TIDMMTA
RNS Number : 0507M
Matra Petroleum PLC
10 August 2011
10(th) August 2011
Matra Petroleum plc
Interim Results
Matra Petroleum plc ("Matra" or the "Company"), an independent
oil and gas exploration and production company with operations in
Russia, today announces its results for the six month period ending
30 June 2011.
Highlights
Operational
-- Production and sales of oil achieved from both A-12 and A-13
wells
-- The reservoir quality confirmed at well A-12 (side-track)
supports the likelihood of robust economics for the overall
development of the Sokolovskoe Field
Financial
-- Placing to raise GBP1.55m completed in February 2011
-- Cash and cash equivalents totalling EUR1.27 million at the
period end
Outlook
-- 3D seismic survey to be carried out across the entire
field
-- Plans for further appraisal and development starting with
well A-14
Peter Hind, Managing Director of Matra Petroleum commented:
"Significant progress was made in the first half of 2011 with
confirmation of a high quality reservoir following the drilling of
well A-12 sidetrack. We look forward to the next stage of
development with the drilling of well A-14 later this year which we
expect to further improve the commerciality of the field."
Extracts from the interim results appear below and a full
version is available on the Company's website
www.matrapetroleum.com
Enquiries:
Matra Petroleum plc www.matrapetroleum.com
Peter Hind, Managing Director +44 (0) 7990 807855
Matrix Corporate Capital
LLP
Robert Beenstock / Robin
Henshall +44 20 3206 7000
Pelham Bell Pottinger
Nick Lambert +44 20 7861 3936
Henry Lerwill +44 20 7861 3169
MANAGING DIRECTOR'S STATEMENT
Dear Shareholder,
On behalf of the Board, I am pleased to present the Interim
Results of Matra Petroleum plc for the six months ended 30 June
2011.
The first half of 2011 has seen production and sales of oil from
both A-12 and A-13 wells. A-13 produced a total of 3,765 bbls
without significant water production. Although the daily rate was
modest, the production rate is expected to be improved when a
down-hole pump is installed. The success of the cement squeeze in
this well supports the conclusion that cementing problems are the
main cause of water influx. The well is currently shut-in and in
order to resume production, some surface production equipment will
need to be installed onsite and a down-hole pump installed. The
directors believe this will generate a positive cash flow after the
deduction of production taxes and other costs.
Well-12 has shown that it is capable of producing at an initial
oil rate of around 1,000 bpd but continues to be affected by water
production. The reservoir quality encountered at well A-12 supports
robust economics for the overall development of the Sokolovskoe
Field. An attempt to shut-off water using a production packer was,
however, unsuccessful. At the time of reporting, an independent
technical data review is in progress to assess the viability of
further remedial action on well A-12 to shut-off water. Once this
review is complete a decision on the future of the well will be
taken.
It should be remembered that well A-12 is drilled on the flank
of the field and the well penetrated the oil-water-contact ("OWC").
Drilling in the main part of the field is expected to encounter
thicker and more porous reservoir sections further up from the OWC.
Furthermore a drilling programme designed specifically for
production wells will be utilised thereby minimising operational
risks.
The most important factor relating to the field's further
appraisal and development will be result of the next well, A-14.
This well will be drilled to test the presence of "Patch Reefs"
(predicted areas of better reservoir characteristics) to the North
of existing wells. The directors believe that success at this well
is likely to improve the value of the field and the Company's
ability to accelerate production. The approval process for such
drilling has recently changed so as to require additional
environmental and ecological studies to be completed and this work
is in progress.
I look forward to providing further updates throughout the
second half of 2011.
Peter Hind
Managing Director
9 August 2011 INDEPENDENT REVIEW REPORT
FOR THE PERIOD ENDED 30 JUNE 2011
INDEPENDENT REVIEW REPORT TO MATRA PETROLEUM PLC
Introduction
We have been engaged by the company to review the condensed set
of financial statements in the half-yearly financial report for the
six months ended 30 June 2011 which comprises the Condensed
Consolidated Income Statement, the Condensed Consolidated Statement
of Comprehensive Income, the Condensed Consolidated Statement of
Changes in Equity, the Condensed Consolidated Balance Sheet, the
Condensed Consolidated Statement of Cash Flow and related
notes.
We have read the other information contained in the half-yearly
financial report and considered whether it contains any apparent
misstatements or material inconsistencies with the information in
the condensed set of financial statements.
Directors' responsibilities
The interim report, including the financial information
contained therein, is the responsibility of and has been approved
by the directors. The directors are responsible for preparing the
interim report in accordance with the rules of the London Stock
Exchange for companies trading securities on Alternative Investment
Market which require that the half-yearly report be presented and
prepared in a form consistent with that which will be adopted in
the company's annual accounts having regard to the accounting
standards applicable to such annual accounts.
Our responsibility
Our responsibility is to express to the company a conclusion on
the condensed set of financial statements in the half-yearly
financial report based on our review.
Our report has been prepared in accordance with the terms of our
engagement to assist the company in meeting the requirements of the
rules of the London Stock Exchange for companies trading securities
on AIM and for no other purpose. No person is entitled to rely on
this report unless such a person is a person entitled to rely upon
this report by virtue of and for the purpose of our terms of
engagement or has been expressly authorised to do so by our prior
written consent. Save as above, we do not accept responsibility for
this report to any other person or for any other purpose and we
hereby expressly disclaim any and all such liability
Scope of review
We conducted our review in accordance with International
Standard on Review Engagements (UK and Ireland) 2410, "Review of
Interim Financial Information Performed by the Independent Auditor
of the Entity", issued by the Auditing Practices Board for use in
the United Kingdom. A review of interim financial information
consists of making enquiries, primarily of persons responsible for
financial and accounting matters, and applying analytical and other
review procedures. A review is substantially less in scope than an
audit conducted in accordance with International Standards on
Auditing (UK and Ireland) and consequently does not enable us to
obtain assurance that we would become aware of all significant
matters that might be identified in an audit. Accordingly, we do
not express an audit opinion.
Conclusion
Based on our review, nothing has come to our attention that
causes us to believe that the condensed set of financial statements
in the half-yearly financial report for the six months ended 30
June 2011 is not prepared, in all material respects, in accordance
with the rules of the London Stock Exchange for companies trading
securities on Alternative Investment Markets.
BDO LLP
Chartered Accountants and Registered Auditors
London
United Kingdom
9 August 2011
BDO LLP is a limited liability partnership registered in England
and Wales (with registered number OC305127).
CONDENSED CONSOLIDATED INCOME STATEMENT
FOR THE PERIOD ENDED 30 JUNE 2011
30 June 30 June 31 December
2011 2010 2010
unaudited unaudited audited
EUR EUR EUR
---------- ---------- ------------
Revenue 288,410 - -
Cost of sales (288,410) - -
---------------------------------------- ---------- ---------- ------------
Gross profit - - -
---------------------------------------- ---------- ---------- ------------
Administration expenditure (611,882) (749,518) (1,829,378)
---------------------------------------- ---------- ---------- ------------
Loss from operations (611,882) (749,518) (1,829,378)
Finance income 10,964 58,287 71,538
Finance costs (2,616) (6,738) (11,589)
Loss before taxation (603,534) (697,969) (1,769,429)
Taxation - - -
---------------------------------------- ---------- ---------- ------------
Loss after taxation attributable
to the owners of the parent company (603,534) (697,969) (1,769,429)
======================================== ========== ========== ============
Loss per share
Basic and diluted (0.00055) (0.00066) (0.00166)
CONDENSED CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME
FOR THE PERIOD ENDED 30 JUNE 2011
30 June 30 June 31 December
2011 2010 2010
unaudited unaudited audited
Consolidated EUR EUR EUR
-------------------------------------- ---------- ---------- ------------
Loss after taxation (603,534) (697,969) (1,769,429)
-------------------------------------- ---------- ---------- ------------
Other comprehensive income:
Exchange differences on translating
foreign operations 54,266 1,873,464 988,943
------------------------------------- ---------- ---------- ------------
Other comprehensive income for
the period 54,266 1,873,464 988,943
Total comprehensive income for
the period attributable to the
owners of the parent (549,268) 1,175,495 (780,486)
====================================== ========== ========== ============
CONDENSED CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
FOR THE PERIOD ENDED 30 JUNE 2011
Share Share Foreign Retained Total
capital premium currency earnings
translation
reserve
Audited - Consolidated EUR EUR EUR EUR EUR
----------------------------- ---------- ----------- ------------ ------------- -----------
Total equity as at 1 January
2010 1,355,222 36,284,035 (4,782,613) (17,493,416) 15,363,228
Total comprehensive income
for the period - - 988,943 (1,769,429) (780,486)
Recognition of share based
payment - - - 1,167 1,167
Total equity as at 31
December 2010 1,355,222 36,284,035 (3,793,670) (19,261,678) 14,583,909
============================= ========== =========== ============ ============= ===========
Share Share Foreign Retained Total
capital premium currency earnings
translation
reserve
Unaudited EUR EUR EUR EUR EUR
----------------------------- ---------- ----------- ------------ ------------- -----------
Total equity as at 1 January
2010 1,355,222 36,284,035 (4,782,613) (17,493,416) 15,363,228
Total comprehensive income
for the year - - 1,873,464 (697,969) 1,175,495
Total equity as at 30 June
2010 1,355,222 36,284,035 (2,909,149) (18,191,385) 16,538,723
============================= ========== =========== ============ ============= ===========
Share Share Foreign Retained Total
capital premium currency earnings
translation
reserve
Unaudited EUR EUR EUR EUR EUR
----------------------------- ---------- ----------- ------------ ------------- -----------
Total equity as at 1 January
2011 1,355,222 36,284,035 (3,793,670) (19,261,678) 14,583,909
Total comprehensive income
for the period - - 54,266 (603,534) (549,268)
Shares issued 59,125 1,773,750 - 1,832,875
Share issue costs - (63,264) - - (63,264)
Total equity as at 30 June
2011 1,414,347 37,994,521 (3,739,404) (19,865,212) 15,804,252
============================= ========== =========== ============ ============= ===========
CONDENSED CONSOLIDATED BALANCE SHEET
AS AT 30 JUNE 2011
30 June 30 June 31 December
2011 2010 2010
unaudited unaudited audited
EUR EUR EUR
------------------------------ ------------- ------------- -------------
Non-current assets
Property, plant & equipment 5,520 28,869 16,162
Intangible assets 14,490,927 11,971,633 13,395,353
------------------------------ ------------- ------------- -------------
14,496,447 12,000,502 13,411,515
Current assets
Inventories 22,337 13,224 18,421
Trade and other receivables 268,381 668,525 180,527
Cash and cash equivalents 1,268,361 4,108,076 2,222,041
------------------------------ ------------- ------------- -------------
1,559,079 4,789,825 2,420,989
Total assets 16,055,526 16,790,327 15,832,504
=============================== ============= ============= =============
Capital and reserves attributable to equity
holders of the Company
Ordinary shares 1,414,347 1,355,222 1,355,222
Share premium 37,994,521 36,284,035 36,284,035
Foreign currency translation
reserve (3,739,404) (2,909,149) (3,793,670)
Retained earnings (19,865,212) (18,191,385) (19,261,678)
------------------------------ ------------- ------------- -------------
Total equity 15,804,252 16,538,723 14,583,909
Current liabilities
Trade and other payables 251,274 251,604 1,248,595
------------------------------ ------------- ------------- -------------
Total liabilities 251,274 251,604 1,248,595
Total equity and liabilities 16,055,526 16,790,327 15,832,504
=============================== ============= ============= =============
The financial statements are approved and authorised for issue
by the Board on 9 August 2011.
Peter Hind
Managing Director CONDENSED CONSOLIDATED STATEMENT OF CASH
FLOW
FOR THE PERIOD ENDED 30 JUNE 2011
30 June 30 June 31 December
2011 2010 2010
unaudited unaudited audited
EUR EUR EUR
--------------------------------- ------------ ------------ ------------
Loss before taxation (603,534) (697,969) (1,769,429)
Adjustments for:
Depreciation 5,843 13,906 24,014
Share based payments - - 1,167
Foreign currency differences (149,276) (155,032) 32,612
------------ ------------ ------------
Cash used in operating activities
before changes in working
capital and provisions (746,967) (839,095) (1,711,636)
(Increase) / decrease in
inventories (3,916) 150,521 145,324
(Increase) / decrease in
receivables (87,854) (443,879) 44,119
Increase / (decrease) in
payables (997,321) 95,994 1,092,985
--------------------------------- ------------ ------------ ------------
Cash used in operations (1,836,058) (1,036,459) (429,208)
Cash used in operating activities
Purchase of property, plant and
equipment 2,736 (584) (549)
Expenditure on oil and gas
assets (817,549) (2,402,138) (4,520,175)
--------------------------------- ------------ ------------ ------------
Cash used in investing activities (814,813) (2,402,722) (4,520,724)
Proceeds from issue of shares 1,832,875 - -
Share issue expenses paid (63,264) - -
--------------------------------- ------------ ------------ ------------
Cash used in financing activities 1,769,611 - -
Net (decrease) / increase in cash
and cash equivalents (881,260) (3,439,181) (4,949,932)
Cash and cash equivalents at
beginning of period 2,222,041 6,727,308 6,727,308
Effect of foreign exchange rate
differences (72,420) 819,949 444,665
Cash and cash equivalents at end
of period 1,268,361 4,108,076 2,222,041
================================== ============ ============ ============
NOTES TO THE UNAUDITED CONDENSED FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 30 JUNE 2011
1. Accounting policies
The financial information set out in this report is based on the
consolidated financial statements of Matra Petroleum plc and its
subsidiary companies (together referred to as the 'Group'). The
accounts of the Group of the 6 months ended 30 June 2011 were
approved and authorised for issue by the Board on 9 August 2011.
The interim results have not been audited, but were the subject of
an independent review carried out by the Company's auditors, BDO
LLP. Such unaudited results do not constitute statutory accounts of
the Company or the Group. These accounts have been prepared in
accordance with the accounting policies that are expected to be
applied in the Report and Accounts of Matra Petroleum plc for the
year ended 31 December 2011 and are consistent with IFRS as adopted
by the European Union. The financial information for the year ended
31 December 2010 does not constitute the full statutory accounts
for that period. The Annual Report and Financial Statements for
2010 have been filed with the Registrar of Companies. The
Independent Auditors' Report and Financial Statements for 2010 was
unqualified, did not draw attention to any matters by way of
emphasis and did not contain a statement under 498(2) or 498(3) of
the Companies Act 2006.
The unaudited condensed consolidated financial statements
incorporate the results of Matra Petroleum plc and its subsidiaries
undertakings as at 30 June 2011. The corresponding amounts are for
the year ended 31 December 2010 and the 6 month period ended 30
June 2010.
Based upon cash flow projections the Directors are of the view
that the Group has sufficient cash to fund overheads and the
planned work programme for the next 12 months.
NOTES TO THE UNAUDITED CONDENSED FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 30 JUNE 2011
2. Loss per share
Basic loss per share is calculated by dividing the earnings
attributable to ordinary shareholders by the weighted average
number of Ordinary Shares outstanding during the period.
6 months 6 months
to to Year ended
30-Jun-11 30-Jun-10 31-Dec-10
Unaudited Unaudited Audited
EUR EUR EUR
------------------------------ -------------- -------------- --------------
Profit /(Loss) attributable
to ordinary shareholders (603,534) (697,969) (1,769,429)
-------------- -------------- --------------
Number of Number of Number of
Shares Shares Shares
Weighted average number of
shares used in the
calculation of basic loss
per share 1,102,763,176 1,064,917,872 1,064,917,872
Effect of dilutive share
options - - -
-------------- -------------- --------------
Weighted average number of
shares used in the
calculation of diluted loss
per share 1,102,763,176 1,064,917,872 1,064,917,872
============== ============== ==============
Loss per share (basic and
diluted) (0.00055) (0.00066) (0.00166)
The effect of all potential ordinary shares arising from the
exercise of options is not dilutive and therefore diluted earnings
per share has not been calculated. At the balance sheet date there
were 52,400,000 (30 June 2010: 52,200,000; 31 December 2010:
52,400,000) potentially dilutive shares.
3. Interim report
Copies of this interim report for the six months ended 30 June
2011 will be available from the offices of Matra Petroleum plc, 120
Bridge Road, Chertsey, Surrey, KT16 8LA, United Kingdom and on the
company's website www.matrapetroleum.com.
This information is provided by RNS
The company news service from the London Stock Exchange
END
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