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Leyshon Resources (LRL)

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Thursday 01 November, 2012

Leyshon Resources

September 2012 Quarterly Report

RNS Number : 0738Q
Leyshon Resources Limited
01 November 2012
 

LEYSHON RESOURCES LIMITED

 

1 November 2012

 

SEPTEMBER 2012 QUARTERLY REPORT

 

Leyshon Resources Limited (AIM/ASX:LRL) ("Leyshon" or the "Company") previously announced that the recently appointed management team at Pacific Asia Petroleum Limited (PAPL), which Leyshon acquired in August for US$ 2.5 million in cash and the issue of 10 million fully paid ordinary shares, has commenced drilling at the 708 km2 Zijinshan block located on the Eastern flank of the prolific Ordos Basin, China's second largest and one of the world's major gas producing basins.

 

The new management team, which successfully drilled and appraised the recent multi-Tcf gas discoveries on the adjacent Sanjiaobei and Linxing blocks, has designed an initial three well programme to test for gas in similar formations over a 600 metre interval to a depth of approximately 2.4 kilometres.

 

The first of two wells are expected to be completed by the end of November with completion of the third expected in the new year. The total cost for drilling, logging, casing, fracking and flow testing the three wells is estimated at around US$ 5 million.

 

The wells are located within 10 kilometres of a tie in point on the Lin-Lin pipeline which supplies the growing demand in Shanxi Province where well head contracts have recently been struck in the US$ 6 - 7.5 per mscf range.

 

PAPL has a 100% interest in the exploration phase of the Production Sharing Contract (PSC) with PetroChina, which has the right to buy back a 40% interest at the development stage.

 

 

Xinjiang Coal

 

As previously advised the recent 30% fall in domestic thermal coal prices has materially impacted the near term economics and potential financing arrangements of the thermal coal project located in the Western Chinese province of Xinjiang that the Company has been pursuing over the past twelve months.

 

The project remains an important part of the country's energy plan and development is expected to commence shortly. Management continues to monitor developments and to assess whether there is an attractive entry point for the Company.

 

Mt Leyshon

 

As previously advised, the ball mill scats drilling and preliminary testwork programme has indicated that the project is viable but requires significant capital for a relatively modest return, even at current gold prices. Management's view is that in light of focus of the Company's strategy and given the scarcity of risk capital of this nature, the returns do not warrant the investment at this stage but will review the project's development in the event that the price of gold should continue to rise. The Company continues to review high quality gold investment opportunities in China and elsewhere.

 

Cash Reserves

 

At quarter end the Company had A$47.8 million in cash, and is due A$0.1 million in term deposit interest for a total of A$47.9 million (GPB 30.8 million). This is equivalent to A$ 19 cents per share (12 pence per share).

 

Buy Back

 

The Company announced that the Buy Back will be increased from 5.5 to 24 million shares to be purchased on market no later than 12 September 2013. During the quarter 2,954,171 shares were purchased under the on-market share buy-back with a further 1,900,000 shares purchased during October 2012.

 

 

 

For further information contact:

 

Leyshon Resources Limited 

PaulAtherley - Managing Director 

Tel: +86 137 1800 1914 admin@leyshonresources.com

 

Seymour Pierce

Jonathan Wright (Nominated adviser)

Richard Redmayne (Corporate broking)

Tel: +44 (0)207 107 8000

 

Pelham Bell Pottinger

Charles Vivian - Director

Tel: +44 (0)20 7861 3126

James MacFarlane - Account Director

Tel: +65 9450 7574

 

 

Background

 

http://www.leyshonresources.com

 

Leyshon Resources Limited (AIM & ASX:LRL) was on the ground in 2003 when China opened its mining sector to foreign investment. It has been fully engaged in China since then with 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 demands. The Company is planning to invest in high quality energy assets in China to meet this growing demand.

 

 



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 September 2012

 

Consolidated statement of cash flows

 

Cash flows related to operating activities

 

Current quarter

$A'000

Year to date

(3 months)

$A'000

1.1

Receipts from product sales and related debtors

 

-

 

-

 

1.2

Payments for    (a)  exploration & evaluation

                             (b)  development

                             (c)  production

                             (d)  administration & Beijing

                                    office

(631)

-

-

(440)

(631)

-

-

(440)

1.3

Dividends received

-

-

1.4

Interest and other items of a similar nature received

 

1,004

 

1,004

1.5

Interest and other costs of finance paid

-

-

1.6

Income taxes paid

 

(33)

(33)

1.7

Other  Mt Leyshon holding costs

(142)

(142)


 

Net Operating Cash Flows

 

(242)

 

(242)


 

Cash flows related to investing activities



1.8

Payment for purchases of:

                             (a)  prospects

                             (b)  equity investments

                             (c)  other fixed assets

 

-

(2,409)

(23)

 

-

(2,409)

(23)

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


(2,432)


(2,432)

1.13

Total operating and investing cash flows (carried forward)


(2,674)


(2,674)

 

1.13

Total operating and investing cash flows (brought  forward)

 

(2,674)

 

(2,674)


 

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

(548)

(548)


Net financing cash flows

 

(548)

 

(548)


 

Net increase (decrease) in cash held

 

 

(3,222)

 

(3,222)

 

1.20

Cash at beginning of quarter/year to date

51,015

51,015

1.21

Exchange rate adjustments to item 1.20

-

-

1.22

Cash at end of quarter

47,793

47,793

 

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

 

1.23

 

Aggregate amount of payments to the parties 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

$A'000

Amount used

$A'000

3.1

Loan facilities

 

-

-

3.2

Credit standby arrangements

 

-

-

 

Estimated cash outflows for next quarter



$A'000

4.1

Exploration and evaluation

 

 

3,100

4.2

Development

 

 

-

4.3

Production

 

 

-

4.4

Administration

 

 

800


 

Total

 

3,900

 

Reconciliation of cash

Reconciliation of cash at the end of the quarter (as shown in the consolidated statement of cash flows) to the related items in the accounts is as follows.

Current quarter

$A'000

Previous quarter

$A'000

5.1

Cash on hand and at bank

12,422

962

5.2

Deposits at call


35,371


50,053

5.3

Bank overdraft

 

-

 

-

5.4

Other (provide details)

 

-

 

-


Total: cash at end of quarter (item 1.22)

 

47,793

 

51,015

 

Changes in interests in mining tenements

 



Tenement reference

Nature of interest

(note (2))

Interest at beginning of quarter

Interest at end of quarter

6.1

Interests in mining tenements relinquished, reduced or lapsed

 

None

-

-

-

6.2

Interests in mining tenements acquired or increased

 

Zijinshan PSC

Unconventional gas Production Sharing Contract covering 708km2 in China

-

100%

 

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 per security (see note 3) (cents)

Amount paid up per security (see note 3) (cents)

7.1

Preference +securities  (description)





7.2

Changes during quarter

(b)  Decreases through returns of capital, buy-backs, redemptions



 

 

 

 

 

 

 

 

 

 

 

 

7.3

+Ordinary securities

251,357,212

244,311,383

Not Applicable

Not Applicable

7.4

Changes during quarter

(b)  Decreases through returns of capital, buy-backs

 

 

10,000,000

 

 

 

 

 

(2,954,171)

 

 

10,000,000

 

 

 

 

 

(2,954,171)

 

 

17.5 cents

 

 

 

 

 

18.5 cents

 

 

17.5 cents

 

 

 

 

 

18.5 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 and conversion factor)

 

 

 

 

Exercise price

 

 

Expiry date

 

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 October 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.

== == == == ==

 


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