Company is exposed to commodity price risk, which impacts the predictability of its cash flows from the sale of oil. The Company seeks to manage this risk through the use of commodity derivative contracts These derivative contracts allow the Company to limit its exposure to commodity price volatility on a portion of its forecasted oil sales. At March 31, 2017, the Company’s commodity derivative contracts consisted of collars and fixed price swaps, which are described below: Collar Collars contain a fixed floor price (put) and fixed ceiling price (call). If the market price exceeds the call strike price or falls below the put strike price, the Company receives the fixed price and pays the market price. If the market price is between the call and the put strike price, no payments are due from the either party. Fixed price swap The Company receives a fixed price for the contract and pays a floating market price to the counterparty over a specified period for a contracted volume. All of the Company’s derivative contracts are with the same counterparty (a large multinational oil company) and are shown on a net basis on the Balance Sheet. The Company’s counterparty has entered into an inter-creditor agreement with the Company’s primary lender, and as such, no additional collateral is required by the counterparty. During the nine months ended March 31, 2017 we recognized $ 379,442 in gain on derivative instruments in the Statement of Operations. Following the sale of our North Stockyard property in October 2016, we closed out 42,300 barrels of oil hedges and 220,750 mcf of natural gas hedges at a cost of $169,182 to us, including $165,003 in deferred premiums . At March 31, 2017 the Company’s open derivative contracts consisted of the following: Collars Product Start Date End Date Volume (BO/Mmbtu) Floor Ceiling WTI 1-Apr-17 30-Apr-18 46,691 41.50 63.00 WTI 1-May-18 31-Dec-18 107,800 45.00 56.00 Henry Hub 1-Apr-17 31-Dec-17 91,850 2.40 2.91 Henry Hub 1-Jan-18 30-Apr-18 64,774 2.80 3.60 Henry Hub 1-May-18 31-Dec-18 80,850 2.65 2.90 Costless Swaps Product Start End Volume (BO) Swap WTI 1-Apr-17 31-Dec-17 118,422 44.09 WTI 1-Jan-18 30-Apr-18 39,720 45.55 |
Restatement of Quarterly Info19
| Restatement of Quarterly Information (Tables) | 9 Months Ended |
| Mar. 31, 2017 | |
| Accounting Changes and Error Corrections [Abstract] | |
| Schedule of the Restatement of Quarterly Information | Three months ended Dec 31, 2016 Six months ended Dec 31, 2016 As previously reported LOE Adjustment As restated As previously reported LOE Adjustment As restated Total Revenue and Other Income $ 4,873,142 $ - $ 4,873,142 $ 8,782,967 $ - $ 8,782,967 Total Expenses (6,709,625) (516,040) (7,225,665) (11,131,997) (516,040) (11,648,037) Loss (1,836,483) (516,040) (2,352,523) (2,349,030) (516,040) (2,865,070) Income tax expense - - - - - - Net loss (1,836,483) (516,040) (2,352,523) (2,349,030) (516,040) (2,865,070) Net loss per ordinary share from operations Basic - cents per share (0.06) (0.01) (0.07) (0.07) (0.02) (0.09) Diluted - cents per share (0.06) (0.01) (0.07) (0.07) (0.02) (0.09) |
Earnings Per Share (Tables)
| Earnings Per Share (Tables) | 9 Months Ended |
| Mar. 31, 2017 | |
| Earnings Per Share [Abstract] | |
| Schedule Of Weighted Average Dilutive And Anti-Dilutive Securities | Three months ended Nine months ended 31-Mar-17 31-Mar-16 31-Mar-17 31-Mar-16 Dilutive - - - - Anti–dilutive 411,033,246 322,400,133 246,930,682 320,615,486 |
| Schedule Of Calculation Of Basic And Diluted Earnings Per Share | Three months ended Nine months ended 31-Mar-17 31-Mar-16 31-Mar-17 31-Mar-16 Net income (loss) $ 195,222 $ (1,252,130) $ (2,723,269) $ (18,053,137) Basic weighted average ordinary shares outstanding 3,282,861,876 2,837,834,301 3,248,624,375 2,837,830,689 Basic earnings/(loss) per ordinary share – cents per share 0.01 (0.04) (0.08) (0.64) Diluted earnings/(loss) per ordinary share – cents per share 0.01 (0.04) (0.08) (0.64) |
Asset Retirement Obligations (T
| Asset Retirement Obligations (Tables) | 9 Months Ended |
| Mar. 31, 2017 | |
| Asset Retirement Obligations [Abstract] | |
| Summary Of Activities Of Asset Retirement Obligations | Nine months ended 31-Mar-17 31-Mar-16 Asset retirement obligations at beginning of period $ 3,750,245 $ 1,810,674 Liabilities incurred or acquired - 1,868,273 Liabilities settled (134,721) (46,322) Disposition of properties (378,119) - Accretion expense 235,381 45,357 Asset retirement obligations at end of period 3,472,786 3,677,982 Less: current asset retirement obligations (classified with accounts payable and accrued liabilities) - (316,392) Long-term asset retirement obligations $ 3,472,786 $ 3,361,590 |
Fair Value (Tables)
| Fair Value (Tables) | 9 Months Ended |
| Mar. 31, 2017 | |
| Fair Value Measurements [Abstract] | |
| Schedule Of Fair Value, Assets And Liabilities Measured On Recurring And Nonrecurring Basis | Carrying value at March 31, 2017 Level 1 Level 2 Level 3 Netting (1) Fair Value at March 31, 2017 Current Assets: Cash and cash equivalents $ 2,083,227 $ 2,083,227 $ - $ - $ - $ 2,083,227 Derivative Instruments - - 43,297 - (43,297) - Non Current Assets Derivative Instruments - - 418,824 - (418,824) - Current Liabilities Derivative instruments 1,262,277 - 1,305,574 - (43,297) 1,262,277 Non Current Liabilities Derivative Instruments 160,721 - 579,545 - (418,824) 160,721 Carrying value at June 30, 2016 Level 1 Level 2 Level 3 Netting (1) Fair Value at June 30, 2016 Current Assets: Cash and cash equivalents $ 2,654,812 $ 2,654,812 $ - $ - $ - $ 2,654,812 Derivative Instruments - - 136,727 - (136,727) - Non Current Assets Derivative Instruments - - 220,317 - (220,317) - Current Liabilities Derivative instruments 1,671,653 - 1,808,380 - (136,727) 1,671,653 Non Current Liabilities Derivative Instruments 1,233,076 - 1,453,393 - (220,317) 1,233,076 |
Cash Flow Statement Reconcilati
| Cash Flow Statement Reconcilation (Tables) | 9 Months Ended |
| Mar. 31, 2017 | |
| Cash Flow Statement [Abstract] | |
| Schedule Of Cash Flow Statement Reconciliation | Nine months ended 31-Mar-17 31-Mar-16 Net loss after tax $ (2,723,269) $ (18,053,137) Depletion, depreciation and amortization 1,492,214 3,674,347 Accretion of asset retirement obligation 235,381 45,357 Impairment expense 244,480 9,852,113 Exploration and evaluation expenditure 36,905 4,214,118 Amortization borrowing costs 200,547 106,457 Non cash (gain)/loss on derivative instruments (1,481,731) 473,324 Acquisition costs - 215,853 Net gain from sale of assets (1,625,194) - Share based payments 560,607 - Changes in assets and liabilities: Decrease in receivables 401,956 1,623,775 Increase/(decrease) in provision for annual leave 55,707 (23,998) Increase/(decrease) in payables 1,151,923 (1,504,356) NET CASH FLOWS(USED IN)/PROVIDED BY OPERATING ACTIVITIES $ (1,450,474) $ 623,853 |
Credit Facility (Tables)
| Credit Facility (Tables) | 9 Months Ended |
| Mar. 31, 2017 | |
| Credit Facility [Abstract] | |
| Schedule of Line of Credit Facilities [Table Text Block] | Nine months ended 31-Mar-17 31-Mar-16 Credit facility at beginning of period $ 30,500,000 $ 18,699,000 Cash advanced under facility 1,000,000 301,000 Cash committed to be advanced under facility - 11,500,000 Repayments (11,597,443) - Credit facility at end of period (1) $ 19,902,557 $ 30,500,000 Funds available for drawdown under the facility 97,443 - |
Derivatives (Tables)
| Derivatives (Tables) | 3 Months Ended |
| Sep. 30, 2016 | |
| Derivatives [Abstract] | |
| Schedule Of Open Derivative Contracts | Collars Product Start Date End Date Volume (BO/Mmbtu) Floor Ceiling WTI 1-Apr-17 30-Apr-18 46,691 41.50 63.00 WTI 1-May-18 31-Dec-18 107,800 45.00 56.00 Henry Hub 1-Apr-17 31-Dec-17 91,850 2.40 2.91 Henry Hub 1-Jan-18 30-Apr-18 64,774 2.80 3.60 Henry Hub 1-May-18 31-Dec-18 80,850 2.65 2.90 Costless Swaps Product Start End Volume (BO) Swap WTI 1-Apr-17 31-Dec-17 118,422 44.09 WTI 1-Jan-18 30-Apr-18 39,720 45.55 |
Restatement of Quarterly Info26
| Restatement of Quarterly Information (Details) - USD ($) | 3 Months Ended | 6 Months Ended | 9 Months Ended | |||
| Mar. 31, 2017 | Dec. 31, 2016 | Mar. 31, 2016 | Dec. 31, 2016 | Mar. 31, 2017 | Mar. 31, 2016 | |
| Error Corrections and Prior Period Adjustments Restatement [Line Items] | ||||||
| Total Revenue and Other Income | $ 4,338,723 | $ 4,873,142 | $ 2,006,203 | $ 8,782,967 | $ 12,076,543 | $ 7,016,691 |
| Total Expenses | (4,143,501) | (7,225,665) | (3,258,333) | (11,648,037) | (14,799,812) | (25,069,828) |
| Loss from Operations | 195,222 | (2,352,523) | (1,252,130) | (2,865,070) | (2,723,269) | (18,053,137) |
| Income tax benefit | ||||||
| Net loss | $ 195,222 | $ (2,352,523) | $ (1,252,130) | $ (2,865,070) | $ (2,723,269) | $ (18,053,137) |
| Net loss per ordinary share from operations | ||||||
| Basic - cents per share | $ 0.01 | $ (0.07) | $ (0.04) | $ (0.09) | $ (0.08) | $ (0.64) |
| Diluted - cents per share | $ 0.01 | $ (0.07) | $ (0.04) | $ (0.09) | $ (0.08) | $ (0.64) |
| As Previously Reported [Member] | ||||||
| Error Corrections and Prior Period Adjustments Restatement [Line Items] | ||||||
| Total Revenue and Other Income | $ 4,873,142 | $ 8,782,967 | ||||
| Total Expenses | (6,709,625) | (11,131,997) | ||||
| Loss from Operations | (1,836,483) | (2,349,030) | ||||
| Income tax benefit | ||||||
| Net loss | $ (1,836,483) | $ (2,349,030) | ||||
| Net loss per ordinary share from operations | ||||||
| Basic - cents per share | $ (0.06) | $ (0.07) | ||||
| Diluted - cents per share | $ (0.06) | $ (0.07) | ||||
| LOE Adjustment [Member] | ||||||
| Error Corrections and Prior Period Adjustments Restatement [Line Items] | ||||||
| Total Expenses | $ (516,040) | $ (516,040) | ||||
| Loss from Operations | (516,040) | (516,040) | ||||
| Income tax benefit | ||||||
| Net loss | $ (516,040) | $ (516,040) | ||||
| Net loss per ordinary share from operations | ||||||
| Basic - cents per share | $ (0.01) | $ (0.02) | ||||
| Diluted - cents per share | $ (0.01) | $ (0.02) | ||||
Income Taxes (Schedule Of Effec
| Income Taxes (Schedule Of Effective Income tax Rate) (Details) - USD ($) | 3 Months Ended | 6 Months Ended |
| Dec. 31, 2016 | Dec. 31, 2016 | |
| Income Taxes [Abstract] | ||
| Income tax benefit |
Earnings Per Share (Details)
| Earnings Per Share (Details) - USD ($) | 3 Months Ended | 6 Months Ended | 9 Months Ended | |||
| Mar. 31, 2017 | Dec. 31, 2016 | Mar. 31, 2016 | Dec. 31, 2016 | Mar. 31, 2017 | Mar. 31, 2016 | |
| Earnings Per Share [Abstract] | ||||||
| Anti-dilutive | 411,033,246 | 322,400,133 | 246,930,682 | 320,615,486 | ||
| Net income | $ 195,222 | $ (2,352,523) | $ (1,252,130) | $ (2,865,070) | $ (2,723,269) | $ (18,053,137) |
| Basic weighted average ordinary shares outstanding | 3,282,861,876 | 2,837,834,301 | 3,248,624,375 | 2,837,830,689 | ||
| Diluted weighted average ordinary shares outstanding | 3,282,861,876 | 2,837,834,301 | 3,248,624,375 | 2,837,830,689 | ||
| Basic earnings per ordinary share - cents per share | $ 0.01 | $ (0.04) | $ (0.08) | $ (0.64) | ||
| Diluted earnings per ordinary share - cents per share | $ 0.01 | $ (0.04) | $ (0.08) | $ (0.64) | ||
Asset Retirement Obligations (D
| Asset Retirement Obligations (Details) - USD ($) | 3 Months Ended | 9 Months Ended | |||
| Mar. 31, 2017 | Mar. 31, 2016 | Mar. 31, 2017 | Mar. 31, 2016 | Jun. 30, 2016 | |
| Asset Retirement Obligations [Abstract] | |||||
| Asset retirement obligations at beginning of period | $ 3,750,245 | $ 1,810,674 | |||
| Liabilities incurred or acquired | 1,868,273 | ||||
| Liabilities settled | (134,721) | (46,322) | |||
| Disposition of properties | (378,119) | ||||
| Accretion expense | $ 79,320 | $ 15,353 | 235,381 | 45,357 | |
| Asset retirement obligations at end of period | 3,472,786 | 3,677,982 | 3,472,786 | 3,677,982 | |
| Less: current asset retirement obligations (classified with accounts payable and accrued liabilities) | (316,392) | (316,392) | |||
| Long-term asset retirement obligations | $ 3,472,786 | $ 3,361,590 | $ 3,472,786 | $ 3,361,590 | $ 3,450,245 |
Fair Value Measurements (Detail
| Fair Value Measurements (Details) - USD ($) | 3 Months Ended | 9 Months Ended | |||
| Mar. 31, 2016 | Mar. 31, 2017 | Mar. 31, 2016 | Jun. 30, 2016 | ||
| Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
| Cash and cash equivalents | $ 2,083,227 | $ 2,654,812 | |||
| Derivative Liability, Current | 1,262,277 | 1,671,653 | |||
| Derivative instrument, Non Current Liabilities | 160,721 | 1,233,076 | |||
| Impairment of Oil and Gas Properties | $ 49,126 | 244,480 | $ 9,852,113 | ||
| Carrying Value [Member] | |||||
| Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
| Cash and cash equivalents | 2,083,227 | 2,654,812 | |||
| Derivative Liability, Current | 1,262,277 | 1,671,653 | |||
| Derivative instrument, Non Current Liabilities | 160,721 | 1,233,076 | |||
| Level 1 [Member] | |||||
| Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
| Cash and cash equivalents | 2,083,227 | 2,654,812 | |||
| Level 2 [Member] | |||||
| Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
| Derivative instruments, Current Assets | 43,297 | 136,727 | |||
| Fair value of derivative instruments | 418,824 | 220,317 | |||
| Derivative Liability, Current | 1,305,574 | 1,808,380 | |||
| Derivative instrument, Non Current Liabilities | 579,545 | 1,453,393 | |||
| Netting [Member] | |||||
| Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
| Derivative instruments, Current Assets | [1] | (43,297) | (136,727) | ||
| Fair value of derivative instruments | [1] | (418,824) | (220,317) | ||
| Derivative Liability, Current | [1] | (43,297) | (136,727) | ||
| Derivative instrument, Non Current Liabilities | [1] | $ (418,824) | $ (220,317) | ||
| [1] | Netting In accordance with the Company's standard practice, its commodity derivatives are subject to counterparty netting under agreements governing such derivatives and therefore the risk of loss is somewhat mitigated. | ||||
Capitalized Exploration Expense
| Capitalized Exploration Expense (Details) - USD ($) | Mar. 31, 2017 | Jun. 30, 2016 |
| Capitalized Exploration Expense [Abstract] | ||
| Undeveloped capitalized acreage | $ 271,078 | $ 220,703 |
Issue of Share Capital (Details
| Issue of Share Capital (Details) - USD ($) | 3 Months Ended | 9 Months Ended | |
| Mar. 31, 2017 | Mar. 31, 2017 | Mar. 31, 2016 | |
| Issue of Share Capital [Abstract] | |||
| Shares issued upon exercise of options, shares | 140,143 | 52,279 | |
| Weighted average exercise price - cents (AUD) and (USD), exercised | $ 0.038 | $ 0.038 | |
| Net proceeds from option exercises | $ 3,811 | $ 1,475 | |
| Shares issued to employees and Directors | 67,005,600 | ||
| Price per share, shares issued | $ 0.0035 | $ 0.0035 | |
| Warrants issued with A$0.0055 exercise price | 272,000,000 | ||
| Warrants issued with A$0.007 exercise price | 48,000,000 | ||
Cash Flow Statement (Details)
| Cash Flow Statement (Details) - USD ($) | 3 Months Ended | 6 Months Ended | 9 Months Ended | |||
| Mar. 31, 2017 | Dec. 31, 2016 | Mar. 31, 2016 | Dec. 31, 2016 | Mar. 31, 2017 | Mar. 31, 2016 | |
| Cash Flow Statement [Abstract] | ||||||
| Net income/(loss) after tax | $ (2,723,269) | |||||
| Net (loss) after tax | $ 195,222 | $ (2,352,523) | $ (1,252,130) | $ (2,865,070) | (2,723,269) | $ (18,053,137) |
| Depletion, depreciation and amortization | 1,492,214 | 3,674,347 | ||||
| Stock based compensation | 560,607 | |||||
| Accretion of asset retirment obligation | 79,320 | 15,353 | 235,381 | 45,357 | ||
| Impairment expense | 244,480 | 9,852,113 | ||||
| Exploration and evaluation expenditure | 36,905 | 4,214,118 | ||||
| Amortisation of borrowing costs | $ 66,849 | 35,485 | 200,547 | 106,457 | ||
| Acquisition Costs, Period Cost | (1,625,194) | |||||
| Unrealized Gain (Loss) on Derivatives | (1,481,731) | 473,324 | ||||
| Acquisition Costs | $ 215,853 | 215,853 | ||||
| Increase in receivables | 401,956 | 1,623,775 | ||||
| Increase/(decrease) in provision for annual leave | 55,707 | (23,998) | ||||
| Increase in payables | 1,151,923 | (1,504,356) | ||||
| Net cash flows used in operating activities | $ (1,450,474) | $ 623,853 | ||||
Credit Facility (Details)
| Credit Facility (Details) - USD ($) | Oct. 31, 2016 | Sep. 30, 2017 | Dec. 31, 2016 | Sep. 30, 2016 | Jun. 30, 2016 | Mar. 31, 2016 | Sep. 30, 2016 | Mar. 31, 2017 | Sep. 30, 2016 | Mar. 31, 2016 | Jun. 30, 2016 |
| Credit Facility [Abstract] | |||||||||||
| Credit Facility at end of period | $ 19,902,557 | $ 11,500,000 | |||||||||
| Secured Long-term Debt, Noncurrent | $ 19,000,000 | 19,000,000 | |||||||||
| Total Credit Facility | $ 30,500,000 | 19,902,557 | $ 30,500,000 | ||||||||
| Line of Credit Facility, Remaining Borrowing Capacity | 97,443 | ||||||||||
| Credit facility at end of period | 19,000,000 | ||||||||||
| Less amount of credit facility currently due for repayment within a year, recorded as a current liability | 19,902,557 | $ 11,500,000 | |||||||||
| Cash advanced under facility | $ 1,000,000 | $ 301,000 | |||||||||
| Minimum Hedging Requirements | $ 75 | ||||||||||
| General and Adminstrative Expenditure Cap | 3,000,000 | ||||||||||
| Equity raising requirement | 5,000,000 | ||||||||||
| Equity Raised | $ 1,400,000 | $ 1,400,000 | $ 1,400,000 | ||||||||
| Amount required to be paid down in a certain time period | $ 11,500,000 | $ 10,000,000 | |||||||||
| Amount repaid | $ 11,500,000 | ||||||||||
| Amount of cash sweep to be implemented | 50 | ||||||||||
| Debt to EBITDAX covenant | $ 4 | $ 5.75 | |||||||||
| Senior Leverage Ratio | $ 3.75 | $ 4.25 | |||||||||
| Interest coverage ratio | $ 2.5 |
Derivatives (Narrative) (Detail
| Derivatives (Narrative) (Details) | 3 Months Ended |
| Mar. 31, 2016USD ($) | |
| Derivatives [Abstract] | |
| Loss on derivative instruments | $ 358,514 |
Derivatives (Schedule Of Open D
| Derivatives (Schedule Of Open Derivative Contracts) (Details) | 6 Months Ended |
| Dec. 31, 2016$ / bbl$ / McfbblMMcf | |
| Derivative Contract One [Member] | |
| Derivative [Line Items] | |
| Derivative inception | Apr. 1, 2017 |
| Derivative maturity | Apr. 30, 2018 |
| Volumes (bbls) | bbl | 46,691 |
| Floor US$ | $ / bbl | 41.50 |
| Ceiling US$ | $ / bbl | 63 |
| Derivative Contract Two [Member] | |
| Derivative [Line Items] | |
| Derivative inception | May 1, 2018 |
| Derivative maturity | Dec. 31, 2018 |
| Volumes (bbls) | MMcf | 107,800 |
| Floor US$ | 45 |
| Ceiling US$ | 56 |
| Derivative Contract Four [Member] | |
| Derivative [Line Items] | |
| Derivative inception | Apr. 1, 2017 |
| Derivative maturity | Dec. 31, 2017 |
| Volumes (bbls) | MMcf | 91,850 |
| Floor US$ | 2.40 |
| Ceiling US$ | 2.91 |
| Derivative Contract Five [Member] | |
| Derivative [Line Items] | |
| Derivative inception | Jan. 1, 2018 |
| Derivative maturity | Apr. 30, 2018 |
| Volumes (bbls) | MMcf | 64,774 |
| Floor US$ | 2.80 |
| Ceiling US$ | 3.60 |
| Derivative Contract Seven Member [Member] | |
| Derivative [Line Items] | |
| Derivative inception | Apr. 1, 2017 |
| Derivative maturity | Dec. 31, 2017 |
| Volumes (bbls) | bbl | 118,422 |
| Price US$ | $ / bbl | 44.09 |
| Derivative Contract Member Eight [member] | |
| Derivative [Line Items] | |
| Derivative inception | Jan. 1, 2018 |
| Derivative maturity | Apr. 30, 2018 |
| Volumes (bbls) | bbl | 39,720 |
| Price US$ | $ / bbl | 45.55 |
Subsequent Event (Details)
| Subsequent Event (Details) | Mar. 31, 2017$ / shares |
| Subsequent Events [Abstract] | |
| Shares Issued, Price Per Share | $ 0.0035 |