Samson Oil & Gas (SSNYY) 10-Q 14 Nov 18 2019 Q1 Quarterly report Financial data

Document And Entity Information

Document And Entity Information - shares	3 Months Ended
	Sep. 30, 2018	Nov. 12, 2018
Document And Entity Information [Abstract]
Document Type	10-Q
Amendment Flag	false
Document Period End Date	Sep. 30, 2018
Document Fiscal Year Focus	2,019
Document Fiscal Period Focus	Q1
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 Filer Category	Non-accelerated Filer
Entity Small Business	true
Entity Emerging Growth Company	false
Entity Common Stock, Shares Outstanding		3,283,000,444

Consolidated Balance Sheets

Consolidated Balance Sheets - USD ($)	Sep. 30, 2018	Jun. 30, 2018
CURRENT ASSETS
Cash and cash equivalents	$ 2,492,749	$ 1,376,676
Accounts receivable	2,581,153	1,759,461
Prepayments	137,230	137,342
Oil inventory	219,288	219,288
Oil and gas properties held for sale	28,707,047	28,675,890
Total current assets	34,137,467	32,168,657
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	1,735,852	1,744,951
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	192,908	242,822
Net property, plant and equipment	1,928,760	1,987,773
OTHER NON CURRENT ASSETS
Restricted cash - bonding	450,000	450,000
Deferred tax asset	732,056	732,056
Other	133,464	134,644
TOTAL ASSETS	37,381,747	35,473,130
CURRENT LIABILITIES
Accounts payable	10,067,842	8,383,570
Accruals	459,924	1,088,338
Provision for annual leave	243,808	250,826
Asset retirement obligations associated with assets for sale	2,509,981	2,509,981
Credit facility	23,834,749	23,867,557
Fair value of derivative instruments	877,310	1,210,795
Total current liabilities	37,993,614	37,311,067
NON CURRENT LIABILITIES
Asset retirement obligations	829,687	834,131
TOTAL LIABILITIES	38,823,301	38,145,198
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	106,743,167	106,743,167
Accumulated other comprehensive income	876,417	846,556
Accumulated deficit	(109,061,138)	(110,261,791)
Total stockholders' equity	(1,441,554)	(2,672,068)
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY	$ 37,381,747	$ 35,473,130

Consolidated Balance Sheets (Pa

Consolidated Balance Sheets (Parenthetical) - USD ($)	Sep. 30, 2018	Jun. 30, 2018	Dec. 31, 2017
Consolidated Balance Sheets [Abstract]
Other property and equipment, net of accumulated depreciation and amortization	$ 737,896	$ 758,803
Oil and gas properties, successful efforts method of accounting, less accumulated depreciation, depletion and impairment	$ 12,622,572	$ 12,606,491
Common stock, par value			$ 0
Common stock, shares issued	16,415,002	16,415,002	3,283,000,444
Common stock, shares issued ADR		3,283,000,444
Common stock, shares outstanding ADR	16,415,002

Consolidated Statements Of Oper

Consolidated Statements Of Operations And Comprehensive Income (Loss) - USD ($)	3 Months Ended
	Sep. 30, 2018	Sep. 30, 2017
REVENUES AND OTHER INCOME:
Interest income	$ 418	$ 58
Other		178,658
TOTAL REVENUE AND OTHER INCOME	284,635	284,179
EXPENSES:
Lease operating expense	(101,645)	(24,191)
Depletion, depreciation and amortization	(28,043)	(71,709)
Impairment expense		(40,856)
Exploration and evaluation expenditure	(28,778)	(3,173)
Accretion of asset retirement obligations	(8,521)	(12,026)
Loss on derivative instruments	(26,980)	(667,395)
General and administrative	(836,303)	(1,359,287)
TOTAL EXPENSES	(1,030,270)	(2,178,637)
Loss from operations	(745,635)	(1,894,458)
Income tax benefit
Net (loss) from continuing operations	(745,635)	(1,894,458)
Gain from discontinued operations	1,946,288	151,274
Net gain	1,200,653	(1,743,184)
OTHER COMPREHENSIVE GAIN (LOSS) [Abstract]
Foreign Currency Translation gain/( loss)	29,861	(1,228)
Total comprehensive loss for the period	$ 1,230,514	$ (1,744,412)
Net gain/(loss) per ordinary share from operations:
Basic - cents per share	$ (0.02)	$ (0.06)
Diluted - cents per share	(0.02)	(0.06)
Net earnings per common share from discontinued operations:
Basic - cents per share	0.06	0.01
Diluted - cents per share	0.06	0.01
Net earnings per common 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	3,283,000,444	3,283,000,444
Diluted	3,283,000,444	3,283,000,444
Oil [Member]
REVENUES AND OTHER INCOME:
Sales	$ 275,848	$ 97,617
Gas [Member]
REVENUES AND OTHER INCOME:
Sales	8,322	7,846
Other Liquids [Member]
REVENUES AND OTHER INCOME:
Sales	$ 47

Consolidated Statements Of Chan

Consolidated Statements Of Changes In Stockholders' Equity - 3 months ended Sep. 30, 2018 - USD ($)	Ordinary Shares [Member]	Retained Earnings/(Accumulated Deficit) [Member]	Other Comprehensive Income (Loss) [Member]	Total
Balance at Jun. 30, 2018	$ 106,743,167	$ (110,261,791)	$ 846,556	$ (2,672,068)
Net loss		1,200,653		1,200,653
Foreign Currency Translation, net tax of $nil				29,861
Total comprehensive loss for the period		1,200,653	29,861	1,230,514
Balance at Sep. 30, 2018	$ 106,743,167	$ (109,061,138)	$ 876,417	$ (1,441,554)

Consolidated Statements Of Ch_2

Consolidated Statements Of Changes In Stockholders' Equity (Parenthetical)	3 Months Ended
	Sep. 30, 2017USD ($)
Consolidated Statements Of Changes In Stockholders' Equity [Abstract]
Foreign currency translation, tax	$ 0

Consolidated Statements Of Cash

Consolidated Statements Of Cash Flows - USD ($)	3 Months Ended	12 Months Ended
	Sep. 30, 2018	Jun. 30, 2018
Cash flows (used in)/provided by operating activities
Receipts from customers	$ 469,598	$ 445,199
Proceeds from/(Payments for) derivative instruments	(510,326)	(125,815)
Payments to suppliers & employees	(883,459)	(403,174)
Interest received	11	58
Interest paid
Net cash flows provided by operating activities	(924,176)	(83,732)
Cash flows from investing activities
Proceeds from sale of oil and gas properties
Payments for plant & equipment		(4,060)
Payments for exploration and evaluation	(28,778)	(2,671)
Payments for oil and gas properties	(6,389)	(13,927)
Net cash flows used in investing activities	(35,167)	(20,658)
Cash flows from financing activities
Proceeds from borrowings
Repayment of borrowings
Net cash flows (used in)/ provided by financing activities
Net increase/(decrease) in cash and cash equivalents	(959,343)	(104,390)
Cash and cash equivalents at the beginning of the fiscal period	1,376,676	628,778
Effects of exchange rate changes on cash and cash equivalents	(4,152)
Cash and cash equivalents at end of fiscal period	$ 2,492,749	$ 1,376,676

Basis of Presentation

Basis of Presentation	6 Months Ended
	Dec. 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, 2018. 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. Accrued liabilities at June 30, 2018 and September 30, 2018 consist primarily of estimates for goods and services received but not yet invoiced.  Prepayments. Prepayments at June 30, 2018 and September 30, 2018 include tubing and chemicals 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 , but amounts and disclosures were changed to show the impact of discontinued operations.  Liquidity and Going Concern 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 a net loss from continuing operations of $0.7 million for the three months ended September 30, 2018, and as at that date, we had $38 million in current liabilities, including $10.1 million in accounts payable, and approximately $5.4 million in current assets, excluding oil and gas assets held for sale. As at September 30, 2018, we had net current liabilities of $3.2 million . Our ability to continue as a going concern is dependent on refinancing our $24 million bank debt or the sale of our oil and gas properties to repay that debt. We are engaged in discussions with a non-bank lender with respect to refinancing our current $24 million credit facility, which expired October 31, 2018, and is now due and payable. We have also engaged PLS Energy Advisory Group to market our assets. Based on our current financial position, in both cases we may be required to accept terms less favorable than would otherwise be available to us. There also can be no assurances that we will be successful in refinancing of our debt or to sell substantially all of our assets. These factors indicate there is substantial doubt about our ability to continue as a going concern.   Discontinued Operations As of September 30, 2018, the majority of our interest in the wells in the Foreman Butte project were held for sale and therefore have been recognized as discontinued operations for the quarter ended September 30, 2018 and 2017. These are expected to be sold within the next 12 months, although we can offer no assurances these sale efforts will be successful.    Discontinued Operations  Quarter ended September 30,  2018 2017  Major line items constituting pretax gain (loss) of discontinued operations  Oil sales 3,259,393 2,486,904  Gas sales 28,955 41,411  Other liquids 3,822 1,579  Other income* 1,000,000 -  Lease operating expense (2,071,472) (1,627,486)  Depletion, depreciation and amortization - (406,349)  Accretion of asset retirement obligations - (68,145)  Amortization of borrowing costs - (28,950)  Interest expense (274,410 ) (247,690)   Gain from discontinued operations 1,946,288 151,274   Cashflows from Discontinued Operations  Cashflows from Operating Activities 1,415,774 (84,977)  Cashflows from Investing Activities 663,794 (78,921)  Cashflows from Financing Activities - 450,000  *”Other income” includes $1 million released from escrow in relation to the contracted sale of the Foreman Butte project that did not close.  Recent Accounting Standards  Revenue Recognition On J uly 1, 2018, we adopted Accounting Standards Codification (“ASC”) Topic 606 “Revenue from Contracts with Customers” (“ASC 606”) using the modified retrospective approach, which only applies to contracts that were not completed as of the date of the application. The adoption did not require an adjustment to the ope ning retained deficit for the cumulative effect adjustment and does not have a material impact on our ongoing consolidated balance sheet, statement of operations, statement of stockholders’ equity or statement of cash flows.  We recognize revenues from the sales of oil, natural gas and natural gas liquids (“NGL”) to our customers in accordance with the five-step revenue recognition model prescribed in ASC 606. Specifically, revenue is recognized when our performance obligations under contracts with customers (purchasers) are satisfied, which generally occurs with the transfer of control of the products to the purchasers. Control is generally considered transferred when the following criteria are met: (i) transfer of physical custody, (ii) transfer of title, (iii) transfer of risk of loss and (iv) relinquishment of any repurchase rights or other similar rights. Given the nature of our sales , revenue is recognized at a point in time based on the amount of consideration we expect to receive in accordance with the price specified in the contracts.  Consideration under the marketing contracts is typically received from the purchaser one to two months after production and, as a result, the Company is required to estimate the amount of production that was delivered to the purchaser and the price that will be received for the sale of the product. We record the differences between estimates and the actual amounts received for product sales once payment is received from the purchaser. Such differences have historically not been significant as we use knowledge of our properties and their historical performance, spot market prices and other factors as the basis for these estimates. At September 30 , 2018, the Company had receivables related to contracts with customers of $ 1.2 million .  There was no impact on previously recognized revenue and no changes to what we would have recognized under the previous revenue recognition standard, ASC Topic 605 Revenue Recognition  Leasing Accounting Standards Codification 842 (“ASC 842”) Leases is effective for fiscal years beginning after December 15, 2018. Although the impacts of the standard are still being reviewed, due to minimal leasing activity undertaken by the us, we expect this statement to have little impact on the Financial Statements.  

Income Taxes

Income Taxes	6 Months Ended
	Dec. 31, 2017
Income Taxes [Abstract]
Income Taxes	2. 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	6 Months Ended
	Dec. 31, 2017
Net earnings per common share from operations:
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. 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  30-Sep-18 30-Sep-17  Dilutive - -  Anti–dilutive 314,500,000 314,500,000  The following tables set forth the calculation of basic and diluted loss per share:       Three months ended  30-Sep-18 30-Sep-17  Net income (loss) from continuing operations $ (745,635) $ (1,894,458)   Basic weighted average ordinary shares outstanding 3,283,000,444 3,282,861,876  Add: dilutive effect of stock options - -  Diluted weighted average ordinary shares outstanding 3,283,000,444 3,282,861,876  Basic earnings/(loss) from continuing operations per ordinary share – cents per share (0.02) (0.06)  Diluted earnings/(loss) fom continuing operations per ordinary share – cents per share (0.02) (0.06)  

Asset Retirement Obligations

Asset Retirement Obligations	6 Months Ended
	Dec. 31, 2017
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 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.  The value of asset retirement obligation held related to asset held for disposal relates to the retirement obligation associated with certain properties held for sale relating to our Foreman Butte project in North Dakota and Montana.  In the prior year, the liabilities settled relate to wells plugged and abandoned in our Sabretooth project in Texas. Disposition of properties relate to the sale of certain wells in Wyoming.   The following table summarizes the activities for the Company’s asset retirement obligations for the three months ended September 30, 2018 and 2017:    Three months ended  30-Sep-18 30-Sep-17  Asset retirement obligations at beginning of period $ 3,344,112 $ 3,456,236  Liabilities incurred or acquired - -  Liabilities settled (12,965) (12,500)  Disposition of properties - (131,202)  Accretion expense 8,521 80,171  Asset retirement obligations at end of period 3,339,668 3,392,705  Less: current asset retirement obligations (classified with accounts payable and accrued liabilities) (2,509,981) -  Long-term asset retirement obligations $ 829,687 $ 3,392,705 

Fair Value Measurements

Fair Value Measurements	6 Months Ended
	Dec. 31, 2017
Fair Value Measurements [Abstract]
Fair Value Measurements	5. 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 September 30, 2018 and June 30, 2018.     Carrying value at September 30, 2018 Level 1 Level 2 Level 3 Netting (1) Fair Value at September 30, 2018  Current Assets:  Cash and cash equivalents $ 2,492,749 $ 2,492,749 $ - $ - $ - $ 2,492,749  Derivative Instruments - - 344 - (344) -   Non Current Assets  Derivative Instruments - - - - - -   Current Liabilities  Derivative instruments 877,310 - 877,654 - (344) 877,310   Non Current Liabilities  Derivative Instruments - - - - - -   Carrying value at June 30, 2018 Level 1 Level 2 Level 3 Netting (1) Fair Value at June 30, 2018  Current Assets:  Cash and cash equivalents $ 1,376,676 $ 1,376,676 $ - $ - $ - $ 1,376,676  Derivative Instruments - - 4,218 - (4,218) -   Non Current Assets  Derivative Instruments - - - - - -   Current Liabilities  Derivative instruments 1,210,795 - 1,215,013 - (4,218) 1,210,795   Non Current Liabilities  Derivative Instruments - - - - - -  (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 the initial recognition of 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	6 Months Ended
	Dec. 31, 2017
Commitments And Contingencies [Abstract]
Commitments And Contingencies	6. 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	6 Months Ended
	Dec. 31, 2017
Issue of Share Capital [Abstract]
Issue of Share Capital	8. Share Capital  Issue of Share Capital No shares were issued during the three months ended September 30, 2018. 

Cash Flow Statement

Cash Flow Statement	6 Months Ended
	Dec. 31, 2017
Cash Flow Statement [Abstract]
Cash Flow Statement	9. Cash Flow Statement Reconciliation of loss after tax to the net cash flows from operations:     Three months ended  30-Sep-18 30-Sep-17   Net loss $ 1,200,653 $ (1,743,184)  Depletion, depreciation and amortization 28,043 478,058  Accretion of asset retirement obligation 8,521 80,171  Impairment expense - -  Exploration and evaluation expenditure 28,778 3,173  Amortization borrowing costs - 28,950  Non cash (gain)/loss on derivative instruments (333,485) 541,580  Net gain from sale of assets (1,000,000) (178,658)  Share based payments - 236,717   Changes in assets and liabilities:   Increase in receivables (821,692) 139,033  Increase in provision for annual leave (7,018) 585  Increase in payables 1,387,798 244,866  NET CASH FLOWS PROVIDED BY/(USED IN) OPERATING ACTIVITIES $ 491,598 $ (168,709)    This amount reconciles to the Statement of Cashflows as follows:  Net cash flows used in operating activities from continuing operations - (924,176) (83,732)  Net cashflows provided by/(used in) operating activities from discontinued activities 1,415,774 (84,977)  $ 491,598 $ (168,709)  

Credit Facility

Credit Facility	6 Months Ended
	Dec. 31, 2017
Credit Facility [Abstract]
Credit Facility Disclosure	10. Credit Facility        Three months ended  30-Sep-18 30-Sep-17  Credit facility at beginning of period $ 23,867,557 $ 23,419,719  Cash advanced under facility - 450,000  Cash committed to be advanced under facility - -  Repayments - -  Credit facility at end of period (1) $ 23,867,557 $ 23,869,719    Funds available for drawdown under the facility - 97,443   (1) The credit facility is recognized as a current liability due the Company’s continued breach of the covenants in the facility. The loan is due and payable.  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 was paid off in May 2017. 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 March 2016, the facility was extended to $30.5 million to partly fund the Foreman Butte Acquisition. In connection with this amendment to the facility agreement, the following covenants, tested on a quarterly basis, were included:  · Current ratio greater than 1 · Debt to EBITDAX (annualized) ratio no greater than 4.00 for the quarter ended September 30, 2017 and thereafter · Senior leverage ratio of no greater than 3.75 for the quarter ending December 31, 2016 and thereafter · Interest coverage ratio minimum of between 2.5 and 1.0  Following multiple covenant breaches, on June 14, 2018 we entered into a forbearance agreement with Mutual of Omaha Bank pursuant to which Mutual of Omaha Bank agreed to forbear on exercising its remedies under the credit facility contingent upon the success of our effort to sell the Foreman Butte asset. This agreement, as amended, terminated in accordance with its terms on October 15, 2018. The $23.9 million outstanding under our credit facility was due for repayment October 31, 2018 but we did not repay it by that deadline. Mutual of Omaha Bank may issue a notice of default and seek repayment of the facility or pursue alternative repayment methods, including the sale of the outstanding loan to a third party, at any time.  We incurred $0.6 million in borrowing costs (including legal fees and bank fees) in connection with the establishment of this facility. These costs were written off in total during the year ended June 30, 2018.

Derivatives

Derivatives	6 Months Ended
	Dec. 31, 2017
Derivatives [Abstract]
Derivatives	11. 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 September 30, 2018 the Company’s commodity derivative contracts consisted of collars 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.   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 three months ended September 30, 2018 we recognized $0.03 in loss on derivative instruments in the Statement of Operations.  At September 30, 2018, the Company’s open derivative contracts consisted of the following:     Collars   Product Start Date End Date Volume (BO/Mmbtu) Floor Ceiling  WTI 1-Oct-18 31-Dec-18 40,480 45.00 56.00  Henry Hub 1-Nov-18 31-Dec-18 20,130 2.65 2.90       

Earnings Per Share (Tables)

Earnings Per Share (Tables)	6 Months Ended
	Dec. 31, 2017
Net earnings per common share from operations:
Schedule Of Weighted Average Dilutive And Anti-Dilutive Securities	   Three months ended  30-Sep-18 30-Sep-17  Dilutive - -  Anti–dilutive 314,500,000 314,500,000  
Schedule Of Calculation Of Basic And Diluted Earnings Per Share	   Three months ended  30-Sep-18 30-Sep-17  Net income (loss) from continuing operations $ (745,635) $ (1,894,458)   Basic weighted average ordinary shares outstanding 3,283,000,444 3,282,861,876  Add: dilutive effect of stock options - -  Diluted weighted average ordinary shares outstanding 3,283,000,444 3,282,861,876  Basic earnings/(loss) from continuing operations per ordinary share – cents per share (0.02) (0.06)  Diluted earnings/(loss) fom continuing operations per ordinary share – cents per share (0.02) (0.06)  

Asset Retirement Obligations (T

Asset Retirement Obligations (Tables)	6 Months Ended
	Dec. 31, 2017
Asset Retirement Obligations [Abstract]
Summary Of Activities Of Asset Retirement Obligations	   Three months ended  30-Sep-18 30-Sep-17  Asset retirement obligations at beginning of period $ 3,344,112 $ 3,456,236  Liabilities incurred or acquired - -  Liabilities settled (12,965) (12,500)  Disposition of properties - (131,202)  Accretion expense 8,521 80,171  Asset retirement obligations at end of period 3,339,668 3,392,705  Less: current asset retirement obligations (classified with accounts payable and accrued liabilities) (2,509,981) -  Long-term asset retirement obligations $ 829,687 $ 3,392,705 

Fair Value (Tables)

Fair Value (Tables)	6 Months Ended
	Dec. 31, 2017
Fair Value Measurements [Abstract]
Schedule Of Fair Value, Assets And Liabilities Measured On Recurring And Nonrecurring Basis	   Carrying value at September 30, 2018 Level 1 Level 2 Level 3 Netting (1) Fair Value at September 30, 2018  Current Assets:  Cash and cash equivalents $ 2,492,749 $ 2,492,749 $ - $ - $ - $ 2,492,749  Derivative Instruments - - 344 - (344) -   Non Current Assets  Derivative Instruments - - - - - -   Current Liabilities  Derivative instruments 877,310 - 877,654 - (344) 877,310   Non Current Liabilities  Derivative Instruments - - - - - -   Carrying value at June 30, 2018 Level 1 Level 2 Level 3 Netting (1) Fair Value at June 30, 2018  Current Assets:  Cash and cash equivalents $ 1,376,676 $ 1,376,676 $ - $ - $ - $ 1,376,676  Derivative Instruments - - 4,218 - (4,218) -   Non Current Assets  Derivative Instruments - - - - - -   Current Liabilities  Derivative instruments 1,210,795 - 1,215,013 - (4,218) 1,210,795   Non Current Liabilities  Derivative Instruments - - - - - - 

Cash Flow Statement Reconcilati

Cash Flow Statement Reconcilation (Tables)	6 Months Ended
	Dec. 31, 2017
Cash Flow Statement [Abstract]
Schedule Of Cash Flow Statement Reconciliation	   Three months ended  30-Sep-18 30-Sep-17   Net loss $ 1,200,653 $ (1,743,184)  Depletion, depreciation and amortization 28,043 478,058  Accretion of asset retirement obligation 8,521 80,171  Impairment expense - -  Exploration and evaluation expenditure 28,778 3,173  Amortization borrowing costs - 28,950  Non cash (gain)/loss on derivative instruments (333,485) 541,580  Net gain from sale of assets (1,000,000) (178,658)  Share based payments - 236,717   Changes in assets and liabilities:   Increase in receivables (821,692) 139,033  Increase in provision for annual leave (7,018) 585  Increase in payables 1,387,798 244,866  NET CASH FLOWS PROVIDED BY/(USED IN) OPERATING ACTIVITIES $ 491,598 $ (168,709)    This amount reconciles to the Statement of Cashflows as follows:  Net cash flows used in operating activities from continuing operations - (924,176) (83,732)  Net cashflows provided by/(used in) operating activities from discontinued activities 1,415,774 (84,977)  $ 491,598 $ (168,709)  

Credit Facility (Tables)

Credit Facility (Tables)	6 Months Ended
	Dec. 31, 2017
Credit Facility [Abstract]
Schedule of Line of Credit Facilities [Table Text Block]	   Three months ended  30-Sep-18 30-Sep-17  Credit facility at beginning of period $ 23,867,557 $ 23,419,719  Cash advanced under facility - 450,000  Cash committed to be advanced under facility - -  Repayments - -  Credit facility at end of period (1) $ 23,867,557 $ 23,869,719    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-Oct-18 31-Dec-18 40,480 45.00 56.00  Henry Hub 1-Nov-18 31-Dec-18 20,130 2.65 2.90        

Income Taxes (Schedule Of Effec

Income Taxes (Schedule Of Effective Income tax Rate) (Details) - USD ($)	3 Months Ended
	Sep. 30, 2018	Sep. 30, 2017
Income Taxes [Abstract]
Income tax benefit

Earnings Per Share (Details)

Earnings Per Share (Details) - USD ($)	3 Months Ended				6 Months Ended
	Sep. 30, 2018	Dec. 31, 2017	Sep. 30, 2017	Dec. 31, 2016	Dec. 31, 2017	Dec. 31, 2016
Net earnings per common share from operations:
Anti-dilutive					314,500,000	314,500,000
Net income	$ (745,635)	$ (745,635)	$ (1,894,458)	$ (1,894,458)	$ 1,200,653	$ (1,743,184)
Basic weighted average ordinary shares outstanding	3,283,000,444	3,283,000,444	3,283,000,444	3,282,861,876
Diluted weighted average ordinary shares outstanding	3,283,000,444		3,283,000,444
Basic earnings per ordinary share - cents per share	$ 0.04	$ (0.02)	$ (0.05)	$ (0.06)
Diluted earnings per ordinary share - cents per share	$ 0.04	$ (0.02)	$ (0.05)	$ (0.06)

Asset Retirement Obligations (D

Asset Retirement Obligations (Details) - USD ($)	3 Months Ended			6 Months Ended
	Sep. 30, 2018	Sep. 30, 2017	Sep. 30, 2016	Dec. 31, 2017	Dec. 31, 2016	Jun. 30, 2018
Asset Retirement Obligations [Abstract]
Asset retirement obligations at beginning of period		$ 3,344,112	$ 3,456,236	$ 3,344,112	$ 3,456,236
Liabilities settled		(12,965)	(12,500)
Disposition of properties			(131,202)
Accretion expense	$ 8,521	12,026	80,171	8,521	80,171
Asset retirement obligations at end of period		3,339,668	$ 3,392,705
Less: current asset retirement obligations (classified with accounts payable and accrued liabilities)	(2,509,981)	$ (2,509,981)				$ (2,509,981)
Long-term asset retirement obligations	$ 829,687			$ 829,687	$ 3,392,705	$ 834,131

Fair Value Measurements (Detail

Fair Value Measurements (Details) - USD ($)		3 Months Ended
		Sep. 30, 2018	Sep. 30, 2017	Jun. 30, 2018	Dec. 31, 2017	Dec. 31, 2016
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash and cash equivalents					$ 2,492,749	$ 1,376,676
Derivative Liability, Current		$ 877,310		$ 1,210,795	877,310	1,210,795
Impairment of Oil and Gas Properties			$ 40,856
Carrying Value [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash and cash equivalents					2,492,749	1,376,676
Derivative Liability, Current					877,310	1,210,795
Level 1 [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash and cash equivalents					2,492,749	1,376,676
Level 2 [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivative instruments, Current Assets					344	4,218
Derivative Liability, Current					877,654	1,215,013
Netting [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivative instruments, Current Assets	[1]				(344)	(4,218)
Derivative Liability, Current	[1]				$ (344)	$ (4,218)
[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.

Cash Flow Statement (Details)

Cash Flow Statement (Details) - USD ($)	3 Months Ended					6 Months Ended
	Sep. 30, 2018	Dec. 31, 2017	Sep. 30, 2017	Dec. 31, 2016	Sep. 30, 2016	Dec. 31, 2017	Dec. 31, 2016
Cash Flow Statement [Abstract]
Net income/(loss) after tax	$ 1,200,653		$ (1,743,184)
Net (loss) after tax	(745,635)	$ (745,635)	(1,894,458)	$ (1,894,458)		$ 1,200,653	$ (1,743,184)
Depletion, depreciation and amortization						28,043	478,058
Stock based compensation							236,717
Accretion of asset retirment obligation	$ 8,521		$ 12,026		$ 80,171	8,521	80,171
Exploration and evaluation expenditure						28,778	3,173
Amortisation of borrowing costs							28,950
Acquisition Costs, Period Cost						(1,000,000)	(178,658)
Unrealized Gain (Loss) on Derivatives						(333,485)	541,580
Increase in receivables						(821,692)	139,033
Increase/(decrease) in provision for annual leave						(7,018)	585
Increase in payables						1,387,798	244,866
Net cash flows used in operating activities						$ 491,598	$ (168,709)

Credit Facility (Details)

Credit Facility (Details) - USD ($)	3 Months Ended		12 Months Ended
	Sep. 30, 2018	Sep. 30, 2016	Jun. 30, 2018	Sep. 30, 2017	Dec. 31, 2016
Credit Facility [Abstract]
Credit Facility at end of period	$ 23,834,749		$ 23,867,557
Total Credit Facility		$ 23,869,719		$ 23,867,557
Line of Credit Facility, Remaining Borrowing Capacity					$ 97,443
Less amount of credit facility currently due for repayment within a year, recorded as a current liability	23,834,749		23,867,557
Cash advanced under facility		$ 450,000

Derivatives (Narrative) (Detail

Derivatives (Narrative) (Details) - USD ($)	3 Months Ended
	Sep. 30, 2018	Sep. 30, 2017
Derivatives [Abstract]
Loss on derivative instruments	$ 26,980	$ 667,395

Derivatives (Schedule Of Open D

Derivatives (Schedule Of Open Derivative Contracts) (Details) - Derivative Contract Two [Member]	3 Months Ended
	Sep. 30, 2017$ / McfMMcf
Derivative [Line Items]
Derivative inception	Oct. 1, 2018
Derivative maturity	Dec. 31, 2018
Volumes (bbls) | MMcf	40,480
Floor US$	45
Ceiling US$	56

Uncategorized Items - ssn-20180

Label	Element	Value
Effect Of Exchange Rate On Cash And Cash Equivalents	us-gaap_EffectOfExchangeRateOnCashAndCashEquivalents	$ (2,838)
Other Comprehensive Income [Member]
Other Comprehensive Income Foreign Currency Transaction And Translation Adjustment Net Of Tax Period Increase Decrease	us-gaap_OtherComprehensiveIncomeLossForeignCurrencyTransactionAndTranslationAdjustmentNetOfTax	$ 29,861