ST. HELIER, Jersey, April
26, 2013 /CNW/ - EastSiberian Plc, formerly PetroKamchatka
Plc, ("EastSiberian" or the "Corporation") a Jersey company,
reports its unaudited financial results for its third quarter of
fiscal year 2013. EastSiberian has filed its Condensed Interim
Consolidated Financial Statements for the nine months ended
February 28, 2013 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 and nine months ended February 28,
2013 and February 29, 2012 are
set out below and should be read in conjunction with EastSiberian's
condensed consolidated interim financial statements for the three
and nine months ended February 28,
2013 and February 29, 2012,
its MD&A for the nine months ended February 28, 2013 and its May 31, 2012 audited Consolidated Financial
Statements.
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.
|
|
|
|
|
|
|
|
|
|
Three months
ended |
Nine months ended |
|
February
28, |
February
29, |
February
28, |
February
29, |
|
2013 |
2012 |
2013 |
2012 |
Expenses |
$ |
214,538 |
$ |
3,485,424 |
$ |
1,198,641 |
$ |
7,915,943 |
Net loss and comprehensive loss |
$ |
(207,303) |
$ |
(5,042,693) |
$ |
(1,165,058) |
$ |
(8,209,936) |
Net loss per share - basic and diluted |
$ |
(0.04) |
$ |
(0.73) |
$ |
(0.24) |
$ |
(1.62) |
Cash flow from (used in) operating activities |
$ |
(577,365) |
$ |
(782,662) |
$ |
(2,349,642) |
$ |
(3,283,091) |
Cash flow from (used in) investing activities |
$ |
- |
$ |
- |
$ |
1,595,945 |
$ |
(30,915) |
Foreign exchange gain (loss) on
cash held in foreign currencies |
$ |
6,274 |
$ |
53,878 |
$ |
9,579 |
$ |
(3,229) |
Increase (decrease) in cash and cash
equivalents |
$ |
(577,365) |
$ |
(1,483,399) |
$ |
(753,697) |
$ |
(3,314,006) |
|
|
|
|
|
|
As at |
|
February 28,
2013 |
|
May 31,
2012 |
|
Total assets |
$ |
700,200 |
$ |
3,775,498 |
|
Total liabilities |
$ |
1,173,740 |
$ |
3,083,980 |
|
Shareholders' equity |
$ |
(473,540) |
$ |
691,518 |
|
Number of common shares outstanding |
|
4,903,998 |
|
4,903,998 |
|
EastSiberian reported a net loss for the three
and nine months ended February 28,
2013 of $207,303 ($0.04 per share) and $1,165,058 ($0.24
per share) respectively, compared to a net loss of $3,561,143 ($0.73
per share) and $7,953,189
($1.62) respectively, for the three
and nine months ended February 29,
2012. The loss for the three months ended February 28, 2013, consisted of a recovery of
operating costs in the amount of $238,296 accrued at May
31, 2012 which dissipated, general and administrative
expenses of $452,834, finance costs
of $2,152 and income tax recovery of
$9,387, whereas the loss for the
third quarter of fiscal year 2012 consisted of operating expenses
of $310,047, general and
administrative expenses of $697,620,
share-based compensation of $791,
depreciation of $985,829, impairment
of $1,791,137, finance costs of
$6,643 and income taxes of
$69,076. For the nine months
ended February 28, 2013, net loss
consisted of a recovery of operating costs of $238,296, general and administrative expenses of
$1,436,937, finance income of
$113,663 and income taxes of
$80,080. The net loss for the period
February 29, 2012, consisted of
operating expenses of $300,864,
general and administrative expenses of $2,335,065, share based compensation of
$32,855, depreciation of $1,631,262, impairment of $3,615,897, and finance costs of $37,246.
For the three and nine months ended February 28, 2013, cash used in operating
activities was $577,365 and
$2,349,642 respectively. Cash
from investing activities for the three and nine months ended
February 28, 2013, was $nil and
$1,595,945 respectively. Cash used in
operating activities for the three and nine months ended
February 29, 2012, were $782,662 and $3,283,091 respectively. Cash used in
investing activities were $nil and $30,915 respectively, for the three and nine
months ended February 29, 2012.
At February 28,
2013, the Corporation had negative working capital of
$473,540 compared to working capital
of $691,518 at May 31, 2012. At February 28, 2013, current liabilities included
$727,747 owing to directors and
officers who have agreed to accept common shares of the Corporation
in lieu of cash.
Farm-in Agreement
The Corporation previously announced the expiry
and termination of the Farm-in Agreement at March 31, 2013. The Corporation is
currently engaged with specific investors examining existing
producing properties and other development opportunities in
Russia.
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.
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
EastSiberian's current beliefs as well as assumptions made by, and
information currently available to, EastSiberian 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 EastSiberian 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