Second Quarter Activities & Cashflow Reports
31/1/03 7:38:00 PM
XENOLITH GOLD LIMITED 2003-01-31 ASX-SIGNAL-G
OIL AND GAS
Xenolith holds a small interest in the oil and gas sector through its
6.23% equity in KOB Energy Inc, an unlisted company incorporated in
the USA. KOB Energy's principal shareholder is the Toronto listed
Kookaburra Resources Ltd, which has an 85% equity.
The East Lost Hills (ELH) gas project in California, in which KOB
Energy has a 5.25% working interest, has been the focus of the
company's attention for nearly 5 years but all work at the project
has ceased except for production at the BKP #1 well. However,
production at BKP #1 is minimal and there is no evidence to suggest
that any effort is being made to increase production. With the
uncertainty surrounding this project, and court cases still pending
between two of the partners, Xenolith management consider it
appropriate that the company write off, as at 31 December 2002, the
value of its indirect investment in ELH.
MINERALS
In the last quarter we reported that management was cautiously
reviewing a gold exploration and development project in China.
Fortunately, the company had not incurred any significant costs when
discussions suddenly ceased without explanation.
GENERAL
Management continues to consider corporate and project opportunities
but it is difficult and expensive for small exploration companies,
such as Xenolith, to raise funds in today's market. One of the
projects currently under review is a working interest in a low risk
gas project. However, raising the required $500,000 and satisfying
regulatory requirements may be difficult in the time available.
G Robinson
DIRECTOR
lookin' bleak. ob2
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