ST. HELIER, JERSEY, Oct. 16,
2013 /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
2014. EastSiberian has filed its Condensed Interim Consolidated
Financial Statements for the three months ended August 31, 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 months ended August 31, 2013
and 2012 are set out below and should be read in conjunction with
EastSiberian's May 31, 2013 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
operations.
All financial information is stated in
United States dollars.
|
|
|
|
|
|
For the three months
ended |
|
August 31,
2013 |
|
August 31,
2012 |
|
Expenses |
$ |
191,522 |
$ |
517,248 |
|
Net loss and comprehensive loss |
$ |
(191,111) |
$ |
(517,248) |
|
Net loss per share - basic and diluted |
$ |
(0.04) |
$ |
(0.11) |
|
Cash flow from (used in) operating activities |
$ |
(146,349) |
$ |
(1,180,940) |
|
Cash flow from investing activities |
$ |
- |
$ |
1,595,945 |
|
Foreign exchange gain (loss) on cash held in
foreign currencies |
$ |
- |
$ |
3,305 |
|
Increase (decrease) in cash and cash
equivalents |
$ |
(146,349) |
$ |
415,005 |
|
|
|
|
|
|
|
|
|
|
|
|
|
As at |
|
August 31,
2013 |
|
May 31,
2013 |
|
Total assets |
$ |
450,861 |
$ |
545,231 |
|
Total liabilities |
$ |
1,568,014 |
$ |
1,471,273 |
|
Shareholders' equity |
$ |
(1,117,153) |
$ |
(926,042) |
|
Number of common shares outstanding |
|
4,903,998 |
|
4,903,998 |
|
EastSiberian reported a net loss for the three
months ended August 31, 2013 of
$191,111 ($0.04 per share) compared to a net loss of
$517,248 ($0.11 per share) for the three months ended
August 31, 2012. The loss for
the current period consisted of general and administrative expenses
of $191,522 and finance income of
$411; whereas the loss for the
quarter ended August 31, 2012
consisted of general and administrative expenses of $535,713, finance income of $105,332 and income taxes of $86,867.
In the three months ended August 31, 2013 and 2012, cash flow used in
operating activities was $146,349 and
$1,180,940 respectively. There
were no capital expenditures in the three months ended August 31, 2013 or 2012.
At August 31,
2013, the Corporation's working capital deficiency was
$1,117,153 compared to $926,042 at May 31,
2013.
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
EastSiberian 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