1. Company details
Name of entity: AusTex Oil Limited
ACN: 118 585 649
Reporting period: For the year ended 31 December 2015
Previous period: For the year ended 31 December 2014
2. Results for announcement to the market | ||||
US$ | ||||
Revenues from ordinary activities | down | 55% | to | 14,861,983 |
Loss from ordinary activities after tax attributable to the owners of AusTex Oil Limited | up | 72.9% | to | (19,155,506) |
Loss for the year attributable to the owners of AusTex Oil Limited | up | 72.9% | to | (19,155,506) |
Comments
The loss for the Group after providing for income tax and non‐controlling interest amounted to US$19,155,506 (31 December 2014: US$11,077,315).
Net tangible assets
Reporting period
Previous period
Cents Cents
Net tangible assets per ordinary security 7.49 10.62
Control gained over entities
Not applicable.
Loss of control over entities
Not applicable.
Dividends
Current period
There were no dividends paid, recommended or declared during the current financial period.
Previous period
There were no dividends paid, recommended or declared during the previous financial period.
Dividend reinvestment plans
Not applicable.
Details of associates and joint venture entities
Not applicable.
Foreign entities
Details of origin of accounting standards used in compiling the report:
Wholly owned US subsidiaries: AusTex Oil Holdings LLC, IEC Holdings LLC, International Energy Corporation (Oklahoma), Well Enhancement Services of Oklahoma LLC, International Energy LLC and International Energy Company LLC. See Note 1, Corporate Information, regarding corporate entities.
USA GAAP (USA Generally Accepted Accounting Principles) are used by each of the subsidiaries to prepare financial records in the United States of America. The USA GAAP financial statements are amended in order to comply with Australian Accounting Standards, Australian Accounting Interpretations, other authoritative pronouncements of the Australian Accounting Standards Board ("AASB") and the Corporations Act 2001. Compliance with Australian Accounting Standards ensures the financial statements also comply with International Financial Reporting Standards ("IFRS") as issued by the International Accounting Standards Board ("IASB").
Audit qualification or review
Details of audit/review dispute or qualification (if any):
The financial statements have been audited and an unqualified opinion has been issued.
Attachments
Details of attachments (if any):
The Annual Financial Report of AusTex Oil Limited for the year ended 31 December 2015 is attached.
Signed
Signed
Date: 29 February 2016
R A AdreyCo‐Managing Director
AusTex Oil Limited ACN 118 585 649 Annual Financial Report For the year ended 31 December 2015CORPORATE DIRECTORY
DIRECTORS
M R Stone Non-Executive Chairman - USA R A Adrey Co-Managing Director - USA
N J Stone Co-Managing Director - USA
R H Krause Non-Executive Director - Australia J B Clyne Non-Executive Director - Australia
COMPANY SECRETARY
J B Clyne
REGISTERED AND PRINCIPAL OFFICE
Level 11, 2 Bligh Street, Sydney NSW 2000 Australia
Telephone: 02 9238 2363 Fax: 02 8088 7280
E-mail: info@austexoil.com
Website: www.austexoil.com
AUDITORS
BDO East Coast Partnership
SHARE REGISTRY
Boardroom Limited, Level 12, 225 George Street, Sydney NSW 2000 Telephone: 02 9290 9600
PRINCIPAL BANKERS
ANZ Banking Group Limited