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| Share Name | Share Symbol | Market | Type | Share ISIN | Share Description |
|---|---|---|---|---|---|
| Clontarf Energy Plc | LSE:CLON | London | Ordinary Share | GB00B09WLX62 | ORD 0.01P |
| Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
|---|---|---|---|---|---|---|---|---|---|---|
| 0.00 | 0.00% | 0.0375 | 0.035 | 0.04 | 0.0375 | 0.0375 | 0.0375 | 10,809,471 | 08:00:00 |
| Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
|---|---|---|---|---|---|
| Gold Ores | 0 | -4.77M | -0.0009 | -0.44 | 2.08M |
From Apr 2019 to Apr 2024
TIDMCLON
RNS Number : 3185K
Clontarf Energy PLC
20 September 2016
20(th) September 2016
Clontarf Energy plc
("Clontarf" or the "Company")
Interim Statement for the period ended 30 June 2016
Clontarf (AIM: CLON) today announces financial results for the six months ended 30 June 2016.
Clontarf operates in a challenging market environment for explorers though we are making progress in both Ghana
and Peru.
Ghanaian Tano Acreage:
The Ghanaian Ministry of Energy and the Ghanaian National Petroleum Commission are actively considering the
current re-application by Pan Andean Resources Ltd (60% Clontarf, 30% Petrel, 10% local interests) over a licence
block in the prospective Tano Basin.
There is a long drawn out process in relation to an agreement reached in 2010 but not implemented. In 2014, we
agreed to withdraw a court case to force the Ghanaian authorities to respect our signed Petroleum Agreement.
There was a dispute over the coordinates of our acreage. Following discussions with the Ghanaian authorities, we
were offered new, and in our opinion improved, co-ordinates. As announced on 19 September 2016, we have
accepted the new acreage in principle. We now move into negotiation of the licence terms and look forward to
providing shareholders with further updates in due course.
Despite past delays, there seems to be a renewed urgency and flexibility in discussions, though there can be no
guarantee of a positive outcome given the need for all Petroleum Agreements to be ratified by the Ghanaian
Cabinet and Parliament.
Peruvian Block 183:
Respected agri-business and energy group, Union Oil and Gas Group ("Union"), a large private South American
agribusiness/energy group, now controls and operates Block 183, an area of 3,968km(2) in the central/northern
Peruvian jungle. Union has updated the environmental, geological and geophysics work and ensuring that the
licence would remain in good standing.
Union is now completing the Block 183 work programme, including the acquisition of seismic data. If prospects are
confirmed a drilling programme will follow. Two large prospects have been worked-up, which are on trend with 4
other discoveries in neighbouring oil and gas blocks operated by Gran Tierra and the Spanish independent CEPSA.
Clontarf has a 3% revenue royalty up to US$5 million on each of any two discoveries which are brought into
production.
There is an adjacent consumer gas market in nearby Tarapoto and surrounding areas. Local gas prices have not
witnessed the scale of gas price falls in North America.
Union is a leading Latin American E&P company with a diversified portfolio of offshore and onshore acreage in Peru,
Paraguay, Uruguay, Bolivia, Suriname, Belize and Nicaragua. The group has substantial financial and technical
resources.
Future:
This is the eighth year of a bear market for junior exploration shares on the AIM market. Ongoing world political
and economic turmoil, exacerbated by a collapsed oil price, has slashed exploration spending - despite the much
lower seismic and drilling costs which are now available. With much higher yields from both unconventional and
standard reservoirs, and slowing demand growth in developing countries, the incentive to explore in frontier
offshore areas is reduced.
But while prices will stay lower for longer they will not be depressed forever: many important producing areas are
experiencing political and economic turmoil, from Venezuela to Nigeria. International sanctions remain on Russia
and Iran. Iraq and Saudi Arabia have increased output, but they are now at capacity limits and faced with political
challenges. Lower prices are working, with expensive production in the North Sea being retired early and many new
projects cancelled or deferred. Gas seems the main beneficiary of the decline of coal and nuclear power.
Clontarf continues to monitor ways to create shareholder value. As explorers, we continue to look at new projects
and at areas that are becoming available for exploration. Following the announcement of a GBP400,000 (before
expenses) equity fundraising on 20(th) September 2016, we have adequate funding for current activities.
John Teeling
Chairman
20(th) September 2016
This announcement contains inside information for the purposes of Article 7 of Regulation (EU) 596/2014.
For further information please visit http://clontarfenergy.com or contact:
Clontarf Energy plc
John Teeling, Chairman +353 (0) 1 833 2833
David Horgan, Director
Nominated Adviser and Broker
Northland Capital Partners Limited
David Hignell / Gerry Beaney (Corporate Finance) +44 (0)20 3861 6625
John Howes (Broking)
Public Relations
Blytheweigh +44 (0)20 7138 3204
Tim Blythe +44 (0) 7816 924 626
Camilla Horsfall +44 (0) 7871 841 793
Nick Elwes +44 (0) 7831 851 855
Rachael Brooks
Jonathan Garfield
PSG Plus
Colm Heatley +353 (0) 1 661 4055
Alan Tyrrell +353 (0) 1 661 4055
Hot Features
Premium
Clontarf Energy plc
Financial Information (Unaudited)
CONDENSED CONSOLIDATED STATEMENT
OF COMPREHENSIVE INCOME
Six Months Year
Ended Ended
30 June 30 June 31 Dec
16 15 15
unaudited unaudited audited
GBP'000 GBP'000 GBP'000
REVENUE - - -
Cost of sales - - -
-------------------- --------------------- ---------------------
GROSS PROFIT - - -
Administrative ( 95 ( 86 ( 205
expenses ) ) )
-------------------- --------------------- ---------------------
( 95 ( 86 ( 205
OPERATING LOSS ) ) )
Finance revenue - 1 1
( 1 ( 1
Finance costs ) ) ( 1 )
-------------------- --------------------- ---------------------
LOSS BEFORE ( 96 ( 86 ( 205
TAXATION ) ) )
Income Tax - - -
TOTAL COMPREHENSIVE ( 96 ( 86 ( 205
LOSS FOR THE PERIOD ) ) )
==================== ===================== =====================
LOSS PER SHARE
- basic and
diluted (0.02p) (0.02p) (0.05p)
==================== ===================== =====================
30 30
CONDENSED CONSOLIDATED June June 31 Dec
BALANCE SHEET 16 15 15
unaudited unaudited audited
GBP'000 GBP'000 GBP'000
ASSETS:
NON-CURRENT
ASSETS
Intangible
assets 3,114 3,084 3,099
3,114 3,084 3,099
-------------------- --------------------- ---------------------
CURRENT ASSETS
Other
receivables 8 7 5
Cash and cash
equivalents 177 323 226
-------------------- --------------------- ---------------------
185 330 231
TOTAL ASSETS 3,299 3,414 3,330
-------------------- --------------------- ---------------------
LIABILITIES:
CURRENT
LIABILITIES
( 78 ( 68 ( 58
Trade payables ) ) )
( 846 ( 756 ( 801
Other payables ) ) )
-------------------- --------------------- ---------------------
TOTAL ( 924 ( 824 ( 859
LIABILITIES ) ) )
-------------------- --------------------- ---------------------
NET ASSETS 2,375 2,590 2,471
==================== ===================== =====================
EQUITY
Share capital 1,136 1,136 1,136
Share premium 10,493 10,493 10,493
Share based
payment
reserve 191 195 191
Retained
earnings ( 9,445 ( 9,234 ( 9,349
- (Deficit) ) ) )
-------------------- --------------------- ---------------------
TOTAL EQUITY 2,375 2,590 2,471
==================== ===================== =====================
CONDENSED CONSOLIDATED STATEMENT
OF CHANGES IN EQUITY
Share
based
Share Share Payment Retained Total
Capital Premium Reserves Losses Equity
GBP'000 GBP'000 GBP'000 GBP'000 GBP'000
As at 1 January ( 9,148
2015 1,136 10,493 195 ) 2,676
Total
comprehensive ( 86 ( 86
loss ) )
----------------- ----------------- -------------------- --------------------- ---------------------
As at 30 June ( 9,234
2015 1,136 10,493 195 ) 2,590
Share options ( 4
expired - - ) 4 -
Total
comprehensive ( 119 ( 119
loss - ) )
----------------- ----------------- -------------------- --------------------- ---------------------
As at 31
December ( 9,349
2015 1,136 10,493 191 ) 2,471
Total
comprehensive ( 96 ( 96
loss - - - ) )
--------------------
As at 30 June ( 9,445
2016 1,136 10,493 191 ) 2,375
================= ================= ==================== ===================== =====================
CONDENSED CONSOLIDATED Six Months Year
CASH FLOW Ended Ended
30 30
June June 31 Dec
16 15 15
unaudited unaudited audited
GBP'000 GBP'000 GBP'000
CASH FLOW FROM OPERATING
ACTIVITIES
Loss for the ( 96 ( 86 ( 205
period ) ) )
Finance costs
recognised in
loss 1 1 1
Finance revenue recognised ( 1
in loss - ) ( 1 )
Exchange ( 1
movements ) 2 1
-------------------- --------------------- ---------------------
( 96 ( 84 ( 204
) ) )
Movements in
Working
Capital 47 12 34
-------------------- --------------------- ---------------------
CASH USED IN ( 49 ( 72 ( 170
OPERATIONS ) ) )
( 1 ( 1
Finance costs ) ) ( 1 )
Finance revenue - 1 1
NET CASH USED IN OPERATING ( 50 ( 72 ( 170
ACTIVITIES ) ) )
-------------------- --------------------- ---------------------
NET DECREASE IN CASH ( 50 ( 72 ( 170
AND CASH EQUIVALENTS ) ) )
Cash and cash equivalents
at beginning of the period 226 397 397
Effect of exchange
rate changes on cash ( 2
held 1 ) ( 1 )
CASH AND CASH EQUIVALENT AT
THE END OF THE PERIOD 177 323 226
==================== ===================== =====================
Notes:
1. INFORMATION
The financial information for the six months ended 30 June 30 2016 and the comparative amounts for the six months ended 30 June 2015 are unaudited. The financial information above does not constitute full statutory accounts within the meaning of section 434 of the Companies Act 2006.
The Interim Financial Report has been prepared in accordance with IAS 34 Interim Financial Reporting as adopted by the European Union. The accounting policies and methods of computation used in the preparation of the Interim Financial Report are consistent with those used in the Group 2015 Annual Report, which is available at www.clontarfenergy.com
The interim financial statements have not been audited or reviewed by the auditors of the Group pursuant to the Auditing Practices board guidance on Review of Interim Financial Information.
2. No dividend is proposed in respect of the period. 3. LOSS PER SHARE
Basic loss per share is computed by dividing the loss after taxation for the year available to ordinary shareholders by the weighted average number of ordinary shares in issue and ranking for dividend during the year. Diluted earnings per share is computed by dividing the loss after taxation for the year by the weighted average number of ordinary shares in issue, adjusted for the effect of all dilutive potential ordinary shares that were outstanding during the year.
The following table sets out the computation for basic and diluted earnings per share (EPS):
Six months Ended Year Ended
30 June 30 June 31 Dec
16 15 15
GBP GBP GBP
Numerator
For basic and diluted
EPS (96,466) (86,361) (204,537)
============== ============== ==============
Denominator
For basic and diluted
EPS 454,225,781 454,225,781 454,225,781
============== ============== ==============
Basic EPS (0.02p) (0.02p) (0.05p)
Diluted EPS (0.02p) (0.02p) (0.05p)
============== ============== ==============
Basic and diluted loss per share are the same as the effect of the outstanding share options is anti-dilutive and is therefore excluded.
4. INTANGIBLE ASSETS
Exploration and evaluation 30 June 30 June 31 Dec
assets: 16 15 15
GBP'000 GBP'000 GBP'000
Cost:
At 1 January 8,146 8,106 8,106
Additions 15 25 40
Closing Balance 8,161 8,131 8,146
========= ========= =========
Impairment:
At 1 January 5,047 5,047 5,047
Provision for impairment - - -
Closing Balance 5,047 5,047 5,047
========= ========= =========
Carrying value:
At 1 January 3,099 3,059 3,059
========= ========= =========
At period end 3,114 3,084 3,099
========= ========= =========
Regional Analysis 30 Jun 30 Jun 31 Dec
16 15 15
GBP'000 GBP'000 GBP'000
Peru 2,474 2,474 2,474
Ghana 640 610 625
3,114 3,084 3,099
========= ========= =========
On 15 May 2013, the company signed an agreement with an unrelated third party, Peru Oil and Gas Exploration Limited (POGEL). Under the agreement POGEL, an energy investment company, has undertaken responsibility to put up performance bonds and conduct contractual work on the Exploration and Development Contracts on Peruvian Block 183. Clontarf Energy plc converted its interest in Block 183 to an overriding royalty of 3% on production from any commercial discovery.
On 12 August 2013, Rurelec Plc, an AIM listed energy provider in South America, entered into an agreement with POGEL to purchase gas from Block 183 when and if gas is produced. Clontarf holds a 3% overriding royalty on production from any commercial discovery. The royalty payment is capped at US$5 million per structure and US$10 million in total for the block.
In 2014, the Group reached an agreement with the Ghanaian authorities on the specific revised coordinates of the signed petroleum agreement on a licence block in the Tano area of Ghana. Clontarf Energy PLC await ratification of the amended Petroleum Agreement by Cabinet and Parliament.
Exploration and evaluation assets relates to expenditure incurred in prospecting and exploration for oil and gas in Peru and Ghana. The directors are aware that by its nature there is an inherent uncertainty in such development expenditure as to the value of the asset.
The realisation of these intangible assets is dependent on the discovery and successful development of economic oil and gas reserves which is affected by the uncertainties outlined above and risks outlined below. Should this prove unsuccessful the value included in the balance sheet would be written off to the statement of comprehensive income.
The group's activities are subject to a number of significant potential risks including:
- licence obligations
- requirement for further funding
- geological and development risks
- title to assets
- political risks
5. TRADE PAYABLES
30 June 30 June 31 Dec
16 15 15
GBP'000 GBP'000 GBP'000
Trade payables 54 58 40
Other accruals 24 10 18
78 68 58
======== ======== ========
6. OTHER PAYABLES
30 June 30 June 31 Dec
16 15 15
GBP'000 GBP'000 GBP'000
Amounts due to
directors 846 756 801
846 756 801
======== ======== ========
Other payables relate to remuneration due to directors' accrued but not paid at period end.
7. SHARE CAPITAL
Allotted, called-up and fully paid:
Number Share Capital Premium
GBP GBP
At 1 January 2015 454,225,781 1,135,564 10,493,259
Issued during the period - - -
------------ -------------- -----------
At 30 June 2015 454,225,781 1,135,564 10,493,259
Issued during the period - - -
------------ -------------- -----------
At 31 December 2015 454,225,781 1,135,564 10,493,259
Issued during the period - - -
At 30 June 2016 454,225,781 1,135,564 10,493,259
============ ============== ===========
8. POST BALANCE SHEET EVENTS
On 20 September 2016, the Company announced that it had raised GBP400,000 (before expenses) via the issue of 80,000,000 new ordinary shares at a price of 0.5p per share.
9. The Interim Report for the six months to 30(th) June 30 2016 was approved by the Directors on 20(th) September 2016.
10. The Interim Report will be available on the company's website at www.clontarfenergy.com.
This information is provided by RNS
The company news service from the London Stock Exchange
END
IR LIFVAADIIFIR
(END) Dow Jones Newswires
September 20, 2016 05:50 ET (09:50 GMT)
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