MEC RESOURCES LIMITED For personal use only
MEC RESOURCES LTD
ABN 44 113 900 020
Contents
MEC Resources Ltd and its controlled entities
Appendix 4D -Half year report | |||||||||
only | Results for announcement to the market | ||||||||
Name of Entity | MEC Resources Limited | ||||||||
ABN | 44 113 900 020 | ||||||||
Half Year Ended | 31 December 2021 | ||||||||
Previous Corresponding Reporting Period | 31 December 2020 | ||||||||
$A'000 | |||||||||
use | Revenues from ordinary activities | Up | 0% | to | 0 | ||||
(Loss) from ordinary activities after tax attributable to members | down | 69% | to | (331) | |||||
Net (loss) for the period attributable to members | down | 69% | to | (331) | |||||
Dividends (distributions) | Amount per | Franked amount | |||||||
security | per security | ||||||||
personal | Final dividend | Nil | Nil | ||||||
Interim dividend | |||||||||
Previous corresponding period | N/A | N/A | |||||||
Please refer to attached accounts for commentary on the results | |||||||||
Other notes to the condensed financial statements | |||||||||
Current period | Previous | ||||||||
corresponding | |||||||||
Ratios | Period | ||||||||
Loss before tax / revenue | |||||||||
Consolidated (loss) from ordinary activities before tax as a | 0% | 0% | |||||||
percentage of revenue | |||||||||
Loss after tax / equity interests | |||||||||
Consolidated net (loss) from ordinary activities after tax attributable | (4.75)% | (6.51)% | |||||||
to members as a percentage of equity (similarly attributable) at the | |||||||||
end of the period | |||||||||
For | Current period | Previous | |||||||
corresponding | |||||||||
NTA Backing | Period | ||||||||
Net tangible asset backing per ordinary security | (0.00) cps | (0.00) cps | |||||||
For personal use only
Contents | |
MEC Resources Ltd and its controlled entities | |
Directors' Report............................................................................................................................... | 1 |
Auditor Independence Declaration............................................................................................... | 9 |
Directors' Declaration .................................................................................................................... | 10 |
Consolidated Statement of Profit or Loss and Other Comprehensive Income......................... | 11 |
Consolidated Statement of Financial Position ............................................................................. | 12 |
Consolidated Statement of Changes in Equity ........................................................................... | 13 |
Consolidated Statement of Cash Flows ....................................................................................... | 14 |
Notes to the Financial Statements ................................................................................................ | 15 |
Independent Auditor's Review Report ......................................................................................... | 20 |
For personal use only
Directors' Report
MEC Resources Ltd and its controlled entities
Directors | Auditor |
David Breeze - Managing Director (appointed 23 | Moore Australia Audit (WA) |
October 2020) | Level 15, Exchange Tower |
Andrew Jones - Non-Executive Director | 2 The Esplanade |
(appointed 23 September 2020) | PERTH WA 6000 |
Anthony Huston - Non-Executive Director | |
(appointed 23 October 2020) | Share Registry |
Steve James - Non-Executive Director | Boardroom Pty Ltd |
(appointed 4 March 2022) | Level 12 |
225 George St | |
Company Secretary | SYDNEY NSW 2000 |
Robert Marusco | |
Australian Securities Exchange Listing | |
Registered Office | Australian Securities Exchange Limited |
Level 1 | (Home Exchange: Perth, Western Australia) |
9 Bowman Street | ASX Code: MMR |
SOUTH PERTH WA | |
Australian Business Number | |
Principal Business Address | 44 113 900 020 |
Level 1, | |
9 Bowman Street | |
SOUTH PERTH WA 6151 | |
Telephone: (08) 9217 2400 | |
Facsimile: (08) 9217 2401 | |
Website: www.mecresources.com.au | |
E-mail:admin@mecresources.com.au |
1
For personal use only
Directors' Report
MEC Resources Ltd and its controlled entities
The directors of MEC Resources Ltd ("MEC Resources" or the "Company") submit herewith the financial report for the half year ended 31 December 2021. In order to comply with the provisions of the Corporations Act 2001, the directors report as follows:
Directors
The names of the directors of the Company during or since the end of the period are:
D Breeze (appointed 23 October 2020)
A Jones (appointed 23 September 2020)
A Huston (appointed 23 October 2020)
S James (appointed 4 March 2022)
G Murray (appointed 23 October 2020, resigned 4 March 2022)
D Verley (appointed 11 February 2020 resigned 4 March 2022)
Review of Operations
Operating loss for the entity after tax for the half-year ended 31 December 2021 was $330,848 (2020: $475,577).
MEC Resources Ltd
- On 17 January 2020, the securities of MEC Resources were suspended from quotation on the ASX. The Company has been in dialogue with the ASX following its original submission on 16 December 2020 and subsequent submission on 12 January 2022, which included a shareholder meeting seeking approval of various resolutions the aim of which is to have MEC Resources readmitted to trading status. The ASX are currently assessing the submission. Noting that in anticipation of feedback from the ASX the Company is also working of an entitlement offer document aimed at recapitalising MEC Resources. The shares in MEC Resources remain suspended from trading.
- Following suspension from the ASX the Company has provided the market with Voluntary Suspension updates in the previous financial year and further updates on 26 August 2021, 21 October 2021 and 14 January 2022.
- During the half year MEC Resources continued to monitor and manage its investment in investee Advent Energy Limited ("Advent") with the key announcements concerning Advent outlined below.
- Advent's assets include PEP11 (85%) in the offshore Sydney Basin and RL1 (100%) in the onshore Bonaparte Basin in the Northern Territory. On 16 December 2021 MEC Resources announced to market that the Federal Government would refuse the first one of two of the joint venture's applications to extend the PEP 11 Permit for gas exploration in the offshore Sydney Basin. Advent received a formal notification of this decision from the National Offshore Petroleum Title Administrator (NOPTA). This is subject to legal review.
- The Company has two new investments projects during the last quarter via its investee company Advent.
- On 7 December 2021 BPH Energy Ltd (ASX:BPH) requested a trading halt which centered around participation of MEC's investee company Advent in a Farm In Agreement. As at the
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MEC Resources Limited published this content on 01 June 2022 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 01 June 2022 04:41:02 UTC.
