International Oil and Gas Tech Ltd Interim Management Statement (1440H)
15 5월 2014 - 3:00PM
UK Regulatory
TIDMOGT
RNS Number : 1440H
International Oil and Gas Tech Ltd
15 May 2014
NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION, IN WHOLE OR IN
PART, DIRECTLY OR INDIRECTLY, TO US PERSONS OR IN OR INTO THE
UNITED STATES, CANADA, AUSTRALIA, THE REPUBLIC OF SOUTH AFRICA, THE
REPUBLIC OF IRELAND, JAPAN OR ANY JURISDICTION IN WHICH THE SAME
WOULD BE UNLAWFUL.
International Oil and Gas Technology Limited
("the Company")
Interim Management Statement
15 May 2014
Introduction
International Oil and Gas Technology Limited (LSE: OGT) today
provides its Interim Management Statement for the period since 31
December 2013 in accordance with Rule 4.3 of the Disclosure and
Transparency Rules of the UK Listing Authority.
PORTFOLIO UPDATE
Strata Energy Services Inc. ("Strata")
Strata provides specialised underbalanced and managed-pressure
drilling ("UBD" and "MPD") services. The company has its
headquarters in Alberta, Canada. It operates proprietary drilling
equipment that is considered among the best in the industry and
Strata has an excellent reputation for customer service.
Strata has maintained high levels of utilisation of its
equipment and services in all three operating regions. Revenues for
the four months to 31 March 2014 were approximately C$11.3 million,
compared to a budget of C$10.6 million. EBITDA for the same period
was C$2.4 million compared to a budget of C$2.2 million.
Strata has continued to build its US business, which now
accounts for approximately 30% of the company's revenues. Although
the Canadian business still produces the majority of its revenues,
the effect of the annual spring thaw on revenues thus far has been
less than in previous years, partly because much of Strata's
current activity in Canada is on multi-well-pad drilling sites,
which are less affected by the spring break-up. MPD services have
continued to gain market acceptance and now account for
approximately 80 per cent of Strata's sales.
Strata is working closely with its primary lender to resolve the
covenant issues that arose as a result of its trailing twelve-month
performance in 2013.
The Company owns 43 per cent of the fully diluted share capital
of Strata. There has been no change in the Company's valuation of
its interests in Strata during the quarter.
Crest Energy Services Limited ("Crest")
Crest provides in-situ nitrogen generation services to various
segments of the oil, gas and energy industries in Saudi Arabia. The
market for nitrogen services in Saudi Arabia is large, encompassing
various activities from pipeline purging to well intervention.
Crest is currently engaged in providing services to two segments of
this market: gas-pipeline purging and power station infrastructure
purging. Crest has thus far been unable to address excess demand
within Saudi Arabia and the large Middle East market outside of
Saudi Arabia due to a lack of capital investment to increase its
equipment base.
Crest achieved sales of US$0.37 million for the three months to
31 March 2014, which is slightly down on 2013 due to contract
timing. However, Crest has a full order book for its currently
available equipment and expects to exceed the FY/13 revenue level
of US$2.0 million.
The Company owns 75 per cent of the shares of Crest, with the
balance held by management. The valuation of Crest remains at US$2
million.
SR2020 Inc. ("SR2020")
SR2020 provides technically advanced and proprietary
borehole-seismic services, including 3D-vertical seismic surveys,
to a large number of operators in the US oil and gas industry.
SR2020 has experienced a downturn in revenue caused by the
necessary restructuring that took place in 2013. Although trading
in the first quarter was disappointing, the outlook should improve
as the company's newly launched micro-seismic monitoring product
gains acceptance. SR2020's new and proprietary micro-seismic
imaging product continues to create market interest.
The Company owns 70 per cent of the share capital of SR2020. An
employee share-option scheme, once fully vested, will own the
balance of 30 per cent. The valuation of the Company's investment
in SR2020 remains at US$1 million.
Litigation
As previously reported, the litigation against the Company has
now been heard in the Commercial Division of the High Court in
London and we await the judgment.
Net Asset Value
At 31 March 2014, the Company estimates that the unaudited Net
Asset Value per participating redeemable preference share was
US$3.81 (31 December 2013: US$4.10), including cash of US$1.3
million (US$0.16 per share). The decline in NAV per share during
the quarter has been exacerbated by the need to provide for the
costs of defending against the litigation; the trial finished on 9
April.
The valuations of the Company's holdings in its portfolio
companies as at 31 March 2014 and 31 December 2013 are set out in
the table below:
31 March 2014 31 December 2013
-------------------------- ----------------------- -----------------------
Company Valuation % of Valuation % of
(US$m) portfolio (US$m) portfolio
-------------------------- ---------- ----------- ---------- -----------
Strata Energy Services
Inc 28.1 90.4 28.1 90.4
Crest Energy Services
Ltd 2.0 6.4 2.0 6.4
SR2020 Inc (+) 1.0 3.2 1.0 3.2
-------------------------- ---------- ----------- ---------- -----------
Investment portfolio
total 31.1 100% 31.1 100%
-------------------------- ---------- ----------- ---------- -----------
(+) Valuation takes account of full potential
dilution.
For further information:
Investment Manager
Linton Capital LLP
David Sefton
dsefton@linton-capital.com Tel: +44 20 3384 8090
Corporate broker
Numis Securities
Nathan Brown
n.brown@numis.com Tel: +44 20 7260 1426
Notes to editors:
International Oil and Gas Technology Limited
International Oil and Gas Technology Limited is an authorised
closed-ended investment company incorporated in Guernsey. The
Company was admitted to the Official List of the UK Listing
Authority and to trading on the London Stock Exchange on 7 January
2008. Its stock market EPIC is OGT.L.
Further information can be found at
www.international-ogt.com.
This information is provided by RNS
The company news service from the London Stock Exchange
END
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