TIDMSOLO
RNS Number : 4683A
Solo Oil Plc
29 September 2015
For Immediate Release
29 September 2015
Solo Oil plc
("Solo" or the "Company")
UNAUDITED INTERIM RESULTS FOR THE SIX MONTHS ENDED 30 JUNE
2015
Chairman's Statement
Year to date in 2015 Solo has continued to advance its
investments in Tanzania, the UK and Nigeria, whilst also reviewing
other potential opportunities for investment elsewhere.
Commercialisation of the Kiliwani North gas field remains a
short-term focus with the gas sales agreement ("GSA") pending
signature and physical gas now available to flow into the national
pipeline network. Plans are now in place for the appraisal of the
Ntorya gas condensate discovery in the Ruvuma PSA and for a flow
test of the Horse Hill-1 oil discovery in the Weald Basin.
The balance of this year and early 2016 will provide significant
news in terms of our existing investments and may provide
additional opportunities.
Investment Strategy
The Company has continued to pursue its original investing
policy, as approved by the shareholders in 2009, which is to
develop a diverse worldwide portfolio of exploration, development
and production interests, with the primary focus being in Africa.
At the time of writing Solo holds material investments in Tanzania,
Nigeria, the United Kingdom and Canada.
Highlights for the period include:
Tanzania
-- Solo signed a sale and purchase agreement to acquire a 6.5%
interest in the Kiliwani North Development Licence ("KNDL") in
Tanzania
-- Solo also agreed an option to acquire a further 6.5% in the
KNDL on the same terms once a GSA is executed
-- These agreements were subsequently formally approved by the Tanzanian authorities
-- Kiliwani North-1 ("KN-1") well has been physically tied in to
the Songo Songo gas processing plant which is linked to the
national pipeline to Dar es Salaam
-- Expected initial offtake from the KN-1 well has been
increased by potentially 50% from 20 million cubic feet per day
("mmscfd") to up to 30 mmscfd (gross), significantly improving the
project economics and anticipated revenues
-- A new Competent Persons Report ("CPR") for Aminex plc on the
gross resources in Solo's assets in Tanzania increased KNDL gross
contingent resources to 28 billion cubic feet ("bcf") and the
Ntorya-1 discovery to 70 bcf
United Kingdom
-- Horse Hill-1 Portlandian Sandstone discovery, now estimated
to contain 21 million barrels of oil ("mmbbls") initially in place,
is to be a flow tested before year end
-- The discovery made in the Jurassic Kimmeridgian, Oxfordian
and Liassic limestones and mudstones has been extensively studied
and attributed with very significant resource potential in separate
studies by NUTECH and Schlumberger
West Africa
-- A 20% interest in Burj Petroleum Africa Limited ("Burj
Africa") was acquired through conversion of the Company's existing
holding In Pan Minerals Oil and Gas AG and a further investments of
US$500,000 in cash and shares
-- Burj Africa holds active applications for two marginal fields
containing estimated gross proven and probable recoverable oil
reserves of 59.3 mmbbls (13.5 mmbbls net to Burj Africa's interest
after royalty)
Corporate
-- During the year to date, the Company raised a total of GBP2.7
million before financing costs through the allotment of 503 million
shares in private placements
Tanzania, Ruvuma Basin
Solo has a 25% interest in the Ruvuma Petroleum Sharing
Agreement ("Ruvuma PSA") in the south-east of Tanzania that covers
approximately 3,447 square kilometres of which approximately 90%
lies onshore and the balance offshore. The Ruvuma PSA is in a
region of southern Tanzania where very substantial gas discoveries
have been made offshore in recent years and where gas has been
discovered onshore and along the coastal islands at Mnazi Bay and
Songo Songo.
Solo's key asset in the Ruvuma PSA is the Ntorya gas-condensate
discovery, made in 2012. The Ntorya-1 well reached a final total
depth of 3,150 metres and a gas zone between 2,663 and 2,688 metres
was tested in June 2012. Flow testing on a 3.5 metres zone at the
top of the gross 25 metre gas bearing interval produced at a
maximum flow rate of 20.1 million cubic feet per day ("mmscfd") and
139 barrels per day ("bpd") of 53 degree API condensate through a
1-inch choke. Following the completion of the test sequence the
well was suspended as a discovery for subsequent additional testing
or production.
An infill 2D seismic programme around Ntorya-1 totalling 180.6
kilometres was acquired in 2014. The bulk of the relevant legacy
seismic data in the area was also reprocessed. This new and
reprocessed seismic data quality was markedly improved and a
comprehensive remapping exercise has been undertaken.
The operator's interpretation of the new 2D seismic lead to a
re-estimation of the discovered and prospective resources in the
Likonde-Ntorya area and was subsequently audited by Senergy (GB)
Limited ("LR Senergy") who issued a Competent Person's Report
("CPR") in May 2015. LR Senergy estimated that Ntorya contains a
gross 158 billion cubic feet ("bcf") of proven gas in place, of
which they attribute a gross 70 bcf as best estimate contingent
resources. Overall in the Ruvuma PSA, LR Senergy estimate gross
4.17 trillion cubic feet ("tcf") of discovered and undiscovered gas
in place. Contingent resources are expected to be converted to
reserves once a commercial development and export scheme is
approved.
The partners in the Ruvuma PSA are planning the drilling of at
least one appraisal well in order to firm up these resource volumes
and to commence gas sales negotiations. Two appraisal well
locations have been selected and final rig selection and associated
contract discussions have commenced. It is anticipated that the
first of these wells could be spudded in late 4(th) quarter 2015 or
in the 1(st) quarter 2016.
The recently constructed, Chinese financed, 36-inch gas national
pipeline that runs through the Ruvuma PSA area from Mtwara to the
Tanzanian capital, Dar es Salaam, was completed in early 2015 and
is anticipated to be fully commissioned and handed over to its
Tanzanian owners during 2015. Gas is already being produced into
the pipeline and as commissioning of the associated gas handling
plants is completed the pipeline will gradually increase
throughput. Solo estimated that there is at least 500 million cubic
feet per day of demand in the Dar es Salaam area and significant
uncontracted ullage is available in the pipeline to receive likely
gas production from the Ntorya discovery.
Tanzania, Kiliwani North
In October 2014 Solo announced that it had agreed with Aminex to
acquire up to a 13% working interest in the Kiliwani North
Development Licence ("KNDL") on Songo Songo Island. The Kiliwani
North-1 ("KN-1") well was drilled by Aminex and its partners in
2008 and discovered gas in a 60 metre column in the Lower
Cretaceous. Based on well test results Kiliwani North-1 is expected
to be flowed at a rate of up to 30 mmscfd once on stream through a
short tie-in pipeline to the Songo Songo Island gas processing
facility, and from there to the newly constructed national 36-inch
pipeline to Dar es Salaam.
Solo acquired a 6.5% interest in the KNDL project for US$3.5
million in February and at the time of writing retain an option to
acquire a further 6.5% interest on the same terms within 30 days of
the signature of a Gas Sales Agreement ("GSA") for the produced gas
from the KNDL. Negotiations have continued with the Tanzanian
authorities on payment guarantees under the GSA and whilst the GSA
remains unsigned significant progress has been made and another
operator in the area has now signed a GSA with appropriate
guarantees. In the interim the commissioning of the tie-in to the
Songo Songo gas plant has progressed and once the GSA is signed
physical gas can be flowed from KN-1.
Further work conducted in 2015 has indicated that initial
off-take rates from KN-1 can be increased from the previously
estimated 20 mmscfd to up to 30 mmscfd. This will markedly improve
project economics and the value of Solo's investment which was made
on the basis of the previously assumed off-take rate.
Independently verified gross gas in place was confirmed by LR
Senergy in a Competent Persons Report in May 2015. LR Senergy
computed gross mean gas in place of 44 bcf of which 28 bcf have
been attributed as best estimate contingent resources. Contingent
resources will be converted to reserves once the GSA is signed.
UK, Weald Basin
In 2014 the Company acquired a 10% interest in a special purpose
company, Horse Hill Developments Limited ("HHDL"), which held the
option to become operator and 65% interest holder in two Petroleum
Exploration and Development Licences, PEDL 137 and 246, in the
northern Weald Basin between Gatwick Airport and London.
The PEDL 137 licence covers 99.29 square kilometres (24,525
acres) to the north of Gatwick Airport in Surrey and contains the
Horse Hill discovery and several other exploration leads. PEDL 246
covers an area of 43.58 square kilometres (10,769 acres) and lies
immediately adjacent and to the east of PEDL 137. HHDL subsequently
completed the farm-in to the two PEDLs to obtain the planned 65%
working interest in September 2014.
The Horse Hill-1 ("HH-1") well commenced drilling operations on
2 September 2014 and reached total depth at 8,870 feet MD on the 4
November 2014. Evaluation of electric logs and other data collected
from the well resulted in the announcement on 24 October 2014 of a
conventional Upper Portlandian Sandstone discovery.
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In May 2015 the Xodus Group produced an independent estimate of
the gross discovered oil in place ("STOIIP") of the Portland
Sandstone discovery; increasing the previous operators internal
view of 8.2 mmbbls to 21.0 mmbbls. On the basis of this it was
agreed to conduct a flow test of the HH-1 well to establish the
feasibility of a commercial development of the oil estimated to be
in place in the reservoir. That test is expected to be performed in
late 2015.
During drilling it was also noted that the Kimmeridge limestones
and surrounding shale contained oil and following the completion of
the drilling of the well, extensive geochemical analysis was
conducted which showed the Kimmeridge formation was mature for oil
generation. Solo and its partner in the license, UK Oil and Gas
Investments plc ("UKOG"), contracted NUTECH Inc. ("Nutech"), an
industry specialist in tight reservoir analysis, to conduct further
detailed petrophysical evaluation of the electric logs. This work
resulted in the announcement in April 2015 of a potentially
significant play with estimated oil in place of over 150 million
barrels per square mile.
The results of the work by Nutech have subsequently been
independently verified for UKOG in May 2015 by Schlumberger, one of
the world's leading oil and gas service companies, using their
proprietary modelling developed in tight reservoirs. Schlumberger's
estimate of oil in place in the Kimmeridge, Oxford and Lias
mudstones and limestones is approximately 255 million barrels per
square mile. This largely unconventional play in the Kimmeridge
opens up large areas of the Weald Basin that may have potential for
oil production, not limited to the PEDL 137 licence area where
Horse Hill is located.
UK, Isle of Wight
In October 2014 Solo teamed up with two of its Horse Hill
partners, UK Oil and Gas Investments plc ("UKOG") and Angus Energy
Limited to make an application in the UK 14(th) Landward Licensing
Round. The application was made for a 200 square kilometre onshore
block in the south of the Isle of Wight, adjacent to UKOG's
existing offshore licence which contains an undrilled prospect that
is considered to lie both on and offshore the south coast of the
island and additional potential onshore in the north-east of the
block around the previously drilled Arreton wells. At the end of
the half-year the application was still under consideration by the
UK Oil and Gas Authority ("OGA") and further awards in the 14(th)
Round are now anticipated to occur in the late 2015. Solo holds a
non-operated 30% interest in the application.
West Africa, Nigeria
In 2013 Solo made an investment into Swiss private company Pan
Minerals Oil and Gas AG ("Pan Minerals") in order to assist Pan
Minerals in progressing various opportunities in West Africa where
Solo hopes eventually to take an equity stake in a West African oil
producer with onshore oil assets. At the beginning of 2015 Solo
held a 19.9% interest in Pan Minerals.
Through its activities, funded by Solo's 2014 investment, Pan
Minerals gained an opportunity to invest in Burj Petroleum Africa
Limited ("Burj Africa") a company which had applied for various
undeveloped fields in the 2014 Nigerian Marginal Fields Bid Round
along with joint venture partners Global Oil and Gas ("Global") and
Truvent Consulting. Solo subsequently announced in April that it
planned to exchange its 19.9% shareholding in Pan Minerals for a
15.9% in Burj Africa and make a further investment of US$500,000 in
cash and shares to increase its shareholding in Burj Africa to 20%.
That transaction was completed in May 2015. Solo also gained the
right, at its sole election, to convert the equity position in Burj
Africa to a direct participation in the joint venture with Global
in Nigeria.
Two adjacent marginal fields have been applied for containing 10
wells previously drilled by an international major oil and gas
company. These fields are believed by Burj Africa and its partners
to contain gross proven, probable and possible recoverable oil
reserves of 59.3 million barrels ("mmbbls"), approximately 13.5
mmbbls net to Burj Africa after payment of royalties.
Global is the designated operator of the Burj Africa joint
venture in Nigeria. Truvent Consulting is an indigenous Nigerian
oil and gas development company. Award of these blocks and any
subsequent operations continues to be subject to Nigerian
government approval. Progress is anticipated during the remainder
of 2015.
Canada, Ontario
Solo owns a 28.56% interest in 23,500 acres of petroleum leases
in southern Ontario which contain a number of Ordovician reefal
structures which contain variously oil, gas and condensate. The
operator, Reef Resources Inc., has been unable to raise the
necessary funds to continue the development of the Ausable gas
condensate field and no alternative has so far been found to unlock
the potential. Solo's management continues to seek ways to advance
or monetise the investment made in the Ausable and adjacent Airport
fields, and hopes to report progress in due course.
FINANCIAL RESULTS
During the year to date there have been no Board changes. In
order to fund its ongoing investments the Company raised gross
proceeds of GBP2.7 million in new equity by way of the placing of
503,636 364 new shares.
The Company's operating loss for the period was GBP372,000 (30
June 2014: GBP431,000 loss). In addition, further charges of
GBP679,000 (30 June 2014: nil) relates to the provision for
potential losses on the financial instrument (the Equity Swap
Agreement) with YA Global Master SPV Ltd as announced on 24
September 2014 and GBP49,000 (30 June 2014: nil) for finance
charges.
Immediate Outlook
The Company's holdings in the Kiliwani North Development Licence
("KNDL") and its 25% stake in the Ruvuma PSA continue to represent
the most significant investments in the Company and their further
development is being actively pursued. Appraisal drilling of the
Ntorya gas condensate discovery will potentially unlock substantial
value. The acquisition of a stake in the KNDL is expected to
provide ongoing revenue once gas sales commence in 2015. Gas prices
in Tanzania are delinked from the global oil markets and this
offers the Company a stable revenue stream at a time of uncertain
returns elsewhere.
The Horse Hill-1 well has added significant additional value to
the Company, containing both a potentially commercial conventional
Portland Sandstone discovery, due for testing in 2015, and a major
new largely unconventional play in the Jurassic. The ongoing UK
14(th) Landward Licensing Round may also lead to additional
opportunities in the UK.
The possible award of field development assets to Burj Africa in
Nigeria where the Company holds a 20% stake represents a
potentially very significant advance in the Company's wish to
invest in a West African oil producer.
Current market conditions with a prolonged period of depressed
commodity prices offers increased opportunities for selective and
careful investment. The Company therefore continues to actively
assess additional new investment opportunities in Africa and
elsewhere and will make further investments in suitable ventures as
and when it is considered appropriate.
Neil Ritson
Chairman
29 September 2015
Competent Person's statement:
The information contained in this document has been reviewed and
approved by Neil Ritson, Chairman for Solo Oil Plc. Mr Ritson is a
member of the Society of Petroleum Engineers, a Fellow of the
Geological Society, an Active Member of the American Association of
Petroleum Geologists and has over 38 years relevant experience in
the oil industry.
GLOSSARY & NOTES
2D seismic seismic data collected using
the two-dimensional common depth
point method
---------------------- -----------------------------------------
AIM London Stock Exchange Alternative
Investment Market
---------------------- -----------------------------------------
API American Petroleum Institute
---------------------- -----------------------------------------
barrel or bbl 45 US gallons
---------------------- -----------------------------------------
bbls barrels of oil
---------------------- -----------------------------------------
bcf billion cubic feet
---------------------- -----------------------------------------
best estimate the most likely estimate of a
or P50 parameter based on all available
data, also often termed the P50
(or the value of a probability
distribution of outcomes at the
50% confidence level)
---------------------- -----------------------------------------
billion 10 to the power 9
---------------------- -----------------------------------------
bopd barrels of oil per day
---------------------- -----------------------------------------
bpd barrel per day
---------------------- -----------------------------------------
contingent resources those quantities of petroleum
estimated, at a gin date, to
be potentially recoverable from
known accumulations, but the
associated projects are not yet
considered mature enough for
commercial development due to
one or more contingencies
---------------------- -----------------------------------------
CPR Competent Persons Report
---------------------- -----------------------------------------
discovery a petroleum accumulation for
which one or several exploratory
wells have established through
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testing, sampling and/or logging
the existence of a significant
quantity of potentially moveable
hydrocarbons
---------------------- -----------------------------------------
electric logs tools used within the wellbore
to measure the rock and fluid
properties of the surrounding
formations
---------------------- -----------------------------------------
GIIP gas initially in place
---------------------- -----------------------------------------
GSA gas sales agreement
---------------------- -----------------------------------------
HH-1 Horse Hill-1 well
---------------------- -----------------------------------------
KN-1 Kiliwani North-1 well
---------------------- -----------------------------------------
KNDL Kiliwani North Development Licence
---------------------- -----------------------------------------
m thousand (ten to the power 3)
---------------------- -----------------------------------------
mm million (ten to the power 6)
---------------------- -----------------------------------------
mmbbls million barrels of oil
---------------------- -----------------------------------------
mmscf million standard cubic feet of
gas
---------------------- -----------------------------------------
mmscfd million standard cubic feet of
gas per day
---------------------- -----------------------------------------
OGA UK Oil and Gas Authority (formally
the Department of Energy and
Climate Change)
---------------------- -----------------------------------------
oil in place stock tank oil initially in place,
or STOIIP those quantities of oil that
are estimated to be in known
reservoirs prior to production
commencing
---------------------- -----------------------------------------
pay reservoir or portion of a reservoir
formation that contains economically
producible hydrocarbons. The
overall interval in which pay
sections occur is the gross pay;
the portion of the gross pay
that meets specific criteria
such as minimum porosity, permeability
and hydrocarbon saturation are
termed net pay
---------------------- -----------------------------------------
PEDL Petroleum Exploration and Development
Licence
---------------------- -----------------------------------------
permeability the capability of a porous rock
or sediment to permit the flow
of fluids through the pore space
---------------------- -----------------------------------------
petrophysics the study of the physical and
chemical properties of rock formations
and their interactions with fluids
---------------------- -----------------------------------------
play a set of known or postulated
oil or gas accumulations sharing
similar geologic properties
---------------------- -----------------------------------------
porosity the percentage of void space
in a rock formation
---------------------- -----------------------------------------
prospective resources those quantities of petroleum
which are estimated, at a given
date, to be potentially recovered
from undiscovered accumulations
---------------------- -----------------------------------------
proven reserves those quantities of petroleum,
which, by analysis of geoscience
and
engineering data, can be estimated
with reasonable certainty to
be commercially recoverable (1P),
from a given date forward, from
known reservoirs and under defined
economic conditions, operating
methods, and government regulations
---------------------- -----------------------------------------
probable reserves those additional reserves which
analysis of geoscience and engineering
data indicate are less likely
to be recovered than Proved Reserves
but more certain to be recovered
than Possible Reserves. It is
equally likely that actual remaining
quantities recovered will be
greater than or less than the
sum of the estimated Proved plus
Probable Reserves (2P)
---------------------- -----------------------------------------
possible reserves those additional reserves which
analysis of geoscience and engineering
data suggest are less likely
to be recoverable than Probable
Reserves. The total quantities
ultimately recovered from the
project have a low probability
to exceed the sum of Proved plus
Probable plus Possible (3P) Reserves,
which is equivalent to the high
estimate scenario
---------------------- -----------------------------------------
PSA petroleum sharing agreement
---------------------- -----------------------------------------
PRMS Petroleum Resources Management
System
---------------------- -----------------------------------------
reserves those quantities of petroleum
anticipated to be commercially
recovered by application of development
projects to known accumulations
from a given date forward under
defined conditions
---------------------- -----------------------------------------
reservoir a subsurface rock formation containing
an individual natural accumulation
of moveable petroleum
---------------------- -----------------------------------------
SPE Society of Petroleum Engineers
---------------------- -----------------------------------------
tcf trillion cubic feet
---------------------- -----------------------------------------
trillion 10 to the power 12
---------------------- -----------------------------------------
unconventional widely accepted to mean those
reservoir hydrocarbon reservoirs that are
tight; that is have low permeability
---------------------- -----------------------------------------
The estimates provided in this statement are based on the
Petroleum Resources Management System ("PRMS") published by the
("SPE") and are reported consistent with the SPE's 2011 guidelines.
All definitions used in the announcement have the meaning given to
them in the PRMS.
Unless otherwise stated all figures are net to Solo's
interest.
For further information:
Solo Oil plc
Neil Ritson
Fergus Jenkins +44 (0) 20 3794 9230
Beaumont Cornish Limited
Nominated Adviser and
Joint Broker
Roland Cornish +44 (0) 20 7628 3396
Shore Capital
Joint Broker
Pascal Keane +44 (0) 20 7408 4090
Jerry Keen (Corporate
Broker)
Bell Pottinger
Public Relations
Henry Lerwill +44 (0) 20 3772 2500
Cassiopeia Services
Investor Relations
Stefania Barbaglio +44 (0) 79 4969 0338
CONDENSED INTERIM INCOME STATEMENT
Six months Six months Year ended
ended ended
Notes 30 June 30 June 31 December
2015 2014 2014
(Unaudited) (Unaudited) (Audited)
GBP 000's GBP 000's GBP 000's
Revenue - - -
Gross profit - - -
Administrative expenses (372) (431) (1,130)
------------ ------------ ------------
Operating (loss) (372) (431) (1,130)
Impairment charge - - (400)
Finance costs (49) - (84)
Finance revenue - 24 27
Provision for losses
on financial instrument (679) - (261)
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September 29, 2015 02:01 ET (06:01 GMT)
------------ ------------ ------------
(Loss) on ordinary activities
before taxation (1,100) (407) (1,848)
Income tax (expense) - - -
------------ ------------ ------------
Retained (Loss) for the
period attributable to
equity holders of the
Company (1,100) (407) (1,848)
------------ ------------ ------------
Loss per share (pence)
Basic and diluted 2 (0.02) (0.01) (0.04)
------------ ------------ ------------
CONDENSED INTERIM STATEMENT OF OTHER COMPREHENSIVE INCOME
Six months Six months Year ended
ended ended
Notes 30 June 30 June 31 December
2015 2014 2014
(Unaudited) (Unaudited) (Audited)
GBP 000's GBP 000's GBP 000's
Loss for the period (1,100) (407) (1,848)
Decrease in value of
Available for sale assets (41) - (4)
Total comprehensive income (1,141) (407) (1,852)
------------ ------------ ------------
CONDENSED INTERIM STATEMENT OF FINANCIAL POSITION
As at As at As at
Notes 30 June 30 June 31 December
2015 2014 2014
(Unaudited) (Unaudited) (Audited)
GBP 000's GBP 000's GBP 000's
Non-current assets
Intangible assets 11,515 9,693 9,043
Available for sale assets 1,809 816 1,522
Total non-current assets 13,324 10,509 10,565
Current assets
Trade and other receivables 3 1,123 1,180 974
Derivative financial
instrument - - 489
Cash and cash equivalents 1,344 936 2,021
------------ ------------ ------------
Total current assets 2,467 2,116 3,484
------------ ------------ ------------
Total assets 15,791 12,625 14,049
------------ ------------ ------------
Current liabilities
Trade and other payables (176) (167) (180)
Derivative financial (189) - -
instrument
Borrowings (477) - (536)
Total liabilities (842) (167) (716)
------------ ------------ ------------
Net assets 14,949 12,458 13,333
============ ============ ============
Equity
Share capital 556 478 501
Deferred share capital 1,831 1,831 1,831
Share premium reserve 25,062 20,303 22,360
Share-based payments 936 696 936
AFS reserve (45) - (4)
Retained loss (13,391) (10,850) (12,291)
------------ ------------ ------------
Total equity attributable
to equity holders of
the parent 14,949 12,458 13,333
============ ============ ============
CONDENSED INTERIM STATEMENT OF CASH FLOWS
Six months Six months Year ended
ended ended
30 June 30 June 31 December
2015 2014 2014
(Unaudited) (Unaudited) (Audited)
GBP 000's GBP 000's GBP 000's
Cash outflow from operating
activities
Operating loss (372) (431) (1,130)
Adjustments for:
Share-based payments - - 208
(Increase)/decrease in
receivables (149) 111 317
(Decrease)/increase in
payables (4) 51 64
Foreign exchange loss 8 - 3
------------ ------------ ------------
Net cash (outflow) from
operating activities (517) (269) (538)
------------ ------------ ------------
Cash flows from investing
activities
Interest received - 24 27
Payments to acquire intangible
assets (2,472) (1,244) (994)
Payment to acquire derivative
financial instrument - - (750)
Payments to acquire available
for sale investment (133) - (713)
Net cash outflow from
investing activities (2,605) (1,220) (2,430)
------------ ------------ ------------
Cash flows from financing
activities
Repayments of borrowings (396) - -
Proceeds from borrowings 336 - 536
Finance costs (49) - (52)
Proceeds on issuing of
ordinary shares 2,700 499 2,759
Cost of issue of ordinary
shares (146) (30) (210)
------------ ------------ ------------
Net cash inflow from
financing activities 2,445 469 3,033
------------ ------------ ------------
Net (decrease)/increase
in cash and cash equivalents (677) (1,020) 65
Cash and cash equivalents
at beginning of period 2,021 1,956 1,956
Cash and cash equivalents
at end of period 1,344 936 2,021
============ ============ ============
+
CONDENSED STATEMENT OF CHANGES IN EQUITY
Share Deferred Share Share AFS Accumulated Total
capital share premium based reserve losses
capital payments
GBP000's GBP000's GBP000's GBP000's GBP000's GBP000's GBP000's
Balance at 1 January 2014 460 1,831 19,852 696 - (10,443) 12,396
Loss for the period - - - - - (1,848) (1,848)
Decrease in value of Available
for sale assets - - - - (4) - (4)
--------- --------- --------- ---------- --------- ------------ ---------
Total comprehensive income - - - - (4) (1,848) (1,852)
Share issue 41 - 2,718 - - - 2,759
Cost of share issue - - (210) - - - (210)
Share-based payment charge - - - 240 - - 240
--------- --------- --------- ---------- --------- ------------ ---------
Total contributions by and
distributions
to owners of the Company 41 - 2,508 240 - - 2,789
--------- --------- --------- ---------- --------- ------------ ---------
Balance at 31 December 2014 501 1,831 22,360 936 (4) (12,291) 13,333
Loss for the period - - - - - (1,100) (1,100)
Decrease in value of Available
for sale assets - - - - (41) - (41)
--------- --------- --------- ---------- --------- ------------ ---------
Total comprehensive income - - - - (41) (1,100) (1,141)
Share capital issued 55 - 2,848 - - - 2,903
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