Sth Pet exploration

Press, 25 July 1986, Page 11

Sth Pet exploration

Southern Petroleum nl spent $1,439,319 on exploration in the June quarter bringing total expenditure on exploration in the current financial year to $1,945,372. The concentration of exploration expenditure in the quarter meant over-all expenditure was $2,269,993. With a further $814,260 from the decrease in value of non-cash liquid assets this means total outgoings in the quarter of $3,084,253. Income in the quarter was $297,793 so the net reduction in liquid funds was substantial. At the end of the quarter liquid funds were $3,623,112 against $6,409,572 at the outset.

Southern Petroleum ends its financial year on June 30. In that year funds received were $7,199,740 — $6 million from the call on shares, and outgoings were $5,323,306.' In the year $2,429,738 was spent on the purchase of prospects. The company advised that its Tariki-1 well is undergoing extended production testing. The Tipoka-1 well is currently being drilled.

It has 60,790,800 shares on issue following the allotment of 100,000 shares for management services.

Cue Energy Resources nl received $2,753,033 of funds in the year to June 30 and spent $1,612,055 to leave it with a liquidity surplus of $1.14 million.

The increase in value of its non-cash liquid assets of $3,079,282 built liquidity at the end of the June 30 year

to $6,346,314. In the June quarter total expenditure was only $261,563 largely on investments, while funds received were $376,402 predominantly loans repaid.

Cue reported it had only a 2.5 per cent interest in two Bass Basin wells and a 24.58 per cent interest in Southern Petroleum nl as current exploration activities. It will pay the recently announced call on Southern shares.