Annual Report 2015
Perth, Mar 31, 2016 AEST (ABN Newswire) - ADX Energy Limited (
ASX:ADX) (ADXRF:OTCMKTS) are pleased to provide the Company's Annual Report for 31 December 2015.
Principal Activity
The principal activities of the Group during the year were oil and gas exploration. There were no significant changes in the nature of the principal activities during the year.
Operations review
Refer to the Operations Review in the link below.
Change in Accounting Policy - Exploration and Evaluation Expenditure
Exploration expenditure of $1,248,727 was expensed to the income statement this year following a voluntary change in the Company's accounting policy. Under the new policy, exploration and evaluation expenditure is charged to the profit and loss account as incurred. Comparative information has been restated.
Summary of Financial Position, Asset Transactions and Corporate Activities
A summary of key financial indicators for the Group, with prior year comparison, is set out in the link below.
SIGNIFICANT CHANGES IN THE STATE OF AFFAIRS
Significant changes in the state of affairs of the Company during the financial year are detailed in the Operations Report and Financial Summary in this report, refer to link below.
FUTURE DEVELOPMENTS
The Company intends to continue its exploration programme on its existing permits, and to acquire further suitable permits for exploration and development. Additional comments on likely developments are included in the Operations Report.
To view the full report, please visit:
http://abnnewswire.net/lnk/M6Y532BQ
About ADX Energy Limited
ADX Energy Limited's (
ASX:ADX) (OTCMKTS:ADXRF) is an Australian Stock Exchange (ASX) listed International Energy Explorer which is soon to become a Producer. The Company's Geographical focus is Onshore Europe and Offshore Mediterranean with a portfolio consisting of recently acquired Production as well as Appraisal, Development and Exploration Assets. ADX's interests are located in Romania, Italy, Tunisia and most recently Austria. The Company's immediate focus is on low cost, low risk, profitable resource commercialisation opportunities onshore and higher cost higher reward offshore projects in the longer term. The Company is headquartered in Perth, Western Australia with additional operating offices in Bucharest (Romania) and soon to be Vienna (Austria). The Company also has representative offices in Italy and Tunisia.
ADX Energy's vision is to establish a stable cash producing platform onshore Europe and develop a number of rapid resource to reserves opportunities as well as low risk exploration potential with access to infrastructure in favourable fiscal and operating environments.
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