As at 30th June 2015 the unaudited accounts show net assets of...

As at 30th June 2015 the unaudited accounts show net assets of $31M (which included $254M of intangibles that would likely be worth nothing in a fire sale).

Based on current production, a oil price of $80AUD and current cost structure I estimate that LNC will lose approx $160m for 2015/16.
That means that by September 30th 2015 they would lose another $40M giving them net assets of negative $9M ($31M - $40M). So technically you could argue they may be insolvent in about 4 weeks time unless they revalue some assets higher than what is stated in the current balance sheet.