December 2016 GPinfo Update


Data Update

 

The December 2016 data update is now available …

 

Industry Summary

 

Origin Energy intends to divest by IPO its conventional upstream business supplying Australian and NZ domestic markets

 

The Osmanli 1 exploration well was drilled to test a four-way dip closed anticlinal structure. The well targeted the Namur Sandstone …

 

Permit Updates and Changes

 

Santos has commenced the first part of its seismic acquisition program by acquiring over 1,000 km of 2D seismic as part of fulfilling the Southern Amadeus Stage 2 farmout obligation of 1,300 km …

 

Empire Oil & Gas NL has a royalty for EP 359, EP 435 and L 16 at a rate of 2.5% of net wellhead value up to an aggregate amount of $0.5m payable by Rough Range and Lansvale


 

The December 2016 GPinfo data update is now available.
 



Pitney Bowes will be closed for the Christmas break from the end of business on Wednesday 21st December, re-opening on Wednesday 4th January.

Wishing you a happy and peaceful festive season from the GPinfo team.

 

 

Industry Summary                                       

 

Company News

 

Origin Energy intends to divest by Initial Public Offering (IPO) its conventional upstream business supplying Australian and New Zealand domestic markets with the new company, dubbed NewCo, to be listed on the ASX. The new company will include Origin’s interests in the Otway Gas Project, BassGas Project, Kupe Gas Project, and the Perth, Cooper, Bonaparte and Canterbury basins. Origin will retain its interests in Australia Pacific LNG, Ironbark and the Browse and Beetaloo basins. The proposed IPO will not require Origin shareholder approval and a listing on the ASX is targeted for 2017. Origin won't keep a stake in the spun-off company, with the proceeds mainly going on reducing debt. The proposal is subject to market conditions and final board approval. (Source: Origin Energy announcement, 06/12/2016).

 

Terra Nova Energy Ltd has changed its name to Claren Energy Corp and consolidated its issued and outstanding common shares on the basis of one post-consolidation common share for four pre-consolidation common shares. The Company’s post-consolidation common shares will trade on the TSX Venture Exchange under the symbol CEN effective 14/11/2016. (Source: Terra Nova Energy announcement, 14/11/2016).

 

Armour Energy has secured a $17.5 million investment from cornerstone investor MH Carnegie and Co, part of a $40 million capital raising plan to fund the start-up of gas production from the Kincora project, the on-going development of the Queensland assets, refinancing of existing debt facilities and for general working capital purposes. The private equity fund is working with Armour to finalise terms for the placement of $35 million notes and share issue. The notes will be due for repayment in 2019. Armour’s largest shareholder DGR Global, intends to subscribe for up to $9.4 million of notes and $1 million of ordinary shares as partial repayment of the DGR bridging finance facility. Entities related to Armour directors Nick Mather and Stephen Bizzell have also committed to subscribe for a minimum of $1 million each worth of securities in the raisings, subject to shareholder approval. (Source: Armour Energy announcement, 21/11/2016).

 

Central Petroleum Ltd has filed legal action in the Supreme Court of Queensland against a Nevada-based company that claims it is owed up to $20 million from Central. A year after it first flagged legal action, Geoscience Resource Recovery LLC launched its own lawsuit in Texas, claiming it is owed a success fee for a farm-in by Total over the company’s blocks in Queensland’s Southern Georgina Basin, where two unconventional wells have been drilled. Central, which rejects all of GRR’s claims, said it was seeking a declaration that, as an Australian company which conducts its business exclusively in Australia, a court in Texas is not the proper jurisdiction. Central’s lawyers argue that the farm-in with France’s Total was organised under the current management group, and that no agreement was ever signed with GRR offering a success fee. Further, even if any agreement had been signed, it would have been signed by the company’s exploration manager at the time who had no authority to sign any such agreement. (Source: Energy News Premium, 22/11/2016).

 

In other corporate moves, Central Petroleum Ltd has agreed to open its books to Macquarie Bank, which recently had its $0.175 takeover offer rejected. Central said the offer was too low, but it has agreed to allow the bank, which is already a major shareholder, to conduct confidential due diligence in the hopes it will result in an improved proposal. Macquarie is not bound to make a formal offer and has no entitlement to any break fee if Central proceeds with another proposal. (Source: Energy News Premium, 22/11/2016, Central Petroleum announcement, 21/11/2016).

 

Victoria is set to become the first state in Australia to institute an outright ban on fraccing, bringing the almost five-year moratorium into legislation. Victorian Premier Daniel Andrews introduced the Resources Legislation Amendment (Fracking Ban) Bill 2016 into parliament this morning. The law will permanently ban all onshore unconventional gas exploration and development, covering shale, tight and coal seam gas plays. The legislation has been designed to protect Victoria’s farming sector. Resources Minister Wade Noonan said the Government would compensate licence holders because of the ban. The Government has also extended its ban on onshore drilling for conventional gas until 2020, saying it would take time to look at the economic and environmental impacts. (Source: Energy News Bulletin, 22/11/2016, ABC News, 22/11/2016).

 

The board of directors of Dark Horse Resources Ltd is pleased to advise that the company has executed a share purchase agreement (SPA) with Lakes Oil NL for Lakes Oil to acquire the remaining 96% of the shares of NAVGAS P/L. The minority shareholders of NAVGAS are also party to, and have executed, the SPA. Execution of the SPA formalises the arrangement announced on the 06/10/2016, when the parties entered into a heads of agreement. The SPA is conditional upon Lakes Oil obtaining approval of its shareholders for the acquisition of NAVGAS, which will be sought by Lakes at its deferred annual general meeting in January 2017. (Source: Dark Horse Resources announcement, 28/11/2016).

 

As approved at the company’s annual general meeting of shareholders on 25/11/2016, Geodynamics Ltd has formally changed its name to ReNu Energy Ltd with the ASX ticker RNE. (Source: ReNu Energy7 announcement, 02/12/2016).

 

Beach Energy Ltd has signed a gas sales agreement with Adelaide Brighton Cement Ltd, a wholly owned subsidiary of Adelaide Brighton Ltd, to sell gas from its western flank fields. Supply of gas over a 12-month term is expected to commence on 01/01/2017, with the agreement replacing Beach’s existing ex-PEL 106 raw gas sales contract. Any production beyond contract volumes will be available for sale via the spot market or new contracts. Beach did not disclose the contracted volumes or pricing, but said it expected to see a material uplift in net revenue from its Western Flank gas acreage. The gas will be supplied from Moomba. (Source: Beach Energy announcement, 05/12/2016, Energy News Premium, 05/12/2016).

 

DUET Group has confirmed it has received a $7.5 billion approach from Cheung Kong Infrastructure. DUET has put out a statement saying that it had received an unsolicited, indicative, incomplete, non-binding and conditional proposal from Cheung Kong Infrastructure to acquire 100% of DUET’s outstanding stapled securities at $3.00 per stapled security, payable in cash. The proposal includes a number of conditions, including the completion of satisfactory due diligence, entering into a scheme of arrangement and receipt of customary and court approvals. The board is currently evaluating the proposal and has advised security holders to take no action. (Source: DUET Group announcement, 04/12/2016, Energy News Bulletin, 05/12/2016).

 

Lakes Oil NL is suing the government of Victoria for $2.7 billion in damages following the State’s ban on onshore gas exploration. The company claims the government has deprived it of an opportunity to use its exploration permits “for the purpose for which they were intended.” Lakes added that “the unjust and unlawful actions of the Victorian government, and its proposed bill to ban onshore exploration, have caused significant losses to the company and its 11,000 long-standing shareholders.” The Government has introduced a bill to ban fracking and all exploration and development of unconventional onshore gas and maintained its moratorium on all onshore exploration until 2020. Lakes is seeking damages for $92 million in past expenditure and in excess of $2.6 billion in lost future earnings. (Source: Lakes Oil NL announcement, 06/12/2016).

 

Santos Ltd has flagged its controversial coal seam gas project in New South Wales and its Asian business for potential sale as part of its planned disposal of non-core assets into a separate business to cut costs and ease debt. Santos will focus on five long-term growth asset, including the Cooper Basin; GLNG; PNG; Northern Australian and Western Australia Gas. The noncore assets company will operate those assets at low cost and optimize them to maximise value. This includes potential sales of some of them, such as some projects offshore Western Australia like Barrow Island, Mutineer-Exeter, and Fletcher-Finucane fields. The plan is to help reduce debt by a hoped-for $1.5 billion to bring it down to less than $3 billion by year-end 2019. The new standalone business will be based in Sydney under the leadership of former AWE Ltd Chief Executive Officer Bruce Clement. (Source: Santos announcement, 08/12/2016, Oil & Gas Journal, 09/12/2016).

 

Strike Energy Ltd is pleased to advise that the group has finalised and entered into a fully termed gas supply option agreement for 12.5 PJ of gas with Austral Bricks, a subsidiary of Brickworks Ltd on terms consistent with the binding term sheet announced 27/02/2014. The 12.5 PJ of gas will be supplied from the group’s Southern Cooper Basin Gas Project in South Australia. (Source: Strike Energy announcement, 12/12/2016).

 


 

Developments

 

Chevron Corporation has again been forced to temporarily halt production from Train 1 at its Gorgon LNG Project on Barrow Island due to performance issues. Train 1 started up in March, but has been down several times since for a variety of reasons, including a gas leak. Chevron did not indicate how long this latest stoppage would work, but it said production for Train 2 was unaffected, and cargoes were continuing to be loaded. (Source: Energy News Premium, 01/12/2016).

 

The Gorgon joint venture partners have today achieved a key goal by bringing the Gorgon domestic gas plant on-stream. The plant, which is meeting Gorgon’s gas reservation requirement, is expected to meet 15% of demand, with around 150 TJ per day being sold to Western Australia’s utility, Synergy, and industrial customers.  APPEA CEO Western Region Stedman Ellis said “Gorgon’s entry into the domestic gas market now marks another significant milestone in the project’s development and will ensure Western Australians continue to enjoy access to abundant supplies of cleaner-burning natural gas well into the future”. (Source: Energy News Bulletin, 09/12/2016).

 

Subsea 7 today announced the award of a sizeable contract by Woodside Energy Ltd for the Greater Western Flank Phase 2 Project, offshore Australia. Subsea 7 defines a “sizeable contract” as valued between $US50-150 million. The contract scope comprises the subsea tie-back of adjacent fields to the GWA platform, including the installation of manifolds, umbilicals and spool pieces, together with the pre-commissioning of the system. Project management and engineering will commence immediately from Subsea 7's office in Perth, Australia, with offshore operations scheduled to commence in 2018. (Source: Energy News Bulletin, 05/12/2016).


 

Discoveries

 

The Osmanli 1 exploration well was drilled to test a four-way dip closed anticlinal structure. The well targeted the Namur Sandstone, with mid-Namur Sandstone, Birkhead Formation and Poolowanna Formation providing secondary targets. A drill stem test was conducted over the lower interval of 1,689 – 1,697 metres for a six-hour period. The test recovered 52-degree API at a calculated rate of 50 bopd, plus 50 bwpd. A second drill stem test was conducted over the upper interval of 1,651 – 1,664 metres for a six-hour flow period, recovering 47-degree API at a calculated rate of 55 bopd of oil, plus 30 bwpd. The well was subsequently cased and suspended as a future producer, with results indicating a potential western extension of the Birkhead Formation play area. (Source: Beach Energy announcement, 07/12/2016).

 Permit Changes                                                                

 

Northern Territory

 

Amadeus Basin

Santos has commenced the first part of its seismic acquisition program by acquiring over 1,000 km of 2D seismic as part of fulfilling the Southern Amadeus Stage 2 farmout obligation of 1,300 km. The acquisition is planned to be completed by March 2017. Upon completion, Santos will have the right to retain an increase in its participating interest from 25% to 40% for EP82, EP105 and EP112 (with EP106 no longer applying due to voluntary relinquishment).

 

EP106 is being relinquished.

Beetaloo Basin

The expiry dates for EP136 and EP143 have been extended by 12 months to 27/08/2018.

Bonaparte Basin

The expiry date for EP126 has been extended by 12 months to 14/12/2017.

 

The years 1-3 work program for NT/P85 have been extended by 12 months to 18/10/2018.

Davenport Syncline

Application EP264 has been varied and now covers a reduced area of 1921 sq km.

Georgina Basin

The expiry date for EP144 has been extended by 12 months to 20/11/2019.

 

The expiry date for EP153 has been extended by 12 months to 30/12/2019.

McArthur Basin

The expiry date for EP154 has been extended by 12 months to 19/03/2021.

Victoria River Basin

The expiry date for EP231 has been extended by 12 months to 04/09/2018.

Vulcan Sub Basin

AC16-1 and AC16-2 closed on 08/12/2016. They will be re-released, closing on 23/03/2017.

JPDA

 

Timor Gap

JPDA 06-101 has officially expired and reverts to vacant acreage.

 

JPDA 11-106 has had its expiry date extended to 18/10/2017.

Queensland

 

Bowen Basin

PL 41 was renewed to 31/10/2019.

Surat Basin

ATP 692 was due to expire on 30/11/2016.  The licence will no longer exist following the grant of overlapping licences PL 216, PL 225, PL 289, PL 445, PL 481, PCA 13 and PCA 14.

 

Armour Energy has exercised is pre-emptive rights with respect to a number of Santos’ Surat Basin interests.   Armour and Santos have entered into a sale and purchase deed.  The sale and purchase deed is subject to certain conditions which have not yet been satisfied.  Interests to be acquired are as follows:

12.5% of PL 21, PL 22 and PL 27
10% of PL 264
15% of PL 30 and PL 512
8% of PL 71 Exploration
10% of PL 71 Production

South Australia

 

Cooper Basin

Geothermal licence GEL 211 expired on 13/11/2016.

 

The suspension and extension dated 25/02/2016 for PEL 512 has resumed, from 01/11/2016 to 24/05/2017. The licence has had its expiry date extended to 27/04/2020.

Eromanga Basin

Terra Nova Energy has closed its acquisition of a 30.833% working interest in PEL 112 and PEL 444 and a 1.47% gross ORR on the PEL's. After closing of the transaction, Mr Carlo Civelli owns 34.93% of Terra Nova's shares.

Tasmania

 

Otway Basin

T15-2 and T15-3 now revert to vacant acreage.

Tasmania Basin

EL30/11 is in the process of being renewed.

Victoria

 

Gippsland Basin

VIC/L9 has been renewed for an indefinite term/life of field.

 

VIC/L19 was renewed to 17/11/2037.

 

VIC/P68 has had Year 3 of its work program suspended for 12 months to 03/11/2017. The permit term has been extended to 03/05/2020.

 

Sequestration application GCS15-1(V) was granted as GGAP006386(V) to The Crown in Right of Victoria 100%.  The licence was granted on 26/09/2016 and expires on 25/09/2021.

Western Australia

 

Bangemall Basin

Application STP-EPA-0012 has been varied and now covers a reduced area of 29114 sq km.

Barrow Sub Basin

WA-13-L is being renewed.

 

A suspension and extension for WA-290-P was lodged on 08/12/2016.

 

Quadrant Energy has won the right to appeal a decision to remove it as the operator of the Spar Joint Venture WA-45-L with Santos. In August last year, the court had accepted Santos' arguments that Quadrant, then known as Apache Energy, had breached conditions of the joint operating agreement by starting an $85 million development without Santos' agreement. Quadrant denied breaching the agreement and appealed.

 

A suspension and extension for WA-510-P was lodged on 08/12/2016.

Bonaparte Basin

The year 6 work program for WA-420-P has been extended by 6 months from 13/11/2016 to 12/05/2017. The licence has had its expiry date extended to 12/05/2017.

Browse Basin

W16-3 closed 08/12/2016. It will be re-released, closing on 23/03/2017.

 

WA-274-P now covers a reduced area of 1087 sq km due to the grant of WA-74-R.

 

The WA-54-R joint venture has applied to vary the conditions of the licence.

 

WA-74-R was granted to Santos Browse P/L 30%, Chevron Australia (WA-274-P) P/L 50% and INPEX Browse E&P P/L 20% on 17/11/2016. The licence will expire on 16/11/2021. Work program is as follows:

Year 1-5: incorporation of new seismic datasets & well results into resource assessment, review of cost reduction opportunities & technologies for subsurface and surface facilities, progress engagement with title holders of Prelude & Ichthys $0.25m

Canning Basin

STP-SPA-0065 is under application by the EP 371 joint venture parties: Buru Energy Ltd 50% and Diamond Resources (Canning) P/L 50%.

Carnarvon Basin

A suspension and extension for EP 359 was lodged on 29/11/2016.

 

Empire Oil & Gas NL has a royalty for EP 359, EP 435 and L 16 at a rate of 2.5% of net wellhead value up to an aggregate amount of $0.5m payable by Rough Range and Lansvale. This was part of the agreement completed in May 2015 where Empire sold its subsidiary Rough Range Oil P/L, and its remaining tenements in the Carnarvon Basin, to Kestrel Petroleum.

 

A suspension and extension for EP 475 was lodged on 30/11/2016.

 

TR/3 is being renewed.

 

W16-10, W16-11, W16-13, W16-15, W16-16, W16-19, W16-20 and W16-21 closed 08/12/2016. They will be re-released, closing on 23/03/2017.

 

WA-14-L has been renewed to 19/03/2038.

 

Jadestone Energy (Australia) P/L has closed the acquisition of the Stag Oilfield WA-15-L. Quadrant will continue to perform its duties as operator on behalf of Jadestone under a transitional services agreement until 31/10/2017, or when Australian regulatory approvals come through for Jadestone to take over as operator.

 

A suspension and extension for WA-356-P was lodged on 01/12/2016.

 

A change to the WA-412-P work program has been approved:

Year 4: G&G studies $0.2m
Year 5: G&G studies, 1 well $30.1m

 

WA-75-R was granted to Chevron Australia (WA-374-P) P/L 50%, Mobil Australia Resources Company P/L 25% and Shell Australia P/L 25% on 06/12/2016. The licence will expire 05/12/2021. Work program is as follows:

Year 1: Eurytion subsurface interpretation $0.03m
Year 2: engineering design for Eurytion gas field $0.03m
Year 3: gas studies $0.03m
Year 4: gas marketing studies $0.03m
Year 5: development & commercial studies $0.03m

Dampier Basin

WA-45-R is being renewed.

 

WA-46-R has expired. The area reverts to vacant acreage.

Perth Basin

Origin Energy has terminated the Perth Basin asset sale process. EP 320, L 1, L 2, L 11 and L 14 will be divested via IPO.

 

A suspension and extension for EP 321 was lodged on 17/11/2016.

 

A suspension and extension for EP 413 was lodged on 09/11/2016.

 

A change to the EP 480 work program has been approved:

Year 2: geochemical surveying, processing of Falcon AGG airborne geophysical data, geotechnical studies $0.35m

Petrel Sub Basin

W16-1 closed on 08/12/2016. It will be re-released, closing on 23/03/2017.

 

The year 5 work program for WA-407-P has been extended by 6 months from 19/11/2016 to 18/05/2017. The licence has had its expiry date extended to 18/05/2018.

 

The year 2 work program of WA-488-P has been extended by 16 months from 21/11/2016 to 21/03/2018. The licence has had its expiry date extended to 21/03/2022. A change to the work program has been approved:

Year 2: G&G studies, survey data proprietary processing, 150 km 2D seismic reprocessing, 330 km 2D seismic broadband reprocessing $0.9m

Roebuck Basin

W16-8 closed on 08/12/2016 and is under consideration.

New Zealand

 

Canterbury Basin

PMP 60215 was granted to the Hurunui District Council 100% on 30/11/2016. The licence will expire on 29/11/2056.

East Coast Basin

PEP 54858 and PEP 54861 are being relinquished.

Great South Basin

PEP 54863 has been renewed to 10/12/2027. Work program is as follows –

32 months: reprocess the Carina 2D seismic & submit preliminary report
43 months: submit final report on interpretation of Carina 2D seismic
49 months: submit permit prospectivity report
67 months: 1500 sq 3D seismic
108 months: 1 well
120 months: 1 well
174 months: 1 well

Pegasus Basin

A change to the PEP 57073 work program has been approved:

12 months: 1000 km 2D seismic reprocessing, 3000 sq km multi beam seafloor survey, geological studies
24 months: 333 sq km 3D seismic

 

A change to the PEP 57083 work program has been approved:

12 months: 100 km 2D seismic, 15 cores, multi-beam swath bathymetry
36 months: 4250 sq km 3D seismic, 116 sq km 3D seismic, 8 cores
48 months: 3D basin model
60 months: 750 sq km 3D seismic, CSEM data

 

A change to the PEP 57085 work program has been approved:

12 months: reprocess 1 x 2D seismic line, collect cores from 10 locations, collect multi-beam swath bathymetry data
36 months: 132 sq km 3D seismic, 513 sq km 3D seismic, drop cores 7 locations
54 months: CSEM data

 

A change to the PEP 57087 work program has been approved:

12 months: reprocess 1 x 2D seismic line, collect cores from 6 locations, collect multi-beam swath bathymetry data
36 months: 55 sq km 3D seismic, acquire drop cores
54 months: acquire, process & interpret CSEM data

Taranaki Basin

A change to the PEP 51150 work program has been approved:

72 months: 360 sq km 3D seismic reprocessing
84 months: 20 sq km 3D seismic reprocessing, 40 km 2D seismic reprocessing
114 months: 1 well
120 months: evaluation studies

 

PEP 51151 was relinquished on 30/11/2016. The area reverts to vacant acreage.

 

OMV has acquired Australia & New Zealand Petroleum Ltd’s interest in PEP 51906. OMV New Zealand Ltd now holds 100%. A change to work program has been approved:

96 months: reprocessing feasibility study
108 months: reprocessing & seismic inversion, 1 well
120 months: 1 well
138 months: 1 well
144 months: well data analysis

 

NZOG has reached agreement to sell its 15% interest in the Kupe oil & gas fields PML 38146 to Genesis Energy for NZ$168 million. The effective date of the transaction will be 01/01/2017 and includes NZOG entitlement to overriding royalty interests. The agreement is subject to shareholder approval which will be sought at a special meeting to be held on 16/12/2016.

 

AWE Ltd has entered into an agreement to sell its 57.5% interest in the Tui area oil field PMP 38158 to Tamarind Management Sdn Bhd, subject to consents from the NZ government and Tui joint venture. Under the agreement, Tamarind will acquire all of the shares of AWE New Zealand P/L and AWE Taranaki Ltd for US$1.5m.

 

Cheal Petroleum Ltd 70% and East West Petroleum (NZ) Ltd 30% have applied for production licence PMP 60291.

Papua New Guinea

 

Papuan Basin

APPL 507 over 771 sq km is pending. The applicant’s name is unavailable.

 

APPL 545 is a top file application by the PPL 260 permit holders for a larger area in the Papuan Basin.  Applicants are Oil Search (PNG) Ltd 40%, Esso PNG Exploration Ltd 40% and Nippon Oil Exploration (Niugini) P/L 20%.

 

APPL 547 over 1711 sq km is pending. The applicant’s name is unavailable.

 

APPL 548 is an application by Oil Search (PNG) Ltd 100% over 427 sq km.

 

APPL 570 over 4821 sq km is pending. The applicant’s name is unavailable.

 

APPL 575 is a top file application over PPL 277 as well as a larger area.  Applicants are Esso PNG Exploration Ltd 50% and Oil Search (PNG) Ltd 50%.

 

APPL 592 over 1112 sq km is pending. The applicant’s name is unavailable.

 

APPL 595 is an application by Oil Search (PNG) Ltd 100% over 1021 sq km.

 

PPL 269 was due to expire on 13/08/2016. The licence has been replaced by PPL 574. Grant and expiry dates have yet to be verified. The licence is held by Eaglewood Energy (BVI) Ltd 45%, Ketu Petroleum Ltd 35%, Mega Fortune International Ltd 10% and Osaka Gas Nuigini E&P P/L 10%.

 

Coral Sea Petroleum (PNG) Ltd has applied for variations and suspensions for PPL 356, PPL 357, PPL 366 and PPL 367.

 

Barracuda Limited (a wholly owned subsidiary of Santos) has signed an agreement to acquire 12.5% of PPL 402 from Oil Search and 7.5% from ExxonMobil.

Cape Vogel Basin

Coral Sea Petroleum (PNG) Ltd has applied for a variation and suspension for PPL 358.

 

                                                                                                                                   

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