27STATEMENT OF PROFIT OR LOSS AND OTHER COMPREHENSIVE INCOME

Consolidated

Note 2013$

2012$

Net sales oil & gas sales 111,231 -

Interest income 165,722 353,794

Gain on sale of NSW exploration assets 265,322 -

Gain / (loss) on sale of financial assets held at fair value through profit

and loss

254,616 (173,550)

Foreign exchange gains 26,477 -

Total Income 823,368 180,244

Exploration and evaluation expenditure written off 11 (177,326) (235,670)

Directors’ fees (130,792) (79,526)

Employee benefit expenses 5 (1,774,212) (501,374)

Professional and consulting fees (702,897) (721,977)

Auditor’s remuneration 23 (57,245) (59,300)

Depreciation and amortisation (223,090) (45,884)

Lease of office (net) (194,705) (150,365)

Legal expenses (53,246) (127,044)

General insurance expenses (46,315) (41,400)

Travel expenses (273,190) (65,623)

Share based payment expenses (297,072) -

Share of loss from associate accounted for using the equity method (231,381) -

Impairment loss on inventories (66,095) (45,177)

Impairment loss on Erath gas assets 3 (3,138,235) -

Other operating expenses (390,340) (195,878)

Total Expenses (7,756,141) (2,269,218)

Loss before income tax (6,932,773) (2,088,974)

Income tax expense 6 - -

Net loss after tax attributable to members of Petrel Energy Limited (6,932,773) (2,088,974)

Other comprehensive income -

Foreign currency translation 282,141 -

Total comprehensive income for the year (6,650,632) (2,088,974)

Loss per share from continuing operations attributable to the

ordinary equity holders of the Company: Cents Cents

Basic loss per share 25 (2.33) (1.01)

Diluted loss per share 25 (2.33) (1.01)

For the year ended 30 June 2013

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