UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
SCHEDULE 13D
Under the Securities Exchange Act of 1934
(Amendment No. )
Kestrel Energy, Inc.
(Name of Issuer)
Common Stock, No par value)
(Title of Class of Securities)
492545 10 8
(CUSIP Number)
S. Lee Terry, Jr.
Gorsuch Kirgis LLP
Tower I, Suite 1000
1515 Arapahoe Street
Denver, Colorado 80202
(303) 376-5000
(Name, Address and Telephone Number of Person
Authorized to Receive Notices and Communications)
August 20, 1999
(Date of Event which Requires Filing of this Statement)
If the filing person has previously filed a statement on Schedule
13G to report the acquisition which is the subject of this Schedule
13D, and is filing this schedule because of Rule 13d- 1(b)(3) or (4),
check the following box [ ].
CUSIP No. 492545 10 8
1) Name of Reporting Persons
S.S. or I.R.S. Identification No. of Above Person
CIBC Eyres Reed Australian Resources Fund
2) Check the Appropriate Box if a Member of a Group*
(a)
(b)
3) SEC USE ONLY
4) Source of Funds
WC
5) Check Box if Disclosure of Legal Proceedings is Required Pursuant
to Items 2(d) or 2(e) [ ]
6) Citizenship or Place of Organization
Ireland
Number of Shares 7) Sole Voting Power 725,000
Beneficially Owned 8) Shared Voting Power 0
By Each Reporting 9) Sole Dispositive Power 725,000
Person With 10) Shares Dispositive
Power 0
11) Aggregate Amount Beneficially Owned by Each Reporting Person
725,000
12) Check Box if the Aggregate Amount in Row (11) Excludes Certain
Shares [ ]
13) Percent of Class Represented by Amount in Row (11)
11.44%
14) Type of Reporting Person
IC
SCHEDULE 13D
CIBC EYRES REED AUSTRALIAN RESOURCES FUND
Item 1 Security and Issuer
No par value Common Stock ("the Shares") of Kestrel Energy,
Inc. (the "Company"), 999 18th Street, Suite 2490, Denver,
Colorado 80202
Item 2 Identity and Background
(a) Name: CIBC Eyres Reed Australian Resources Fund
(b) Business Level 45, Central Park
Address: 152-158 St George's Terrace
Perth, Western Australia, 6000
(c) Principal
Business and
Place of
Organization: An investment company registered in
Ireland
(d) Criminal
Proceedings: None
(e) Civil
Proceedings: None
DIRECTORS AND EXECUTIVE OFFICERS OF REPORTING PERSON:
(a) Name: R O'Neill
(b) Business
Address: Deloitte & Touche House
29 Earlsfort Terrace
Dublin 2, Ireland
(c) Principal
Occupation,
Name of Business,
Principal Business
and Address: Director
(d) Criminal
Proceedings: None
(e) Civil
Proceedings: None
(f) Citizenship: Ireland
(a) Name: J Donnelly
(b) Business
Address: Deloitte & Touche House
29 Earlsfort Terrace
Dublin 2, Ireland
(c) Principal
Occupation,
Name of Business,
Principal Business
and Address: Director
(d) Criminal
Proceedings: None
(e) Civil
Proceedings: None
(f) Citizenship: Ireland
(a) Name: M Rogers
(b) Business
Address: Deloitte & Touche House
29 Earlsfort Terrace
Dublin 2, Ireland
(c) Principal
Occupation,
Name of Business,
Principal Business
and Address: Director
(d) Criminal
Proceedings: None
(e) Civil
Proceedings: None
(f) Citizenship: USA
(a) Name: P McGuiggan
(b) Business
Address: Deloitte & Touche House
29 Earlsfort Terrace
Dublin 2, Ireland
(c) Principal
Occupation,
Name of Business,
Principal Business
and Address: Director
(d) Criminal
Proceedings: None
(e) Civil
Proceedings: None
(f) Citizenship: USA
Item 3. Source and Amount of Funds or Other Consideration
i) 125,000 Shares were acquired on 17th April 1997.
ii) On 20 August 1999, the Reporting Person was issued
600,000 Shares for $750,000 pursuant to an offering by the
Issuer under Regulation S to qualified non-U.S. investors.
The Shares were acquired with working capital.
Item 4. Purpose of Transaction
The Shares were acquired for investment purposes.
(a) None.
(b) None.
(c) None.
(d) None.
(e) None.
(f) None.
(g) None.
(h) None.
(i) None.
(j) None.
Item 5. Interest in Securities of the Issuer
(a) 725,000 Shares of Common Stock (11.44%) beneficially
owned.
(b) Number of Shares as to which there is sole power to vote
- 725,000; shared power to direct the vote - 0; sole power to
direct the disposition - 725,000; shared power to direct the
disposition - 0.
(c) See Item 3.
(d) None.
(e) Not applicable.
Item 6. Contracts, Arrangements, Understandings or Relationships With
Respect to Securities of the Issuer
None.
Item 7. Material to be filed as Exhibits
None.
SIGNATURE
After reasonable inquiry and to the best of my knowledge and
belief, I certify that the information set forth in this statement is
true, complete and correct.
CIBC EYRES REED AUSTRALIAN RESOURCES FUND
Date: 99/09/10 By:/S/Raymond O'Neill (As Trustee)
Raymond O'Neill
Managing Director
