TIDMLRL
RNS Number : 8991I
Leyshon Resources Limited
31 July 2012
31 July 2012
LEYSHON RESOURCES LIMITED
JUNE 2012 QUARTERLY REPORT
Leyshon Resources Limited (AIM/ASX: LRL) (the "Company")
announces that subsequent to end of the quarter it has signed a
definitive share sale and purchase agreement for the acquisition of
Hong Kong company Pacific Asia Petroleum Limited (PAPL) which holds
a 100% interest in the Zijinshan Production Sharing Contract
located on the eastern fringe of the prolific Ordos Gas Basin in
Central China.
Leyshon has acquired PAPL from Houston based CAMAC Energy Inc
for a consideration of US$2.5 million in cash and the issue
10,000,000 fully paid ordinary shares.
The Company is not intending to seek the approval of security
holders for the transaction unless ASX requires it under Listing
Rule 11.1.2 or 11.2, and is applying to ASX for a determination as
to whether security holder approval is required under the Listing
Rules.
PAPL's key asset is a 100% interest in the Zijinshan Production
Sharing Contract ("PSC"). The Zijinshan PSC is with PetroChina Coal
Bed Methane Company Limited (PCCBM) which is a subsidiary of China
National Petroleum Corporation, the country's largest integrated
energy company. PCCBM has retained the right to buy back a 40%
interest in the contract at the completion of the exploration phase
and to jointly fund the project into production.
China Energy Assets
The Company has previously advised that it has completed a
preliminary technical and legal due diligence review on a PRC
entity that holds an exploration licence over a thermal coal
project in the Western Chinese province of Xinjiang.
Management, together with its advisors, has completed the
extensive regulatory and other consents which form the
preconditions for the proposed transaction and is now engaged in
commercial negotiations which it is aiming to bring to a conclusion
in the near future.
The Company remains firmly of the view that in light of the
expanding demand for all types of energy within Central China over
the next ten years, high quality energy assets located close to
infrastructure and within transport distance to this market will
become increasingly valuable over time.
Mt Leyshon Gold Project
Drilling of the ball mill scats stockpile has been completed and
results are awaited.
Cash Reserves
At quarter end the Company had A$51.0 million in cash, and is
due A$0.7 million in term deposit interest for a total of A$51.7
million (GPB 33.7 million). This is equivalent to A$ 21 cents per
share (14 pence per share).
The Company has purchased 2,214,341 shares under the previously
announced on-market share buy-back during the quarter.
For further information contact:
Leyshon Resources Limited
PaulAtherley - Managing Director
Tel: +86 137 1800 1914 patherley@leyshonresources.com
Seymour Pierce
Jonathan Wright (Nominated adviser)
Richard Redmayne (Corporate broking)
Tel: +44 (0)207 107 8000
Background
http://www.leyshonresources.com
Leyshon was on the ground in 2003 when China opened its mining
sector to foreign investment. It has been fully engaged in China
since then and has its main operating office located in
Beijing.
China's latest Five Year Plan emphasizes the planned
urbanisation of a large number of Central China's rural population
into second and third tier cities lifting the urbanisation rate to
51.5% of the overall population.
This will result in significant increases in infrastructure
spending and energy demand. The Company is planning to invest in
high quality energy assets in China to meet this growing
demand.
Managing Director Paul Atherley is an Executive Committee member
of the China Britain Business Council and serves on the European
Union Chamber Energy Working Group.
Appendix 5B
Mining exploration entity quarterly report
Introduced 1/7/96. Origin: Appendix 8. Amended 1/7/97, 1/7/98,
30/9/2001, 01/06/10.
Name of entity
LEYSHON RESOURCES LIMITED
---------------------------------------
ABN Quarter ended ("current
quarter")
75 010 482 274 30 June 2012
-------------- -----------------------
Consolidated statement of cash flows
Cash flows related to operating Current quarter Year to date
activities
$A'000 (12 months)
$A'000
---------------- -------------
1.1 Receipts from product sales - -
and related debtors
Payments for (a) exploration
& evaluation
(b) development (290) (1,326)
(c) production - -
(d) administration & Beijing - -
1.2 office (376) (1,736)
1.3 Dividends received - -
Interest and other items
1.4 of a similar nature received 418 3,021
1.5 Interest and other costs - -
of finance paid
1.6 Income taxes paid (266) (418)
Other Mt Leyshon holding
1.7 costs (59) (994)
Net Operating Cash Flows (573) (1,453)
----- --------------------------------- ---------------- -------------
Cash flows related to investing
activities
Payment for purchases of:
(a) prospects - -
(b) equity investments - -
1.8 (c) other fixed assets (1) (8)
1.9 Proceeds from sale of:
(a) prospects - -
(b) equity investments - -
(c) other fixed assets - -
1.10 Loans to other entities - -
1.11 Loans repaid by other entities - -
1.12 Other - -
Net investing cash flows (1) (8)
---------------- -------------
Total operating and investing
1.13 cash flows (carried forward) (574) (1,461)
----- --------------------------------- ---------------- -------------
Total operating and investing
1.13 cash flows (brought forward) (574) (1,461)
----- ---------------------------------- ---------
Cash flows related to financing
activities
---------
1.14 Proceeds from issues of shares, - -
options, etc.
1.15 Proceeds from sale of forfeited - -
shares
1.16 Proceeds from borrowings - -
1.17 Repayment of borrowings - -
1.18 Dividends paid - -
1.19 Other - Share buy-back costs (427) (427)
--------- ---------
Net financing cash flows (427) (427)
----- ---------------------------------- ---------
Net increase (decrease) in
cash held (1,001) (1,888)
---------
Cash at beginning of quarter/year
1.20 to date 52,015 52,902
Exchange rate adjustments
1.21 to item 1.20 1 1
--------- ---------
1.22 Cash at end of quarter 51,015 51,015
----- ---------------------------------- --------- ---------
Payments to directors of the entity and associates of the
directors
Payments to related entities of the entity and associates of the
related entities
Current quarter
$A'000
----------------
Aggregate amount of payments to the parties
1.23 included in item 1.2 137
----------------
1.24 Aggregate amount of loans to the parties -
included in item 1.10
------- ------------------------------------------------- ----------------
1.25 Explanation necessary for an understanding of the transactions
Payments include managing director's remuneration and
non-executive directors' fees.
---------------------------------------------------------------------------
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
Not Applicable.
-------------------------------------------------------
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
Not Applicable.
------------------------------------------------------------
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 - -
----------------- ------------
3.2 Credit standby arrangements - -
---- ---------------------------- ----------------- ------------
Estimated cash outflows for next quarter
$A'000
-------
4.1 Exploration and evaluation 1,000
-------
4.2 Development
-
-------
4.3 Production
-
-------
4.4 Administration 500
-------
Total 1,500
---- --------------------------- -------
Reconciliation of cash
Reconciliation of cash at the Current quarter Previous quarter
end of the quarter (as shown $A'000 $A'000
in the consolidated statement
of cash flows) to the related
items in the accounts is as follows.
---------------------------------------- ---------------- -----------------
5.1 Cash on hand and at bank 962 1,281
---------------- -----------------
5.2 Deposits at call 50,053 50,734
---------------- -----------------
5.3 Bank overdraft
- -
---------------- -----------------
5.4 Other (provide details)
- -
---------------- -----------------
Total: cash at end of quarter
(item 1.22) 51,015 52,015
----- --------------------------------- ---------------- -----------------
Changes in interests in mining tenements
Tenement Nature of interest Interest Interest
reference (note (2)) at beginning at end
of quarter of quarter
----------- ------------------- -------------- ------------
6.1 Interests in mining None - - -
tenements relinquished,
reduced or lapsed
----------- ------------------- -------------- ------------
6.2 Interests in mining None - - -
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 Amount paid
per security up per security
(see note (see note 3)
3) (cents) (cents)
---------------------------- ------------- -------------- --------------- -----------------
7.1 Preference
+securities
(description)
------------- -------------- --------------- -----------------
7.2 Changes during
quarter
(a) Increases
through issues
(b) Decreases
through returns
of capital,
buy-backs,
redemptions
----- --------------------- ------------- -------------- --------------- -----------------
+Ordinary
7.3 securities 244,311,383 244,311,383 Not Applicable Not Applicable
------------- -------------- --------------- -----------------
Changes during
quarter
(a) Increases
through issues
(b) Decreases
through returns
of capital,
7.4 buy-backs (2,214,341) (2,214,341) 19.3 cents 19.3 cents
7.5 +Convertible
debt securities
(description)
------------- -------------- --------------- -----------------
7.6 Changes during
quarter
(a) Increases
through issues
(b) Decreases
through securities
matured,
converted
7.7 Options (description Exercise Expiry date
and conversion price
factor)
------------- -------------- --------------- -----------------
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)
------------- --------------
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
4).
2 This statement does /does not* (delete one) give a true and
fair view of the matters disclosed.
Sign here:
.......................................................... Date:
..31 July 2012.
(Director/Company secretary)
Print name: . MURRAY WYLIE.
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 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, 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 1022: Accounting
for Extractive Industries and AASB 1026: Statement of Cash Flows
apply to this report.
5 Accounting Standards ASX will accept, for example, the use of
International Accounting 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.
This information is provided by RNS
The company news service from the London Stock Exchange
END
MSCSDESAFFESEEW
Leyshon Resources (LSE:LRL)
Historical Stock Chart
From May 2024 to Jun 2024
Leyshon Resources (LSE:LRL)
Historical Stock Chart
From Jun 2023 to Jun 2024
