RNS Number : 7764E
Bramlin Limited
01 October 2008
Bramlin Limited
("Bramlin" or the "Company")
Interim Results for the six months ended 30 June 2008
CHAIRMAN'S STATEMENT
I am pleased to present the Company's interim report for the six months ended 30th June 2008 and I should like to take this opportunity
to summarise the key highlights of Bramlin's achievements thus far in 2008 and our current plans and activities leading up to drilling of
the Logbaba field later this year.
Financial Results
The financial results show a net loss of �405,501 for the half year (2007: �82,110). These results are in line with expectations and
reflect the considerable efforts of management to ensure the development of the Logbaba gas field in Douala, Cameroon, stays on track. In
addition, Bramlin invested approximately �400,000 directly into exploration, pre-development and marketing costs in Cameroon during the half
year.
The Market
Bramlin commissioned a gas marketing study in 2007 which indicated that about 3Bcf per year of demand exists, with the market expected
to grow by about 4.5% per year. These levels would support an estimated sales price of approximately US$15.00 per Mcf. Bramlin set an
economic threshold for the decision to proceed with the project at sales of 4 mmcf/d based on these price assumptions. Our marketing studies
show that approximately 16 mmcf/d could be sold to existing industrial energy users within the Douala area in the next 5 years. To date,
Bramlin has secured Letters of Intent or contracts for first deliveries of approximately 6 mmcf/d from 10 different facilities. Bramlin will
continue to actively market its natural gas to the industrial users in the Douala area.
Pre-Development Activities
Bramlin is in the process of completing the Environmental and Social Impact Assessment ("ESIA") and has started the process of acquiring
the land for our surface locations. The Company has completed the design of the twins to the LA101 and LA104 wells and is actively sourcing
materials for these wells. Additionally, based on work currently ongoing in the field, the Company has been granted a six months extension
to the term of the Exploration Licence.
Financing Activities
Bramlin announced on 22 September, 2008 that the Company has secured a loan facility from Victoria Oil & Gas Plc ("VOG") for $5,000,000.
Funds from the loan facility are being used to secure the surface locations needed for drilling activities, for completion of the ESIA,
purchase of tubular and mobilization of the drilling rig in respect of the Logbaba gas field.
A follow-up announcement confirmed that Bramlin is in early-stage discussions with VOG regarding a potential merger of the two
companies.
Outlook
Bramlin is well placed to be a significant player in the natural gas and liquid condensate sector in West Africa. Cameroon is energy
hungry and the location of Logbaba in the commercial and industrial centre of this country is most fortuitous. Management continues to focus
on activities that will secure our exploitation licence and enable us to drill and develop the Logbaba field. Looking forward, we hope to
secure additional gas sales agreements and complete the ESIA and associated land access approvals in the coming months. These steps should
allow us to commence drilling activities in late 2008 to early 2009, with commercial sales of natural gas commencing in late 2009.
I should like to thank the management and staff for a successful first year of operations and we look forward with confidence to
achieving our targets and enhancing the value of your Company.
Kevin Foo
Chairman
Enquiries:
Bramlin Limited
Jim Ford/Alan Thomas
Tel: +1 713 523 6336/ +44 (0)20 7960 9629
Strand Partners Limited
Simon Raggett /Angela Peace
Tel: +44 (0) 20 7409 3494
Conduit PR
Jonathan Charles/Ed Portman
Tel: +44 (0) 20 7429 6611
M: +44 (0) 7791 892509
Bramlin is listed on AIM. Further details about the Company and downloadable copies of this announcement are available on the Company's
website: www.bramlin.com.
Consolidated Income statement
for the half year ended 30 June 2008
Six Months Six Months Year
Ended Ended Ended
30-Jun-08 30-Jun-07 31-Dec-07
� � �
Revenue 0 0 0
Cost of sales 0 0 0
Gross profit/(loss) 0 0 0
Administrative expenses (353,127) (173,910) (508,800)
(Loss) on foreign exchange (67) 0 (4,493)
Operating (loss) (353,194) (173,910) (513,293)
Finance income 22,697 91,800 166,200
Finance costs (see note 3) (75,004) 0 0
(Loss)/profit before taxation (405,501) (82,110) (347,093)
Taxation 0 0 1,363
(Loss) for the period (405,501) (82,110) (345,730)
Basic and diluted (loss) per share (see (0.30)p (0.22)p (0.80)p
note 4)
consolidated statement of recognised income and expenses
for the half year ended 30 June 2008
Six Months Six Months Year
Ended Ended Ended
30-Jun-08 30-Jun-07 31-Dec-07
� � �
Loss for the period (405,501) (82,110) (345,730)
Foreign currency (8,230) 0 643,306
Total recognised Income/Expense for the (413,731) (82,110) 297,576
period
CONSOLIDATED Balance sheet
for the half year ended 30 June 2008
30-Jun-08 30-Jun-07 31-Dec-07
� � �
Non-current assets
Exploration and evaluation assets 43,976,778 0 43,560,994
Plant and equipment 24,345 2,132 20,770
Investments 0 0 0
44,001,123 2,132 43,581,764
Current assets
Trade and other receivables 92,327 562,064 36,502
Current tax receivables 70,053 16,111 53,216
Cash and cash equivalents 501,673 2,911,257 2,087,201
Total current assets 664,053 3,489,432 2,176,919
Total assets 44,665,176 3,491,564 45,758,683
Current liabilities
Trade and other payables (444,142) (278,845) (1,549,349)
Loan notes payable (342,194) 0 (342,056)
Current tax payables 0 (1,363) 0
Total current liabilities (786,336) (280,208) (1,891,405)
Non-current liabilities
Deferred tax liabilities (15,087,043) 0 (15,074,941)
Reserve bonus liability (see note 3) (4,306,083) 0 (4,231,152)
Total non-current liabilities (19,393,126) 0 (19,306,093)
Total liabilities (20,179,462) (280,208) (21,197,498)
NET ASSETS 24,485,714 3,211,356 24,561,185
Equity
Share capital 1,353,680 387,745 1,328,540
Share premium account 18,957,286 2,902,541 18,660,860
Shares to be issued 4,271,029 4,271,029
Currency reserves 635,076 0 643,306
Retained (losses)/earnings (731,357) (78,930) (342,550)
TOTAL EQUITY 24,485,714 3,211,356 24,561,185
CONSOLIDATED Cash Flow statement
for the half year ended 30 June 2008
Six Months Six Months Year
Ended Ended Ended
30-Jun-08 30-Jun-07 31-Dec-07
� � �
Net cash (used in) operating (1,210,894) (2,912,636) (2,116,243)
activities (see note 5)
Investing activities
Purchases of intangible assets (398,273) 0 (18,701)
Purchases of property, plant and (806) (2,403) (11,032)
equipment
Acquisition of subsidiaries, net of 0 0 (1,931,737)
cash acquired
Advances to subsidiaries 0 (255,663) 0
Interest received 22,697 83,665 166,200
Net cash (used in) investing (376,381) (174,401) (1,795,270)
activities
Financing activities
Proceeds from issues of ordinary 0 3,245,285 3,245,287
shares
Proceeds from issue of Loan Notes 0 0 0
Finance costs 858 0 0
Net cash from financing activities 858 3,245,285 3,245,287
(Decrease)/Increase in cash and cash (1,586,417) 158,248 (666,226)
equivalents
Reconciliation of net cash flow to
movement in net funds
Cash and cash equivalents at 2,087,201 2,753,009 2,753,009
beginning of period
Effect of foreign exchange rate 889 418
changes
Cash and cash equivalents at end of 501,673 2,911,257 2,087,201
period
NOTES TO THE FINANCIAL INFORMATION
for the half year ended 30 June 2008
1 General information
The information for the year to 31 December 2007 does not constitute statutory accounts as defined by section 240 of the UK Companies
Act 1985. The summarised consolidated balance sheet at 31 December 2007, the summarised consolidated income statement and the consolidated
statement of cash flows as well as the consolidated statement of recognized income and expenses for the year then ended have been extracted
from the Group's audited Annual Report and Financial Statements for the year ended 31 December 2007 upon which the auditors' opinion is
unqualified.
The financial statements for the half year ended 30 June 2008 were approved by the Directors on 30 September 2008.
2 Significant accounting policies
These interim financial statements, which are unaudited, have been prepared in accordance with International Financial Reporting
Standards (IFRS) and using the same accounting policies as were adopted for the Company's 2007 Annual Report and Accounts. The financial
statements for the half year ended 30 June 2008 were approved by the Directors on 30 September 2008.
3 Reserve bonus liability
The liability arises under a reserves bonus agreement with Rodeo Resources Inc on the Logbaba gas field. The amount of the liability
will be calculated four years after commencement of hydrocarbon production by reference to reserves of the field, as assessed at that time,
with a maximum amount of USD 10million (�5.0million). The Directors are of the view that there is reasonable probability of the Logbaba
field being developed and having sufficient reserves, as defined in the agreement, to trigger the maximum payment approximately four and a
half years after the balance sheet date. The liability does not attract interest until it becomes due. Accordingly the maximum liability has
been recognised, discounted by reference to USD 5-year interest rates, which is considered to approximate to the fair value.
Each accounting period, the accretion of discount is accounted for as a non-cash finance cost. During the half year to 30 June 2008, an
amount of �74,146 was charged as finance costs in the consolidated income statement.
4 (Loss)/Earnings per share
Six months ended 30 Six months ended 30 Year ended 30 June
June 2008 June 2007 2007
� � �
(Loss)/earnings
(Loss)/earnings for the (405,501) (82,110) (345,730)
purposes of basic
(loss)/earnings per share
being net (loss)/profit
attributable to equity
shareholders
Number of shares
Weighted average number of 135,160,805 36,628,088 43,028,988
ordinary shares for the
purposes of basic
(loss)/earnings per share
There were a total of 700,000 warrants to subscribe for ordinary shares in issue during the six months ended 30 June 2008. In addition,
24,062,134 ordinary shares are expected to be issued, when certain conditions are met, under the deferred consideration terms of the RDL
acquisition agreement and certain Directors' service contracts require part of their fees to be taken in shares. No diluted loss per share
is presented as the effect of including the additional shares would be to decrease the loss per share.
5 Cash used in operations
Six months ended 30 Six months ended 30 Year ended 30 June 2007
June 2008 June 2007 �
� �
Operating loss (353,194) (173,910) (513,293)
Depreciation 2,769 272 703
Foreign exchange losses on 67 6,460 4,493
operating activities
Changes in working capital
- Trade and other receivables (72,662) (278,550) (23,317)
- Trade and other payables (787,874) (2,466,908) (1,584,829)
Cash used in operations (1,210,894) (2,912,636) (2,116,243)
6 Post balance sheet events
On 22 September 2008, the company announced that it had entered into an agreement for a US$5 million loan facility ("Facility") to be
provided by Victoria Oil & Gas Plc (AIM: VOG). The funds provided under the Facility will mainly be used for financing of the Logbaba
Natural Gas and Condensate Project in Cameroon, West Africa, with the balance for general working capital purposes.
On 23 September, following market speculation, Bramlin confirmed that it was in preliminary discussions with the Board of VOG which may
or may not lead to a recommended all-share offer being made by VOG for the entire issued ordinary share capital of Bramlin.
This information is provided by RNS
The company news service from the London Stock Exchange
END
IR LMMTTMMTJTIP
Balmoral Intl (LSE:BML)
과거 데이터 주식 차트
부터 5월(5) 2024 으로 6월(6) 2024
Balmoral Intl (LSE:BML)
과거 데이터 주식 차트
부터 6월(6) 2023 으로 6월(6) 2024
