http://www.rns-pdf.londonstockexchange.com/rns/0403T_1-2023-3-15.pdf

 

 

 

OVERVIEW AND STRATEGY

Consistent with the Company's strategy to focus on gas production and Carbon Capture and Storage ("CCS"), Synergia's activities have centred on the Company's Cambay gas and condensate field in India and on CCS opportunities in the UK and recently, in India.

A significant development for the Company during the period was the successful re-frac of the Cambay C-77H well facilitating progress towards a full field development. To this end, a formal farm out process was instigated in Q4 2022 with a view to farming out up to 50% of the Cambay PSC to a suitable JV partner.

In addition, the Company added a further CCS project in the form of the conceptual Cambay CCS scheme which we believe not only leverages our Company's expertise in this sector but also has the potential to make a material impact on India's carbon emissions reduction aspirations.

Due to the continued high gas prices, the Company has put its search for mature producing gas assets in the UK Continental Shelf area on hold.

Cambay Field, Onshore Gujarat, India

(Synergia Energy: Operator and 100% Participating Interest)

The Cambay field was placed on production following a lengthy hiatus in April 2022. The Company's primary producing well, C-77H, provided the majority of the field's production during the period even though it was shut in for approximately 2 months during the re-frac operation. Prior to the re-frac, the original 4 fracked zones were unable to provide sustained production due to liquid loading which necessitated the frequent shutting in of the well to allow wellhead pressure to be restored. It was believed that the 4 zones had been fracked sub-optimally.

In order to prove up a new fracking methodology, a bridge plug was set above the original 4 fracked zones to isolate them from 2 new fracked zones at the heel of the well. The 2 new zones were fracked in July 2022 and following a lengthy clean-up process, the well finally provided stable and constant gas production at up to 275,000 SCFD despite the existence of a c.1500m column of condensate. Through the period end the C-77H well exhibited plateau production which verified the new fracking methodology and provides a template for future new wells.

The C-77H re-frac operation confirmed the need for an artificial lift ("AL") solution for Eocene wells in order to optimise gas and gas condensate production. Progressive cavity pumps ("PCP") were considered the best AL solution and an evaluation of PCP configuration was commenced in conjunction with the preferred supplier, PCM. Due to elastomer compatibility and availability problems, the Company is evaluating a jet pump AL solution.

Based on the C-77H re-frac results, the Company believes new multi-zone and fracked horizontal Eocene wells with AL can be drilled with initial production rates of 4 mmscfd and 40% annual decline rates.

A formal farm out process commenced in October 2022 with a view to farming out up to 50% of the Cambay PSC. The process is being managed by Moyes & Company. The primary objective of the farm out is to facilitate the commencement of a full field development of the Cambay field in H2 2023.

In November 2022, oil production from C-19z, C-20, C63 and C72 started to augment the gas and condensate production from C-77H and C-73.

Cambay CCS Scheme

Leveraging its CCS expertise and experience in the UK, the Company has developed a CCS scheme in India based on CO₂ storage in the extensive Olpad Formation which extends under the Cambay producing reservoirs. The scheme proposes the capture of CO₂ emitted from the many gas and coal-fired power stations in the vicinity of the Cambay field. CO₂ would be transported via pipeline to a CCS hub on the Cambay field for injection into the Olpad Formation for permanent storage.

Further technical studies will be required to confirm the suitability of the Olpad Formation. In addition to the securing of funding, the necessary regulatory and commercial frameworks will need to be developed in order to bring this significant CCS scheme to fruition.

United Kingdom Continental Shelf

Carbon Capture and Storage ("CCS")

Due to a potential overlap of CCS and windfarm activities in the area around the Esmond and Forbes fields, these areas were excluded by the NSTA from the licensing round. Consequently, the Company undertook extensive technical evaluation of two alternative licensing areas incorporating a mix of depleted gas reservoirs and aquifers. The Company made two carbon storage license applications under the NSTA's first carbon storage licensing round. The licenses are planned to form part of Synergia's Medway Hub CCS project. It is anticipated that the NSTA will commence the award of licenses at the end of calendar Q1 2023.

JPDA 06-103, Timor Sea

Under the terms of the Deed of Settlement and Release, the final instalment of US$250,000 (out of the original US$800,000) was made to Autoridade Nacional Do Petroleo E Minerais ("ANPM") on 7 September 2022.

The movement in the loan payable relating to the settlement during the period is detailed in Note 12 to the condensed consolidated interim financial report, which shows balance of the loan from Japan Energy E&P JPDA Pty Ltd ("JX") being at US$440,970 at 31 December 2022. At report date, the balance of the loan from JX was approximately US$253,549, following a repayment to JX of US$196,754 on 13 February 2023.

The balance of the loan from JX at reporting date, plus interest, is to be repaid to JX in August 2023, upon the loan's maturity on 17 August 2023.

During the period, the non-defaulting parties to the JPDA joint venture agreed to terminate the Joint Operating Agreement. Synergia Energy will be progressing the final closure of the joint venture accounts to conclude this matter.

West Kampar PSC, Central Sumatra, Indonesia

During the half-year, the Company was advised that its efforts to regain a participating interest and control of the West Kampar PSC in Indonesia were unsuccessful. The Company understands that the West Kampar PSC was awarded to a third party. This marks the end of the Company's activities in Indonesia.

Qualified Person The technical information contained in the above disclosure has been prepared by or under the supervision of Mr Jonathan Salomon (B App Sc (Geology), GAICD), Executive Chairman employed by Synergia Energy Ltd. Mr Salomon has over 36 years' experience in petroleum geology and is a member of the American Association of Petroleum Geologists, and the Society of Petroleum Engineers. Mr Salomon meets the requirements of and acts as the Qualified Person under the Alternative Investment Market Rules - AIM Note for Mining and Oil & Gas Companies, and consents to the inclusion of this information in this report in the form and context in which it appears.

 

 

 

 

PETROLEUM PERMIT SCHEDULE - 31 DECEMBER 2022
ASSET	LOCATION	ENTITY	CHANGE IN INTEREST DURING THE PERIOD %	EQUITY %	OPERATOR
Cambay Field PSC	Gujarat, India	Synergia Energy Ltd	-	85.0	Synergia Energy Ltd
		Oilex N.L. Holdings (India) Limited	-	15.0

 

 

DIRECTORS' REPORT

 

The directors present their report together with the condensed interim financial report of the group comprising of Synergia Energy Ltd (the "Company" or "Synergia Energy") and its subsidiaries (together collectively referred to as the "Group") for the half-year ended 31 December 2022 and the auditor's review report thereon.

DIRECTORS

The directors of the Company at any time during the interim period and until the date of this report are detailed below. All directors were in office for this entire period unless otherwise stated.

 

Mr Jonathan Salomon       Executive Chairman

Mr Roland Wessel             Chief Executive Officer ("CEO") and Executive Director

Mr Colin Judd                    Chief Financial Officer ("CFO") and Executive Director

Mr Mark Bolton                  Non-Executive Director

Mr Paul Haywood              Independent Non-Executive Director

Mr Peter Schwarz              Independent Non-Executive Director

REVIEW OF OPERATIONS

A review of the operations of the Group during the financial period and the results of those operations are set out in the Review of Operations on pages 1 to 3 of this report.

FINANCIAL AND OPERATING RESULTS

The Group incurred a consolidated loss after income tax of $3,674,813 for the half-year (31 December 2021: loss of $2,235,196).

During the half-year, production continued on the Cambay field together with oil and gas sales following recommencement of production which happened in April 2022. Oil sales during the half-year amounted to $294,053 (31 December 2021: $nil) and gas sales amounted to $396,767 (31 December 2021: $nil), providing total revenues of $690,820 during the half-year (31 December 2021: $nil). Cost of sales including production costs incurred during the half-year amounted to $2,380,919 (31 December 2021: $nil), which included re‑fraccing costs of $1,845,527 (31 December 2021: $nil). This resulted in the Group incurring a gross loss of $1,690,099 during the half-year (31 December 2021: $nil).

The prior period results included care and maintenance expenditure of $187,908 (which included re‑fraccing preparation costs of $113,416 up to December 2021), with no care and maintenance expenditure recorded in the current period due to the recommencement of production in April 2022.

The expected credit losses incurred during the half-year were significantly reduced to $22,712 (from $238,514 during the half-year ended 31 December 2021) mainly due to GSPC no longer being a 55% joint venture partner in Cambay since the previous financial year on 4 February 2022. This also resulted in exploration expenditure reducing to $385,788 (from $493,111 during the half-year ended 31 December 2021) as no additional accrual of exploration expenditure was required as at 31 December 2022 (31 December 2021: $129,613 additional exploration expenditure required).

Net finance costs including net foreign exchange losses increased during the half-year to $236,515 (31 December 2021: $129,509), mainly due to an increase in the unwinding of discount on site restoration provision to $144,632 during the half-year (31 December 2021: $25,147).

Cash and cash equivalents held by the Group as at 31 December 2022 has decreased to $1,364,423 (at 30 June 2022: $4,838,459). The Group's borrowings as at 31 December 2022 increased to $650,878 (at 30 June 2022: $451,355).

MATERIAL UNCERTAINTY RELATED TO GOING CONCERN

The auditor's review report contains a statement of material uncertainty regarding the Company's ability to continue as a going concern. The consolidated financial statements have been prepared on a going concern basis, which contemplates continuity of normal business activities and the realisation of assets and settlement of liabilities in the ordinary course of business.

The funding requirements of the Group are reviewed on a regular basis by the Group's Executive Directors and are reported to the Board at each board meeting to ensure the Group can meet its financial obligations as and when they fall due. In this regard, please refer to the note below concerning the raising of £650,000 by way of a convertible loan note agreement subsequent to the balance date. This loan will be utilised for working capital purposes.

Cambay's gas and oil production and associated revenue streams recommenced in the six months to 31 December 2022 but, until sufficient operating cash flows are generated from its operations, the Group remains reliant on equity raisings, joint venture contributions or debt funding, as well as asset divestitures or farmouts to fund its expenditure commitments.

The Group will require additional funding in due course to continue its exploration activities, progress the Cambay development and drilling programme, repay its loan balance, meet its ongoing administrative expenses, and for any new business opportunities that the Group may pursue.

Further information on the Group's going concern basis of preparation is provided in Note 2(c) of the consolidated financial statements.

CORPORATE

Following shareholder approval received at the 13 July 2022 General Meeting, 174,831,394 fully paid ordinary shares ("shares") were issued at £0.002 ($0.0035) per share raising approximately £350k ($608k) before costs. The shares were the final instalment of the placement previously arranged and announced on 4 May 2022. 69,932,558 shares out of 174,831,394 shares were issued on 21 July 2022 and the remaining 104,898,836 shares were issued on 3 August 2022.

Following the issue of these shares, 30,000,000 unlisted options exercisable at £0.002 each and expiring on or before 30 April 2024 were issued on 13 September 2022. These unlisted options were issued to Novum Securities Limited ("Novum") for their role as Lead Manager pursuant to the capital raising advisory agreement relating to the May 2022 placement.

As at 31 December 2022, the Company had:

·    Available cash resources of $1,364,423;

·    Borrowings of $650,878; and

·    Issued capital of 8,417,790,704 fully paid ordinary shares and 379,885,408 unlisted options.

SIGNIFICANT EVENTS AFTER BALANCE DATE

On 13 February 2023, the Company made a repayment to JX of US$196,754. Following the repayment and further interest accrued, at report date, the balance of the loan from JX is approximately US$253,549.

On 22 February 2023, the Company announced that it entered into a convertible loan agreement with certain sophisticated and/or professional existing and new shareholders to secure a new convertible loan facility of £650,000. The convertible loan proceeds were received by the Company between 23 February 2023 and 9 March 2023 and will be used for working capital purposes. Under the terms of the agreement, and as a consequence of the receipt date of the funds, the option date and maturity date were extended to 9 December 2023 and 9 March 2024 respectively.

A summary of the key terms of the convertible loan facility is disclosed in Note 12 to the condensed consolidated interim financial report.

There were no other significant subsequent events occurring after the half-year end.

LEAD AUDITOR'S INDEPENDENCE DECLARATION

The lead auditor's independence declaration is set out on page 8 and forms part of the Directors' Report for the half-year ended 31 December 2022.

Signed in accordance with a resolution of the Board of Directors.

                                                                                          

 

Mr Jonathan Salomon                                                            Roland Wessel

Executive Chairman                                                               Chief Executive Officer and Director

 

West Perth, Western Australia

15 March 2023

 

 

AUDITOR'S INDEPENDENCE DECLARATION

TO THE DIRECTORS OF SYNERGIA ENERGY LTD

 

In relation to our review of the financial report of Synergia Energy Ltd for the half year ended 31 December 2022, to the best of my knowledge and belief, there have been no contraventions of the auditor independence requirements of the Corporations Act 2001 or any applicable code of professional conduct.

 

 

PKF Perth

 

Shane Cross

Partner

 

15 March 2023

West Perth,

Western Australia

 

 

Level 4, 35 Havelock Street, West Perth, WA 6005

PO Box 609, West Perth, WA 6872                                             

T: +61 8 9426 8999  F: +61 8 9426 8900  www.pkfperth.com.au

 

PKF Perth is a member firm of the PKF International Limited family of legally independent firms and does not accept any responsibility or liability for the actions or inactions of any individual member or correspondent firm or firms.

 

Liability limited by a scheme approved under Professional Standards Legislation.

 

 

CONDENSED CONSOLIDATED STATEMENT OF PROFIT OR LOSS

AND OTHER COMPREHENSIVE INCOME

 

	Note	31 December 2022	31 December 2021
		$	$
Revenue	6(a)	690,820	-
Cost of sales	6(b)	(2,380,919)	-
Gross Profit		(1,690,099)	-
Exploration expenditure		(385,788)	(493,111)
Care and maintenance expenditure	6(c)	-	(187,908)
Administration expense	6(d)	(1,251,915)	(1,150,753)
Expected credit losses expense	7	(22,712)	(238,514)
Share-based payments expense	17	(84,094)	(19,489)
Other expenses	6(e)	(3,689)	(15,912)
Results from Operating Activities		(3,438,297)	(2,105,687)
Finance income	6(f)	158	189
Finance costs	6(g)	(180,650)	(123,466)
Net foreign exchange loss	6(h)	(56,024)	(6,232)
Net Finance Costs		(236,516)	(129,509)
Loss Before Tax from Continuing Operations		(3,674,813)	(2,235,196)
Income tax expense		-	-
Loss for the Period from Continuing Operations		(3,674,813)	(2,235,196)
Profit after tax for the period from discontinued operations		-	-
Loss for the Period		(3,674,813)	(2,235,196)
Other Comprehensive Income
Items that may be reclassified subsequently to profit or loss
Foreign exchange differences on translation of foreign operations		74,357	129,406
Other Comprehensive Income for the Period, Net of Income Tax		74,357	129,406
Total Comprehensive Loss for the Period		(3,600,456)	(2,105,790)
Loss per Share from Continuing and Discontinued Operations
Basic loss per share (cents per share)		(0.04)	(0.04)
Diluted loss per share (cents per share)		(0.04)	(0.04)

 

The above Condensed Consolidated Statement of Profit or Loss and Other Comprehensive Income is to be read in conjunction with the accompanying notes.

 

 

 

 

	Note	31 December 2022	30 June 2022
		$	$
Assets
Cash and cash equivalents		1,364,423	4,838,459
Trade and other receivables	7	477,906	127,058
Prepayments		10,454	15,617
Inventories		99,107	387,685
Investments	8	69,185	69,185
Total Current Assets		2,021,075	5,438,004
Development assets	9	20,540,522	20,310,614
Plant and equipment		28,105	29,830
Total Non-Current Assets		20,568,627	20,340,444
Total Assets		22,589,702	25,778,448
Liabilities
Trade and other payables	10	889,566	1,729,185
Employee benefits	11	195,717	180,827
Borrowings	12	650,878	451,355
Total Current Liabilities		1,736,161	2,361,367
Provisions	11	9,125,394	8,833,483
Total Non-Current Liabilities		9,125,394	8,833,483
Total Liabilities		10,861,555	11,194,850
Net Assets		11,728,147	14,583,598
Equity
Issued capital	16	192,817,143	192,181,384
Reserves		7,982,467	7,798,864
Accumulated losses		(189,071,463)	(185,396,650)
Total Equity		11,728,147	14,583,598

 

 

The above Condensed Consolidated Statement of Financial Position is to be read in conjunction with the accompanying notes.

 

 

 

 

		Attributable to Owners of the Company
		Issued Capital	Share-Based Payments Reserve	Foreign Currency Translation Reserve	Accumulated Losses	Total Equity
	Note	$	$	$	$	$
Balance at 1 July 2022		192,181,384	221,321	7,577,543	(185,396,650)	14,583,598
Total Comprehensive Income/(Loss)
Loss for the period		-	-	-	(3,674,813)	(3,674,813)
Other Comprehensive Income
Foreign currency translation differences		-	-	74,357	-	74,357
Total Other Comprehensive Income		-	-	74,357	-	74,357
Total Comprehensive Income/(Loss) for the Period		-	-	74,357	(3,674,813)	(3,600,456)
Transactions with Owners of the Company
Contributions and Distributions
Shares issued	16	608,378	-	-	-	608,378
Capital raising costs (1)	16	27,381	-	-	-	27,381
Share-based payment transactions	17	-	109,246	-	-	109,246
Total Transactions with Owners of the Company		635,759	109,246	-	-	745,005
Balance at 31 December 2022		192,817,143	330,567	7,651,900	(189,071,463)	11,728,147
Balance at 1 July 2021		185,355,925	-	7,096,752	(183,469,774)	8,982,903
Total Comprehensive Income/(Loss)
Loss after tax for the period		-	-	-	(2,235,196)	(2,235,196)
Other Comprehensive Income
Foreign currency translation differences		-	-	129,406	-	129,406
Total Other Comprehensive Income		-	-	129,406	-	129,406
Total Comprehensive Income/(Loss) for the Period		-	-	129,406	(2,235,196)	(2,105,790)
Transactions with Owners of the Company
Contributions and Distributions
Shares issued for cash		1,485,195	-	-	-	1,485,195
Capital raising costs (1)		(384,845)	-	-	-	(384,845)
Share-based payment transactions	17	19,489	53,133	-	-	72,622
Total Transactions with Owners of the Company		1,119,839	53,133	-	-	1,172,972
Balance at 31 December 2021		186,475,764	53,133	7,226,158	(185,704,970)	8,050,085

 

⁽¹⁾        Capital raising costs include cash payments and the fair value of options granted to the underwriter.

 

The above Condensed Consolidated Statement of Changes in Equity is to be read in conjunction with the accompanying notes.

 

	31 December 2022 $	31 December 2021 $
Cash Flows from Operating Activities
Cash receipts from customers	467,308	-
Recovery of prior period operating costs	52,539	510,644
Payments to suppliers and employees	(3,771,568)	(1,543,727)
Repayment of JPDA 06-103 PSC termination penalty	(372,523)	(348,481)
Cash outflows from operations	(3,624,244)	(1,381,564)
Payments for exploration and evaluation expenses	(442,433)	(349,347)
Interest received	158	189
Interest paid	(4,790)	(3,931)
Net Cash Used in Operating Activities	(4,071,309)	(1,734,653)
Cash Flows from Investing Activities
Payment for deposit for Cambay Acquisition (paid to bank guarantee and later called upon by GSPC)	-	(2,903,141)
Payments for capitalised exploration and evaluation	-	(7,352)
Acquisition of plant and equipment	-	(26,621)
Proceeds from sale of other investments	-	118,694
Net Cash Used in Investing Activities	-	(2,818,420)
Cash Flows from Financing Activities
Proceeds from issue of share capital	608,378	1,485,195
Payment for share issue costs	(106,168)	(141,361)
Proceeds from borrowings	372,523	348,481
Repayment of borrowings	(199,906)	(23,404)
Net Cash from Financing Activities	674,827	1,668,911
Net Decrease in Cash and Cash Equivalents	(3,396,482)	(2,884,162)
Cash and cash equivalents at 1 July	4,838,459	4,310,767
Effect of exchange rate fluctuations on cash held	(77,554)	(1,191)
Cash and Cash Equivalents at 31 December	1,364,423	1,425,414

 

 

The above Condensed Consolidated Statement of Cash Flows is to be read in conjunction with the accompanying note

 

 

 

1.   REPORTING ENTITY

Synergia Energy Ltd (the "Company") is a for-profit entity domiciled in Australia. The condensed consolidated interim financial report as at and for the half-year ended 31 December 2022 comprise the Company and its subsidiaries (collectively the "Group" and individually "Group Entities"). Synergia Energy Ltd is a company limited by shares incorporated in Australia whose shares are publicly traded on the Alternative Investment Market ("AIM") of the London Stock Exchange ("LSE"). The Company's shares were also recently publicly traded on the Australian Securities Exchange ("ASX") until its delisting from the ASX on 30 December 2022.

The Group is primarily involved in the exploration, evaluation, development and production of hydrocarbons.

The consolidated annual financial report of the Group as at and for the year ended 30 June 2022 is available upon request from the Company's registered office at Level 1, 11 Lucknow Place, West Perth, Western Australia 6005 or at www.synergiaenergy.com.

2.   BASIS OF PREPARATION

(a)  Presentation Currency

The condensed consolidated interim financial report is presented in Australian Dollars ("$"), unless otherwise stated.

(b) Statement of Compliance

The condensed consolidated interim financial report is a general purpose condensed financial report which has been prepared in accordance with Accounting Standard AASB 134 Interim Financial Reporting and the Corporations Act 2001, and IAS 34 Interim Financial Reporting. The condensed consolidated interim financial report does not include all of the notes and information included in an annual financial report and accordingly this report should be read in conjunction with the consolidated annual financial report of the Group as at and for the year ended 30 June 2022.

The Company is a company of the kind referred to in ASIC Corporations (Rounding in Financials/Directors' Reports) Instrument 2016/191, dated 24 March 2016, and in accordance with that Corporations Instrument amounts in the half-year financial report are rounded off to the nearest dollar, unless otherwise indicated.

This condensed consolidated interim financial report was authorised for issue by the Board of Directors on 15 March 2023.

(c)  Going Concern Basis

The Directors believe it is appropriate to prepare the consolidated financial statements on a going concern basis, which contemplates continuity of normal business activities and the realisation of assets and settlement of liabilities in the ordinary course of business.

The Group incurred a loss of $3,674,813 (half-year ended 31 December 2021: $2,235,196) and had cash outflows from operating activities of $4,071,309 (half-year ended 31 December 2021: $1,734,653). The Group concluded the half-year at 31 December 2022 with cash and cash equivalents of $1,364,423 (at 30 June 2022: $4,838,459) and had loans outstanding at period end of $650,878 (at 30 June 2022: $451,355).

On 22 February 2023, the Company announced that it entered into a convertible loan agreement with certain sophisticated and/or professional existing and new shareholders to secure a new convertible loan facility of £650,000. The convertible loan proceeds were received by the Company between 23 February 2023 and 9 March 2023 and will be used for working capital purposes.

The Group also requires further funding within the next twelve months in order to repay its loan balance, continue its exploration activities, progress the Cambay development and drilling programme, meet its ongoing administrative expenses, and for any new business opportunities that the Group may pursue.

The Directors believe that the Group will be able to secure sufficient funding to meet the requirements to continue as a going concern, due to its history of previous capital raisings, acknowledging that the structure and timing of any capital raising is dependent upon investor support, prevailing capital markets, shareholder participation, oil and gas prices and the outcome of planned exploration and evaluation activities, which creates uncertainty.

The Directors consider the going concern basis of preparation to be appropriate based on its forecast cash flows for the next twelve months and that the Group will be in a position to continue to meet its minimum administrative, evaluation and development expenditures and commitments for at least twelve months from the date of this report.

If further funds are not able to be raised or realised, then it may be necessary for the Group to sell or farmout its exploration and development assets and to reduce discretionary administrative expenditure.

The ability of the Group to achieve its forecast cash flows, particularly the raising of additional funds, represents a material uncertainty that may cast significant doubt about whether the Group can continue as a going concern, in which case it may not be able to realise its assets and extinguish its liabilities in the normal course of business and at the stated amounts in the financial statements.

3.   SIGNIFICANT ACCOUNTING POLICIES

The accounting policies applied by the Group in this condensed consolidated interim financial report are the same as those applied by the Group in its consolidated financial report as at and for the year ended 30 June 2022.

New or Amended Accounting Standards and Interpretations Adopted

The Group has adopted all of the new or amended Accounting Standards and Interpretations issued by the Australian Accounting Standards Board ("AASB") that are mandatory for the current reporting period.

Any new or amended accounting standards, interpretations and other accounting pronouncements that are not yet mandatory have not been early adopted.

4.   ESTIMATES AND JUDGEMENTS

The preparation of a condensed consolidated interim financial report requires management to make judgements, estimates and assumptions that affect the application of accounting policies and the reported amounts of assets and liabilities, income and expense. Actual results may differ from these estimates.

In preparing this condensed consolidated interim financial report, the significant judgements made by management in applying the Group's accounting policies and the key sources of estimation uncertainty were the same as those that applied to the consolidated financial report as at and for the year ended 30 June 2022.