TIDMGPC
RNS Number : 8452O
Genesis Petroleum Corporation PLC
13 March 2009
GENESIS PETROLEUM CORPORATION PLC
("Genesis", "the Company" or "the Group")
Preliminary Results for the year ended 31 December 2008.
Genesis Petroleum Corporation Plc, (AIM:GPC) an oil and gas exploration group
with assets offshore UK and Norway, today announces its preliminary results for
the year ended 31 December 2008.
KEY FACTS
Operational
* Awarded 3 new Production Licenses offshore Norway
* Provisionally awarded 2 new Seaward Production Licenses offshore UK
* Drilled unsuccessful exploration well in UKCS Block 9/5b
Financial
* Year-end cash balances of GBP6.8 million (2007: GBP20.3 million)
* Group loss increases to GBP11.1 million (2007: GBP0.9 million)
Corporate
* Entered into loan agreement to finance tax refund related to exploration
expenditure offshore Norway reducing the cash cost of exploration offshore
Norway to approximately 26% of actual expenditure
* Convertible loan note of GBP0.575 million exercised in exchange for 2,300,000
new ordinary shares.
Gerry Harrison, Chairman, commented:
"The unsuccessful exploration well drilled during the third quarter in UKCS 9/5b
was a major disappointment but the result has not changed the Directors' view on
the remaining, overall potential of the Genesis exploration portfolio. The Group
was successful in being awarded and provisionally awarded new production
licenses in Norway and the UK, respectively. Taking into account the dry well
and the new awards, the Group's net unrisked recoverable prospective resources
more than doubled during 2008. In 2009, we will work with our partners to
prioritise a drilling program which, subject to technical analysis and risk
assessment, may be biased towards our Norwegian licenses where Genesis can take
advantage of the favourable financial regime offered by the Norwegian
Government."
13 March 2008
Genesis Petroleum Corporation Plc
Gerry Harrison Tel: +44 (0) 1959 567450
Email:
mail@genesis-petroleum.com
Pelham Public Relations
Charles Vivian Tel: +44(0) 20 7337 1538
Email: charles.vivian@pelhampr.com
Evgeniy Chuikov Tel: +44 (0) 20 7337 1513
Email: Evgeniy.chuikov@pelhampr.com
Jefferies International Limited Tel: +44 (0) 20 7029 8000
Email: jpryde@jefferies.com
CHAIRMAN'S REPORT
For the year to 31 December 2008
Results
The Group made a loss after tax of approximately GBP11.1 million during the
year. The size of the loss reflects the expense of the unsuccessful well drilled
on UK Block 9/5b. There was no operating income during the year. Operating costs
were in line with budgeted performance. The Group had cash balances of
approximately GBP6.8 million at the year end. The Group's principal key
performance indicator is considered to be maintaining sufficient cash balances
to fund operating requirements and the Group's performance during the year was
satisfactory in this regard.
Review of Business and Operations
The most significant events during the year in calendar order were:
* in February, the award to Genesis Petroleum Norway AS ("Genesis Norway") of
interests in three new Production Licenses by the Norwegian Ministry of
Petroleum and Energy ("MPE") which more than doubled the Group's unrisked
recoverable prospective resources
* in June, the conversion by PGS Overseas AS of its GBP575,000 Loan Note into
2,300,000 Ordinary Shares, taking its shareholding in Genesis to 29.5%
* in June, the agreement with the Group's Norwegian bank on a revolving credit
facility directly linked to reimbursement by the Norwegian tax authorities of
certain exploration expenditure
* in August, the commencement of drilling operations on the UK Block 9/5b
exploration well and the "farm-in" of Sagex Petroleum UK Ltd to the License
* in September, the announcement that the UK Block 9/5b exploration well failed to
encounter hydrocarbons
* in November, the award (subject to completion) of two new Seaward Production
Licenses in the UK 25th Round of Licensing.
The Group also completed 3 new seismic surveys (1 UK and 2 Norway) as part of a
program of commitments related to its existing exploration licenses. There have
been no significant events since the year-end.
The unsuccessful UK Block 9/5b exploration well was extremely disappointing.
Before committing to drilling the well, an extensive technical analysis of the
potential of the block was conducted including 3D seismic data analysis and
electro-magnetic profiling. The respective surveys both showed anomalies
indicating the potential presence of hydrocarbons. The lack of success
highlighted the fact that exploration for hydrocarbons carries high risk as well
as potentially high reward. It does not, in the opinion of the Directors, impair
the potential for discovering hydrocarbons in other licenses held by the Group.
The award of three additional Norwegian Licenses was an excellent result and
underlines the technical competence of the Genesis team. As a result, we now
participate in several new License Groups which include Statoil Hydro, E.ON
Ruhrgas, Lundin, Nexen and Wintershall. Petoro*, representing the Norwegian
State, are participating in two of the Licenses.
The offer by the UK Authorities of two additional UK Licenses has been accepted
by Genesis but not yet finalised. The UK Department for Energy and Climate
Change (DECC) is reviewing all outstanding offers in the context of the
different financial and economic conditions which currently prevail compared to
when companies first applied for licenses in May 2008.
Subject to confirmation of the UK awards, the Group would have interests in 7 UK
and 5 Norwegian Licenses of which the Group operates 2, covering 28 blocks or
part blocks. This represents an exploration portfolio which is well balanced in
terms of risk and potential and includes both oil and gas prospectivity.
Under current Norwegian legislation, the Norwegian Tax Authority reimburses 78 %
of the eligible expense incurred in the exploration for oil and gas offshore
Norway. Companies should be pre-qualified in order to participate in the scheme
and the Genesis Group (through Genesis Norway) is one of only seven UK listed
and active participants. Under the scheme, Genesis is reimbursed 78% of eligible
expenditure 12 months after the year-end in which it occurred. As a result,
Genesis was reimbursed approximately GBP3.2 million (including interest) in
December 2008 related to eligible expenditure of approximately GBP4.1 million
incurred in 2007. In comparison Genesis was reimbursed GBP0.16 million in 2007
related to exploration expenditure of GBP0.21 million in 2006. The revolving
credit facility agreed with the Group's Norwegian bank allows Genesis Norway to
borrow 95% of the anticipated reimbursement as the expenditure is incurred and
on a monthly basis. The combination of the legislation and the credit facility
mean that Genesis can explore for oil and gas in Norway at a current cash cost
equivalent to approximately 26% of actual expenditure, before financing costs.
Outlook
During 2009, together with our respective partners, we expect to make "drill or
drop" decisions on several UK Licenses. Positive decisions would obligate the
Group to commence drilling within two years. In parallel, technical work will
continue on our Norwegian acreage which we anticipate will lead to several
positive drilling decisions during the year. It is therefore unlikely that the
Group will participate in actual drilling operations during 2009 but rather will
undertake extensive technical work in the various License Groups to minimise
risk and optimise a drilling program for 2010.
With due regard to development in the equity markets it is likely that the Group
will have particular focus, at least in the short term, on Norwegian activity.
This is because the cash demands, as outlined above, are significantly less than
those in the UK during the exploration phase. The Group's existing cash and bank
facilities are sufficient to meet all of its existing License commitments, which
are detailed in note 29 to the financial statements.
G M HARRISON
CHAIRMAN
13th March, 2009.
+------------------------------------------+-------+--------------+-------------+
| CONSOLIDATED INCOME STATEMENT | | | |
+------------------------------------------+-------+--------------+-------------+
| YEAR ENDED 31 DECEMBER | | | |
+------------------------------------------+-------+--------------+-------------+
| | | 2008 | 2007 |
+------------------------------------------+-------+--------------+-------------+
| | | GBP | GBP |
+------------------------------------------+-------+--------------+-------------+
| | | | |
+------------------------------------------+-------+--------------+-------------+
| Revenue | | - | 205,299 |
+------------------------------------------+-------+--------------+-------------+
| Cost of sales | | - | (166,430) |
+------------------------------------------+-------+--------------+-------------+
| | | | |
+------------------------------------------+-------+--------------+-------------+
| Gross profit | | - | 38,869 |
+------------------------------------------+-------+--------------+-------------+
| | | | |
+------------------------------------------+-------+--------------+-------------+
| Administrative expenses | | (3,581,279) | (1,547,056) |
+------------------------------------------+-------+--------------+-------------+
| Unsuccessful exploration costs | | (11,631,617) | (376,345) |
+------------------------------------------+-------+--------------+-------------+
| Other income | | - | 328,655 |
+------------------------------------------+-------+--------------+-------------+
| | | | |
+------------------------------------------+-------+--------------+-------------+
| Operating loss | | (15,212,896) | (1,555,877) |
+------------------------------------------+-------+--------------+-------------+
| | | | |
+------------------------------------------+-------+--------------+-------------+
| Finance income | | 847,214 | 531,167 |
+------------------------------------------+-------+--------------+-------------+
| Finance expenses | | (178,721) | (79,734) |
+------------------------------------------+-------+--------------+-------------+
| Share of loss in joint venture | | - | (15,784) |
+------------------------------------------+-------+--------------+-------------+
| | | | |
+------------------------------------------+-------+--------------+-------------+
| Loss before income tax | | (14,544,403) | (1,120,228) |
+------------------------------------------+-------+--------------+-------------+
| Income tax | | 3,441,199 | 173,809 |
+------------------------------------------+-------+--------------+-------------+
| | | | |
+------------------------------------------+-------+--------------+-------------+
| Loss for the year | | (11,103,204) | (946,419) |
+------------------------------------------+-------+--------------+-------------+
| | | | |
+------------------------------------------+-------+--------------+-------------+
| | | | |
+------------------------------------------+-------+--------------+-------------+
| | | | |
+------------------------------------------+-------+--------------+-------------+
| Loss per share | | | |
+------------------------------------------+-------+--------------+-------------+
| Basic and fully diluted (pence per | | (7.00) | (1.00) |
| share) | | | |
+------------------------------------------+-------+--------------+-------------+
| | | | |
+------------------------------------------+-------+--------------+-------------+
| | | | |
+------------------------------------------+-------+--------------+-------------+
+----------------------------------------------+-------+--------------+-------------+
| CONSOLIDATED BALANCE SHEET | | | |
+----------------------------------------------+-------+--------------+-------------+
| AS AT 31 DECEMBER | | | |
+----------------------------------------------+-------+--------------+-------------+
| | | 2008 | 2007 |
+----------------------------------------------+-------+--------------+-------------+
| | | GBP | GBP |
+----------------------------------------------+-------+--------------+-------------+
| | | | |
+----------------------------------------------+-------+--------------+-------------+
| Assets | | | |
+----------------------------------------------+-------+--------------+-------------+
| Non-current assets: | | | |
+----------------------------------------------+-------+--------------+-------------+
| Property, plant and equipment | | 206,766 | 71,609 |
+----------------------------------------------+-------+--------------+-------------+
| Goodwill | | 4,165,211 | 4,165,211 |
+----------------------------------------------+-------+--------------+-------------+
| Intangible assets | | 15,322,603 | 7,405,754 |
+----------------------------------------------+-------+--------------+-------------+
| | | | |
+----------------------------------------------+-------+--------------+-------------+
| Total non-current assets | | 19,694,580 | 11,642,574 |
+----------------------------------------------+-------+--------------+-------------+
| | | | |
+----------------------------------------------+-------+--------------+-------------+
| Current assets: | | | |
+----------------------------------------------+-------+--------------+-------------+
| Trade and other receivables | | 1,328,268 | 231,695 |
+----------------------------------------------+-------+--------------+-------------+
| Income tax receivable | | 8,093,912 | 3,098,764 |
+----------------------------------------------+-------+--------------+-------------+
| Cash at bank and in hand | | 6,757,695 | 20,284,048 |
+----------------------------------------------+-------+--------------+-------------+
| | | | |
+----------------------------------------------+-------+--------------+-------------+
| Total current assets | | 16,179,875 | 23,614,507 |
+----------------------------------------------+-------+--------------+-------------+
| | | | |
+----------------------------------------------+-------+--------------+-------------+
| Total assets | | 35,874,455 | 35,257,081 |
+----------------------------------------------+-------+--------------+-------------+
| | | | |
+----------------------------------------------+-------+--------------+-------------+
| Equity and liabilities | | | |
+----------------------------------------------+-------+--------------+-------------+
| Capital and reserves: | | | |
+----------------------------------------------+-------+--------------+-------------+
| Issued capital | | 5,084,169 | 5,010,000 |
+----------------------------------------------+-------+--------------+-------------+
| Share premium | | 23,115,278 | 22,718,771 |
+----------------------------------------------+-------+--------------+-------------+
| Merger reserve | | (1,321,500) | (1,321,500) |
+----------------------------------------------+-------+--------------+-------------+
| Option reserve | | 748,873 | 569,327 |
+----------------------------------------------+-------+--------------+-------------+
| Reverse acquisition reserve | | (205,850) | (205,850) |
+----------------------------------------------+-------+--------------+-------------+
| Other reserves | | 4,994,000 | 5,119,688 |
+----------------------------------------------+-------+--------------+-------------+
| Foreign exchange reserve | | (103,862) | - |
+----------------------------------------------+-------+--------------+-------------+
| Accumulated losses | | (14,378,047) | (3,438,494) |
+----------------------------------------------+-------+--------------+-------------+
| | | | |
+----------------------------------------------+-------+--------------+-------------+
| Total equity | | 17,933,061 | 28,451,942 |
+----------------------------------------------+-------+--------------+-------------+
| | | | |
+----------------------------------------------+-------+--------------+-------------+
| Non-current liabilities: | | | |
+----------------------------------------------+-------+--------------+-------------+
| Deferred tax | | 8,673,038 | 4,351,394 |
+----------------------------------------------+-------+--------------+-------------+
| Borrowings | | - | 449,312 |
+----------------------------------------------+-------+--------------+-------------+
| | | | |
+----------------------------------------------+-------+--------------+-------------+
| Total non-current liabilities | | 8,673,038 | 4,800,706 |
+----------------------------------------------+-------+--------------+-------------+
| | | | |
+----------------------------------------------+-------+--------------+-------------+
| Current liabilities: | | | |
+----------------------------------------------+-------+--------------+-------------+
| Income tax payable | | 41,465 | 662 |
+----------------------------------------------+-------+--------------+-------------+
| Borrowings | | 7,045,242 | - |
+----------------------------------------------+-------+--------------+-------------+
| Trade and other payables | | 2,181,649 | 2,003,771 |
+----------------------------------------------+-------+--------------+-------------+
| | | | |
+----------------------------------------------+-------+--------------+-------------+
| Total current liabilities | | 9,268,356 | 2,004,433 |
+----------------------------------------------+-------+--------------+-------------+
| | | | |
+----------------------------------------------+-------+--------------+-------------+
| Total liabilities | | 17,941,394 | 6,805,139 |
+----------------------------------------------+-------+--------------+-------------+
| | | | |
+----------------------------------------------+-------+--------------+-------------+
| Total equity and liabilities | | 35,874,455 | 35,257,081 |
+----------------------------------------------+-------+--------------+-------------+
| | | | |
+----------------------------------------------+-------+--------------+-------------+
CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
+------------------+------------+-------------+-------------+----------+-------------+-----------+-----------+----------------+---------------+
| | | | | | | | | | |
| | Issued | Share | Merger | Option | Reverse | Other | Foreign | Accumulated | Total |
| | capital | premium | reserve | reserve | acquisition | reserves | exchange | losses | equity |
| | | | | | reserve | | reserve | | |
+------------------+------------+-------------+-------------+----------+-------------+-----------+-----------+----------------+---------------+
| | GBP | GBP | GBP | GBP | GBP | GBP | GBP | GBP | GBP |
+------------------+------------+-------------+-------------+----------+-------------+-----------+-----------+----------------+---------------+
| | | | | | | | | | |
+------------------+------------+-------------+-------------+----------+-------------+-----------+-----------+----------------+---------------+
| At 1 January | 1,578,558 | 6,689,914 | (1,321,500) | 113,900 | (205,850) | - | - | (2,492,075) | 4,362,947 |
| 2007 | | | | | | | | | |
+------------------+------------+-------------+-------------+----------+-------------+-----------+-----------+----------------+---------------+
| | | | | | | | | | |
+------------------+------------+-------------+-------------+----------+-------------+-----------+-----------+----------------+---------------+
| Loss for the | | | | | | | | | |
| year | - | - | - | - | - | - | - | (946,419) | (946,419) |
| after tax | | | | | | | | | |
+------------------+------------+-------------+-------------+----------+-------------+-----------+-----------+----------------+---------------+
| Total recognised | | | | | | | | | |
| income | | | | | | | | | |
| and expense | - | - | - | - | - | - | - | (946,419) | (946,419) |
+------------------+------------+-------------+-------------+----------+-------------+-----------+-----------+----------------+---------------+
| | | | | | | | | | |
+------------------+------------+-------------+-------------+----------+-------------+-----------+-----------+----------------+---------------+
| Issue of shares | 3,431,442 | 17,669,906 | - | - | - | - | - | - | 21,101,348 |
+------------------+------------+-------------+-------------+----------+-------------+-----------+-----------+----------------+---------------+
| Share for share | | | | | | | | | |
| exchange | - | - | - | - | - | 4,994,000 | - | - | 4,994,000 |
+------------------+------------+-------------+-------------+----------+-------------+-----------+-----------+----------------+---------------+
| Equity element | | | | | | 125,688 | | | 125,688 |
| of | - | - | - | - | - | | - | - | |
| compound | | | | | | | | | |
| instrument | | | | | | | | | |
+------------------+------------+-------------+-------------+----------+-------------+-----------+-----------+----------------+---------------+
| Associated share | | | | | | - | | | (1,641,049) |
| issue costs | - | (1,641,049) | - | - | - | | - | - | |
+------------------+------------+-------------+-------------+----------+-------------+-----------+-----------+----------------+---------------+
| Warrant costs | - | - | - | 117,967 | - | - | - | - | 117,967 |
+------------------+------------+-------------+-------------+----------+-------------+-----------+-----------+----------------+---------------+
| Equity settled | | | | | | | | | |
| share | - | - | - | 337,460 | - | - | - | - | 337,460 |
| options | | | | | | | | | |
+------------------+------------+-------------+-------------+----------+-------------+-----------+-----------+----------------+---------------+
| | | | | | | | | | |
+------------------+------------+-------------+-------------+----------+-------------+-----------+-----------+----------------+---------------+
| At 31 December | 5,010,000 | 22,718,771 | (1,321,500) | 569,327 | (205,850) | 5,119,688 | - | (3,438,494) | 28,451,942 |
| 2007 | | | | | | | | | |
+------------------+------------+-------------+-------------+----------+-------------+-----------+-----------+----------------+---------------+
| | | | | | | | | | |
+------------------+------------+-------------+-------------+----------+-------------+-----------+-----------+----------------+---------------+
| | | | | | | | | | |
+------------------+------------+-------------+-------------+----------+-------------+-----------+-----------+----------------+---------------+
| Exchange | | | | | | | | | |
| differences on | | | | | | | | | |
| translation of | | | | | | | | | |
| foreign | - | - | - | - | - | - | (103,862) | - | (103,862) |
| operations | | | | | | | | | |
+------------------+------------+-------------+-------------+----------+-------------+-----------+-----------+----------------+---------------+
| Net income | | | | | | | (103,862) | | (103,862) |
| recognised | | | | | | | | | |
| directly in | - | - | - | - | - | - | | - | |
| equity | | | | | | | | | |
+------------------+------------+-------------+-------------+----------+-------------+-----------+-----------+----------------+---------------+
| | | | | | | | | | |
+------------------+------------+-------------+-------------+----------+-------------+-----------+-----------+----------------+---------------+
| Loss for the | | | | | | | | | (11,103,204) |
| year | - | - | - | - | - | - | - | (11,103,204) | |
| after tax | | | | | | | | | |
+------------------+------------+-------------+-------------+----------+-------------+-----------+-----------+----------------+---------------+
| | | | | | | | | | |
+------------------+------------+-------------+-------------+----------+-------------+-----------+-----------+----------------+---------------+
| Total recognised | | | | | | | | (11,103,204) | (11,103,204) |
| income | | | | | | | | | |
| and expense | - | - | - | - | - | - | - | | |
+------------------+------------+-------------+-------------+----------+-------------+-----------+-----------+----------------+---------------+
| Exercise of | | | | | | | | | |
| share options | 5,169 | 16,195 | - | (37,963) | - | - | - | 37,963 | 21,364 |
+------------------+------------+-------------+-------------+----------+-------------+-----------+-----------+----------------+---------------+
| Issue of shares | 69,000 | 380,312 | - | - | - | (125,688) | - | 125,688 | 449,312 |
+------------------+------------+-------------+-------------+----------+-------------+-----------+-----------+----------------+---------------+
| Equity settled | | | | | | | | | |
| share options | - | - | - | 217,509 | - | - | - | - | 217,509 |
+------------------+------------+-------------+-------------+----------+-------------+-----------+-----------+----------------+---------------+
| | | | | | | | | | |
+------------------+------------+-------------+-------------+----------+-------------+-----------+-----------+----------------+---------------+
| | | | | | | | | | |
+------------------+------------+-------------+-------------+----------+-------------+-----------+-----------+----------------+---------------+
| At 31 December | 5,084,169 | 23,115,278 | (1,321,500) | 748,873 | (205,850) | 4,994,000 | (103,862) | (14,378,047) | 17,933,061 |
| 2008 | | | | | | | | | |
+------------------+------------+-------------+-------------+----------+-------------+-----------+-----------+----------------+---------------+
| | | | | | | | | | |
+------------------+------------+-------------+-------------+----------+-------------+-----------+-----------+----------------+---------------+
+------------------------------+--+--+--+-----+------+--------------+---+-------------+---+
| CONSOLIDATED CASH FLOW STATEMENT FOR | | | 2008 | | 2007 | |
| THE YEAR ENDED 31 DECEMBER | | | | | | |
+---------------------------------------+-----+------+--------------+---+-------------+---+
| | | | | | | | | | |
+------------------------------+--+--+--+-----+------+--------------+---+-------------+---+
| Cash flows from operating | | | | | | GBP | | GBP | |
| activities | | | | | | | | | |
+------------------------------+--+--+--+-----+------+--------------+---+-------------+---+
| Loss for the year | | | | (11,103,204) | | (946,419) | |
+------------------------------------+--+-----+------+--------------+---+-------------+---+
| | | | | | | | | | |
+------------------------------+--+--+--+-----+------+--------------+---+-------------+---+
| Adjustments for: | | | | | | | | |
+---------------------------------+--+--+-----+------+--------------+---+-------------+---+
| Share of loss in joint venture | | | | - | | 15,784 | |
+------------------------------------+--+-----+------+--------------+---+-------------+---+
| Interest income recognised in | | | | | (847,214) | | (531,167) | |
| loss | | | | | | | | |
+---------------------------------+--+--+-----+------+--------------+---+-------------+---+
| Finance costs recognised in loss | | | | 178,721 | | 79,734 | |
+------------------------------------+--+-----+------+--------------+---+-------------+---+
| Income tax (refunded)/expense | | | | (7,619,183) | | (173,809) | |
+------------------------------------+--+-----+------+--------------+---+-------------+---+
| Provision for deferred tax | | | | | 4,177,984 | | - | |
+---------------------------------+--+--+-----+------+--------------+---+-------------+---+
| Depreciation | | | | | 120,901 | | 30,300 | |
+---------------------------------+--+--+-----+------+--------------+---+-------------+---+
| Amortisation of database access | | | | 104,597 | | | |
| rights | | | | | | | |
+------------------------------------+--+-----+------+--------------+---+-------------+---+
| Profit on sale of fixed assets | | | | (5,866) | | - | |
+------------------------------------+--+-----+------+--------------+---+-------------+---+
| Share option charge | | | | | 217,509 | | 337,460 | |
+---------------------------------+--+--+-----+------+--------------+---+-------------+---+
| Usage of database access rights | | | | | 552,403 | | - | |
+---------------------------------+--+--+-----+------+--------------+---+-------------+---+
| Exploration costs written off | | | | 11,079,214 | | 376,345 | |
+------------------------------------+--+-----+------+--------------+---+-------------+---+
| (Increase)/decrease in trade and | | | (1,155,258) | | 274,213 | |
| other receivables | | | | | | |
+---------------------------------------+-----+------+--------------+---+-------------+---+
| Increase in trade and other payables | | | 152,758 | | 151,894 | |
+---------------------------------------+-----+------+--------------+---+-------------+---+
| Exchange differences | | | (78,946) | | 70,832 | |
+---------------------------------------+-----+------+--------------+---+-------------+---+
| | | | | | | | | | |
+------------------------------+--+--+--+-----+------+--------------+---+-------------+---+
| Net cash used in operations | | | (4,225,584) | | (314,833) | |
+---------------------------------------+-----+------+--------------+---+-------------+---+
| | | | | | | | | | |
+------------------------------+--+--+--+-----+------+--------------+---+-------------+---+
| Interest paid | | | | | (276,981) | | (79,734) | |
+---------------------------------+--+--+-----+------+--------------+---+-------------+---+
| Refund of eligible exploration | | | | | 2,810,229 | | - | |
| costs from Norwegian tax | | | | | | | | |
| authority | | | | | | | | |
+---------------------------------+--+--+-----+------+--------------+---+-------------+---+
| | | | | | | | | | |
+------------------------------+--+--+--+-----+------+--------------+---+-------------+---+
| Net cash used in operating activities | | | (1,692,336) | | (394,567) | |
+---------------------------------------+-----+------+--------------+---+-------------+---+
| | | | | | | | | | |
+------------------------------+--+--+--+-----+------+--------------+---+-------------+---+
| Cash flows from investing activities | | | | | | |
+---------------------------------------+-----+------+--------------+---+-------------+---+
| Interest received | | | | | 905,899 | | 491,152 | |
+---------------------------------+--+--+-----+------+--------------+---+-------------+---+
| Payments for property, plant and | | | (273,081) | | (1,774) | |
| equipment | | | | | | |
+---------------------------------------+-----+------+--------------+---+-------------+---+
| Exploration costs capitalised | | | | (19,653,063) | | (443,928) | |
+------------------------------------+--+-----+------+--------------+---+-------------+---+
| Receipts for the sale of fixed | | | | 21,362 | | - | |
| assets | | | | | | | |
+------------------------------------+--+-----+------+--------------+---+-------------+---+
| Cash acquired with acquisition of | | | - | | 28,739 | |
| subsidiary | | | | | | |
+---------------------------------------+-----+------+--------------+---+-------------+---+
| Increase in loans to the joint | | | - | | (2,197,985) | |
| venture | | | | | | |
+---------------------------------------+-----+------+--------------+---+-------------+---+
| | | | | | | | | | |
+------------------------------+--+--+--+-----+------+--------------+---+-------------+---+
| Net cash used in investing activities | | | (18,998,883) | | (2,123,796) | |
+---------------------------------------+-----+------+--------------+---+-------------+---+
| | | | | | | | | | |
+------------------------------+--+--+--+-----+------+--------------+---+-------------+---+
| Cash flows from financing activities | | | | | | |
+---------------------------------------+-----+------+--------------+---+-------------+---+
| Proceeds from issue of equity shares | | | 21,364 | | 20,420,348 | |
+---------------------------------------+-----+------+--------------+---+-------------+---+
| Issue costs | | | | | | - | | (1,523,112) | |
+------------------------------+--+--+--+-----+------+--------------+---+-------------+---+
| Increase in borrowings | | | | | 7,143,502 | | - | |
+---------------------------------+--+--+-----+------+--------------+---+-------------+---+
| | | | | | | | | | |
+------------------------------+--+--+--+-----+------+--------------+---+-------------+---+
| Net cash generated by financing | | | 7,164,866 | | 18,897,236 | |
| activities | | | | | | |
+---------------------------------------+-----+------+--------------+---+-------------+---+
| | | | | | | | | | |
+------------------------------+--+--+--+-----+------+--------------+---+-------------+---+
| (Decrease)/ increase in cash and cash | | | (13,526,353) | | 16,378,873 | |
| equivalents | | | | | | |
+---------------------------------------+-----+------+--------------+---+-------------+---+
| Cash and cash equivalents at the | | | 20,284,048 | | 3,905,175 | |
| start of the year | | | | | | |
+---------------------------------------+-----+------+--------------+---+-------------+---+
| | | | | | | | | | |
+------------------------------+--+--+--+-----+------+--------------+---+-------------+---+
| Cash and cash equivalents at the end | | | 6,757,695 | | 20,284,048 | |
| of the year | | | | | | |
+---------------------------------------+-----+------+--------------+---+-------------+---+
| | | | | | | | | | |
+------------------------------+--+--+--+-----+------+--------------+---+-------------+---+
| | | | | | | | |
+------------------------------------+--+-----+------+--------------+---+-------------+---+
| | | | | | | | | | |
+------------------------------+--+--+--+-----+------+--------------+---+-------------+---+
NOTES TO THE PRELIMINARY ANNOUNCEMENT
For the year to 31 December 2008.
1. PUBLICATION OF NON-STATUTORY ACCOUNTS
The financial information set out in this Preliminary Announcement does not
constitute statutory accounts as defined in Section 240 of the Companies Act
1985.
The consolidated balance sheet at 31 December 2008 and the consolidated income
statement, consolidated changes in equity, consolidated cash flow statement and
associated notes for the year then ended have been extracted from the Group's
2008 statutory financial statements upon which the auditors' opinion is
unqualified and does not include any statement under Section 237 of the
Companies Act 1985.
Those financial statements have not yet been delivered to the registrar of
companies.
2. BASIS OF PREPARATION
The consolidated financial statements are for the year ended 31 December 2008.
They have been prepared in compliance with International Financial Reporting
Standards (IFRS) and International Financial Reporting Interpretations Committee
(IFRIC) interpretations as adopted by the European Union as at 31 December 2008.
3. LOSS PER SHARE
+-----------------------------------------------+--------------+--------------+
| | 2008 | 2007 |
+-----------------------------------------------+--------------+--------------+
| | GBP | GBP |
+-----------------------------------------------+--------------+--------------+
| | | |
+-----------------------------------------------+--------------+--------------+
| Loss for the year attributable to equity | (11,103,204) | (946,419) |
| shareholders | | |
+-----------------------------------------------+--------------+--------------+
| | | |
+-----------------------------------------------+--------------+--------------+
| Loss per share | | |
+-----------------------------------------------+--------------+--------------+
| Basic and fully diluted (pence per share) | 7.00 | 1.00 |
+-----------------------------------------------+--------------+--------------+
| | | |
+-----------------------------------------------+--------------+--------------+
| | Shares | Shares |
+-----------------------------------------------+--------------+--------------+
| | | |
+-----------------------------------------------+--------------+--------------+
| Issued ordinary shares at start of the year | 167,000,000 | 52,618,609 |
+-----------------------------------------------+--------------+--------------+
| Ordinary shares issued in the year | 2,472,291 | 114,381,391 |
+-----------------------------------------------+--------------+--------------+
| | | |
+-----------------------------------------------+--------------+--------------+
| Issued ordinary shares at end of the year | 169,472,291 | 167,000,000 |
+-----------------------------------------------+--------------+--------------+
| | | |
+-----------------------------------------------+--------------+--------------+
| Weighted average number of shares in issue | 168,402,992 | 91,033,391 |
| for the year | | |
+-----------------------------------------------+--------------+--------------+
| | | |
+-----------------------------------------------+--------------+--------------+
The diluted loss per share does not materially differ from the basic loss per
share.
4. CAPITAL COMMITMENTS
As a result of being awarded additional blocks in the North Sea, the group has
committed to expenditure on acquiring seismic data estimated to cost
GBP1,309,520 in Norway. It is usual practice that up to 78% if this expenditure
is reimbursed by the Norwegian tax authorities.
This information is provided by RNS
The company news service from the London Stock Exchange
END
FR BSGDXSDBGGCX
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