Investor Presentaiton
Armour Energy and controlled entities
Financial report continued
Notes to the consolidated financial statements continued
NOTE 15. CURRENT ASSETS - NON-CURRENT ASSETS CLASSIFIED AS
HELD FOR SALE
NOTE 17. NON-CURRENT ASSETS - EXPLORATION AND EVALUATION
ASSETS
armourenergy.com.au
or personal use only,
Refer to note 28 for further information on financial risk management.
ACCOUNTING POLICY FOR TRADE AND OTHER PAYABLES
These amounts represent financial liabilities for goods and services provided to the Group prior to the end of the financial year and
which are unpaid.
Financial liabilities are carried at amortised cost and are initially measured at fair value including transaction costs. They are
subsequently measured at amortised cost using the effective interest rate method.
Movements in the provision for impairment amounts
Balance at the beginning of the year
Provisions raised
(6,790,424)
(720,491)
(6,745,271)
(45,153)
(7,510,915)
(6,790,424)
Consolidated
30 June
2020
$
30 June
2019
$
Trade payables
Other payables
Other tax liabilities
GST payable
Accrued expenses
Consolidated
30 June
30 June
Movements in carrying amounts
2020
$
2019
Balance at the beginning of the year
49,276,740
$
Additions
2,270,311
48,903,126
802,021
3,547,686
600,656
24,539
182,775
2,250,069
6,605,725
2,613,838
Government grants relating to Exploration and Evaluation assets
Farm-in agreement proceeds*
(617,281)
(311,925)
(15,000,000)
Exploration expenditure written off
(71,329)
33,827
114,576
Provision for impairment
(720,491)
(45,153)
1,378,071
4,140,312
35,209,279
49,276,740
The Group has entered into an agreement with Australia Pacific LNG to sell them a 10% stake in Petroleum Lease 1084
(Murrungama). A $0.5 million deposit was received by the Group in June 2020. This deposit is refundable to Australia Pacific LNG
should completion not occur within 6 months. The deposit is sitting in Other payables (see Note 16).
NOTE 16. CURRENT LIABILITIES - TRADE AND OTHER PAYABLES
Consolidated
30 June
2020
$
30 June
2019
$
35,209,279
49,276,740
10% Interest in Murrungama PL1084
44,581
Exploration and evaluation assets
Less: Accumulated impairment
42,720,194
(7,510,915)
56,067,164
(6,790,424)
Consolidated
30 June
30 June
2020
$
2019
$
Consolidated
30 June
2020
$
$
30 June
2019
80
Details on how the fair value of financial instruments is determined are disclosed in note 27.
Trade payables are non-interest bearing and are generally on 30-60 days terms. Due to their short-term nature trade and other
payables are not discounted.
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