Interim Results for Anzon Australia Limited
29 8월 2008 - 5:24PM
UK Regulatory
RNS Number : 2884C
Anzon Energy Limited
29 August 2008
ANZON ENERGY LIMITED (CODE: AEL)
29 August 2008
ANZON ENERGY LIMITED ANNOUNCES THAT ITS SUBSIDIARY
ANZON AUSTRALIA LIMITED (ASX CODE: AZA) HAS TODAY MADE
THE FOLLOWING ASX ANNOUNCEMENT
30 JUNE 2008 HALF YEAR FINANCIAL REPORT
FIFTH CONSECUTIVE PROFIT ANNOUNCEMENT
2008 HALF-YEAR GROSS PROFIT INCREASED BY 20.5%
Anzon Australia Limited (Anzon) is pleased to provide its 30 June 2008 half year Financial Report.
Profit
Anzon is proud to advise that this is the company's fifth consecutive profit announcement since listing on the ASX in December 2004.
This reflects the rapid development of its Basker-Manta assets in Gippsland.
Profit from continuing operation before tax increased by $19 million (216.1%), as a direct result of Anzon remaining unhedged during the
period ($20 million fair value loss on crude oil swap contracts in 2007 were associated the retired bank facility).
The after tax profit for the period decreased by 64.6%, this being due to:
* Deferred tax expenses increase of $20.8 million over the comparative 2007 movement; and
* An income tax provision of $13.7 million.
Production, revenue and reserves
Oil production from the Basker and Manta fields (100%) during the half year amounted to approximately 1.5 million barrels, an average
daily production rate of 8,216 barrels per day (after downtime).
The Joint Venture sold approximately 1.4 million barrels of crude oil in the first half of 2008, resulting in US$145 million (A$158
million) in gross sales revenue.
On 19 August 2008, the BMG Joint Venture published an update to its Proved and Probable initial reserves (100% Gross), showing an
increase from an original 39.8 million barrels oil equivalent to 81.9 million barrels oil equivalent (106% increase).
Reflecting confidence in the project, the BMG Joint Venture has announced a significant drilling program in 2009 and plans to expand the
development with a larger, purpose built FPSO, to be commissioned in early 2010.
Takeover offer from Roc Oil Company Limited
On 16 June 2008, Roc Oil Company Limited's ("ROC") announced a takeover offer for all of the ordinary shares in Anzon. In addition, ROC
announced that it had entered into a Scheme of Arrangement with Anzon's 53% parent, Anzon Energy Limited.
The Independent Directors of Anzon advised shareholders to take no action at this time. All the Directors recommendations will be
published after the Anzon Energy Limited Scheme Meeting, which is scheduled for 3 September 2008. These recommendations will be included in
the Target's Statement which is being prepared for mail out to shareholders on 8 September 2008.
Yours sincerely,
Andrew A Young
Managing Director
A full copy of this announcement is available on the ASX website www.asx.com.au.
FOR FURTHER INFORMATION PLEASE CONTACT:
Anzon Energy Limited: Mr Tony Strasser +61 2 9024 3555
Grant Thornton UK LLP: Fiona Owen +44 20 7383 5100
This information is provided by RNS
The company news service from the London Stock Exchange
END
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