NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS 
 
NOTE 28 – CONTINGENT ASSETS AND LIABILITIES 
 
At the date of signing this report, the Group is not aware of any contingent assets or liabilities that should be 
recognised or disclosed in accordance with AASB 137 /IFRS 37  – Provisions, Contingent Liabilities and Contingent 
Assets. 
 
NOTE 29 – OPERATING SEGMENTS 
 
The Company’s strategic focus is the exploration, development and production of large, repeatable onshore resource 
plays in North America, which is the Company’s only major line of business and only major geographic area of 
operations. All of the basins and/or formations in which the Company operates have common operational 
characteristics, challenges and economic characteristics.  As such, Management has determined, based upon the 
reports reviewed and used to make strategic decisions  by the Chief Operating Decision Maker (“CODM”) , whom is 
the Company’s Managing Director and Chief Executive Officer, that the Company has one reportable segment being 
oil and natural gas exploration and production in North America.  
    
The CODM reviews i nternal management reports on a monthly basis that are consistent with the information 
provided in the statement of profit or loss and other comprehensive income, statement of financial position and 
statement of cash flows.  As a result no reconciliation i s required, because the information as presented is used by 
the CODM to make strategic decisions. 
 
Geographic Information 
The operations of the Group are located in only one geographic location, North  America.  All revenue is generated 
from sales to customers located in North America. 
 
Revenue from one  major customer exceeded 10 percent of Group consolidated revenue for  the year ended 31 
December 2014 and accounted for 65 percent  (2013: four major customers accounted for 47  percent, 15 percent, 
10 percent and 10 percent) of our consolidated oil, natural gas and NGL revenues. 
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