EastSiberian Plc (TSXV: ESB) Reports Financial Results for First
Quarter 2013
ST. HELIER, JERSEY, Oct. 26,
2012 /CNW/ - EastSiberian Plc, formerly PetroKamchatka Plc,
("EastSiberian" or the "Corporation") a Jersey company, reports its
unaudited financial results for its first quarter of fiscal year
2013. PetroKamchatka has filed its Condensed Interim Consolidated
Financial Statements for the three months ended August 31, 2012 and its Management's Discussion
and Analysis ("MD&A") on www.sedar.com and on its website at
www.eastsiberianplc.com.
Selected financial information as at and for the
three months ended August 31, 2012
and 2011 are set out below and should be read in conjunction with
EastSiberian's May 31, 2012 audited
Consolidated Financial Statements and MD&A.
SELECTED FINANCIAL INFORMATION
The unaudited consolidated financial information
of EastSiberian includes the Corporation, its subsidiaries and its
proportionate share of the accounts of its joint interest
entities.
All financial information is stated in
United States dollars.
|
|
|
|
|
|
For the three months ended |
|
August 31, 2012 |
|
August 31, 2011 |
|
Expenses |
$ |
517,248 |
$ |
1,425,253 |
|
Net loss and comprehensive loss |
$ |
(517,248) |
$ |
(1,649,423) |
|
Net loss per share - basic and diluted |
$ |
(0.11) |
$ |
(0.34) |
|
Cash flow from (used in) operating activities |
$ |
(1,180,940) |
$ |
(1,047,945) |
|
Cash flow from investing activities |
$ |
1,595,945 |
$ |
- |
|
Foreign exchange gain (loss) on cash held in
foreign currencies |
$ |
3,305 |
$ |
(16,098) |
|
Increase (decrease) in cash and cash
equivalents |
$ |
415,005 |
$ |
(1,047,945) |
|
|
|
|
|
|
|
As at |
|
August 31, 2012 |
|
May 31, 2012 |
|
Total assets |
$ |
1,639,074 |
$ |
3,775,498 |
|
Total liabilities |
$ |
1,464,804 |
$ |
3,083,980 |
|
Shareholders' equity |
$ |
174,270 |
$ |
691,518 |
|
Number of common shares outstanding |
|
4,903,998 |
|
4,903,998 |
|
EastSiberian reported a net loss for the three
months ended August 31, 2012 of
$517,248 ($0.11 per share) compared to a net loss of
$1,425,253 ($0.34 per share) for the three months ended
August 31, 2011. The loss for
the current period consisted of general and administrative expenses
of $535,713, finance income of
$105,332 and income taxes of
$86,867, whereas the loss for the
first quarter of fiscal year 2012 consisted of operating expenses
of $189,404, general and
administrative expenses of $826,192,
share-based compensation of $23,400,
depreciation of $394,669 and finance
income of $8,412.
In the three months ended August 31, 2012 and 2011, cash flow used in
operating activities was $1,180,940
and $1,047,945 respectively.
There were no capital expenditures in the three months ended
August 31, 2012 or 2011 however, in
the three months ended August 31,
2012 the Corporation finalized the sale of its investment in
drilling rig and mobile drilling rig and equipment for proceeds of
$1,595,945.
At August 31,
2012, the Corporation's working capital was $174,270 compared to $691,518 at May 31,
2012.
About EastSiberian
EastSiberian is an international junior oil
exploration company incorporated in the Bailiwick of Jersey with
properties located in the Russian
Federation. For further information, please visit the
EastSiberian Plc website at www.eastsiberianplc.com (currently
under construction).
Neither the TSX Venture Exchange nor its
Regulation Services Provider (as that term is defined in the
policies of the TSX Venture Exchange) accepts responsibility for
the adequacy or accuracy of this release.
Advisory Regarding Forward-Looking
Statements
This press release together with the audited
consolidated financial statements and MD&A referred to therein
contains certain forward-looking statements and forward-looking
information (collectively referred to herein as "forward-looking
statements"). Forward-looking statements are based on the
PetroKamchatka's current beliefs as well as assumptions made by,
and information currently available to, PetroKamchatka concerning
business prospects, strategies, regulatory developments, the
ability to obtain equipment in a timely manner to carry out
development activities, the ability to get oil to market, and the
ability to obtain financing on acceptable terms Although
management of EastSiberian considers these assumptions to be
reasonable based on information currently available to it, they may
prove to be incorrect. Undue reliance should not be placed on
forward-looking statements, which are inherently uncertain, are
based on estimates and assumptions, and are subject to known and
unknown risks and uncertainties (both general and specific) that
contribute to the possibility that the future events or
circumstances contemplated by the forward-looking statements will
not occur. There can be no assurance that the plans,
intentions or expectations upon which forward-looking statements
are based will in fact be realized. Actual results will
differ, and the difference may be material and adverse to either
PetroKamchatka and/or its security holders. The
forward-looking statements contained in this press release are made
as of the date hereof and PetroKamchatka does not undertakes any
obligation to update publicly or to revise any of the included
forward-looking statements, except as required by applicable
law. The forward-looking statements contained herein are
expressly qualified by this cautionary statement.
SOURCE EastSiberian Plc