NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS 
 
NOTE 7 – INCOME TAX EXPENSE continued  
 2014 2013 
Year ended 31 December US$’000 US$’000 
   
c) Unused tax losses and temporary differences for which   
no deferred tax asset has been recognised at 30% 2,685              170      
   
d) Deferred tax charged directly to equity:   
-         Equity raising costs 1,147              665 
-         Currency translation adjustment (268) - 
 
1) The Oklahoma US state tax jurisdiction computes income taxes on a direct accounting basis.  A significant 
portion of the 2014 impairment related to this jurisdiction resulting in a deferred tax benefit of $3,044 
creating deferred tax assets, of which $2,064 were unrecognized.   
 
2) The change in apportioned state tax rates in US controlled entities is a result of the Company disposing of 
its property in Colorado  (income tax rate of 4. 63%) (2013: North Dakota with income tax rate of 4.53%) 
through a tax deferred sale and reinvesting the property in Texas (margin tax rate of 1%).  As the Texas 
margin tax computation is similar in nature to an income tax computation, it is treated as an income tax for 
financial reporting purposes. 
 
3) This income tax benefit results from the election to consolidate certain Australian subsidiaries for income 
tax purposes effective 1 January 2014, making previously unrecognized deferred tax assets of one of these 
Australian subsidiaries available for utilization against future income of the consolidated Australian entities.  
These deferred tax assets were previously unrecognized due to the lack of evidence of future taxable 
income for these Australian subsidiaries on a stand-alone basis. 
 
NOTE 8 – KEY MANAGEMENT PERSONNEL COMPENSATION 
 
a) Names and positions held of Consolidated Group key management personnel in office at any time during 
the financial period are: 
Mr M Hannell Chairman Non-executive 
Mr E McCrady Managing Director and Chief Executive Officer 
Mr D Hannes Director – Non-executive 
Mr N Martin Director – Non-executive  
Mr W Holcombe Director – Non-executive  
Ms C Anderson Chief Financial Officer 
Ms G Ford Vice President of Exploration and Development 
 
Based on her increased responsibilities due to the Company’s growth, Ms. Ford was deemed to be a KMP 
during the 2014 fiscal year. Prior to that time, Ms. Ford was not considered to be KMP  
 
Other than Directors and Officers of the Company listed above, there are no additional key management                
personnel. 
  
- 77 -