Going Concern Basis. The Directors believe it is appropriate to prepare the consolidated financial statements on a going concern basis, which contemplates the realisation of assets and settlement of liabilities in the normal course of business. The Group has incurred a loss of $3,752,611, and had cash outflows from operating and investing activities of $5,845,794 and $3,900,942 respectively. As at 30 June 2014, the Group's current assets exceeded current liabilities by $9,626,105 and the Group has cash and cash equivalents of $7,455,572. The Group will continue to manage its expenditure to ensure that it has sufficient cash reserves for at least the next twelve months. The Group will require funds within the next twelve months in order to meet planned expenditures for its projects, and for any new business opportunities that the Group may acquire, noting that the timing and amount of discretionary expenditures may be able to be varied if required, although certain commitments exist in the medium term as per note 26. After the end of the financial year, the Company completed a placement on the AIM register, raising $1,995,188 after expenses. An additional 7,208,078 shares at $0.15 per share were issued upon conversion of listed options to ordinary shares (raising $1,081,194 before expenses). The net proceeds from these capital raisings will assist to fund activities at its Cambay project in India. In addition the capital raising will assist in funding the proposed low level work programme in the Canning Basin in Western Australia and general working capital requirements. In the opinion of the Directors, the Company has adequate plans in place to ensure that its funding requirements in the foreseeable future can be met and that the Group will be in a position to continue to meet its minimum administrative, evaluation and development expenditures 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 to sell or farmout some assets and further reduce exploration, evaluation and administrative expenditures. NOTE 3 – SIGNIFICANT ACCOUNTING POLICIES The accounting policies set out below have been applied consistently to all periods presented in these consolidated financial statements and have been applied consistently by Group entities, except as explained in note 2(e) which addresses any changes in accounting policies.
