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GEO ENERGY RESOURCES LIMITED | Annual Report 2012 19
Use of IPO proceeds
(as of 28 February 2013)
Amount allocated (as
disclosed in the
Prospectus)
(US$’million)
Amount utilised
(US$’million)
Balance of net
proceeds
(US$’million)
Acquisition of additional mining equipment
and machinery
25.0 (2.6) 22.4
Construction of jetty and barge loading
facilities
2.0 - 2.0
Business expansion including acquisi-
tions, joint ventures and/or strategic
alliances
10.0 (1.0) 9.0
General working capital purposes 26.7 (5.0) 21.7
Net proceeds 63.7 (8.6) 55.1
New Discoveries
In February 2013, we continued our momentum from 2012 by entering into conditional sale and purchase agreements to
acquire a 93% interest in four different mining concessions in East Kalimantan. With our BEK mine also located in East
Kalimantan, the Group is well placed and confident in utilizing our expertise on the ground to execute operations smoothly.
Geo Energy is committed to growing, whether organically or by means of acquisitions. We will continue to keep a keen
lookout for potential opportunities which will allow us to further expand our operations, either through the acquisition of new
mine concessions or through securing new mining services contracts. FY2013 has begun well for Geo Energy and we look
forward to using this momentum to propel us to the next level.