The net loss of the Group for the financial year, after provision for income tax, was $28,184,784 (2008: loss after tax of $1,870,636). From Annual Report:
The successful drilling and commercialisation of any commercial oil and gas discoveries in NT/P68 and the North West Shelf Permits WA-359-P, WA-360-P and WA-361-P and/or the development of the Company’s methanol and LNG Projects could ultimately lead to the establishment of a profitable business. While the Company is in the exploration/appraisal stage of drilling for hydrocarbons in NT/P68 and the North West Shelf Permits and in the project development phase, funding will be provided by equity capital raised from the issue of new shares and/or farm out or joint development arrangements with other companies.
Review of Financial Condition
At balance date the Company held cash and cash equivalents of $17,200,481. During the year the Company decreased the cash balance by $10,314,276 (before foreign exchange fluctuations) following net capital raisings of $11,118,668 and interest received of $985,338 which were used to meet exploration and capital cash outflows of $18,562,010 and net corporate costs of $3,856,272
MEO Price at posting:
63.0¢ Sentiment: Buy Disclosure: Held