FIRESTONE ENERGY LIMITED - Mining exploration entity and oil and gas exploration entity quarterly report

Release Date: 05/08/2016 13:57
Code(s): FSE FSEO1
 
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Mining exploration entity and oil and gas exploration entity quarterly report

FIRESTONE ENERGY LIMITED
(Incorporated in Australia)
(Registration number ABN 058 436 794)
Share code on the JSE Limited: FSE
Share code on the ASX: FSE
ISIN: AU000000FSE6
FSE01 – ISIN: AU0000FSE02
(SA company registration number 2008/023973/10)
(“FSE” or “the Company”)
                                                                                                                           Rule 5.5

                                Appendix 5B
Mining exploration entity and oil and gas exploration entity
                                    quarterly report
 Introduced 01/07/96 Origin Appendix 8 Amended 01/07/97, 01/07/98, 30/09/01, 01/06/10, 17/12/10, 01/05/2013



Name of entity

                                               Firestone Energy Limited
 ABN                                                                                 Quarter ended (“current quarter”)

71 058 436 794                                 30 June 2016


      Consolidated statement of cash flows

                                                                                    Current quarter                Year to date
Cash flows related to operating activities                                              $A’000                     (12.months)
                                                                                                                      $A’000
1.1           Receipts from product sales and related
              debtors                                                                                     -                        -

1.2           Payments for (a) exploration & evaluation                                                    -                          -
                             (b) development                                                               -                          -
                             (c) production                                                                -                          -
                             (d) administration                                                         (66)                      (541)
1.3           Dividends received                                                                           -                          -
1.4           Interest and other items of a similar nature
              received                                                                                     -                      2
1.5           Interest and other costs of finance paid                                                  (69)                  (279)
1.6           Income taxes paid                                                                            -                       -
1.7           Other – GST and VAT receipts                                                                 2                     111

              Net Operating Cash Flows                                                                  (133)                 (707)

              Cash flows related to investing activities
1.8           Payment for purchases of:
                            (a) prospects                                                                    -                        -
                            (b) equity investments                                                           -                        -
                            (c) other fixed assets                                                           -                        -



      + See chapter 19 for defined terms.

      01/05/2013 Appendix 5B Page 1
  Appendix 5B
  Mining exploration entity and oil and gas exploration entity quarterly report


1.9     Proceeds from sale of:
                       (a) prospects                                         -                      -
                       (b) equity investments                                -                      -
                       (c) other fixed assets                                -                      -
1.10    Loans to other entities                                           (20)                 (752)
1.11    Loans repaid by other entities                                       -                      -
1.12    Other – net refund of rehabilitation bond                            -                  1,178

        Net investing cash flows                                          (20)                      426
1.13    Total operating and investing cash flows
        (carried forward)                                                 (153)                 (281)
1.13    Total operating and investing cash flows
        (brought forward)                                                 (153)                 (281)

        Cash flows related to financing activities
1.14    Proceeds from issues of shares, options,
        convertible notes, etc.                                              -                   358
1.15    Proceeds from sale of forfeited shares                               -                     -
1.16    Proceeds from borrowings                                           148                   515
1.17    Repayment of borrowings                                              -                 (597)
1.18    Dividends paid                                                       -                     -
1.19    Other                                                                -                     -
        Net financing cash flows                                           148                      276

        Net increase / (decrease) in cash held                              (5)                     (5)

1.20    Cash at beginning of quarter/year to date                            5                       6
1.21    Exchange rate adjustments to item 1.20                               -                      (1)
1.22    Cash at end of quarter
                                                                              -                       -


  Payments to directors of the entity, associates of the directors,
  related entities of the entity and associates of the related entities

                                                                                  Current quarter
                                                                                      $A'000

1.23     Aggregate amount of payments to the parties included in item 1.2                            -


1.24     Aggregate amount of loans to the parties included in item 1.10                              -


1.25     Explanation necessary for an understanding of the transactions




  Non-cash financing and investing activities

2.1    Details of financing and investing transactions which have had a material effect on
       consolidated assets and liabilities but did not involve cash flows




  + See chapter 19 for defined terms.

  Appendix 5B Page 2                                                                         01/05/2013
                                                                         Appendix 5B
         Mining exploration entity and oil and gas exploration entity quarterly report



       None




2.2    Details of outlays made by other entities to establish or increase their share in projects in
       which the reporting entity has an interest




  Financing facilities available
  Add notes as necessary for an understanding of the position.

                                                                 Amount available        Amount used
                                                                    $A’000                 $A’000
3.1    Loan facilities                                                       6,564*                4,225

3.2    Credit standby arrangements

  * The Company has in place a project funding loan with its major shareholder The Waterberg Coal
  Company Limited (A$6m) and also had bridging finance (A$425k), loans from a director-related
  entity (A$31k) and other loans (A$108k).

  Estimated cash outflows for next quarter

                                                                                       $A’000
4.1    Exploration and evaluation                                                                          -

4.2    Development                                                                                         -

4.3    Production                                                                                          -

4.4    Administration                                                                                     65


       Total                                                                                              65


  Reconciliation of cash

Reconciliation of cash at the end of the quarter (as             Current quarter       Previous quarter
shown in the consolidated statement of cash flows)                   $A’000                 $A’000
to the related items in the accounts is as follows.
5.1    Cash on hand and at bank                                                    -                       5

5.2    Deposits at call                                                            -                       -

5.3    Bank overdraft                                                              -                       -



  + See chapter 19 for defined terms.

  01/05/2013 Appendix 5B Page 3
  Appendix 5B
  Mining exploration entity and oil and gas exploration entity quarterly report


5.4    Other (provide details)                                                        -                           -

       Total: cash at end of quarter (item 1.22)                                      -                           5


  Changes in interests in mining tenements and petroleum tenements

                                        Tenement       Nature of interest                 Interest at   Interest at
                                        reference      (note (2))                         beginning     end of
                                        and                                               of quarter    quarter
                                        location
 6.1     Interests in mining                           Nil
         tenements and
         petroleum tenements
         relinquished, reduced
         or lapsed


 6.2     Interests in mining                           Nil
         tenements and
         petroleum tenements
         acquired or increased




  Issued and quoted securities at end of current quarter
  Description includes rate of interest and any redemption or conversion rights together with prices and dates.

                                Total number         Number quoted         Issue price per       Amount paid up
                                                                           security (see         per security (see
                                                                           note 3) (cents)       note 3) (cents)
 7.1      Preference            Nil                  Nil
          +securities

          (description)
 7.2      Changes during        Nil                  Nil
          quarter
          (a) Increases
          through issues
          (b) Decreases
          through returns
          of capital, buy-
          backs,
          redemptions
 7.3      +Ordinary             3,586,540,881        3,586,540,881                               Fully paid
          securities

 7.4      Changes during
          quarter
          (a) Increases
          through issues
          (b) Decreases
          through returns
          of capital, buy-
          backs



  + See chapter 19 for defined terms.

  Appendix 5B Page 4                                                                                       01/05/2013
                                                                       Appendix 5B
       Mining exploration entity and oil and gas exploration entity quarterly report


7.5     +Convertible         Unlisted          Conversion      Repayment
        debt                 Convertible       number into     dates
        securities           Notes             shares
        (description)

        Ariona               Con Note –
        Company SA           A$5million        200,000,000     30 January 2017

        BBY Nominees         Con Note –
        Pty Ltd              A$22.145million   885,800,000     30 January 2017

        Four Oaks            Con Note –        475,971,429     At Call
        Credit Fund          US$2.7million
        Limited

7.6     Changes during       Unlisted          Conversion      Repayment
        quarter              Convertible       number into     dates
        (a) Increases        Notes             shares
        through issues

        Four Oaks
        Credit Fund
        Limited

        (b) Decreases
        through
        securities
        matured,
        converted
7.7     Options              Total number      Number quoted   Exercise price    Expiry date
                             2,000,000         -               0.01              30 April 2017
7.8     Issued during
        quarter
7.9     Exercised
        during quarter
7.10    Expired during
        quarter

7.11    Debentures
        (totals only)
7.12    Unsecured
        notes (totals
        only)




+ See chapter 19 for defined terms.

01/05/2013 Appendix 5B Page 5
Appendix 5B
Mining exploration entity and oil and gas exploration entity quarterly report


Compliance statement
1          This statement has been prepared under accounting policies which comply with
           accounting standards as defined in the Corporations Act or other standards
           acceptable to ASX (see note 5).

2          This statement does give a true and fair view of the matters disclosed.




Sign here:                                ......... Date: 29 July 2016
                      Lee Boyd
                      Company Secretary



Notes
1          The quarterly report provides a basis for informing the market how the entity’s
           activities have been financed for the past quarter and the effect on its cash
           position. An entity wanting to disclose additional information is encouraged to
           do so, in a note or notes attached to this report.

2          The “Nature of interest” (items 6.1 and 6.2) includes options in respect of
           interests in mining tenements and petroleum tenements acquired, exercised or
           lapsed during the reporting period. If the entity is involved in a joint venture
           agreement and there are conditions precedent which will change its percentage
           interest in a mining tenement or petroleum tenement, it should disclose the
           change of percentage interest and conditions precedent in the list required for
           items 6.1 and 6.2.

3          Issued and quoted securities The issue price and amount paid up is not
           required in items 7.1 and 7.3 for fully paid securities.

4          The definitions in, and provisions of, AASB 6: Exploration for and Evaluation of
           Mineral Resources and AASB 107: Statement of Cash Flows apply to this report.

5          Accounting Standards ASX will accept, for example, the use of International
           Financial Reporting Standards for foreign entities. If the standards used do not
           address a topic, the Australian standard on that topic (if any) must be complied
           with.

                                       == == == == ==




+ See chapter 19 for defined terms.

Appendix 5B Page 6                                                                     01/05/2013
                                                                       Appendix 5B
       Mining exploration entity and oil and gas exploration entity quarterly report


Appendix 1 – Interests in mining tenements held
Tenement table


The Company’s interest in the Waterberg Coal Project, located in South Africa:
Properties       Right under     Relevant        Holder         Interest at   Issue Date    Expiry Date
                 which     the   Joint                          Beginning
                 properties      Venture                        and End of
                 are held                                       Quarter
Vetleegte        Vetleegte       First Joint     Uzalile        37.39%        Granted       Renewal lodged 19
                 Prospecting     Venture         Joint                        New Order     September 2011 and
                 Right                           Venture                      Prospectin    prior to the expiry
                                                 (Sekoko                      g Right No.   date.
                                                 Resources                    651/2006,
                                                 and Uzalile)                 on            Section 18(5) of the
                                                                              19/10/06      MPRDA provides that
                                                                                            prospecting right in
                                                                                            respect of which an
                                                                                            application         for
                                                                                            renewal has been
                                                                                            lodged will remain in
                                                                                            force until such time
                                                                                            as     the     renewal
                                                                                            application has been
                                                                                            granted or refused.
Olieboomsfont    Duikerfontein   First Joint     Sekoko         37.39%        Granted       3 July 2016
ein              Prospecting     Venture         Coal                         New Order
                 Right                                                        Prospectin
                                                                              g Right No.
                                                                              681/2007,
                                                                              on
                                                                              13/10/05.
                                                                              Renewal
                                                                              on 3 July
                                                                              2013
Duikerfontein    Duikerfontein   First Joint     Sekoko         37.39%        Granted       3 July 2016
                 Prospecting     Venture         Coal                         New Order
                 Right                                                        Prospectin
                                                                              g Right No.
                                                                              681/2007,
                                                                              on
                                                                              13/10/05.
                                                                              Renewal
                                                                              on 3 July
                                                                              2013
Swanepoelpan     Duikerfontein   First Joint     Sekoko         37.39%        Granted       3 July 2016
                 Prospecting     Venture         Coal                         New Order
                 Right                                                        Prospectin
                                                                              g Right No.
                                                                              681/2007,
                                                                              on
                                                                              13/10/05
Smitspan         Mining Right    Second          Sekoko         37.39%        Granted       16/09/2041
                                 Joint Venture   Coal                         New Order
                                                                              Mining
                                                                              Right No.
                                                                              22/2011,
                                                                              on
                                                                              17/09/11
Massenberg       Mining Right    Second          Sekoko         37.39%        Granted       16/09/2041
                                 Joint Venture   Coal                         New Order


+ See chapter 19 for defined terms.

01/05/2013 Appendix 5B Page 7
Appendix 5B
Mining exploration entity and oil and gas exploration entity quarterly report


                                                                  Mining
                                                                  Right No.
                                                                  22/2011,
                                                                  on
                                                                  17/09/11
Minnasvlakte     Mining Right   Second          Sekoko   37.39%   Granted     16/09/2041
                                Joint Venture   Coal              New Order
                                                                  Mining
                                                                  Right No.
                                                                  22/2011,
                                                                  on
                                                                  17/09/11
Hooikraal        Mining Right   Second          Sekoko   37.39%   Granted     16/09/2041
                                Joint Venture   Coal              New Order
                                                                  Mining
                                                                  Right No.
                                                                  22/2011,
                                                                  on
                                                                  17/09/11




+ See chapter 19 for defined terms.

Appendix 5B Page 8                                                                         01/05/2013

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