NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS  NOTE 35 – DEED OF CROSS GUARANTEE  Pursuant to Class Order 98/1418, the wholly-owned subsidiary, Armadillo Petroleum Limited (“APL”), is relieved  from the  Corporations Act 2001  requirements for preparation, audit and lodgement of its financial reports. Set out below is a consolidated statement of profit or loss and other comprehensive income and retained earnings  of the Closed Group:  As a condition of the Class Order, SEAL and APL (“the Closed Group”) have entered into a Deed of Cross Guarantee  (“Deed”). The effect of the Deed is that SEAL has guaranteed to pay any deficiency in the event of the winding up of  APL under certain provision of the  Corporations Act 2001 . APL has also given a similar guarantee in the event that  SEAL is wound up.  Year ended 31 December  2014  US$’000 2013  US$’000  Profit / (loss) before income tax  7,764  (1,497)  Income tax (expense)/benefit (324)  1,780  Profit attributable to members of SEAL  7,440  283  Total comprehensive loss attributable to members of SEAL  (2,813)  (18,924)  Retained earnings at 1 January  1,132  849  Retained earnings at 31 December  8,572  1,132  - 103 - 