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GOO Gold Oil

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Baron Oil PLC Half Yearly Report (2340A)

28/09/2015 7:00am

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TIDMBOIL

RNS Number : 2340A

Baron Oil PLC

28 September 2015

28 September 2015

BARON OIL Plc

("Baron Oil", "Baron" or "the Company")

Unaudited Interim Financial Information for the period 1 January 2015 to 30 June 2015

Baron Oil Plc, the AIM-listed oil and gas exploration and production company primarily focused on opportunities in Latin America, announces its unaudited interim financial information and results for the six months ended 30 June 2015.

Highlights

-- Peru Block XXI. The Environmental Impact Assessment ("EIA") was approved by the Ministry of Energy and Mines during July 2015.

-- Peru Block XXI. GSS commence seismic planning phase and mobilisation of all equipment from Mexico and the United States.

-- Peru Block Z-34. Licence continues in Force Majeure, however technical work continues with a Satellite Oil Seep Study to increase our understanding of the block and to demonstrate our commitment.

-- IslandMagee Gas Storage Project: Infrastrata plc complete a successful salt appraisal well and report encouraging results for the salt core study and work towards project monetisation.

   --   Significant reduction in group overhead costs with reduction set to continue. 

-- Board decide to exit Colombia following the end of the Nancy Burdine Maxine field production contract.

   --   Dr Malcolm Butler appointed to the Board on 28 May 2015. 

Peru

Block XXI (Baron Oil 100%):

Final EIA approval was eventually obtained from the Ministry of Energy and Mines in July. In anticipation of this EIA approval, we had previously negotiated and signed a seismic contract with Houston based GSS Marine LLC ("GSS") for them to acquire, process and interpret a total of 180 kms of seismic on our large onshore block for a total of US$1.8m; this fulfils all our outstanding work obligations under our licence. This survey will provide a greater understanding of the geology near the Minchales well and will provide additional information which will be helpful to a potential farm out. We paid GSS US$375k as an advance as per the agreed contract so they could order the long lead time items required for the project.

The GSS staff have now visited the desert area in North West Peru, met the local population and have begun the local hiring and local rental required for the seismic project. We will be carrying out social projects as part of our agreement and we plan to drill water wells with downhole pumps powered by solar panels for use by the local communities around the Minchales well site who currently have no access to running water.

The GSS seismic acquisition and processing equipment has recently left from Mexico and the United States and is currently in transit by sea freight to Peru. We anticipate that GSS will complete the topography work in the areas of interest by the middle of October and the seismic acquisition will commence shortly thereafter when all the equipment clears Peruvian customs and is fully tested on site. We anticipate that it will take 60 days to acquire the seismic data and it will be processed and interpreted simultaneously.

The current plan is to commence our seismic acquisition around the original Minchales well site in the far south of the block but the Board also wish to acquire seismic data from around the area where two subsequent exploration wells (San Alberto 1 & 2) were drilled several years ago by Baron Oil in the northern area of the block. These wells flowed water from reservoir rock and it possible that an upthrown prospect exists to the north of them.

Vale have now formally completed their exit from the block and we expect to receive the final payment of US$1.25 million from them this month. This cash is funding the seismic program on Block XXI.

Block Z-34 (Baron Oil 20% carried interest)

Very little progress has been made on this deep water block offshore Peru since we last reported in June. The licence remains in suspension through the Force Majeure clause. Union have commissioned a Satellite Seep Study; also they continue to attempt to find a partner to farm-in to the block to drill a well or wells. This has so far proved unsuccessful.

Union Oil have still not been officially approved as an oil company by the government agencies in Peru and the final payment they are due to make to us of US$2m is still outstanding.

Colombia

Nancy Burdine Maxine ("NBM") Producing Field (Baron Oil 29.5% though our 50% Invepetrol ownership)

Production of approximately 400 bbls per day from the Nancy #1 well abruptly stopped towards the end of the reporting period, we believe, due to a downhole breach. This well has been producing oil continuously for many years and it also produced a significant amount of brine along with the oil. Invepetrol local management in Bogota believe that downhole corrosion is the most likely cause of the sudden termination of the oil production from this well. However, we have not re-entered the well as that would entail significant operational risk and cost which could never be recovered from any subsequent NBM field production during Invepetrol's remaining ownership period.

This producing field licence is due to be returned to Ecopetrol on 16 October 2015. Invepetrol management have had detailed discussions with Ecopetrol concerning both an extension of NBM operatorship and also an improvement of the NBM commercial terms of our production contract. Our proposals to continue operating the field were declined by Ecopetrol and the field will be officially handed over to them on 16 October 2015. We anticipate a further six months of work, mainly administrative, to complete the formal documentation to complete the handover of NBM to Ecopetrol and closing the office in Bogota.

Rosa Blanca Block

We continue to work on the transfer of our remaining 5% carried interest to the 95% owner P&IG. No work has been carried out on this block since 2013.

We will now begin to exit from Colombia and reduce our administrative costs to a minimum and settle our outstanding liabilities which come mainly through our ownership of Invepetrol and their interest in the Union Temporal joint venture in the NBM field. We will update shareholders as to our progress and cost of exiting Colombia with our final 2015 results during the first half of 2016.

IslandMagee Gas Storage Project, Northern Ireland

As Infrastrata plc have previously reported, the salt appraisal well was successfully drilled down to 1,753 metres and a 185.8 metre salt core was removed from the well and samples sent to Germany for laboratory analysis. The results of this analysis work are progressing well and Infrastrata recently announced they were working towards monetisation of this important Irish energy project to a new owner who will complete the cavern construction and full storage development.

Our position remains unchanged as we await formal completion of the technical work and the final report to be submitted to the EU. Funds from the EU will then be placed in an escrow bank account and we will receive all those funds plus 8% interest on our loan or a 15% share of the project if it is subsequently sold before the end of 2016.

Financial Results

In the six month period to 30 June 2015, the Company experienced an operating loss of GBP983,000 (30 June 2014: GBP2,010,000; 2014 year: GBP3,311,000) on revenue of GBP1,015,000 (30 June 2014: GBP1,188,000; year 2014: GBP2,830,000). In volume terms, oil sales held up well but the major decline in the oil price leads to lower revenue compared to same period in the preceding year. Although well operating costs are greatly reduced, nevertheless, at current oil price levels, we continue to show a gross loss on oil sales.

We continue our approach of impairing both development intangibles and goodwill, but with little new expenditure in the period, the net charge to the profit and loss account is just GBP1,000 (30 June 2014: charge of GBP679,000; 2014 year: charge of GBP2,454,000).

Administration expenses in the period were GBP686,000 (30 June 2014: GBP794,000; 2014 year: GBP1,356,000). Excluding the impact of exchange differences, administration expenses in the six month period have fallen by 25% relative to the 2014 year.

In this period, other operating income is a negative GBP150,000 (June 2014: gain of GBP12,000; 2014 year: gain of GBP2,152,000). This arises because the final settlement from Vale on their exit from Block XXI Peru is lower than anticipated in the previous Financial Statements.

After finance and tax, the company shows a net loss GBP973,000 (June 2014: GBP2,018,000; 2014 year: GBP4,095,000), representing a loss of 0.07p per share (June 2014: 0.17p; 2014 year: 0.31p).

Conclusions

We now have an experienced and highly qualified geologist non-executive director on board with Malcolm Butler and we will press on with our exploration program in Peru as quickly as possible, as well as continuing to look for farm out opportunities for our existing projects. In addition, we will also now begin to look for further exploration opportunities in Peru and elsewhere to invest our remaining cash resources. We have looked at a number of new opportunities so far this year but until we are clear on the future costs associated with closing our Colombian operations, the Board did not believe it would be prudent to commit further capital expenditure from our limited cash resources. The collapse in commodity prices has given companies such as ourselves the opportunity to look at projects that would otherwise have been beyond our financial resources.

For further information on the Company, visit www.baronoilplc.com or contact:

Baron Oil Plc:

Bill Colvin (CEO) Tel: +44 (0)7780 684 108

Cantor Fitzgerald (Nominated Advisor and Broker):

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September 28, 2015 02:00 ET (06:00 GMT)

Sarah Wharry / Richard Redmayne Tel.: +44 (0)207 894 7000

 
 Consolidated Income Statement 
 for the six months ended 30 June 2015 
                                                 6 months                6 months            Year 
                                                       to                      to              to 
                                                   30-Jun                  30-Jun          31-Dec 
                                                     2015                    2014            2014 
                              Note              Unaudited               Unaudited         Audited 
                                                  GBP'000                 GBP'000         GBP'000 
 Revenue                                            1,015                   1,188           2,830 
 Cost of sales                                    (1,163)                 (1,737)         (3,710) 
 
 Gross loss                                         (148)                   (549)           (880) 
 
 Intangible asset 
  impairment                                         (84)                   (416)           (140) 
 Goodwill impairment                                   34                   (263)           (922) 
 Property, plant 
  & equipment impairment                                -                       -         (1,392) 
 Receivables impairment                                51                       -           (773) 
 Administration expenses       5                    (686)                   (794)         (1,356) 
 Other operating 
  income                                            (150)                      12           2,152 
 
 Operating loss                                     (983)                 (2,010)         (3,311) 
 
 Finance cost                                        (12)                       -            (63) 
 Finance income                                        32                       7              27 
 
 Loss on ordinary 
  activities before 
  taxation                     6                    (963)                 (2,003)         (3,347) 
 
 Income tax expense            7                     (10)                    (15)           (748) 
 
 Loss on ordinary 
  activities after 
  taxation                                          (973)                 (2,018)         (4,095) 
 
 
 Loss on ordinary 
  activities after 
  taxation is attributable 
  to: 
 Equity shareholders                                (995)                 (2,018)         (3,806) 
 Non-controlling 
  interests                                            22                       -           (289) 
 Loss on ordinary 
  activities after 
  taxation                                          (973)                 (2,018)         (4,095) 
                                    =====================  ======================  ============== 
 
 
 Earnings/(loss) 
  per share: basic             8                  (0.07)p                 (0.17)p         (0.31)p 
                                    =====================  ======================  ============== 
 
 Diluted                       8                  (0.07)p                 (0.17)p         (0.31)p 
                                    =====================  ======================  ============== 
 
 
 Consolidated Statement of Comprehensive Income 
 for the six months ended 30 June 2015 
                             6 months    6 months      Year 
                                   to          to        to 
                               30-Jun      30-Jun    31-Dec 
                                 2015        2014      2014 
                            Unaudited   Unaudited   Audited 
                              GBP'000     GBP'000   GBP'000 
 
 Loss on ordinary 
  activities after 
  taxation attributable 
  to the parent                 (995)     (2,018)   (3,806) 
 
 Other comprehensive 
  income 
 Currency translation 
  differences                     103       (236)       401 
                           ----------  ----------  -------- 
 Total comprehensive 
  income for the period         (892)     (2,254)   (3,405) 
 
 
 Total comprehensive 
  income attributable 
  to : 
 Owners of the company          (892)     (2,254)   (3,405) 
                           ==========  ==========  ======== 
 
 
 
 Consolidated Statement of Financial Position 
 for the six months 
  ended 30 June 2015 
                                       6 months                  6 months              Year 
                                             to                        to                to 
                                         30-Jun                    30-Jun            31-Dec 
                                           2015                      2014              2014 
                                      Unaudited                 Unaudited           Audited 
                              Notes     GBP'000                   GBP'000           GBP'000 
 Non-current assets 
 Property, plant 
  and equipment                               4                     1,518                 5 
 Intangibles                              1,693                     2,203             2,188 
 Goodwill                                     -                       668                 - 
 
                                          1,697                     4,389             2,193 
                                     ----------  ------------------------  ---------------- 
 Current assets 
 Inventories                                151                       106               204 
 Receivables                              3,550                     2,027             1,199 
 Cash and cash equivalents                4,253                     1,962             7,181 
 Cash held as security 
  for bank guarantees                     2,300                     2,122             2,327 
 
                                         10,254                     6,217            10,911 
                                     ----------  ------------------------  ---------------- 
 
 Total assets                            11,951                    10,606            13,104 
                                     ==========  ========================  ================ 
 
 Equity and liabilities 
 
 Capital and reserves 
  attributable to 
  owners of the parent 
 Called up share 
  capital                       9           344                       292               344 
 Share premium account                   30,237                    27,304            30,237 
 Share option reserve                       205                       205               205 
 Foreign exchange 
  translation reserve                     1,993                     1,254             1,890 
 Retained earnings                     (25,748)                  (22,965)          (24,753) 
 
 Capital and reserves 
  attributable to 
  non-controlling 
  interests                                 791                         -               769 
                                     ----------  ------------------------  ---------------- 
 Total equity                             7,822                     6,090             8,692 
                                     ----------  ------------------------  ---------------- 
 
 Current liabilities 
 Trade and other 
  payables                                3,321                     4,271             3,504 
 Taxes payable                              808                       245               908 
 
                                          4,129                     4,516             4,412 
 
 Total equity and 
  liabilities                            11,951                    10,606            13,104 
                                     ==========  ========================  ================ 
 
 
 
 Consolidated Statement of Cash Flows 
 for the six months ended 30 June 2015 
                                       6 months                   6 months                       Year 
                                             to                         to                         to 
                                         30-Jun                     30-Jun                     31-Dec 
                                           2015                       2014                       2014 
                                      Unaudited                  Unaudited                    Audited 
                              Notes     GBP'000                    GBP'000                    GBP'000 
 
 Operating activities          10         (912)                        304                      2,386 
 
 
 Investing activities 
 Return from investment 
  and servicing of 
  finance                                    32                          7                         27 
 Disposal of tangible 
  assets                                     89                          -                        809 
 Acquisition of 
  intangible assets                       (124)                      (422)                      (775) 
 Acquisition of 
  tangible assets                          (13)                        (5)                      (329) 
 Acquisition of 
  investment assets                     (2,000)                          -                          - 
 
                                        (2,016)                      (420)                      (268) 
                                     ----------  -------------------------  ------------------------- 
 Financing activities 
 Proceeds from issue 
  of share capital                            -                          -                      2,985 
 
 Net cash (outflow)/inflow              (2,928)                      (116)                      5,103 
 Cash and cash equivalents 
  at the beginning 
  of the period                           7,181                      2,078                      2,078 
 
 Cash and cash equivalents 
  at the end of the 
  period                                  4,253                      1,962                      7,181 

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September 28, 2015 02:00 ET (06:00 GMT)

                                     ==========  =========================  ========================= 
 
 As at 30 June 2015, bank deposits included 
  an amount of US$3.6M (30 June and 31 December 
  2014: US$3.6M) that is being held as a guarantee 
  in respect of a letter of credit and is not 
  available for use until the Group fulfils certain 
  licence commitments in Peru. This is not considered 
  to be liquid cash and has therefore been excluded 
  from the cash flow statement. 
 
 
 Consolidated Statement of Changes in Equity 
 for the six months ended 30 June 2015 
                                        6 months                  6 months            Year 
                                              to                        to              to 
                                          30-Jun                    30-Jun          31-Dec 
                                            2015                      2014            2014 
                                       Unaudited                 Unaudited         Audited 
                                         GBP'000                   GBP'000         GBP'000 
 
 Equity at 1 January                       8,692                     8,343           8,343 
 
 Loss for the period                       (973)                   (2,018)         (4,095) 
 Shares issued                                 -                         -           2,985 
 Disposal of interest                          -                         -           1,058 
 Foreign exchange 
  translation                                103                     (236)             401 
 
 Equity at 30 June 
  2015                                     7,822                     6,089           8,692 
                         =======================  ========================  ============== 
 
 
 

Notes to the Interim Financial Information

1. General Information

Baron Oil Plc is a company incorporated in England and Wales and quoted on the AIM Market of the London Stock Exchange. The registered office address is Finsgate, 5-7 Cranwood Street, London EC1V 9EE.

The principal activity of the Group is that of oil and gas exploration and production.

These financial statements are a condensed set of financial statements and are prepared in accordance with the requirements of IAS 34 and do not include all the information and disclosures required in annual financial statements and should be read in conjunction with the Group's annual financial statements as at 31 December 2014. The financial statements for the half period ended 30 June 2015 are unaudited and do not comprise statutory accounts within the meaning of Section 435 of the Companies Act 2006.

Statutory accounts for the period ended 31 December 2014, prepared under IFRS, were approved by the Board of Directors on 16 June 2015 and delivered to the Registrar of Companies.

2. Basis of Preparation

These consolidated interim financial information have been prepared in accordance with International Financial Reporting Standards ("IFRS") as adopted by the European Union and on the historical cost basis, using the accounting policies which are consistent with those set out in the Company's Annual Report and Accounts for the period ended 31 December 2014. This interim financial information for the six months to 30 June 2015, which complies with IAS 34 'Interim Financial Reporting', was approved by the Board on 25 September 2015.

3. Accounting Policies

Except as described below, the accounting policies applied are consistent with those of the annual financial statements for the period ended 31 December 2014, as described in those annual financial statements.

New and amended standards adopted by the Company

The Group has adopted the following new and amended IFRS and IFRIC interpretations as of 1 January 2015.

 
 Reference    Title            Summary                      Application         Application 
                                                             date of standard    date of 
                                                                                 Group 
-----------  ---------------  ---------------------------  -------------------  ----------- 
 Amendments   Amendments       IFRS 2: clarifies            1 July 2014         1 July 
  to IFRS      resulting        definition of vesting                            2014 
  2, IFRS      from Annual      conditions 
  3            Improvements     IFRS 3: clarifies 
               2010-12          contingent consideration 
               Cycle            in a business combination 
-----------  ---------------  ---------------------------  -------------------  ----------- 
 Amendments   Defined          Clarifies that               Periods commencing  1 January 
  to IAS       Benefit          the treatment of             on or after         2015 
  19           Plans:           contributions when           1 July 2014 
               Employee         they are independent 
               Contributions    of the number of 
                                years of service 
-----------  ---------------  ---------------------------  -------------------  ----------- 
 IFRS         Financial        Revised standard             Periods commencing  1 January 
  9            Instruments      for accounting               on or after         2015 
                                for financial instruments    1 January 
                                                             2015 
-----------  ---------------  ---------------------------  -------------------  ----------- 
 

The impact of adopting the above amendments had no material impact on the financial statements of the Group.

Standards, interpretations and amendments to published standards that are not yet effective

The following standards, amendments and interpretations applicable to the Group are in issue but are not yet effective and have not been early adopted in these financial statements. They may result in consequential changes to the accounting policies and other note disclosures. We do not expect the impact of such changes on the financial statements to be material. These are outlined in the table below:

 
 Reference   Title        Summary                   Application         Application 
                                                     date of standard    date of 
                                                                         Group 
----------  -----------  ------------------------  -------------------  ----------- 
 IFRS        Regulatory   Aims to enhance           Periods commencing  1 January 
  14          deferral     the comparability         on or after         2016 
              accounts     of financial reporting    1 January 
                           by entities subject       2016 
                           to rate-regulations 
----------  -----------  ------------------------  -------------------  ----------- 
 

The Directors anticipate that the adoption of these standards and the interpretations in future periods will have no material impact on the financial statements of the Group.

The preparation of financial statements requires management to make estimates and assumptions that affect the amounts reported for assets and liabilities as at the balance sheet date and the amounts reported for revenues and expenses during the period. The nature of estimation means that actual outcomes could differ from those estimates. Estimates and assumptions used in the preparation of the financial statements are continually reviewed and revised as necessary. Whilst every effort is made to ensure that such estimates and assumptions are reasonable, by their nature they are uncertain, and as such, changes in estimates and assumptions may have a material impact in the financial statements.

i) Carrying value of property, plant and equipment and of intangible exploration and evaluation fixed assets.

Valuation of petroleum and natural gas properties: consideration of impairment includes estimates relating to oil and gas reserves, future production rates, overall costs, oil and natural gas prices which impact future cash flows. In addition, the timing of regulatory approval, the general economic environment and the ability to finance future activities through the issuance of debt or equity also impact the impairment analysis. All these factors may impact the viability of future commercial production from developed and unproved properties, including major development projects, and therefore the need to recognise impairment.

ii) Commercial reserves estimates

Oil and gas reserve estimates: estimation of recoverable reserves include assumptions regarding commodity prices, exchange rates, discount rates, production and transportation costs all of which impact future cashflows. It also requires the interpretation of complex geological and geophysical models in order to make an assessment of the size, shape, depth and quality of reservoirs and their anticipated recoveries. The economic, geological and technical factors used to estimate reserves may change from period to period. Changes in estimated reserves can impact developed and undeveloped property carrying values, asset retirement costs and the recognition of income tax assets, due to changes in expected future cash flows. Reserve estimates are also integral to the amount of depletion and depreciation charged to income.

iii) Decommissioning costs;

Asset retirement obligations: the amounts recorded for asset retirement obligations are based on each field's operator's best estimate of future costs and the remaining time to abandonment of oil and gas properties, which may also depend on commodity prices.

iv) Share based payments

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The fair value of share-based payments recognised in the income statement is measured by use of the Black-Scholes model, which takes into account conditions attached to the vesting and exercise of the equity instruments. The expected life used in the model is adjusted; based on management's best estimate, for the effects of non-transferability, exercise restrictions and behavioural considerations. The share price volatility percentage factor used in the calculation is based on management's best estimate of future share price behaviour and is selected based on past experience, future expectations and benchmarked against peer companies in the industry.

4. Segmental Information

In the opinion of the Directors, the Group has one class of business, being the exploration for, and development and production of, oil and gas reserves, and other related activities.

The Group's primary reporting format is determined to be the geographical segment according to the location of the oil and gas asset. There are currently two geographic reporting segments: South America, which is involved in production, development and exploration activity, and the United Kingdom being the head office.

 
                                       United      South     Total 
                                      Kingdom    America 
 Six months ended                     GBP'000    GBP'000   GBP'000 
  30 June 2015 
 Unaudited 
 
 Revenue 
 Sales to external 
  customers                                 -      1,015     1,015 
                                      _______    _______   _______ 
 Segment revenue                            -      1,015     1,015 
 
 Results 
 Segment result                         1,761    (2,734)     (973) 
 
 
 Total net assets                       2,460      5,362     7,822 
 
 
                                       United      South     Total 
                                      Kingdom    America 
 Six months ended                     GBP'000    GBP'000   GBP'000 
  30 June 2014 
 Unaudited 
 
 Revenue 
 Sales to external 
  customers                                 -      1,188     1,188 
                                      _______    _______   _______ 
 Segment revenue                            -      1,188     1,188 
 
 Results 
 Segment result                         (502)    (1,516)   (2,018) 
 
 
 Total net assets                       2,460      3,630     6,090 
 
 
 
 
                                            United      South     Total 
                                           Kingdom    America 
 Year ended 31 December                    GBP'000    GBP'000   GBP'000 
  2014 
 Audited 
 
 Revenue 
 Sales to external 
  customers                                      -      2,830     2,830 
                                           _______    _______   _______ 
 Segment revenue                                 -      2,830     2,830 
 
 Results 
 Segment result                              (575)    (3,520)   (4,095) 
 
 
 Total net assets                            5,066      3,626     8,692 
 
 
 
 5. Administration              6 months    6 months      Year 
  expenses                            to          to        to 
                                  30-Jun      30-Jun    31-Dec 
                                    2015        2014      2014 
                               Unaudited   Unaudited   Audited 
                                 GBP'000     GBP'000   GBP'000 
 United Kingdom operations           262         339       666 
 Colombia operations                 265         358       900 
 Peru operations                      73          25        45 
 Loss/(profit) arising 
  on foreign exchange                 98          72     (255) 
 
                                     698         794     1,356 
                              ==========  ==========  ======== 
 
 
 
 6. Loss from operations 
                               6 months                  6 months      Year 
                                     to                        to        to 
                                 30-Jun                    30-Jun    31-Dec 
                                   2015                      2014      2014 
                              Unaudited                 Unaudited   Audited 
                                GBP'000                   GBP'000   GBP'000 
 
 The loss on ordinary activities 
  before taxation includes: 
 
 Auditors' remuneration 
  Audit                              20                        21        42 
  Other non-audit 
   services                           -                         -        12 
 Depreciation of oil 
  and gas assets                    592                       560     1,339 
 Impairment of intangible 
  assets                            (1)                       679     1,062 
 Impairment of property, 
  plant and equipment                 -                         -     1,392 
 Impairment of foreign 
  tax receivables                  (51)                         -       773 
 (Profit)/Loss on 
  exchange                           98                        72     (255) 
 
 
 7. Income tax expense 
 
 The income tax charge for the period relates 
  to provision for foreign taxation on the profit 
  arising in the Company's production oilfields, 
  and a tax on equity relating to one of the 
  company's foreign branches. 
 
 
 8. Earnings/(loss) per Share 
 
                                                6 months                6 months          Year 
                                                      to                      to            to 
                                                  30-Jun                  30-Jun        31-Dec 
                                                    2015                    2014          2014 
                                               Unaudited               Unaudited       Audited 
 
                                                   Pence                   Pence         Pence 
 Earnings/(loss) per 
  ordinary share 
 Basic                                            (0.07)                  (0.17)        (0.31) 
 Diluted                                          (0.07)                  (0.17)        (0.31) 
 
 
 The earnings/(loss) per ordinary share is based 
  on the Group's loss for the period of GBP973,000 
  (30 June 2014: GBP2,018,000; 31 December 2014: 
  4,095,000) and a weighted average number of 
  shares in issue of 1,376,409,576 (30 June 2014: 
  1,169,513,025; 31 December 2014: 1,246,036,407). 
 The potentially dilutive options issued 
  were 36,240,431 (30 June 2014: 40,241,431; 
  31 December 2014: 36,240,431). 
 9. Called up Share Capital 
 
 There have been no changes to share capital 
  in the reporting period. 
 10. Reconciliation of operating 
  loss to net cash outflow from 
  operating activities 
 
                                                6 months                6 months        Year 
                                                      to                      to          to 
                                                  30-Jun                  30-Jun      31-Dec 
                                                    2015                    2014        2014 
                                               Unaudited               Unaudited     Audited 
                                                 GBP'000                 GBP'000     GBP'000 
 Profit/(loss) for 
  the period                                       (973)                 (2,018)     (4,095) 
 Depreciation and 
  amortisation                                       592                   1,239       3,792 
 Non-cash movement 
  arising on consolidation 
  of non-controlling 
  interests                                            -                     330       1,058 
 Finance income shown 
  as an investing 
  activity                                          (32)                     (7)        (27) 
 Tax Expense                                          10                      15         748 
 Foreign currency 
  translation                                         82                     (9)         260 
 (Increase)/decrease 
  in inventories                                      53                     129          31 
 (Increase)/decrease 
  in receivables                                   (351)                     183       1,011 
 Tax paid                                          (110)                   (539)       (609) 
 Increase/(decrease) 
  in payables                                      (183)                     981         217 
                                                  ______                  ______     _______ 
                                                   (912)                     304       2,386 
 
 
 
 
 11. Related party 
  transactions 
 
 In preceding periods, the Company has been 
  provided with management and geosciences services 
  by Terra Firma Technology Pty Ltd TFT), which 
  is controlled by Mr Ian Reid who was a director 
  at the time. There were no transactions in 
  2014 or 2015 but, at 1 January 2014, there 
  remained a balance due to TFT of GBP58,970 
  which was in dispute. During 2014, the dispute 
  was settled and no amounts remained due at 
  31 December 2014 or 3 June 2015. 
 12. Financial information 
 
 The unaudited interim financial information 
  for period ended 30 June 2015 do not constitute 
  statutory financial statements within the meaning 
  of Section 435 of the Companies Act 2006. The 
  comparative figures for the year ended 31 December 
  2014 are extracted from the statutory financial 
  statements which have been filed with the Registrar 
  of Companies and which contain an unqualified 
  audit report and did not contain statements 
  under Section 498 to 502 of the Companies Act 
  2006. 
 Copies of this interim financial information 
  document are available from the Company at 
  its registered office at Finsgate, 5-7 Cranwood 
  Street, London EC1V 9EE. The interim financial 
  information document will also be available 
  on the Company's website www.goldoilplc.com. 
 
 

This information is provided by RNS

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