Forte Energy NL
LSE : FTE

September 30, 2009 02:00 ET

Annual Financial Report 2009

                                                                                                        
                                                                                         FORTE ENERGY NL
                                                                                         ACN 009 087 852
                                                                         ASX CODE:  FTE,  AIM CODE: FTE,
                                                          Telephone: +618 9322 4071, Fax: +618 9322 4073
                                                                                                        
                                                                                                        
                                                                                               AIM Release
                                                                                         30 September 2009
                                                                                                            
ANNUAL FINANCIAL REPORT 2009
______________________________________________________________________________

Forte  Energy NL ("Forte Energy" or "The Company") (ASX:FTE, AIM:FTE) wishes to advise that it has released
its Annual Financial Report for 2009. The financial statements are presented following this announcement.

Should  you  require further information, the full report is available electronically  in  pdf  format  for
downloading from the Company's website (www.forteenergy.com.au).


For further information regarding this announcement, please call Mark Reilly.







Mark Reilly
MANAGING DIRECTOR

For further information contact:

Mark Reilly, Managing Director
Forte Energy N.L.                       Tel: +61 (0)8 9322 4071

Alastair Stratton/Tim Graham
Matrix Corporate Capital LLP            Tel: +44 (0) 203 206 7000

Conduit PR
Jos Simson/Ed Portman                   Tel: +44 (0) 207 429 6603

Stuart Laing
RFC Corporate Finance Ltd               Tel: +61 (0)8 9480 2506
(AIM Nominated Adviser to the Company)

                                              FORTE ENERGY NL
                                           (ABN 59 009 087 852)
                                                     
                                               BALANCE SHEET
                                            AS AT 30 JUNE 2009
                                                     


                                                                   Notes                 As at                   As at
                                                                                       30 June                 30 June
                                                                                          2009                    2008
                                                                                             $                       $
ASSETS                                                                                                                
Current Assets                                                                                                        
Cash and cash equivalents                                            10              6,628,394               3,653,480
Trade and other receivables                                          11                  9,226                   7,950
Prepayments                                                                             55,712                  38,227
                                                                                     6,693,332               3,699,657
Non-current assets classified as held for sale                       12              1,657,041                       -
Total Current Assets                                                                 8,350,373               3,699,657
                                                                                                                      
Non-current assets                                                                                                    
Available-for-sale investments                                       13                 24,297                  27,760
Exploration and evaluation expenditure                               14              9,564,296               4,361,305
Plant and equipment                                                  15                107,228                 144,498
Total Non-Current Assets                                                             9,695,821               4,533,563
                                                                                                                      
TOTAL ASSETS                                                                        18,046,194               8,233,220
                                                                                                                      
LIABILITIES                                                                                                           
Current Liabilities                                                                                                   
Trade and other payables                                             16              1,258,548                 816,503
Provisions                                                           17                 13,446                  62,234
                                                                                     1,271,994                 878,737
Liabilities associated with assets held for sale                     12                527,000                       -
Total Current Liabilities                                                            1,798,994                 878,737
                                                                                                                      
TOTAL LIABILITIES                                                                    1,798,994                 878,737
                                                                                                                      
NET ASSETS                                                                          16,247,200               7,354,483
                                                                                                                      
EQUITY                                                                                                                
Issued capital                                                       18             61,741,570              50,871,819
Reserves                                                             19              1,812,740               1,609,952
Accumulated losses                                                   19            (47,307,110)            (45,127,288)
                                                                                                                      
TOTAL EQUITY                                                                        16,247,200               7,354,483
                                                     
The above balance sheet should be read in conjunction with the accompanying notes.




                                              FORTE ENERGY NL
                                           (ABN 59 009 087 852)
                                                     
                                             INCOME STATEMENT
                                      FOR THE YEAR ENDED 30 JUNE 2009
                                                     
                                                     
                                                                                   2009                    2008
                                                          Notes             $                       $
                                                                                                                     
                                                                                                                     
Revenue                                                              6                 257,079                363,768
Administrative and other expenses                                    7             (2,475,376)            (1,855,798)
Settlement of Renison Bell Ltd creditors                            17                  38,475                  1,425
                                                                                                                     
Net loss before income tax                                                          (2,179,822)            (1,490,605)
Income tax expense                                                   8                       -                      -
                                                                                                                     
Net loss                                                                            (2,179,822)            (1,490,605)
                                                                                                                               
                                                                                                                               
Net loss attributable to members of the Company                                     (2,179,822)            (1,490,605)
                                                                                                                     
Loss per share (cents per share)                                                                                     
- basic loss  for  the  year  attributable to  ordinary  equity                                                      
 holders of the Company                                              9                  (0.51)                 (0.39)
- diluted  loss  for  the year attributable to ordinary  equity                                                      
 holders of the Company                                              9                  (0.51)                 (0.39)
                                                                                                                     
                                                     
The above income statement should be read in conjunction with the accompanying notes.



                                              FORTE ENERGY NL
                                           (ABN 59 009 087 852)
                                                     
                                       STATEMENT OF CHANGES IN EQUITY
                                      FOR THE YEAR ENDED 30 JUNE 2009

      
                                  Issued         Accumulated      Net unrealised     Share based     Total
                                  capital        losses           gains/(loss)       payments        equity
                                                                  reserve            reserve         
                                     $              $                $                  $               $
                                                                                                  
 At 1 July 2008                   50,871,819     (45,127,288)              4,280       1,605,672      7,354,483
 Net gain/(loss) on                                                                                              
 available-for-sale                                                                                              
 investments                               -                -            (3,463)               -         (3,463)
 Total income/(expense) for                                                                                      
 the period recognised                                                                                           
 directly in equity                        -                -            (3,463)               -         (3,463)
 Loss for the period                       -      (2,179,822)                  -               -     (2,179,822)
 Total income/(expense) for                                                                                    
 the period                                -      (2,179,822)            (3,463)               -     (2,183,285)
 Equity transactions:                                                                             
 Share-based payment                       -                -                  -         206,251        206,251
 Issue of ordinary shares         11,591,022                -                  -               -     11,591,022
 Transaction costs                 (721,271)                -                  -               -      (721,271)
 At 30 June 2009                  61,741,570     (47,307,110)                817       1,811,923     16,247,200
      
      
                                   Issued         Accumulated      Net unrealised     Share based     Total
                                   capital        losses           gains/(loss)       payments        equity
                                                                   reserve            reserve         
                                      $              $                $                  $               $
                                                                                                  
 At 1 July 2007                   48,104,178     (43,636,683)             29,352       1,372,041      5,868,888
 Net gain/(loss) on                                                                                            
 available-for-sale                                                                               
 investments                               -                -            (25,072)              -        (25,072)
 Total income/(expense) for                                                                                    
 the period recognised                                                                                         
 directly in equity                                                                                            
                                           -                -            (25,072)              -        (25,072)
 Loss for the period                       -      (1,490,605)                  -               -     (1,490,605)
 Total income/(expense) for                                                                                    
 the period                                -      (1,490,605)            (25,072)              -     (1,515,677)
 Equity transactions:                                                                             
 Share-based payment                       -                -                  -         233,631        233,631
 Issue of ordinary shares          2,953,760                -                  -               -      2,953,760
 Transaction costs                  (186,119)               -                  -               -       (186,119)
 At 30 June 2008                  50,871,819     (45,127,288)              4,280       1,605,672      7,354,483
                                                     
    The above statement of changes in equity should be read in conjunction with the accompanying notes.

                                                     
                                                     
                                              FORTE ENERGY NL
                                           (ABN 59 009 087 852)
                                                     
                                            CASH FLOW STATEMENT
                                      FOR THE YEAR ENDED 30 JUNE 2009


                                                           Notes            2009                    2008
                                                                             $                        $
                                                                                                             
Cash flows from operating activities                                                                                      
                                                                                                                      
Payments to suppliers and employees                                        (2,094,999)            (1,501,702)
Interest received                                                             246,784                340,253
                                                                                                                        
Net cash flows used in operating activities                  20            (1,848,215)            (1,161,449)
                                                                                                                      
          Cash flows from investing activities                                                               

Proceeds from sale of equipment                                                 1,091                       -
Payments for purchase of equipment                                             (8,213)              (133,755)
Payment for exploration and evaluation expenditure                         (4,588,729)            (1,636,616)
                                                                                                                       
Net cash flows used in investing activities                                (4,595,851)            (1,770,371)
                                                                                                                      
Cash flows from financing activities                                                                                     

Proceeds from issue of shares                                                9,367,732              2,749,392
Cash received pending share issue                                              328,900                      -
Transaction costs relating to issue of shares                                 (239,925)              (231,268)
                                                                                                                       
Net cash from financing activities                                           9,456,707              2,518,124
                                                                                                                         
Net (decrease)/increase in cash and cash equivalents                         3,012,641               (413,696)
Cash and cash equivalents at the beginning of the financial year                                                       
                                                                             3,653,480              4,067,176
Effects of exchange rate changes on cash and cash equivalents                                                          
                                                                              (37,727)                      -
Cash and cash equivalents at the end of financial year                                                                  
                                                             10              6,628,394              3,653,480

The above cash flow statement should be read in conjunction with the accompanying notes.

Contact Information

  • Forte Energy NL