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EDL Edenville Energy Plc

14.25
0.00 (0.00%)
19 Apr 2024 - Closed
Delayed by 15 minutes
Share Name Share Symbol Market Type Share ISIN Share Description
Edenville Energy Plc LSE:EDL London Ordinary Share GB00BN47NP32 ORD 1P
  Price Change % Change Share Price Bid Price Offer Price High Price Low Price Open Price Shares Traded Last Trade
  0.00 0.00% 14.25 14.00 14.50 0.00 01:00:00
Industry Sector Turnover Profit EPS - Basic PE Ratio Market Cap
0 0 N/A 0

Edenville Energy PLC Interim Results for the Six Months to 30 June 2016 (0079K)

16/09/2016 7:00am

UK Regulatory


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RNS Number : 0079K

Edenville Energy PLC

16 September 2016

16 September 2016

EDENVILLE ENERGY PLC

("Edenville" or the "Company")

Interim Results for the Six Months Ended 30 June 2016

Edenville Energy plc (AIM:EDL), the company developing a coal to power project in south western Tanzania, announces its unaudited interim results for the six months ended 30 June 2016.

Period Highlights

   --    Grant of the mining licence over the Company's Mkomolo deposit on 2 March 2016 
   --    Mkomolo site upgrade and development work initiated in May 2016 

-- Rukwa Coal to Power Project Concept documents reviewed by Tanzania Electric Supply Company Ltd ("Tanesco") and approved in May 2016

   --    Progression of Environmental and Social Impact Assessment ("ESIA") for Power Plant 
   --    Opening up of bulk sample locations in Mkomolo 
   --    Site visits by interested EPC groups and equipment suppliers 

-- Continued focus on cost management with the relinquishment of three non-core prospecting licenses in April 2016, as provided for and disclosed in the December 2015 annual accounts.

Post period Highlights

-- Ministry for Energy and Minerals ("MEM") Deputy Minister and Tanesco officials visit site to discuss next steps towards development in July 2016

   --    Government of Tanzania issues directive to ban coal imports into Tanzania in August 2016 

-- Second stage of ESIA completed and report submitted to the National Environment Management Council ("NEMC")

   --    Bulk sampling programme expanded in August 2016 in response to coal import ban 
   --    Appointment of Jeff Malaihollo as Non-Executive Chairman from 1 September 2016 
   --    Initiated Mineable Resource Technical and Economic Assessment in September 2016 

Rufus Short, CEO commented: "The first half of 2016 further built the foundations for the future development of the Company's Rukwa coal to power project. Significantly, in March 2016 the award of the mining licence over the Mkomolo deposit provided the cornerstone to move forward and crucially demonstrated the Tanzanian government's commitment to development of the coal industry in Tanzania.

"Since the national elections of October 2015 the government has been working to develop its policy and approach to coal and energy in the country. Recently this has significantly moved forward with the government's directive to ban coal imports from the end of August 2016. Additionally, the newly formed board of Tanesco has been working to define and implement an updated energy development policy. With the above in mind, Edenville is continuing to complete the technical and environmental requirements for the development of its coal to power project. The Company is awaiting the roll out of further policy initiatives by the government and Tanesco which will lead to completion of agreements and development timeframes. Importantly we are also actively evaluating all opportunities that are arising due to the recent coal ban by the government."

This announcement contains inside information for the purposes of Article 7 of Regulation (EU) 596/2014.

 
 Contact 
 
 Edenville Energy Plc 
  Jeff Malaihollo - Chairman    +44 (0) 20 7652 
  Rufus Short - CEO              9788 
 Northland Capital Partners 
  Limited 
  (Nominated Advisor) 
  Gerry Beaney                  +44 (0) 20 3861 
  David Hignell                  6625 
 Optiva Securities Limited 
  (Broker) 
  Jeremy King                   +44 (0) 20 3137 
  Graeme Dickson                 1902 
 IFC Advisory (Financial PR 
  and IR) 
  Tim Metcalfe 
  Graham Herring                +44 (0) 20 3053 
  Heather Armstrong              8671 
 

CEO's Statement

H1 2016

I am pleased to report the interim results of the Company for the six months ended 30 June, 2016. During the period, the Company's main focus has been, and will continue to be, the Rukwa Coal to Power Project in south western Tanzania.

The Rukwa Coal to Power Project, Edenville's key asset, is well placed to play a significant part in helping Tanzania face the dual challenges of the under-development of its power sector and strong demand growth. The Rukwa Project is strategically located in an area with a defined power deficit, with plans for a new 400KV transmission line to be constructed within 12km of the deposit. This power line is part of the East African Power Pool Development Plan, which will see a total of 2,302km of new power lines constructed between Kenya, Tanzania and Zambia. The Rukwa Project has a Measured and Indicated Resource of 171 million tonnes of raw coal, sufficient to support the proposed coal-fired power plant through the expected life of the project and beyond, with Environmental Impact Assessment ("EIA") approval for mining operations granted in 2014.

In January 2016 the submission requirements for the mining licence application for the Mkomolo deposit had already been completed. The Company was awaiting the final review and sign off by the Minister for Energy and Minerals. Going into 2016 the recently elected government of Tanzania (from the October 2015 national elections) was in the process of reorganising various departments, along with the re-evaluation of the power requirements and nature of future power supply in the country. Hence our project went through the necessary review processes prior to the Company being officially awarded a mining licence on 2 March 2016. Subsequently the robust and detailed procedures undertaken by MEM ensure our licence, with its initial 10 year tenure, which is renewable on application, is of the highest standard and underpins the viability of our project going forward. We now have permitted fuel in place which allows the Company to proceed with the next steps towards development of our Coal to Power Project.

In May we received official acceptance of our Project Concept for the power plant which included the feasibility study completed in 2015 by Lahmeyer International of India.

Continuing reorganisation had occurred within Tanesco and policies and plans have been going through a progressive update throughout 2016. A new Tanesco board of directors was established in early June 2016, enabling further policy to be determined and the decision making process to be advanced in line with the government policies to continue energy development. Subsequently we are continuing to work alongside both MEM and Tanesco and await the roll out of their energy directive and plan.

By May 2016, following the granting of the mining licence, we had rapidly mobilised construction and earthmoving equipment to upgrade site access, open up areas for bulk sampling and carrying out general civil engineering work around the Mkomolo and Namwele sites. We also undertook a programme of local road upgrades to allow villagers better access around the perimeters of the planned mining area. This work, critical to the pre-mining phase was largely completed by the end of July.

Post Period Events

During 2016 we have hosted several site visits from Engineering Procurement and Construction ("EPC") groups, major equipment suppliers and contractors interested in becoming involved in the project. We are continuing with negotiations on the most suitable route forward in parallel with awaiting the roll out of the Tanzanian government power initiative and plan. There has already been considerable exchange of detailed information with these groups and we expect to move forward with suitable agreements in parallel with the clarification on timing for the roll out of the government's power development plan.

In July 2016 the Deputy Minister of the MEM made an official visit to site as part of the process to examine ways to move power development in the Rukwa Region forward as rapidly as possible. The Deputy Minister, Dr Medard Kalemani, was accompanied by senior Tanesco officials and gained an understanding of the site and how the project would integrate with the planned power development, both in terms of generation and transmission, in Western Tanzania. The Company was assured that future power development plans were on track and proceeding through the Tanzanian government system in a structured manner. MEM and Tanesco have encouraged the Company to continue with progressing the pre-development tasks as we await the roll out of the power development plan for the Rukwa Region.

Accordingly, we have taken an adaptable approach trying to focus on completing key areas that can provide critical information and enhance the value of the project. These include moving forward with the ESIA; a more diversified bulk sampling programme; the completion of an updated coal to power economic model and the initiation of a mineable resource technical and economic assessment.

The second stage of the ESIA is now near completion with the relevant report and recommendations filed with the National Environment Management Council ("NEMC"). Once this is approved the ESIA moves onto a third stage comprising detailed investigation and reporting to complete the submission application. This completed application then goes through an official review along with a public consultation process for the project.

The bulk sampling programme has been extended to include additional areas that will give further information for the power plant feedstock along with providing near term information for potential commercial coal customers.

An independent consultant has recently carried out a review and update of the power plant economic model and we are in the process of assessing the results. Alongside this we are reviewing all options to maximise the potential of the project beyond the initial 120MW power plant that was outlined in the Power Plant Feasibility Study carried out by Lahmeyer.

In August 2016, pursuant to the passing of resolutions at a general meeting of shareholders, a reorganisation of the share structure of the Company took place. This consisted of a set of subdivisions of the ordinary and deferred shares of the Company followed by a consolidation of ordinary shares. The net effect of the capital reorganisation was to reduce the number of issued ordinary shares in the capital of the Company by a multiple of approximately 20.

For the avoidance of doubt, the capital reorganisation did not lead to the holders of existing ordinary shares having their current respective holdings diluted.

During Q4 2016 we hope to have completed a major part of the ESIA; to have bulk sample test results that can be used in both coal to power development and commercial negotiations; and to have an updated economic model, along with a mineable resource that would provide a viable coal supply from the global resource and for the life of the power project. Additionally, we are currently working on detailed costs for the mining component of the project with selected suitable contractors.

Of significance in mid August 2016 the MEM issued a directive banning the importation of coal into Tanzania. We understand the ban is effectively in place now and adds an additional dimension to the coal project at Rukwa. Although the core focus is and will continue to be the Coal to Power Project which fully utilises the potential of the resource, both technically and economically, there is the opportunity to pursue viable supply contracts with potential customers who require regular coal supplies. We are currently working on the most suitable options for development of the mining, infrastructure and transportation of the coal and are pursuing every viable opportunity with potential customers. The ban on imported coal does send a very strong signal that the government wishes to fully develop the potential of the domestic coal industry, whether this is for generation of electricity or for other industrial uses.

We have continued to take heed of the local population and their importance to the success of the project both from a contribution through their work on the project site and by recognising their needs in the local community. As part of our Corporate Social Responsibility ("CSR") work, extensive road upgrades have taken place surrounding the project area to ensure local people have a safe and accessible way of moving around outside the project area. The Company has also provided 60 desks for the local Mkomolo School, these being constructed by local trades people to ensure the maximum value stays within the community. A ceremony to hand over the desks was recently attended by many local people, the school children and representatives from Edenville. We are continuing to talk with local officials to find ways in which the Company can maintain its involvement with the local community in addition to the more direct way of providing employment opportunities.

In April 2016 Sally Schofield took the decision to step down from the position of Non Executive Chairman of the Company. Since that time I have covered the role temporarily. I am pleased to say that from the 1 Sept 2016 we have a new Chairman in place, Jeffrey Malaihollo. Jeff is an experienced mining professional having spent time in both technical and corporate roles including previous positions as Managing Director of two AIM listed companies.

The board fully recognise that shareholders need to see the Project move forward with clearly defined goals and milestones met. To put this in context, over a period of five years the project has moved from a small historical resource, largely unexplored, to being in a position today, where subject to government approvals, it can complete the final steps of pre-development work to then enter the construction phase for a thermal power plant development. There are several layers of complexity to any power development, regardless of what type of fuel source is being used. Long term government policy, availability of infrastructure, supply and demand and the current political landscape all play a part as well as the more recognisable technical parameters which need to be met. We are very confident that all of the above are and will continue to contribute significantly to the progress of the project. The process requires both patience and commitment to achieve the end result which is a sustained supply of electricity over several decades producing a continuing stream of cash flow for the Company and its shareholders.

Financial Results

The Company made a loss after taxation for the six-month period ended 30 June 2016 of GBP446,801. The net assets at 30 June 2016 amounted to GBP6,501,141.

The total comprehensive profit for the period was GBP100,732, which included a gain of GBP547,533 arising from the translation of the Tanzanian subsidiary company accounts from US Dollars to Sterling.

In March 2016 and June 2016, the Company raised, via the issue of new shares, gross proceeds of GBP400,000 and GBP432,500 respectively, to advance the mining and power plant development as outlined above.

In August 2016, the company undertook a capital reorganisation exercise, the details of which are disclosed in note 5 of this report.

We look forward to updating shareholders as we progress significant parts of the Rukwa Coal to Power Project.

Rufus Short

Chief Executive Officer

EDENVILLE ENERGY PLC

CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME

FOR THE SIX MONTHSED 30 JUNE 2016

 
                                              Six months    Six months            Year 
                                                   ended         ended           ended 
                                                 30 June       30 June          31 Dec 
                                                      16            15              15 
                                               Unaudited     Unaudited         Audited 
                                       Note          GBP           GBP             GBP 
 
 Gross profit                                          -             -               - 
 Administrative expenses                       (446,814)     (421,827)       (870,399) 
 Impairment of tangible 
  asset                                                              -     (3,593,544) 
 
 Group operating loss                          (446,814)     (421,827)     (4,463,943) 
 
 Finance income                                       13             8              20 
 
 Loss on operations before 
  taxation                                     (446,801)     (421,819)     (4,463,923) 
 
 Taxation                                              -             -         639,331 
 
 Loss for the period after 
  taxation                                     (446,801)     (421,819)     (3,824,592) 
 Other comprehensive income/(loss): 
 Gain/(loss) on translation 
  of overseas subsidiary                         547,533     (105,760)         373,792 
 
 Total comprehensive income/(loss) 
  for the period                                 100,732     (527,579)     (3,450,800) 
 
 
 Attributable to: 
 Equity holders of the 
  Company                                        100,985     (527,420)     (3,442,836) 
 Non-controlling interest                          (253)         (159)         (7,964) 
 
                                                 100,732     (527,579)     (3,450,800) 
 
 Loss per share 
 - basic and diluted (pence)            2        (0.004)       (0.006)          (0.05) 
 
 
 

The income for the period arises from the Group's continuing operations.

EDENVILLE ENERGY PLC

CONSOLIDATED statement of financial position

as at 30 june 2016

 
                                                As at         As at          As at 
                                              30 June       30 June         31 Dec 
                                                   16            15             15 
                                            Unaudited     Unaudited        Audited 
 
                                  Note            GBP           GBP            GBP 
 
 Non-current assets 
 Property, plant and equipment                 19,619        27,463         22,292 
 Intangible assets                 4        6,142,364     8,226,459      5,361,277 
 
                                            6,161,983     8,253,922      5,383,569 
 Current assets 
 Trade and other receivables                  492,160       191,198        141,924 
 Cash and cash equivalents                    190,856       337,032        316,652 
 
                                              683,016       528,230        458,576 
 
 Current liabilities 
 Trade and other payables                   (184,566)      (78,084)      (105,092) 
 
 Current assets less current 
  liabilities                                 498,450       450,146        353,484 
 
 
 Total assets less current 
  liabilities                               6,660,433     8,704,068      5,737,053 
 
 Non - current liabilities 
 Provisions for other 
  liabilities and charges                   (159,292)     (737,292)      (144,490) 
 
                                            6,501,141     7,966,776      5,592,563 
 
 Capital and reserves 
 Called-up share capital           5        2,536,756     1,616,228      1,872,978 
 Share premium account                     13,765,317    13,332,070     13,623,545 
 Share based payment reserve                  129,610       129,610        129,610 
 Foreign currency translation 
  reserve                                     567,631     (459,454)         20,098 
 Retained earnings                       (10,505,834)   (6,664,318)   (10,059,286) 
 
 Issued capital and reserves 
  attributable to owners 
  of the parent company                     6,493,480     7,954,136      5,586,945 
 Non-controlling interest                       7,661        12,640          5,618 
 
 Total equity                               6,501,141     7,966,776      5,592,563 
                                                                          ________ 
 

EDENVILLE energy PLC

CONSOLIDATED statement of changes in equity

FOR THE SIX MONTHSED 30 JUNE 2016

 
 
                                 ----------------------------------Equity 
                                  Interests----------------------------- 
 
                                                                                  Foreign 
                                                                    Share        currency                         Non- 
                       Share          Share         Retained       option     translation                  Controlling 
                     capital        premium         Earnings      reserve         reserve         Total       interest         Total 
                         GBP            GBP              GBP          GBP             GBP           GBP            GBP           GBP 
 
 Balance at 
  1 January 
  2016             1,872,978     13,623,545     (10,059,286)      129,610          20,098     5,586,945          5,618     5,592,563 
 Issue of 
  share 
  capital            663,778        187,722                -            -               -     851,500                -     851,500 
 Share issue 
  costs                    -       (45,950)                -            -               -      (45,950)              -      (45,950) 
 Foreign 
  currency 
  translation              -              -                -            -         547,533       547,533       2,296          549,829 
 Loss for 
  the period               -              -        (446,548)            -               -     (446,548)          (253)    (446,801) 
 
 Balance at 
  30 June 2016     2,536,756     13,765,317     (10,505,834)      129,610         567,631     6,493,480          7,661     6,501,141 
 
 
 Balance at 
  1 January 
  2015             1,488,728     13,215,320      (6,296,761)      183,713       (353,694)     8,237,306         12,962     8,250,268 
 Issue of 
  share 
  capital            127,500        129,250                -            -               -       256,750              -       256,750 
 Share issue 
  costs                    -       (12,500)                -            -               -      (12,500)              -      (12,500) 
 Cancellation 
  of share 
  options                  -              -           54,103     (54,103)               -             -              -             - 
 Foreign 
  currency 
  translation              -              -                -            -       (105,760)     (105,760)          (163)     (105,923) 
 Loss for 
  the period               -              -        (421,660)            -               -     (421,660)          (159)     (421,819) 
 
 Balance at 
  30 June 2015     1,616,228     13,332,070      (6,664,318)      129,610       (459,454)     7,954,136         12,640     7,966,776 
 
 
 
 
                                                                                  Foreign 
                                                                    Share        currency                         Non- 
                       Share          Share         Retained       option     translation                  Controlling 
                     capital        premium         Earnings      reserve         reserve         Total       interest         Total 
                         GBP            GBP              GBP          GBP             GBP           GBP            GBP           GBP 
 
 Balance at 
  1 January 
  2015             1,488,728     13,215,320      (6,296,761)      183,713       (353,694)     8,237,306         12,962     8,250,268 
 Issue of 
  share 
  capital            350,000        400,000                -            -               -       750,000              -       750,000 
 Cost of issue             -       (50,000)                -            -               -      (50,000)              -      (50,000) 
 Exercise 
  of warrants         34,250         58,225                -            -               -        92,475              -        92,475 
 Cancellation 
  of share 
  options                  -              -           54,103     (54,103)               -             -              -             - 
 Foreign 
  currency 
  translation              -              -                -            -         373,792       373,792            620       374,412 
 Loss for 
  the year                 -              -      (3,816,628)            -               -   (3,816,628)        (7,964)   (3,824,592) 
 
 Balance at 
  31 December 
  2015             1,872,978     13,623,545     (10,059,286)      129,610          20,098     5,586,945          5,618     5,592,563 
                                                                                                                             _______ 
 

EDENVILLE ENERGY PLC

consolidated CASH FLOW STATEMENT

FOR THE SIX MONTHSED 30 JUNE 2016

 
                                 Six months   Six months          Year 
                                      ended        ended         ended 
                                    30 June      30 June        31 Dec 
                                         16           15            15 
                                  Unaudited    Unaudited       Audited 
                                        GBP          GBP           GBP 
 Cash flows from operating 
  activities 
 Operating loss                   (446,814)    (421,827)   (4,463,943) 
 Impairment of tangible 
  & intangible non-current 
  assets                                  -            -     3,593,544 
 Depreciation                         4,378          937         7,430 
 Foreign exchange (loss)/gain         6,296      (3,922)         (657) 
 (Decrease)/increase in 
  trade and other receivables     (337,671)     (12,452)        45,535 
 Increase/(decrease) in 
  trade and other payables           72,407      (9,883)        13,692 
 
 Net cash used in operating 
  activities                      (701,404)    (447,147)     (804,399) 
 
 Cash flows from investing 
  activities 
 Purchase of exploration 
  and evaluation assets           (231,359)    (101,805)     (313,958) 
 Finance income                          13            8            20 
 
 Net cash used in investing 
  activities                      (231,346)    (101,797)     (313,938) 
 
 Cash flows from financing 
  activities 
 Proceeds on issue of shares        851,500      256,750       842,475 
 Share issue costs                 (45,950)     (12,500)      (50,000) 
 
 Net cash generated from 
  financing activities              805,550      244,250       792,475 
 
 
 Net decrease in cash and 
  cash equivalents                (127,200)    (304,694)     (325,862) 
 Cash and cash equivalents 
  at beginning of year              316,652      641,830       641,830 
 Exchange losses on cash 
  and cash equivalents                1,404        (104)           684 
 
 
 Cash and cash equivalents 
  at end of year                    190,856      337,032       316,652 
 
 
 

EDENVILLE ENERGY PLC

NOTES TO THE INTERIM REPORT

FOR THE SIX MONTHSED 30 JUNE 2016

   1.       Financial information and basis of preparation 

The interim financial statements of Edenville Energy Plc are unaudited consolidated financial statements for the six months ended 30 June 2016 which have been prepared in accordance with IFRSs as adopted by the European Union. They include unaudited comparatives for the six months ended 30 June 2015 together with audited comparatives for the year ended 31 December 2015.

The interim financial statements do not constitute statutory accounts within the meaning of section 434 of the Companies Act 2006. The statutory accounts for the year ended 31 December 2015 have been reported on by the company's auditors and have been filed with the Registrar of Companies. The report of the auditors was (i) unqualified, (ii) contained an emphasis of matter paragraph with regards Going Concern and (iii) did not contain any statement under section 498 of the Companies Act 2006.

The interim consolidated financial statements for the six months ended 30 June 2016 have been prepared on the basis of accounting policies expected to be adopted for the year ended 31 December 2016. These are anticipated to be consistent with those set out in the Group's latest financial statements for the year ended 31 December 2015. These accounting policies are drawn up in accordance with adopted International Accounting Standards ("IAS") and International Financial Reporting Standards ("IFRS") as issued by the International Accounting Standards Board and adopted by the EU.

   2.       Loss per share 

The calculation of the basic and diluted loss per share is based on the following data:

 
                              30 June 16           30 June         31 December 
                                                        15                  15 
                                     GBP               GBP                 GBP 
 Loss after taxation           (446,801)         (421,819)       (3,824,592) 
 
 Weighted average 
  number of shares 
  in the period           10,116,638,849     7,426,700,211     7,930,181,098 
 
 Basic and diluted 
  loss per share 
  (pence)                        (0.004)           (0.006)            (0.05) 
 

The loss attributable to equity shareholders and weighted average number of ordinary shares for the purposes of calculating diluted earnings per ordinary share are identical to those used for basic earnings per ordinary share. This is because the exercise of share options and warrants would have the effect of reducing the loss per ordinary share and is therefore anti-dilutive.

   3.       Dividends 

No dividends are proposed for the six months ended 30 June 2016 (six months ended 30 June 2015 GBPnil: year ended 31 December 2015 GBPnil).

   4.       Intangible assets 
 
                                    Exploration 
                                 and evaluation 
                                         assets 
 
                                      Tanzanian     Goodwill       Total 
                                       Licences 
                                            GBP          GBP         GBP 
 Cost or valuation 
 As at 1 January 2016                 3,993,976    1,367,301   5,361,277 
 Additions                              231,360            -     231,360 
 Foreign exchange adjustment            409,658      140,069     549,727 
 
 At 30 June 2016                      4,634,994    1,507,370   6,142,364 
 
 
 Accumulated amortisation 
  and impairment 
 As at 1 January 2016                         -            -           - 
 
 As at 30 June 2016                           -            -           - 
 
 
   Net book value 
 As at 30 June 2016                   4,634,994    1,507,370   6,142,364 
 
 
 
 
   4.         Intangible assets (continued) 
 
                                  Exploration 
                               and evaluation 
                                       assets 
                                    Tanzanian 
                                     Licences      Goodwill         Total 
                                          GBP           GBP           GBP 
 Cost or valuation 
  As at 1 January 
  2015                              6,931,150     1,302,933     8,234,083 
 Additions                            101,805             -       101,805 
 Foreign exchange 
  adjustment                         (92,629)      (16,800)     (109,429) 
 
 At 30 June 2015                    6,940,326     1,286,133     8,226,459 
 
 Accumulated amortisation 
  and impairment 
 As at 1 January                            -             -             - 
  2015 
 
 As at 30 June                              -             -             - 
  2015 
 
 
 Net book value 
 As at 30 June 
  2015                              6,940,326     1,286,133     8,226,459 
 
 
 Cost or valuation 
  As at 1 January 
  2015                              6,931,150     1,302,933     8,234,083 
 Additions                            313,958             -       313,958 
 Foreign exchange 
  adjustment                          342,412        64,368       406,780 
 Written Off                      (3,593,544)             -   (3,593,544) 
 
 
   At 31 December 
   2015                             3,993,976     1,367,301     5,361,277 
 
 
 Accumulated amortisation and 
  impairment 
 As at 1 January                            -             -             - 
  2015 
 Charge for the                             -             -             - 
  year 
 
 At 31 December                             -             -             - 
  2015 
 
 Net book value 
 As at 31 December 
  2015                              3,993,976     1,367,301     5,361,277 
 
 
 
 
 
 
 
   4.       Intangible assets (continued) 

The outcome of ongoing exploration and evaluation, and therefore whether the carrying value of exploration and evaluation assets will ultimately be recovered, is inherently uncertain. The directors have assessed the value of exploration and evaluation expenditure carried as intangible assets. In their opinion there has been no impairment loss to intangible exploration and evaluation assets in the period.

   5.       Share capital 
 
                         No. of shares         GBP 
 30 June 2016 
 Allotted, called 
  up and fully paid 
 Ordinary shares 
  of 0.02p each         12,427,060,094   2,485,412 
 Deferred shares 
  of 0.08p each             64,179,932      51,344 
 
                                         2,536,756 
 
 30 June 2015 
 Allotted, called 
  up and fully paid 
 Ordinary shares 
  of 0.02p each          7,824,421,205   1,564,884 
 Deferred shares 
  of 0.08p each             64,179,932      51,344 
 
                                         1,616,228 
 
 31 December 2015 
 Allotted, called 
  up and fully paid 
 Ordinary shares 
  of 0.02p each          9,108,171,206   1,821,634 
 Deferred shares 
  of 0.08p each             64,179,932      51,344 
 
                                         1,872,978 
 
 

On 7 March 2016, the company issued 1,333,333,333 ordinary shares at a price of 0.03p per share together with 666,666,666 warrants at an exercise price of 0.04p per warrant.

On 1 June 2016, the company issued 63,333,333 ordinary shares at a price of 0.03p per share to creditors in satisfaction of their invoices totalling GBP19,000.

On 17 June 2016, the company issued 1,922,222,222 ordinary shares at a price of 0.0225p per share together with 961,111,111 warrants at an exercise price of 0.03p per warrant.

On 11 August 2016, an ordinary resolution was passed to undertake a capital reorganisation as follows:

i. Each of the 64,179,632 existing deferred shares of GBP0.0008 each in the capital of the Company (the Existing Deferred Shares) be subdivided into 5,134,370,560 deferred shares of GBP0.00001 each in the capital of the Company (the Subdivided Existing Deferred Shares).

ii. Each of the 12,427,060,094 existing ordinary shares of GBP0.0002 each in the capital of the Company be subdivided into: (i) 12,427,060,094 ordinary shares of GBP0.00001 each in the capital of the Company (the Subdivided Ordinary Shares); and (ii) 12,427,060,094 deferred shares of GBP0.00019 each in the capital of the Company (the New Deferred Shares).

iii. Each of the 12,427,060,094 New Deferred Shares be subdivided into 236,114,141,786 deferred shares of GBP0.00001 each in the capital of the Company (the Subdivided New Deferred Shares).

iv. The 12,427,060,094 Subdivided Ordinary Shares be consolidated into 621,353,005 new ordinary shares of GBP0.0002 each in the capital of the Company (the Consolidated Ordinary Shares).

   6.       Distribution on interim report to shareholders 

The interim report will be available for inspection by the public at the registered office of the company during normal business hours on any weekday and from the Company's website http://www.edenville-energy.com/. Further copies are available on request.

This information is provided by RNS

The company news service from the London Stock Exchange

END

IR LAMTTMBMBTJF

(END) Dow Jones Newswires

September 16, 2016 02:00 ET (06:00 GMT)

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