Posted by OilVoice Press - OilVoice
Review and results of operations and financial position
Real Energy is an oil and gas exploration and development company, with activities focused in the Cooper Eromanga Basins in South West Queensland. The area is the most successful onshore region for oil and gas production in Australia. The Company has a large acreage position which is 100% owed being ATP927P & ATP 1194PA. The Company is continuing to focus on developing its gas resources in ATP927.
The Company signed an MOU with Santos Limited for gas processing in 2017 and during the half year the Company made good progress with commencing implementation of the MOU. The Company is planning the drilling of 2 additional appraisal wells being Tamarama 2 and Tamarama 3 and is expecting the wells to be drilled in the second half of 2018 financial year.
In October 2017, the Company raised $2.34 million before costs through the issue of approximately 26 million new fully paid ordinary shares. Hence the Company's cash position is at $8.42 million as at 31 December 2017.
The Company recorded a consolidated loss of $615,426 for the half year ended 31 December 2017 (2016: $805,086 loss).
No dividends have been paid or declared or paid by the Company concerning the half year since last annual report period.
Visit source siteReal EnergyOilgasexplorationCooper BasinQueenslandAustralia