NOTE 2 – BUSINESS COMBINATIONS  Acquisitions in 2014  Acquisition in 2013  There were no business acquisitions for the year ended 31 December 2014.  On 8 March 2013, the Company acquired 100% of the outstanding shares of Texon Petroleum Ltd ("Texon", whose  name was changed to Armadillo Petroleum Ltd), an Australian corporation with oil and gas assets in the Eagle Ford  formation in the United States. The Company acquired Texon to gain access to its existing production and drilling  inventory in the Eagle Ford formation. As consideration for substantially all of the net assets of Texon, the Company  issued 122.7 million ordinary shares (approximately 30.6% of the total outstanding shares immediately subsequent  to the acquisition), which had a fair value of $132.1 million on the acquisition date and net cash consideration of  $26.3 million for a total purchase price of $158.4 million. The net cash consideration includes a $141.0 million pre- merger purchase by the Company of certain Texon oil and gas properties, offset by $114.7 million of cash acquired  at the time of the merger. The current income tax liability, included in accrued expenses, and deferred tax liability  of $33.4 million and $16.9 million, respectively, are comprised of tax liabilities assumed as at the acquisition date  and an increase in the tax liability related to the incremental acquisition date fair value of the acquired development  and production and exploration and evaluation assets as compared to Texon's historical basis. The following table reflects the final adjusted assets acquired and the liabilities assumed at their fair value or  otherwise where specified by AASB 3/IFRS 3 –  Business Combinations  (in thousands):  The net assets recognized in the 31 December 2013 financial statements were based on a provisional assessment  of their fair value. Fair value of assets acquired: Trade and other receivables  $ 5,604  Other current assets  456  Development and production assets  53,937  Exploration and evaluation assets  150,474  Prepaid drilling and completion costs  3,027  Amount attributable to assets acquired  213,498  Fair value of liabilities assumed:  Trade and other payables  119  Accrued expenses  37,816  Restoration provision  277  Deferred tax liabilities  16,884  Amount attributable to liabilities assumed  55,096  Net assets acquired  $ 158,402  Purchase price:  Cash and cash equivalents, net of cash acquired  $ 26,310  Issued capital  132,092  Total consideration paid  $ 158,402  - 73 -  NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS 