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| Share Name | Share Symbol | Market | Type | Share ISIN | Share Description |
|---|---|---|---|---|---|
| Chariot Limited | LSE:CHAR | London | Ordinary Share | GG00B2R9PM06 | ORD 1P |
| Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
|---|---|---|---|---|---|---|---|---|---|---|
| -0.18 | -2.10% | 8.40 | 8.30 | 8.39 | 8.51 | 8.18 | 8.51 | 3,474,447 | 15:12:38 |
| Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
|---|---|---|---|---|---|
| Crude Petroleum & Natural Gs | 0 | -14.88M | -0.0154 | -5.45 | 80.95M |
From May 2019 to May 2024
TIDMCHAR
RNS Number : 7519J
Chariot Oil & Gas Ld
14 September 2016
14 September 2016
Chariot Oil & Gas Limited
("Chariot", the "Company" or the "Group")
Interim Results
Chariot Oil & Gas Limited (AIM: CHAR), the Atlantic margins focused oil and gas exploration company, today announces its unaudited interim results for the six-month period ended 30 June 2016.
Highlights during and post-period:
Protecting the Cash
-- Strong balance sheet with US$29.0m in cash as at 30 June 2016 and no debt. -- Cash exceeds licence commitments.
-- Ongoing focus on capital discipline - rigorous tendering and further reduction in G&A through optimisation of personnel and Board.
Protecting the Portfolio
-- Decision not to move into the next phase of exploration in Mauritania maintained Chariot's discipline in partnering to drill.
-- Following evaluation of prospectivity through a low-cost reconnaissance licence, Chariot secured the Mohammedia exploration permits in Morocco.
-- High margin, deep water assets remain economically robust in the lower oil price environment.
-- Continuing to build the drilling inventory across the asset base.
Partnering
-- Successful partnering with Eni in the Rabat Deep exploration permits offshore Morocco - capped carry on the RD-1 well which will drill the JP-1 prospect.
Capitalising on the business environment
-- Seismic programmes in both Namibia and Brazil were acquired at competitive cost.
-- Ongoing evaluation of new venture opportunities to further enhance the portfolio - continuing to seek out value accretive assets.
Asset Outlook
Morocco:
-- The RD-1 well is expected to be drilled on the JP-1 prospect in 2017. The RD-1 well will be operated by Eni, following the conclusion of the Governmental approval process and the transfer of the operatorship of Rabat Deep.
-- Full evaluation of legacy 3D seismic over Mohammedia has confirmed the potential of the "LKP" group of prospects and reduced the technical risk on the high-graded LKP-1a prospect. A CPR update is underway.
-- Environmental Impact Assessment ("EIA") process underway for Mohammedia in advance of acquiring 2D and 3D seismic programmes to further define prospectivity to the south of the greater LKP area.
Namibia:
-- Early processed products of the newly acquired 2,600 km(2) 3D seismic in the Central blocks are of excellent quality and confirm the potential of the 085b prospect, adding to the previously developed portfolio with high-graded Prospect B and Prospect D.
-- Detailed technical work ongoing on new and legacy datasets to re-define prospect and lead inventory and firm up drilling targets.
-- Integration of the ION NamibiaSPAN 2D seismic survey and completion of technical studies in the Southern blocks has identified the high risk, material gas prospect AO1 with a gross mean prospective resource in excess of 10Tcf (Chariot estimate, a CPR is underway).
Brazil:
-- Early processed products of the newly acquired 775km(2) 3D seismic display clear turbidite reservoir geometries.
-- Detailed technical work ongoing on new and legacy datasets to define prospect and lead inventory and firm up drilling targets.
Strategic objectives
-- Target the drilling of three wells within the next two years - four prospects from within Chariot's portfolio are technically mature and drill-ready with the RD-1 well already funded through a capped carry.
-- Secure partners for drilling in the Mohammedia permits in Morocco and the Southern blocks in Namibia.
-- Post completion of processing and interpretation seek partners for drilling in the Central blocks in Namibia and in Brazil.
Larry Bottomley, CEO of Chariot commented:
"Chariot continues to pursue its strategy of acquiring frontier acreage, maturing the portfolio and partnering to drill to create transformational value for shareholders through the discovery of material reserves. In the reporting period, we have secured the Mohammedia exploration permits in Morocco, matured the portfolio in those permits and the Southern blocks of Namibia, acquired extensive 3D seismic programmes in Namibia and Brazil, and successfully secured a drilling partner with Eni in the Rabat Deep permits in Morocco. Capital discipline is an ongoing focus and the strength of our approach to this, which has enabled the ongoing development of our asset base, is reflected in our cash balance.
"Our technical work over the last few years has laid the foundations of a strong company with a portfolio of assets capable of delivering transformational growth. The next phase across our portfolio is to create value with the drill bit and our aim is to partner with a target of drilling three wells within the next two years."
Analyst Conference Call
A conference call for research analysts will be held at 08.30am (BST) today. A recording of this conference call will be available on Chariot's website as soon as possible.
Private Investor Call
Management will host a conference call for private investors at 10.00am (BST) today, further details of which are on the Company website: http://www.chariotoilandgas.com/index.php/investors/events-and-financial-calendar/
This announcement is inside information for the purposes of Article 7 of Regulation 596/2014.
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contact:
Chariot Oil & Gas Limited
Larry Bottomley, CEO +44 (0)20 7318 0450
finnCap (Nominated Adviser
and Joint Broker)
Matt Goode, Christopher Raggett +44 (0)20 7220 0500
Peel Hunt (Joint Broker)
Richard Crichton, Ross Allister +44 (0)20 7418 8900
EMC(2) Advisory (Media Contact)
Natalia Erikssen +44 (0)78 0944 0929
Chariot Oil & Gas Limited
Chief Executive's Review
Throughout the prevailing business environment, Chariot has continued to follow its strategy of acquiring large acreage positions in new or frontier basins with the potential for material discoveries, maturing the portfolio and developing the prospectivity of these assets and then seeking to partner to drill. Implementation has been to secure new licences, adopt a prudent approach to expenditure and ensure that there is a diverse range of opportunities within the portfolio that offer material potential in order to attract interest from the majors and large independents. These components of the strategy have all been demonstrated recently in the award of Mohammedia, the acquisition of 3D seismic data in Namibia and Brazil and partnering with Eni in Morocco.
Chariot remains cognisant of the challenges posed by the current "lower for longer" climate and continues to manage its business within these parameters. Exploration and development budgets continue to reduce across the sector and whilst these measures will ultimately have an impact on the overall supply and demand for oil, a more immediate effect has been on costs. Chariot has continued to develop its licences taking advantage of cost reductions thereby allowing the Company to progress and high grade targets for drilling throughout this volatile period.
Management maintains a longer term view on the market's appetite for high quality, material prospects. It has been this focus on accessing basins with the potential for significant discoveries which has resulted in a predominantly deeper water portfolio. At the outset, Chariot selected acreage that could be developed with current technology, in water depths of less than 2000m, with prospects that lie in normal pressure and temperature regimes and in regions unlikely to be affected by challenging metocean conditions. As a consequence, Chariot's targets will likely fall into an exploration and development cost regime that, when combined with material resources and excellent contract terms, makes the portfolio commercially attractive.
The transformational potential of the asset base was corroborated by securing Eni as a drilling partner and operator of the Rabat Deep exploration permits in Morocco as announced in March 2016. Eni is a world-class explorer with significant success in other regions of Africa. To attract partners of the calibre and scale of both Woodside and Eni independently validates the prospectivity of this acreage and the potential economic impact of a discovery at the JP-1 prospect.
The team continues to actively manage the portfolio, looking to add acreage with the potential to deliver transformational value and in June 2016 Chariot secured the Mohammedia Offshore Exploration Permits I-III in Morocco, which are adjacent to the Rabat Deep licence. In addition to having significant potential, Chariot continues to focus on that part of the portfolio with the capacity to attract drilling partners which is both an important part of managing risk and of meeting our strategic objectives. As demonstrated by its previous relinquishments in Morocco and Namibia, Chariot has maintained this discipline by electing not to enter into the next phase of exploration for the C-19 licence in Mauritania. Whilst back cost recoveries enabled the Company to recoup its seismic costs, this decision was taken in line with corporate strategy in order to pursue those licences with the potential to attract partners to join Chariot in drilling these prospects and plays.
Operational Update
Morocco
Rabat Deep (Operator 50%; Woodside 25%; ONHYM 25%; no remaining commitments)
The key development within the portfolio over the period was partnering with Eni in the Rabat Deep permits in Morocco. This provided Chariot with a capped carry on drilling of the RD-1 well, targeting the JP-1 prospect (768mmbbls gross mean prospective resources). All non-governmental conditions precedent have been satisfied and the process is underway with the Government to transfer the operatorship to Eni at which time Chariot's equity position will be 10%.
Mohammedia (Operator 75%; ONHYM 25%; 2D and 3D seismic commitments)
Chariot was awarded the Mohammedia Offshore Exploration Permits I-III in June 2016. 2D and 3D seismic programmes will be conducted across this acreage in 2017. The EIA is underway and seismic tendering will commence in Q4 2016. Completion of the evaluation of the legacy 3D seismic data over these permits has confirmed the prospectivity of the LKP group of prospects with the high graded LKP-1a prospect reducing in risk. An updated CPR is underway. Chariot holds a 75% stake in this licence and will look for a partner to participate in drilling.
Namibia
Central Blocks (Operator 65%, AziNam 20%; NAMCOR 10%; Ignitus 5%; no remaining commitments)
Chariot completed a 2,600km(2) 3D seismic programme in the Central blocks in February this year. This was acquired over the western flank of the licence on the outboard high, covering a number of leads which had been identified by the 2015 2D seismic survey. Early processed products are of excellent quality and confirm the potential of the 085b lead identified on the earlier 2D survey, adding to the previously developed portfolio which includes Prospect B and Prospect D. The 3D data is currently being processed and will be interpreted on receipt of the pre-stack depth migrated data. Further to completion of this work Chariot will look for an additional partner to drill.
Southern Blocks (Operator 85%; NAMCOR 10%; Quiver 5%; no remaining commitments)
Integration of the ION NamibiaSPAN 2D seismic survey and completion of technical studies in the Southern blocks has identified the high risk, material gas prospect AO1 with a gross mean prospective resource in excess of 10Tcf (Chariot estimate, a CPR is underway). A partnering programme has been initiated on the Southern blocks.
Brazil (Operator 100%; no remaining commitments)
In Brazil, Chariot completed the acquisition of approximately 775km(2) of 3D seismic, covering the licence area at the end of March. This data is currently being processed and will then be interpreted in-house. Early processed products display clear turbidite reservoir geometries extending from the shallow-water Chariot licences down-dip into the neighbouring block to the north which has a drilling commitment that will be an important test of the petroleum system in this part of the basin. Chariot will undertake a partnering process for drilling post completion of the interpretation of the 2016 3D seismic data.
Financial Results
The Group is debt free and had a cash balance of US$29.0 million at 30 June 2016 (US$45.5 million at 30 June 2015; US$39.7 million at 31 December 2015).
The Group incurred a loss of US$5.4 million for the six months ended 30 June 2016 compared to US$4.4 million for the six months ended 30 June 2015. The increase in loss is primarily due to the relinquishment of the C-19 licence in Mauritania resulting in a US$5.2 million impairment against previously capitalised costs. This was partly offset by a reduction in other administrative expenses and, included within finance income, an unrealised foreign exchange gain, due to the strengthening of the Brazilian Real, on cash held as security against licence work commitments.
Other administrative expenses of US$2.0 million, which includes the costs of reducing head count announced in May 2016, are lower than last year (30 June 2015: US$2.5 million) mainly due to the 50% reduction in Board remuneration from May 2015 combined with other cost savings.
Share-based payments charges of US$0.4 million are lower than the US$0.6 million incurred for the six months ended 30 June 2015 due to the vesting of historic awards of employee deferred shares.
Net cash outflow from operating activities before changes in working capital of US$2.0 million is lower than the US$2.3 million for the six months ended 30 June 2015 due to cost savings in other administrative expenses.
Capitalised exploration costs in the period of US$14.3 million (30 June 2015: US$6.3 million) were funded by existing cash and working capital movements.
Outlook
Creating value through the drill bit remains Chariot's core strategic objective. Over the past few years, Chariot has focused on both portfolio maturation and risk management to position itself for the longer term and this has resulted in what is developing into a diverse and extensive drilling inventory. The additional 3D seismic data acquired in Namibia and Brazil offers the opportunity to broaden this inventory further to look to continue to attract industry partners to join Chariot in testing these material prospects and plays.
With four drill-ready prospects in the portfolio and a well carry secured, Chariot looks forward to building on these foundations and the aim, in conjunction with partners, is to drill three wells in the next two years. Chariot has both a team with experience in accessing high quality acreage and partnering on seismic and wells and has built a portfolio of assets with the potential to create transformational value. We look forward to continuing to execute on the strategy.
Larry Bottomley
Chief Executive Officer
13 September 2016
Chariot Oil & Gas Limited
Independent review report to Chariot Oil & Gas Limited
Introduction
We have been engaged by the company to review the set of financial statements in the half-yearly financial report for the six months ended 30 June 2016 which comprises the consolidated statement of comprehensive income, the consolidated statement of changes in equity, the consolidated statement of financial position, the consolidated cash flow statement and the 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 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 AIM 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 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 the 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 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 set of financial statements in the half-yearly financial report for the six months ended 30 June 2016 is not prepared, in all material respects, in accordance with the rules of the London Stock Exchange for companies trading securities on AIM.
BDO LLP
Chartered Accountants
London
United Kingdom
13 September 2016
BDO LLP is a limited liability partnership registered in England and Wales (with registered number OC305127).
Chariot Oil & Gas Limited
Consolidated statement of comprehensive income for the six months ended 30 June 2016
Six months Six months Year ended
ended 30 ended 31 December
June 2016 30 2015
June 2015
US$000 US$000 US$000
Notes Unaudited Unaudited Audited
Share based payments (428) (607) (1,104)
Provision against inventory - - (6,559)
Impairment of exploration
asset 4 (5,173) - -
Other administrative
expenses (2,012) (2,483) (4,357)
------------------------------ ------- -------------- -------------- ---------------
Total operating expenses (7,613) (3,090) (12,020)
------------------------------ ------- -------------- -------------- ---------------
Loss from operations (7,613) (3,090) (12,020)
Finance income 2,298 704 1,303
Finance expense - (1,849) (3,943) ------------------------------ ------- -------------- -------------- --------------- Loss for the period before taxation (5,315) (4,235) (14,660) Tax expense (62) (154) (244) ------------------------------ ------- -------------- -------------- --------------- Loss for the period and total comprehensive loss for the period attributable to equity owners of the parent (5,377) (4,389) (14,904) ------------------------------ ------- -------------- -------------- --------------- Loss per ordinary share 3 US$(0.02) US$(0.02) US$(0.06) attributable to the equity holders of the parent - basic and diluted ------------------------------ ------- -------------- -------------- ---------------
Chariot Oil & Gas Limited
Consolidated statement of changes in equity for the six months ended 30 June 2016
Share Total
based Foreign attributable
Share Share Contributed payment exchange Retained to equity
capital premium equity reserve reserve deficit holders of
the parent
US$000 US$000 US$000 US$000 US$000 US$000 US$000
---------------- ------------ ------------ -------------- ------------ ------------ ------------ --------------
For the six
months ended
30 June 2016
(unaudited)
As at 1
January 2016 4,811 339,654 796 4,280 (1,241) (200,049) 148,251
Loss and total
comprehensive
loss for the
period - - - - - (5,377) (5,377)
Share based
payments - - - 428 - - 428
Transfer of
reserves due
to issue of
LTIPS 46 644 - (690) - - -
As at 30 June
2016 4,857 340,298 796 4,018 (1,241) (205,426) 143,302
---------------- ------------ ------------ -------------- ------------ ------------ ------------ --------------
For the six
months ended
30 June 2015
(unaudited)
As at 1
January 2015 4,779 338,348 796 4,514 (1,241) (185,145) 162,051
Loss and total
comprehensive
loss for the
period - - - - - (4,389) (4,389)
Share based
payments - - - 607 - - 607
As at 30 June
2015 4,779 338,348 796 5,121 (1,241) (189,534) 158,269
---------------- ------------ ------------ -------------- ------------ ------------ ------------ --------------
For the year ended 31 December 2015
(audited)
As at 1 January 2015 4,779 338,348 796 4,514 (1,241) (185,145) 162,051
Loss and total comprehensive loss for the
year - - - - - (14,904) (14,904)
Share based payments - - - 1,104 - - 1,104
Transfer of reserves due to issue of LTIPS 32 1,306 - (1,338) - - -
As at 31 December 2015 4,811 339,654 796 4,280 (1,241) (200,049) 148,251
-------------------------------------------- ------- --------- ----- --------- --------- ----------- ----------
Chariot Oil & Gas Limited
Consolidated statement of financial position as at 30 June 2016
30 June 30 June 31 December
2016 2015 2015
US$000 US$000 US$000
Notes Unaudited Unaudited Audited
Non-current assets
Exploration and appraisal
costs 4 117,545 106,067 108,438
Property, plant and
equipment 40 204 62
------------------------------ ------- ----------- ----------- -------------
Total non-current assets 117,585 106,271 108,500
------------------------------ ------- ----------- ----------- -------------
Current assets
Trade and other receivables 1,850 1,432 1,306
Inventory 938 7,462 938
Cash and cash equivalents 5 29,036 45,521 39,713
------------------------------ ------- ----------- ----------- -------------
Total current assets 31,824 54,415 41,957
------------------------------ ------- ----------- ----------- -------------
Total assets 149,409 160,686 150,457
------------------------------ ------- ----------- ----------- -------------
Current liabilities
Trade and other payables 6,107 2,417 2,206
Total current liabilities 6,107 2,417 2,206
------------------------------ ------- ----------- ----------- -------------
Total liabilities 6,107 2,417 2,206
------------------------------ ------- ----------- ----------- -------------
Net assets 143,302 158,269 148,251
------------------------------ ------- ----------- ----------- -------------
Capital and reserves
attributable to equity
holders of the parent
Share capital 6 4,857 4,779 4,811
Share premium 340,298 338,348 339,654
Contributed equity 796 796 796
Share based payment
reserve 4,018 5,121 4,280
Foreign exchange reserve (1,241) (1,241) (1,241)
Retained deficit (205,426) (189,534) (200,049)
------------------------------ ------- ----------- ----------- -------------
Total equity 143,302 158,269 148,251
------------------------------ ------- ----------- ----------- -------------
Chariot Oil & Gas Limited
Consolidated cash flow statement for the six months ended 30 June 2016
Six months Six months Year ended
ended ended 31 December
30 30 June 2015
June 2016 2015
US$000 US$000 US$000
Unaudited Unaudited Audited
------------------------------------ -------------- -------------- ---------------
Operating activities
Loss for the period before
taxation (5,315) (4,235) (14,660)
Adjustments for:
Finance income (2,298) (704) (1,303)
Finance expense - 1,849 3,943
Depreciation 23 153 301
Share based payments 428 607 1,104
Provision against inventory - - 6,559
Impairment of exploration 5,173 - -
asset
------------------------------------ -------------- -------------- ---------------
Net cash outflow from operating
activities before changes
in working capital (1,989) (2,330) (4,056)
(Increase) / decrease in
trade and other receivables (586) 70 (20)
Increase / (decrease) in
trade and other payables 1,144 (622) (705)
Increase in inventories - (19) (70)
------------------------------------ -------------- -------------- ---------------
Cash outflow from operating
activities (1,431) (2,901) (4,851)
Tax payment (67) (164) (276)
------------------------------------ -------------- -------------- ---------------
Net cash outflow from operating
activities (1,498) (3,065) (5,127)
------------------------------------ -------------- -------------- ---------------
Investing activities
Finance income 616 708 1,306 Payments in respect of property, plant and equipment (1) (15) (21) Farm-in proceeds - 1,731 1,866 Payments in respect of intangible assets (11,484) (5,471) (7,850) Net cash outflow used in investing activities (10,869) (3,047) (4,699) ------------------------------------ -------------- -------------- --------------- Net decrease in cash and cash equivalents in the period (12,367) (6,112) (9,826) Cash and cash equivalents at start of the period 39,713 53,482 53,482 Effect of foreign exchange rate changes on cash and cash equivalent 1,690 (1,849) (3,943) Cash and cash equivalents at end of the period 29,036 45,521 39,713 ------------------------------------ -------------- -------------- ---------------
Chariot Oil & Gas Limited
Notes to the interim financial statements for the six months ended 30 June 2016
1. Accounting policies
Basis of preparation
The interim financial statements have been prepared using policies based on International Financial Reporting Standards (IFRS and IFRIC interpretations) issued by the International Accounting Standards Board (IASB) as adopted for use in the EU.
The interim financial information has been prepared using the accounting policies which were applied in the Group's statutory financial statements for the year ended 31 December 2015. The Group has not adopted IAS 34: Interim Financial Reporting in the preparation of the interim financial statements.
There has been no impact on the Group of any new standards, amendments or interpretations that have become effective in the period. The Group has not early adopted any new standards, amendments or interpretations.
2. Financial reporting period
The interim financial information for the period 1 January 2016 to 30 June 2016 is unaudited but was the subject of an independent review carried out by the Company's auditors, BDO LLP. The financial statements also incorporate the unaudited figures for the interim period 1 January 2015 to 30 June 2015 and the audited figures for the year ended 31 December 2015.
The financial information contained in this interim report does not constitute statutory accounts as defined by sections 243-245 of the Companies (Guernsey) Law 2008.
The figures for the year ended 31 December 2015 are not the Group's full statutory accounts for that year. The auditors' report on those accounts was unqualified, did not contain references to matters to which the auditors drew attention by way of emphasis and did not contain a statement under section 263 (3) of the Companies (Guernsey) Law 2008.
3. Loss per share
The calculation of the basic earnings per share is based on the loss attributable to ordinary shareholders divided by the weighted average number of shares in issue during the period.
Six months Six months Year ended
ended 30 ended 30 31 December
June 2016 June 2015 2015
-------------------------- ------------- ------------- --------------
Loss for the period
US$000 (5,377) (4,389) (14,904)
-------------------------- ------------- ------------- --------------
Weighted average number
of shares 264,581,961 262,294,113 263,131,736
-------------------------- ------------- ------------- --------------
Loss per share, basic US$(0.02) US$(0.02) US$(0.06)
and diluted*
-------------------------- ------------- ------------- --------------
*Inclusion of the potential ordinary shares would result in a decrease in the loss per share and, as such, is considered to be anti-dilutive. Consequently a separate diluted loss per share has not been presented.
4. Exploration and appraisal costs
Six months ended 30 June Six months ended 30 June 2015 Year
2016 ended 31 December 2015
-------------------------- ------------------------------ ------------------------------- -------------------------
US$000 US$000 US$000
-------------------------- ------------------------------ ------------------------------- -------------------------
Balance brought forward 108,438 101,251 101,251
-------------------------- ------------------------------ ------------------------------- -------------------------
Additions 14,280 6,256 8,627
-------------------------- ------------------------------ ------------------------------- -------------------------
Farm-in proceeds - (1,440) (1,440)
-------------------------- ------------------------------ ------------------------------- -------------------------
Impairment (5,173) - -
-------------------------- ------------------------------ ------------------------------- -------------------------
Net book value 117,545 106,067 108,438
-------------------------- ------------------------------ ------------------------------- -------------------------
As at 30 June 2016 the net book values of the five cost pools are Central Blocks offshore Namibia US$49.0m (31 December 2015: US$44.5m), Southern Blocks offshore Namibia US$50.6m (31 December 2015: US$50.1m), Mauritania US$Nil (31 December 2015: US$4.9m), Morocco US$4.6m (31 December 2015: US$4.1m) and Brazil US$13.3m (31 December 2015: US$4.8m).
Farm-in proceeds are in relation to the farm-out of 25% of the Rabat Deep Offshore permits I-IV, Morocco, to a wholly owned subsidiary of Woodside Petroleum Limited, which completed on 23 December 2014.
As announced on 16 June 2016 the Company has elected not to enter into the First Renewal Phase of the C-19 licence in Mauritania causing an impairment of US$5.2m.
5. Cash and cash equivalents
As at 30 June 2016 the cash balance of US$29.0m (31 December 2015: US$39.7m) contains the following cash deposits that are secured against bank guarantees given in respect of exploration work to be carried out:
30 June 2016 30 June 2015 31 December 2015
------------------------- -------------- -------------- ------------------
US$000 US$000 US$000
------------------------- -------------- -------------- ------------------
Brazilian licences 8,709 9,093 7,216
------------------------- -------------- -------------- ------------------
Mauritanian licence - 611 611
------------------------- -------------- -------------- ------------------
Moroccan licences 2,750 1,400 2,900
------------------------- -------------- -------------- ------------------
Namibian 2714B licence 300 300 300
------------------------- -------------- -------------- ------------------
11,759 11,404 11,027
------------------------- -------------- -------------- ------------------
The funds are freely transferrable but alternative collateral would need to be put in place to replace the cash security.
6. Share capital
Allotted, called up and fully paid
----------- ------------------------------------------------------------------------------------
At 30 At 30 At 30 At 30 At 31 At 31
June 2016 June June June December December
2016 2015 2015 2015 2015
----------- --------------- --------- --------------- --------- --------------- -----------
Number US$000 Number US$000 Number US$000
----------- --------------- --------- --------------- --------- --------------- -----------
Ordinary
shares
of 1p
each 267,247,191 4,857 262,294,113 4,779 264,274,904 4,811
----------- --------------- --------- --------------- --------- --------------- -----------
Details of the Ordinary shares issued during the six month period to 30 June 2016 are given in the table below:
Date Description Price No of shares
US$
--------------- ------------------- ------- --------------
1 January
2016 Opening Balance 264,274,904
--------------- ------------------- ------- --------------
Issue of shares
7 June 2016 as part of LTIP 0.34 337,663
--------------- ------------------- ------- --------------
Issue of shares
7 June 2016 as part of LTIP 0.14 778,475
--------------- ------------------- ------- --------------
Issue of shares
7 June 2016 as part of LTIP 0.26 695,653
--------------- ------------------- ------- --------------
Issue of shares
7 June 2016 as part of LTIP 0.33 41,666
--------------- ------------------- ------- --------------
Issue of shares
7 June 2016 as part of LTIP 1.25 13,334
--------------- ------------------- ------- --------------
Issue of shares
7 June 2016 as part of LTIP 0.50 35,772
--------------- ------------------- ------- --------------
Issue of shares
7 June 2016 as part of LTIP 0.13 50,542
--------------- ------------------- ------- --------------
Issue of shares
7 June 2016 as part of LTIP 0.24 127,876
--------------- ------------------- ------- --------------
Issue of shares
21 June 2016 as part of LTIP 0.50 114,904
--------------- ------------------- ------- --------------
Issue of shares
21 June 2016 as part of LTIP 0.33 133,333
--------------- ------------------- ------- --------------
Issue of shares
21 June 2016 as part of LTIP 0.14 109,375
--------------- ------------------- ------- --------------
Issue of shares
21 June 2016 as part of LTIP 0.11 186,254
--------------- ------------------- ------- --------------
Issue of shares
21 June 2016 as part of LTIP 0.18 231,885
--------------- ------------------- ------- --------------
Issue of shares
21 June 2016 as part of LTIP 0.20 80,000
--------------- ------------------- ------- --------------
Issue of shares
21 June 2016 as part of LTIP 0.12 35,555
--------------- ------------------- ------- --------------
30 June 2016 267,247,191
------------------------------------ ------- --------------
The ordinary shares have a nominal value of 1p. The share capital has been translated at the historic rate at the date of issue, or, in the case of the LTIP, the date of grant.
This information is provided by RNS
The company news service from the London Stock Exchange
END
IR VXLFFQKFFBBF
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