Note 25. Parent entity information (continued) Statement of financial position 30-June-23 $ 30-June-22 $ Total current assets 25,585,145 21,076,442 Total assets 47,529,981 34,637,322 Total current liabilities 2,311,412 4,524,076 Total liabilities 2,311,412 4,524,298 Equity Issued capital 320,473,026 303,177,819 Share-based payment reserve 404,684 1,453,859 Financial assets at fair value through other comprehensive income reserve – – Accumulated losses (275,659,141) (274,518,654) Total equity 45,218,569 30,113,024 Guarantees entered into by the parent entity in relation to the debts of its subsidiaries The parent entity had no guarantees in relation to the debts of its subsidiaries as at 30 June 2023 and 30 June 2022. Contingent liabilities As at 30 June 2023 the parent entity has a contingent liability of US$225,000 to a third party related to the sale of permit WA-488-P should EOG Australia complete the drilling of an exploration well (currently advised to be drilled in 2024 or 2025) in that permit area. Future additional payments would be owed to this third party related to any future contingent cash and royalty payments the Consolidated Entity may receive. As at 30 June 2022 the parent entity had no contingent liabilities other than that referred to in the paragraph above. Capital commitments Refer Note 23 to the financial statements for the details of the exploration commitments. The parent entity had no other capital commitments for property, plant and equipment as at 30 June 2023 and 30 June 2022. Significant accounting policies The accounting policies of the parent entity are consistent with those of the Consolidated Entity, as disclosed in Note 2, except for the following: – Investments in subsidiaries are accounted for at cost, less any impairment, in the parent entity. – Dividends received from subsidiaries are recognised as other income by the parent entity and its receipt may be an indicator of an impairment of the investment. Notes to the Consolidated Financial Statements for the year ended 30 June 2023 60 Melbana Energy Limited Annual Report 2023
RkJQdWJsaXNoZXIy MjE2NDg3