Page 63 - Sun Resources Annual Report 2013

11 Oil and gas production assets (continued)
i The fair value of the producing projects was reviewed at 30 June 2013.
ii Production Impairment Expense
The Beeler Oil Project was considered impaired based on Net Present Value calculations.
Revenue from Flour Bluff continued to decline in the year compared to previous periods due to declines in gas
prices together with production volume reductions.
Consolidated
12 Trade and Other Payables - Current 2013 2012
$ $
Trade and Other Payables 6,107,815 94,948
Trade and other payables are normally settled within 30 days from receipt of invoice unless otherwise agreed. All
amounts recognised as trade and other payables are expected to be settled within the next twelve months.
13 Contributed Capital
a Contributed Capital
1,984,944,710 fully paid ordinary shares (2012: 1,140,262,104) 93,617,245 57,988,655
Cumulative issue costs of share capital (3,717,034) (2,502,020)
89,900,211 55,486,635
b Movements in shares on issue
2013 Date Number of
Shares
Capital
$
Ordinary shares
Opening balance 1 July 2012 1,140,262,104 57,988,655
Share Placement 8 August 2012 167,000,000 8,350,000
Share Placement 12 September 2012 233,000,000 11,650,000
Amerril Consideration (i) 12 September 2012 291,959,077 14,597,954
Share Allotment - Carina Energy LLC (i) 12 September 2012 9,723,529 680,637
Share Placement - Broker (i)
consideration 12 September 2012 3,000,000 210,000
Conversion of options - Class D 1 October 2012 24,943,750 24,943
Conversion of options - Class D 10 January 2013 40,056,250 40,056
Conversion of options - Class G 14 January 2013 28,781,250 28,781
Conversion of options - Class G 28 February 2013 46,218,750 46,219
Closing balance 30 June 2013 1,984,944,710 93,617,245
Consolidated
(i) Share based payments made during the year: 2013 2012
$ $
Share placement to Amerril Energy LLC in part consideration for the
Amerril Oil Project 14,597,954 -
Share placement issued to the Vendor of the Delta Oil Project as part
consideration 680,635 1,158,764
Share placement in consideration for the Delta Oil Project to brokers 210,000 161,000
Total (Note 5) 15,488,589 1,319,764
SUN RESOURCES ANNUAL REPORT 2013 61
NOTES TO AND FORMING PART OF THE CONSOLIDATED
FINANCIAL STATEMENTS