text: **g) Foreign Currency Transactions and Balances**
  
  **Functional and presentation currency**
  Both the functional currency and the presentation currency of the Group is US dollars. Some subsidiaries have 
  Australian dollar functional currencies which are translated to the presentation currency. All operations of the Group 
  are incurred at subsidiaries where the functional currency is the US dollar as all oil and gas properties are located in 
  North America. 
  
  **Transactions and Balances**
  Foreign currency transactions are translated into the functional currency using the exchange rates prevailing at the 
  date of the transaction. Foreign currency monetary items are translated at the year-end exchange rate. Non- 
  monetary items measured at historical cost continue to be carried at the exchange rate at the date of the transaction. 
  Non-monetary items measured at fair value are reported at the exchange rate at the date when fair values were 
  determined. 