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| Share Name | Share Symbol | Market | Type | Share ISIN | Share Description |
|---|---|---|---|---|---|
| Aminex Plc | LSE:AEX | London | Ordinary Share | IE0003073255 | ORD EUR0.001 (CDI) |
| Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
|---|---|---|---|---|---|---|---|---|---|---|
| 0.10 | 7.41% | 1.45 | 1.40 | 1.50 | 1.475 | 1.375 | 1.375 | 16,225,343 | 10:40:08 |
| Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
|---|---|---|---|---|---|
| Crude Petroleum & Natural Gs | 64k | -4.06M | -0.0010 | -14.50 | 61.06M |
Hot Features
Premium
Segmental liabilities
USA - producing oil
and gas properties - (2,534) (2,380)
USA - producing liabilities
for assets held for (2,056) - -
sale
Africa - exploration
assets (2,935) (4,540) (5,425)
Europe - oilfield
goods and services (11) (9) (8)
Europe - Group activities (10,387) (8,775) (11,488)
Total liabilities (15,389) (15,858) (19,301)
------------ ------------ -------------
*Group activities
primarily comprise
salary and related
costs
**Group assets primarily
comprise cash and
working capital
Capital expenditure
USA - producing oil
and gas properties 11 199 245
Africa - producing
assets 75 72 1,960
Africa - exploration
assets 2,688 1,115 195
Europe - Group assets 5 9 9
------------ ------------ -------------
Total capital expenditure 2,779 1,395 2,409
------------ ------------ -------------
Other non-cash charges/(credits)
USA: depletion and
decommissioning charge - 429 939
USA: impairment provision
against producing
assets 250 966 9,304
Europe: impairment
provision against
producing assets 622 - -
Europe: depreciation
- Group assets 7 6 11
Share based payment
charge - 4 8
Gain on disposal of
producing assets - - (5)
Loss on disposal of
quoted financial investment - - 108
Interest expense on
financial liabilities
measured at amortised
cost 707 - 4,420
NOTES TO THE CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS (unaudited)
for the six months ended 30 June 2014
3. Finance income
Audited
Unaudited Unaudited year ended
6 months 6 months 31 December
ended ended 2013
30 June 30 June US$'000
2014 2013
US$'000 US$'000
Deposit interest income 7 - -
7 - -
------------ ------------ -------------
4. Finance costs
Audited
Unaudited Unaudited year ended
6 months 6 months 31 December
ended ended 2013
30 June 30 June US$'000
2014 2013 (restated)
US$'000 US$'000
(restated)
Bank charges - 1 -
Decommissioning provision
interest charge 10 1 3
Interest expense on
financial liabilities
measured at amortised
cost 1,422 1,705 4,420
1,432 1,707 4,423
------------ ------------- -------------
Included in finance costs for the period is an interest charge of $1.422 million in respect of the $8 million corporate loan. The charge for the current period comprises the remaining charge due on the loan prior to modifications effective on 24 February 2014, which were the extension of the loan repayment date and the re-pricing of the warrants from EUR0.06 per warrant to GBP0.01 per warrant granted to the lender. In compliance with IFRS 2, the modifications of the loan terms and the warrant pricing have given rise to an additional finance charge, including a further warrant charge of $496,000, which will be charged on a effective interest rate basis from the date of modification to the repayment date of 31 July 2015.
5. Tax
The Group has not provided any tax charge for the six month periods ended 30 June 2014 and 30 June 2013 or for the year ended 31 December 2013. The Group's operating divisions have accumulated losses which are expected to exceed profits earned by operating entities for the foreseeable future.
6. Discontinued operation
During the period, the Company agreed to dispose of its wholly owned subsidiary Aminex USA Inc., and shareholder approval was received on 22 August 2014. The total consideration for the disposal comprises US$150,000 cash and US$350,000 worth of shares in Northcote Energy Ltd, ('Northcote') an AIM listed oil and gas company, and a production payment of US$10 per barrel until a total of US$4,500,000 has been recovered with first payments to commence from 1 January 2015. The Directors have reviewed the timing of anticipated production payments and are satisfied that the net present value of US$2.9 million, using a discount factor of 10%, represents the fair value of future expected production payments.
The assets and liabilities of Aminex USA, Inc. have been classified as held for sale as disposal was deemed to be highly probable at the balance sheet date. Additionally, the results from the US operation have been presented as a discontinued operation as the entity to be disposed of represents a separate geographical area of operation. The comparative condensed consolidated income statements have been restated to show the discontinued operation separately from continuing operations.
NOTES TO THE CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS (unaudited)
for the six months ended 30 June 2014
6. Discontinued operation (continued)
Audited
Unaudited Unaudited year ended
6 months 6 months 31 December
ended ended 2013
30 June 30 June US$'000
2014 2013
US$'000 US$'000
(a) Results of discontinued
operation
Revenue 165 1,016 1,552
Expenses (690) (1,372) (2,602)
------------ ------------ -------------
Results from operating
activities (525) (356) (1,050)
Income tax - - -
Result from operating
activities, net of
tax (525) (356) (1,050)
Impairment provision
against discontinued (250) - -
operation
Impairment provision
against producing
asset - (966) (9,304)
Loss for the period
attributable to
equity holders of
the Company (775) (1,322) (10,354)
------------ ------------ -------------
Basic and diluted
loss per share (cents)
- discontinued operation (0.05) (0.16) (1.26)
------------ ------------ -------------
Audited
Unaudited Unaudited year ended
6 months 6 months 31 December
ended ended 2013
30 June 30 June US$'000
2014 2013
US$'000 US$'000
(b) Cash flows from/(used
in) discontinued operations
Net cash used in operating
activities (5) (69) (60)
Net cash used in investing 3,439 - -
activities
Net cash flow for
the period 3,434 (69) (60)
------------ ------------ -------------
Unaudited
6 months
ended
30 June
2014
US$'000
(c) Effect of discontinued
operation on the financial
position of the Group
Property, plant and
equipment (5,418)
Trade and other receivables (62)
Cash and cash equivalents (15)
Trade and other payables 46
Decommissioning provision 2,010
-------------------------
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