NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS 
 
NOTE 35 – DEED OF CROSS GUARANTEE 
 
Pursuant to Class Order 98/1418, the wholly -owned subsidiary, Armadillo Petroleum Limited (“APL”), is relieved 
from the Corporations Act 2001 requirements for preparation, audit and lodgement of its financial reports.  
 
As a condition of the Class Order, SEAL and APL (“the Closed Group”) have entered into a Deed of Cross Guarantee 
(“Deed”).  The effect of the Deed is that SEAL has guaranteed to pay any deficiency in the event of the winding up of 
APL under certain provision of the Corporations Act 2001.  APL has also given a similar guarantee in the event that 
SEAL is wound up. 
 
Set out below is a consolidated statement of profit or loss and other comprehensive income and retained earnings 
of the Closed Group: 
 
 
Year ended 31 December 
2014 
US$’000  
2013 
US$’000 
   
Profit / (loss) before income tax              7,764             (1,497) 
   
Income tax (expense)/benefit           (324)          1,780 
   
Profit attributable to members of SEAL         7,440             283 
   
Total comprehensive loss attributable to members of SEAL      (2,813)     (18,924) 
   
Retained earnings at 1 January         1,132             849 
Retained earnings at 31 December         8,572          1,132 
 
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