(MENAFN- ABN Newswire) Perth Mar 31 2016 AEST (ABN Newswire) - ADX Energy Limited (ASX:ADX) (OTCMKTS:ADXRF) are pleased to provide the Company's Annual Report for 31 December 2015.
Principal Activity
The principal activities of the Group during the year were oil and gas exploration. There were no significant changes in the nature of the principal activities during the year.
Operations review
Refer to the Operations Review in the link below.
Change in Accounting Policy - Exploration and Evaluation Expenditure
Exploration expenditure of $1248727 was expensed to the income statement this year following a voluntary change in the Company's accounting policy. Under the new policy exploration and evaluation expenditure is charged to the profit and loss account as incurred. Comparative information has been restated.
Summary of Financial Position Asset Transactions and Corporate Activities
A summary of key financial indicators for the Group with prior year comparison is set out in the link below.
SIGNIFICANT CHANGES IN THE STATE OF AFFAIRS
Significant changes in the state of affairs of the Company during the financial year are detailed in the Operations Report and Financial Summary in this report refer to link below.
FUTURE DEVELOPMENTS
The Company intends to continue its exploration programme on its existing permits and to acquire further suitable permits for exploration and development. Additional comments on likely developments are included in the Operations Report.
To view the full report please visit:
http://abnnewswire.net/lnk/M6Y532BQ
About ADX Energy Limited
ADX Energy Limited's (ASX:ADX) (OTCMKTS:ADXRF) is an Australian Stock Exchange (ASX) listed oil and gas exploration and appraisal company. ADX operates four oil and gas permits in North Africa and Europe together with gold and base metal interests in Australia held via its stake in ASX listed Riedel Resources (RIE). The company is headquartered in Perth Western Australia with additional offices operating out of Baden (Austria) Tunis (Tunisia) and Bucharest (Romania).
ADX Energy’s vision is to achieve superior shareholder returns through better investment choices by applying state of the art technology and high quality management. ADX strives to achieve exponential growth based on a strategy of early entry to high impact exploration opportunities in proven oil and gas basins.
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