NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS  NOTE 7 – INCOME TAX EXPENSE continued  NOTE 8 – KEY MANAGEMENT PERSONNEL COMPENSATION  Based on her increased responsibilities due to the Company’s growth, Ms. Ford was deemed to be a KMP  during the 2014 fiscal year. Prior to that time, Ms. Ford was not considered to be KMP  Other than Directors and Officers of the Company listed above, there are no additional key management personnel.  1) The Oklahoma US state tax jurisdiction computes income taxes on a direct accounting basis. A significant  portion of the 2014 impairment related to this jurisdiction resulting in a deferred tax benefit of $3,044  creating deferred tax assets, of which $2,064 were unrecognized. 2) The change in apportioned state tax rates in US controlled entities is a result of the Company disposing of  its property in Colorado (income tax rate of 4.63%) (2013: North Dakota with income tax rate of 4.53%)  through a tax deferred sale and reinvesting the property in Texas (margin tax rate of 1%). As the Texas  margin tax computation is similar in nature to an income tax computation, it is treated as an income tax for  financial reporting purposes.  3) This income tax benefit results from the election to consolidate certain Australian subsidiaries for income  tax purposes effective 1 January 2014, making previously unrecognized deferred tax assets of one of these  Australian subsidiaries available for utilization against future income of the consolidated Australian entities. These deferred tax assets were previously unrecognized due to the lack of evidence of future taxable  income for these Australian subsidiaries on a stand-alone basis.  2014 2013 Year ended 31 December US$’000 US$’000 c) Unused tax losses and temporary differences for which  no deferred tax asset has been recognised at 30%  2,685  170 d) Deferred tax charged directly to equity:  - Equity raising costs  1,147  665  Currency translation adjustment  (268)  -  - 77 -  Mr M Hannell  Chairman Non-executive  Mr E McCrady  Managing Director and Chief Executive Officer  Mr D Hannes  Director – Non-executive  Mr N Martin  Director – Non-executive Mr W Holcombe Director – Non-executive Ms C Anderson  Chief Financial Officer  Ms G Ford  Vice President of Exploration and Development  a) Names and positions held of Consolidated Group key management personnel in office at any time during  the financial period are: