Microsoft Word - RAW ANNUAL REPORT 2015 FormattedV4.3 signed

Attn. Company Announcements Office

Australian Securities Exchange

Rawson Resources Limited ABN 69 082 752 985

Annual Report for the year ended 30 June 2015

30 September 2015

2015	2014	Movement
$'000s	$'000	%

Results for Announcement to the Market

Revenues from ordinary activities	33	206	(84)
Loss before income tax	(902)	(3,424)	74
Income Tax	-	(176)	100
Loss attributable to Owners of Company	(902)	(3,600)	75
Other comprehensive income attributable to Owners of the Company	(3)	1,524	(100)
Total comprehensive income attributable to Owners of the Company	(905)	(2,076)	56
Cash and cash equivalents	1,249	888	41
Net Assets	3,582	4,388	(18)
Net Tangible Assets per share (NTA backing)	Cents 3.7	Cents 5.0	(26)
Loss per share-basic and diluted	(0.9)	(3.9)	77

No final or interim dividends were declared or paid.

Refer to the attached Appendix 4G and Annual Report for any explanation, discussion and analysis relating to the figures reported above, the results or any other items of importance.

Rawson Resources Limited ABN 69 082 752 985 GPO Box 3374, Sydney NSW 2001

Rules 4.7.3 and 4.10.31

Appendix 4G

Key to Disclosures

Corporate Governance Council Principles and Recommendations

Name of entity

Rawson Resources Limited

ABN Financial year ended

69 082 752 985

30 June 2015

Our corporate governance statement2 for the above period above can be found at:3

these pages of our annual report: 61 to 71

this URL on our website: http://www.rawsonresources.com/irm/content/corporate‐governance.aspx?RID=280

The Corporate Governance Statement is accurate and up to date as at 29 September 2015 and has been approved by the board.

The annexure includes a key to where our corporate governance disclosures can be located. Date here: 30 September 2015

Sign here: Keith Taylor

Joint Company Secretary

1 Under Listing Rule 4.7.3, an entity must lodge with ASX a completed Appendix 4G at the same time as it lodges its annual report with ASX.

Listing Rule 4.10.3 requires an entity that is included in the official list as an ASX Listing to The corporate governance statement must disclose the extent to which the entity has followed the recommendations set by the ASX Corporate Governance Council during the reporting period. If the entity has not followed a recommendation for any part of the reporting period, its corporate governance statement must separately identify that recommendation and the period during which it was not followed and state its reasons for not following the recommendation and what (if any) alternative governance practices it adopted in lieu of the recommendation during that period.

Under Listing Rule 4.7.4, if an entity chooses to include its corporate governance statement on its website rather than in its annual report, it must lodge a copy of the corporate governance statement with ASX at the same time as it lodges its annual report with ASX. The corporate governance statement must be current as at the effective date specified in that statement for the purposes of rule 4.10.3.

2 'Corporate governance statement' is defined in Listing Rule 19.12 to mean the statement referred to in Listing Rule 4.10.3 which discloses the extent to which an entity has followed the recommendations set by the ASX Corporate Governance Council during a particular reporting period.

3 Mark whichever option is correct and then complete the page number(s) of the annual report, or the URL of the web page, where the entity's corporate governance statement can be found.

RAWSON RESOURCES LIMITED ABN 69 082 752 985

and its controlled entities

ANNUAL REPORT FOR THE YEAR ENDED 30 JUNE 2015

Rawson Resources Limited ABN 69 082 752 985

2015 Annual Report

CONTENTS

Page

Chairman's letter 1

Activity report 3

Directors' Report 5

Auditor's independence declaration 13

Independent auditor's report 14

Directors' declaration 16

Annual financial statements

Consolidated statement of profit and loss and other comprehensive income 17

Consolidated statement of financial position 18

Consolidated statement of changes in equity 19

Consolidated statement of cash flows 20

Notes to the financial statements 21

Additional securities exchange information 51

Corporate governance statement 59

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Chairman's Letter

Dear Shareholder,

This financial year has been a year of strategic review of opportunities for Rawson Resources. In 2015, we delivered on our corporate strategy by decreasing our expenditure by over 50% and working on building value of existing assets despite difficult market conditions prevailing in the second half of the Financial Year. The Board has focussed its energies on an extensive asset review and overall strategic direction for the Company in years to come.

Existing Assets

Udacha

Our Udacha block spearheads our transition to become an oil and gas producer. During the year the operator has completed the design and contracting of the long lead items and rig for completing the planned work over and stimulation in advance of tying back into production.

Otway Blocks

The Company's 100% interest in Otway Energy allows Rawson to control the activity in these prospective blocks. These assets have successfully been suspended for the 12 months from the beginning of July this year due to poor market conditions. These assets were independently valued at between $6.5 and $15.4 million in 2013. We have been working hard to secure partners to help fund future drilling on these licences and continue to seek both conventional and alternative solutions on these blocks.

Purchase of Killanoola

The Company's purchase of the Killanoola oil field was unwound during the year. This was due to Rawson not receiving governmental approval in respect of well abandonment costs from the South Australian regulator. The purchase price was fully refunded.

RESERVES/RESOURCE STATEMENT

Table 1. Petroleum reserves, reported as 100% of field area.

Licence	RAW interest	Field	Fluid	1P	2P	3P
PRL 26	10%	Udacha	Sales Gas (PJ)	1.2	3.1	6.8
Condensate (kbbl)	23.4	61.9	136.5

Table 2. Prospective resources, reported as 100% of field/prospect area.

Licence	RAW interest	Prospect	Fluid	1P	2P	3P
PEL154	100%	Benara	Gas (Bcf)	11.7	24.9	53.8
Benara East	Gas (Bcf)	6.1	15.0	30.8
PEL155	100%	Nangwarry	Gas (Bcf)	19.3	33.1	54.3
55%	South Salamander	Gas (Bcf)	7.1	19.4	44.3
PRL26	10%	Lowry	Gas (Bcf)	2.0	4.7	10.3

THE BOARD

During the year Paul Adams retired from the board and no replacement was made. The remaining three members have reviewed several options for securing the growth of the company during the 2015 financial year, before deciding on the new strategy of exploring Papua New Guinea (PNG) for oil and gas in late July 2015.

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THE FUTURE

This coming year the company will remain fiscally constrained whilst seeking further opportunities, primarily in PNG.

We will continue to assess opportunities in both PNG and Australia to maximise our exploration and production potential.

As our operational activities commence in PNG the board and management look forward to providing details to you.

Production of gas from the Udacha asset in the Cooper Basin is anticipated and will provide Rawson with a potential cash flow that will provide a base from which the company can grow its exploration portfolio.

I would like to thank my fellow Directors and staff for their efforts this year and would like to personally thank Paul Adams who retired from the Board this year, and Simon Bird who resigned his position as Chairman in July 2015. The Company recognises the valuable contribution of Dr Scott Brownlaw as the Chief Executive Officer up until his resignation in July 2015 and Richard Holstein who resigned as Company Secretary in August 2015. The Board is also pleased to welcome the joint Company Secretaries Keith Taylor and Sarah Potter, both of whom have a depth of knowledge that will support the Company moving forward.

Finally I would like to thank the shareholders for their ongoing support during this challenging period and the Board remains focused on fiscal constraint and is excited by opportunities being opened through the shift in exploration strategy into PNG.

Allister Richardson

Chairman

29 September 2015

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Activity Report

Rawson Resources has continued to transition over the past year. We have focused our attention on reducing costs where possible whist exploring options for the Otway Basin and in the Cooper Basin through our interest in the Udacha gas field.

RESERVES AND RESOURCES

We are delighted that PRL 26 (Udacha) assets have defined reserves, with a 2P reserve of 59,490 barrels of oil equivalent net to Rawson.

Table 3. Total 2P reserves, Udacha (PRL 26) licence, Cooper Basin, South Australia, reported as 100%.

Reserves	2P
Udacha ‐ Gas Udacha ‐ Condensate	533,000 61,900
Total (boe)	594,900

Our exploration blocks in Otway Basin and the exploration upside potential in our Udacha block have a Best Estimate Prospective Resources of over 16 million barrels of oil equivalent.

Table 4. Total 2P Prospective Resources, reported as 100%.

Prospective Resources	Best Estimate
Otway Basin Cooper Basin	16,847,000 85,700
Total (boe)	16,932,700

A discovery in our Otway Basin Exploration licences will allow the Company to upgrade Prospective Resources and book Contingent Resources prior to further appraisal.

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OTWAY BASIN FOCUS

The onshore Otway Basin in South Australia in 2014 became the focus of renewed exploration interest. The exploration drilling in adjacent permits has seen a new deep gas play identified in the Pretty Hill Formation which continues to be evaluated. This play type has the potential to greatly enhance the prospectivity in our blocks because PEL 155 is located over the Penola Trough and PEL 154 over the St Claire Trough.

The previously identified prospects and leads for the mature Pretty Hill Formation gas play, which typifies the Katnook gas field accumulations, remain our primary focus in the Otway Blocks.

However, we have reviewed seismic coverage over our blocks to better understand the new deep gas play and from this we have undertaken a 2D seismic reprocessing study to tie our blocks to the recent drilling. We are also considering a larger 3D seismic reprocessing and merging program to further de‐risk our prospects and mature our leads, optimise well locations and identify deeper targets.

If drilling in the Otway Basin leads to a commercial gas discovery, a monetisation pathway could see gas produced through the nearby Katnook gas processing facility.

COOPER BASIN

Our Joint Venture in the PRL 26 (Udacha) block, Cooper Basin, with Beach Energy (15% and operator) and Drillsearch (75%), has approved the FY2016 Work Program and Budget, which includes the work‐over/stimulation and connection of the Udacha‐1 well.

FUNDING

Our current work commitments are funded from our cash reserves, including the Udacha gas field work‐over and connection. Future additional funding to progress other oil field developments could come from additional equity, farm‐outs or a combination of these.

THE FUTURE

We have already identified a number of important new assets that fit our current strategy and we will target these to grow the Company.

We will remain focused on cost management as we continue to assess our technical and corporate needs as the Company continues to transform and we are confident that we will soon become an oil and gas producer and as well as explorer.

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Directors' report

The Directors of Rawson Resources Limited submit herewith the annual report of the Company for the financial year ended 30 June 2015. In order to comply with the provisions of the Corporations Act 2001, the Directors report as follows:

Information about the Directors

The names and particulars of the Directors of the Company during and since the end of the financial year are:

Mr. Allister Richardson Appointed 23 August 2013.

Mr. Richardson was appointed Chairman on 15 July 2015.

Mr. Richardson has Masters of Science (Geophysics) and Masters of Business Administration (Technology Management) degrees and is a member of the Petroleum Exploration Society of Australia.

He is a geophysicist with over 18 years of experience in the oil and gas industry. He has been an independent Consultant with experience in operational, asset and commercial management and has worked extensively in PNG, North Africa, Middle East, Australia and New Zealand.

Mr. Richardson has also held senior positions providing strategic input to several private oil and gas companies. He has also held a variety of senior technical and management roles at Oil Search Ltd.

Mr. Simon G. B. Bird Appointed 26 July 2013

Mr. Bird resigned as Chairman of Rawson Resources Limited on 15 July 2015 but continues as a Director.

Mr. Bird is a Fellow of the Australian Institute of Company Directors (FAICD) and Fellow of CPA Australia (FCPA).

Mr. Bird is an accomplished senior executive and company director with over 30 years experience

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in Africa, Europe and Australia. His career includes time in the resources, financial services, property, infrastructure and agricultural sectors. Executive positions include Chief Executive Officer at King Island Scheelite Limited and Chief Financial Officer roles at Stockland Limited, GrainCorp Limited and Wizard Mortgage Corporation and senior roles at BNP Paribas, Ampolex and Investec.

Mr. Bird is currently a director of ASX listed companies Mount Gibson Iron Limited (since February 2012), Pacific American Coal Limited (since July 2010) and Sovereign Gold Company Limited (since 2015). His former public company directorships include CPA Australia Limited and Kosciusko Alpine Club Limited.

Mr. Richard D. Ash Appointed 14 December 2012

Mr. Ash is a Chartered Accountant and has a Bachelor of Economics degree with more than 25 years of experience in funds management and finance in Australia and Asia. Prior to forming AAP Capital, Mr. Ash was a Managing Director, Head of Asset Finance for Developed Asia and a member of the Australian executive team for Nomura Australia. He has also worked at Westpac, Macquarie Bank and KPMG.

Mr N Paul Adams Resigned 31 July 2014

Except as noted, the named persons held their current position for the whole of the financial year and since the end of the financial year.

Directorships of other listed companies

Directorships of other listed companies held by Directors in the 3 years immediately before the end of the financial year are included in Information about Directors above.

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Directors' shareholdings

The following table sets out each Director's relevant interest in shares of the Company as at the date of this report:

Directors	Rawson Resources Limited
	Fully paid ordinary shares	Options
	Number	Number
Mr. A. Richardson	3,167,619	700,000
Mr. S. G. B. Bird	1,860,000	1,300,000
Mr. R. D. Ash	1,490,000	700,000

Remuneration of key management personnel

Information about the remuneration of key management personnel is set out in the remuneration report of this Directors' report, on pages 9 to 11. The term 'key management' personnel' refers to those persons having authority and responsibility for planning, directing and controlling the activities of the consolidated entity, directly or indirectly, including any Director (whether executive or otherwise) of the consolidated entity.

Share options granted to Directors

Share options have been granted to Directors as detailed above.

Joint Company Secretaries

Ms Sarah E Potter is currently the Financial Controller for Rawson Resources Limited and has many years of business and corporate experience; and

Mr Keith R Taylor has many years of acting as Corporate Secretary for several ASX listed companies.

Both Secretaries were appointed 11 August 2015 after the resignation of Mr. Richard Holstein.

Principal activities

The principal activity of the Consolidated Entity during the course of the financial year was exploration for oil and gas in Australia.

There were no significant changes in the nature of the Consolidated Entity's principal activity during the financial year.

Review of operations

The Consolidated Entity is currently continuing to explore for oil and gas in Australia.

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Operating results

Total comprehensive income for the financial year ended 30 June 2015 and attributable to owners of the Company was $905,097 loss (2014: $2,076,029 loss).

Changes in state of affairs

No significant changes in the state of affairs of the Consolidated Entity occurred during the financial year.

Subsequent events

There are no matters or circumstances that have arisen since the end of the financial year which significantly affect, or may significantly affect, the operations, results or state of affairs of the economic entity, other than the Company has applied for four oil and gas licences in PNG that have yet to be granted at the time of this Report, that have not otherwise been disclosed elsewhere in this report.

Future developments

The Company will continue to work on its exploration permits and review new opportunities as and when they arise. The Company has applied for some oil & gas permits in PNG but at the time of this Report they remain still in application only.

No further information is supplied in respect of likely developments, as disclosure of such information in this report may be prejudicial to the interest of the consolidated entity.

Dividends

There were no dividends or distributions paid to members since the end of the 2014 financial year.

There are no dividends or distributions recommended or declared for payment to members, for the financial year.

Indemnification of officers and auditors

During the financial year, the company paid a premium in respect of a contract insuring the directors of the company (as named above) and all executive officers of the company and of any related body corporate against a liability incurred as such a Director, Secretary or Executive Officer to the extent permitted by the Corporations Act 2001. The contract of insurance prohibits disclosure of the nature of the liability and the amount of the premium. The company has also, during or since the end of the financial year, except to the extent permitted by law, indemnified or agreed to indemnify an officer of the company or of any related body corporate against a liability incurred as such an officer or auditor.

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