NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS 
 
NOTE 2 – BUSINESS COMBINATIONS 
Acquisitions in 2014 
There were no business acquisitions for the year ended 31 December 2014.  
 
Acquisition in 2013 
On 8 March 2013, the Company acquired 100% of the outstanding shares of Texon Petroleum Ltd ("Texon", whose 
name was changed to Armadillo Petroleum Ltd), an Australian corporation with oil and gas assets in the Eagle Ford 
formation in the United States. Th e Company acquired Texon to gain access to its existing production and drilling 
inventory in the Eagle Ford formation. As consideration for substantially all of the net assets of Texon, the Company 
issued 122.7 million ordinary shares (approximately 30.6% of the total outstanding shares immediately subsequent 
to the acquisition), which had a fair value of $132.1 million on the acquisition date and net cash consideration of 
$26.3 million for a total purchase price of $158.4 million. The net cash consideratio n includes a $141.0 million pre -
merger purchase by the Company of certain Texon oil and gas properties, offset by $114.7 million of cash acquired 
at the time of the merger. The current income tax liability, included in accrued expenses, and deferred tax li ability 
of $33.4 million and $16.9 million, respectively, are comprised of tax liabilities assumed as at the acquisition date 
and an increase in the tax liability related to the incremental acquisition date fair value of the acquired development 
and production and exploration and evaluation assets as compared to Texon's historical basis.  
 
The following table reflects the final adjusted assets acquired and the liabilities assumed at their fair value or 
otherwise where specified by AASB 3/IFRS 3 – Business Combinations (in thousands): 
 
Fair value of assets acquired:  
Trade and other receivables $      5,604 
Other current assets 456 
Development and production assets 53,937 
Exploration and evaluation assets 150,474 
Prepaid drilling and completion costs 3,027 
Amount attributable to assets acquired 213,498 
Fair value of liabilities assumed:    
Trade and other payables 119 
Accrued expenses 37,816 
Restoration provision 277 
Deferred tax liabilities 16,884 
Amount attributable to liabilities assumed 55,096 
Net assets acquired $ 158,402 
  
Purchase price:  
Cash and cash equivalents, net of cash acquired $   26,310 
Issued capital 132,092 
Total consideration paid $ 158,402 
 
The net assets recognized in the 31 December 2013 financial statements were based on a provisional assessment 
of their fair value.
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