lol. includes a gain on debt restructure of $52,726,436shame...

lol. includes a gain on debt restructure of $52,726,436
shame



Going concernThe consolidated financial statements have been prepared on the going concern basis, which contemplates continuity of normal business activities and the realisation of assets and settlement of liabilities in the ordinary course of business. The consolidated entity had net cash inflows from operating activities of $1,032,257 during the half year ended 31 December 2022 and at 31 December 2022 had a net current liability and net liability position of $1,672,261 and $1,738,505 respectively. Included in the net current liability position balance, are accrued director fees of $1,184,144 for which settlement has been deferred and contract liabilities of $2,104,905 that will be settled through the physical delivery of oil.During the half year the consolidated entity extended the repayment terms of its existing promissory note facilities to December 2024. On 21 December 2022, the Company completed a major debt restructure which significantly improved the consolidated entity's net asset position, refer to note 7 for further details of the debt restructure.At 31 December 2022 the consolidated entity has total undrawn amounts under its promissory note facilities of US$6,410,829 (AU$9,914,675) albeit given the current Geopolitical environment there may be some uncertainty as to whether this undrawn amount is readily available.For the consolidated entity to continue to carry out its intended activities and to have sufficient working capital to continue as a going concern the consolidated entity will be required to achieve the following:● finalise the installation of its 100% gas utilisation infrastructure on all three oilfields;● return to optimal production from the five production wells located on the three oilfields;● commence the sale of its oil into the export market during 2Q 2023; and● carry out a capital raising or arrange appropriate financing from a drilling contractor to complete the drilling of at leastone new well during calendar year 2023.