We could not find any results for:
Make sure your spelling is correct or try broadening your search.
Register for real-time alerts, custom portfolio, and market movers
| Share Name | Share Symbol | Market | Type | Share ISIN | Share Description |
|---|---|---|---|---|---|
| Lansdowne Oil & Gas Plc | LSE:LOGP | London | Ordinary Share | GB00B1250X28 | 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% | 0.10 | 0.00 | 01:00:00 |
| Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
|---|---|---|---|---|---|
| Crude Petroleum & Natural Gs | 0 | -364k | -0.0003 | -3.33 | 1.19M |
From Apr 2019 to Apr 2024
TIDMLOGP
RNS Number : 9385R
Lansdowne Oil & Gas plc
27 September 2017
The following replaces Interim Results announcement released at 07.00am under RNS number 8799R.
The wrong version of the Interim Results was uploaded in error.
Lansdowne Oil & Gas plc
Interim results
For the six months ended 30 June 2017
27 September 2017
Lansdowne Oil & Gas plc ("Lansdowne" or "the Company") is pleased to announce its interim results for the six months ended 30 June 2017. Lansdowne is an upstream oil and gas company, focused on exploration and appraisal activities in the North Celtic Sea Basin, off the south coast of Ireland. The Company has targeted the Irish offshore shelf areas close to existing operating infrastructure for exploration, as these provide shallow water (generally less than 100 metres), and relatively low drilling costs. The Directors believe that these factors, combined with favourable fiscal terms, have the potential to deliver high value reserves.
First half highlights
Barryroe Oil Field
-- In July the Barryroe partners (Lansdowne 20%) were granted an extension to the duration of Standard Exploration Licence 1/11 (SEL 1/11) which contains the Barryroe oil field.
o Two year extension of the First Phase of Standard Exploration Licence 1/11, to July 2019
o Further two year extension of overall terms of Standard Exploration Licence 1/11, to July 2021
o Extension work programme includes the evaluation of newly reprocessed 3D seismic data together with an assessment of the Jurassic and Triassic exploration potential of the licence area.
-- Throughout the first half of the year, Providence Resources ("Providence"), which holds 80% of Barryroe, continued farm-out negotiations on behalf of the Barryroe partnership and discussions are continuing with a number of parties who are active in the dataroom.
-- Standard Exploration Licence 4/07
o Post well studies confirmed the Midleton gas discovery was considered too small to be commercial
o Following a comprehensive review, it was concluded that none of the other prospective structures on the acreage were attractive enough to offer drillable targets and the Licence was relinquished with effect from 31 December 2016.
-- In the second quarter of 2017, the Company entered into a Loan Agreement for GBP 350,000 with its major shareholder Brandon Hill Capital Limited. A coupon of 12% per annum will be applied only to those funds drawn by the Company. The Loan is unsecured and is repayable in full on 28 June 2018. The Company received an initial GBP 100,000 under this agreement in the first half of 2017. Undrawn amounts on the loan are sufficient to fund the Company to the end of Q1 2018 and Brandon Hill Capital have confirmed their potential willingness to increase the size of the loan, should it be required, pending the ongoing farmout discussions.
-- The LC Master Fund Loan has been further extended to 1 July 2018. -- Action was also taken to further reduce overhead costs. -- Cash balances at 30 June 2017 of GBP0.03 million (31 December 2016: GBP0.17 million).
-- Loss for the period after tax of GBP0.14 million (full year to 31 December 2016: loss GBP1.24 million).
-- Loss per share of 0.03 pence (full year to 31 December 2016: loss 0.4 pence). For further information please contact: Lansdowne Oil & Gas plc Steve Boldy +353 1 495 9259 Cantor Fitzgerald Sarah Wharry David Porter +44 (0) 20 7894 7000 Beaufort Securities Jon Belliss +44 (0) 20 7382 8300
Lansdowne Oil and Gas plc
Interim results
For the six months ended 30 June 2017
Chairman's Statement
2017 has continued to be very difficult for the E&P sector. The partial recovery of the oil price has stalled on a number of occasions, although it is worth noting this week we have witnessed Brent reach a level not seen since June 2015.
Faced with this difficult macro-environment, despite continued interest, as yet, we have not concluded a farm-out deal on our flagship Barryroe asset.
Yet with the continued support of our major shareholders; Lampe Conway and Brandon Hill we have managed to navigate this awkward period with minimal dilution, leaving all Lansdowne shareholders in a position to still capitalise in the future.
Lansdowne has also cut costs wherever possible resulting in office, staff and administration costs, being reduced by more than 50%.
Financial results
The Group recorded a loss after tax of GBP0.14 million for the first six months of 2017 compared to a loss of GBP0.52 million for the first six months of 2016.
Group operating expenses for the first half of 2017 were GBP0.09 million compared to operating expenses of GBP0.42 million for the first six months of 2016.
Net finance expense was GBP0.06 million for the current period against net finance expense of GBP0.1 million for the first six months of 2016.
Cash balances at 30 June 2017 were GBP0.03 million (31 December 2016: GBP0.17 million).
Total equity attributable to the ordinary shareholders of the Group has decreased from GBP12.9 million as at 30 June 2016 to GBP12.3 million as at 30 June 2017.
Outlook
On a more positive note and looking forward:
We retain a 20% interest in the Barryroe oilfield, which contains an independently assessed 2C resource net to Lansdowne of 58 mmboe in the Basal Wealden and 9.8 mmboe in the Middle Wealden , with significant upside potential. The economics of the field remain very robust , not just at current oil prices, but at prices considerably lower (down to around $30/bbl).
We have secured a two year extension to the Barryroe Licence, such that the first term now continues through to July 2019 and the overall term of the licence through to July 2021.
As the saying goes 'it is an ill wind that blows nobody any good' and the fall in the oil price has brought about a dramatic reduction in costs across the industry, which is of particular note for Barryroe, rig and drilling costs are around half of those prevailing when we drilled the 48/24-10z appraisal well.
To test the market, in August Providence issued an Expression of Interest to the rig market for the provision of an offshore rig for the drilling of a one firm plus one option well programme on Barryroe. The timing suggested was second half 2018 to first half 2019 and the initial response from the market indicated good availability and attractive prices.
More recently Providence have announced, that whilst farm-out discussions are continuing, they have decided to advance appraisal drilling at Barryroe and have commenced the well planning and permitting process. Accordingly, Lansdowne shareholders can be heartened that activity at Barryroe should increase significantly in 2018, by one way or another, which offers a clear pathway to create value in a gradually rising oil price environment.
Lansdowne is continuing to review its options regarding funding its participation in this programme.
Viscount Torrington
Chairman
Lansdowne Oil & Gas plc
Condensed Consolidated Income Statement and Statement of Comprehensive Income
Six months ended 30 June 2017
Hot Features
Premium
Unaudited Unaudited Audited
6 months 6 months Year
ended ended ended
30 June 30 June 31 Dec.
'17 '16 '16
GBP000s GBP000s GBP000s
Administration expenses (87) (419) (665)
Impairment of intangible
assets - - -
______ ______ _______
Operating loss (87) (419) (665)
Finance costs (57) (97) (571)
______ ______ ______
Loss before tax (144) (516) (1,236)
Income tax credit - - -
______ ______ ______
Loss for the financial
period (144) (516) (1,236)
Other Comprehensive
Income - - -
______ ______ ______
Total comprehensive
loss for the financial
period (144) (516) (1,236)
===== ===== ======
Loss per share (pence)
Basic and diluted (0.03p) (0.3p) (0.4p)
===== ===== ======
Lansdowne Oil & Gas plc
Condensed Consolidated Statement of Financial Position
As at 30 June 2017
Unaudited Unaudited Audited
30 June 30 June 31 Dec.
'17 '16 '16
GBP000s GBP000s GBP000s
Assets
Non-Current Assets
Intangible assets 14,495 14,536 14,399
_______ _______ _______
Current Assets
Trade and other receivables 26 838 38
Cash and cash equivalents 31 828 165
_______ _______ _______
57 1,666 203
_______ _______ _______
Total Assets 14,552 16,202 14,602
======= ======= =======
Equity & Liabilities
Shareholders' Equity
Share capital 11,571 11,271 11,571
Share premium 25,126 25,100 25,126
Currency translation
reserve 59 59 59
Share-based payment
reserve 923 923 923
Accumulated deficit (25,330) (24,466) (25,186)
_______ _______ _______
Total Equity 12,349 12,887 12,493
Non-Current Liabilities
Provision for liabilities 275 250 261
Current Liabilities
Trade and other payables 303 1,937 261
Shareholder loan 1,625 1,128 1,587
_______ _______ _______
Total Liabilities 2,203 3,315 2,109
_______ _______ _______
Total Equity and Liabilities 14,552 16,202 14,602
======= ======= =======
Lansdowne Oil & Gas plc
Condensed Consolidated Statement of Cash flows
Six months ended 30 June 2017
Unaudited Unaudited Audited
6 months 6 months Year
ended ended ended
30 June 30 June
'17 '16 31 Dec. '16
GBP000s GBP000s GBP000s
Cash flows from operating
activities
Loss for the period (144) (516) (1,236)
Adjustments for:
Interest payable and
similar charges 57 102 571
(Increase)/decrease
in trade and other
receivables 12 (746) 54
(Decrease) in trade
and other payables (63) (236) (1,913)
_______ _______ _______
Net cash used in operating
activities (138) (1,396) (2,524)
Cash flows from investing
activities
Acquisition of intangible
exploration assets (96) (201) (64)
_______ _______ _______
Net cash from investing
activities (234) (201) (64)
Cash flows from financing
activities
Proceeds from the
issue of share capital - 2,105 3,363
Proceeds from new
loan 100 - -
Repayment of loan - - (930)
_______ _______ _______
Net cash from financing
activities 100 2,105 2,433
----------- ----------- -----------
Net (decrease)/increase
in cash and cash equivalents (134) 508 (155)
Cash and cash equivalents
at start of period 165 320 320
_______ _______ _______
Cash and cash equivalents
at end of period 31 828 165
======= ======= =======
Lansdowne Oil & Gas plc
Condensed Consolidated Statement of Changes in Equity
Six months ended 30 June 2017
Share Share Other Retained Total
Capital Premium Reserves Losses
GBP000s GBP000s GBP000s GBP000s GBP000s
Unaudited
At 1 January 2016 8,087 25,247 982 (23,950) 10,366
Loss for the period - - - (516) (516)
_____ _______ _______ _______ _______
Total comprehensive
loss for the period - - - (516) (516)
Issue of new shares 3,184 - - - 3,184
Cost of share issues - (147) - - (147)
--------- --------- --------- ---------- ----------
At 30 June 2016 11,271 25,100 982 (24,466) 12,887
_____ _______ _______ _______ _______
Audited
At 1 January 2016 8,087 25,247 982 (23,950) 10,366
Loss for the period - - - (1,236) (1,236)
_____ _______ _______ _______ _______
Total comprehensive
loss for the period - - - (1,236) (1,236)
Issue of new shares 3,484 3,484
Cost of share issues - (121) - - (121)
_____ ______ _______ _______ ______
At 31 December 2016 11,571 25,126 982 (25,186) 12,493
_____ _______ _______ _______ _______
Unaudited
At 1 January 2017 11,571 25,126 982 (25,186) 12,493
Loss for the period - - - (144) (144)
_____ _______ _______ _______ _______
Total comprehensive
loss for the period - - - (144) (144)
_____ _______ _______ _______ _______
At 30 June 2017 11,571 25,126 982 (25,330) 12,349
_____ _______ _______ _______ _______
Notes to the Interim Condensed Financial Statements
1. Basis of Presentation
Accounting Policies
The interim financial information for the six months ended 30 June 2017 has been prepared on the basis of the accounting policies which were adopted in the 2016 Annual Report and Accounts and IAS 34, "Interim Financial Reporting".
The interim financial information does not comprise statutory accounts within the meaning of section 434 of the Companies Act 2006. The results for the six months to 30 June 2017 and the comparative results for the six months to 30 June 2016 are unaudited. The comparative amounts for the year ended 31 December 2016 do not constitute the statutory financial statements for that year. The interim financial information should be read in conjunction with the annual financial statements for the year ended 31 December 2016, which have been prepared in accordance with IFRSs as adopted by the European Union. Those financial statements have been delivered to the Registrar of Companies and include an auditor's report which was unqualified and did not contain a statement under Section 498 of the Companies Act 2006. It did, however, contain an emphasis of matter over the going concern basis of preparation for the Group financial statements.
Going concern
The Directors have prepared the interim financial information on the going concern basis which assumes that the Group and Company and its subsidiaries will continue in operational existence for the foreseeable future. The Directors have carried out a detailed assessment of the Group's current and prospective exploration activity, its relationship with the holder of its loan note and cash flow projections and it is on this basis that the directors consider it appropriate to prepare this interim financial information on a going concern basis. This interim financial information does not include any adjustment that would result from the going concern basis of preparation being inappropriate.
2. Segmental Analysis
The Group has only one reportable business segment, which is the exploration for oil and gas reserves in Ireland. All operations are classified as continuing.
3. Loss per share
The loss for the period was wholly from continuing operations.
Unaudited Unaudited Audited
6 months 6 months Year
ended ended ended
30 June 30 June 31 Dec.
'17 '16 '16
GBP000s GBP000s GBP000s
Loss per share for loss
from continuing operations
attributable to the equity
holders of the Company
- basic and diluted (0.03p) (0.3p) (0.4p)
The calculations were
based on the following
information:
Loss attributable to
equity holders of the
Company (144) (516) (1,236)
Weighted average number
of ordinary shares
In issue - basic and
diluted 510,164,394 186,101,994 334,116,800
For diluted earnings per share, the weighted average number of ordinary shares in issue is adjusted to assume conversion of all dilutive potential ordinary shares. The Group has one class of dilutive potential ordinary shares - share options. As a loss was recorded for all periods reported, the issue of new shares would have been anti-dilutive.
4. Intangible Assets
Oil and gas project expenditures, including geological, geophysical and seismic costs, are accumulated as intangible assets prior to the determination of commercial reserves. At 30 June 2017, intangible assets totalled GBP14.5 million (30 June 2016: GBP14.5 million), all of which relates to Ireland. Movements in the period relate to additional spend on the licence areas of GBP0.01 million.
5. Copies of the Interim Report
Copies of the interim results can be obtained from the Company Secretary, Lansdowne Oil & Gas plc, 6 Northbrook Road, Dublin 6 and from the Company's website www.lansdowneoilandgas.com.
This information is provided by RNS
The company news service from the London Stock Exchange
END
IR PGUUWBUPMUMM
(END) Dow Jones Newswires
September 27, 2017 03:40 ET (07:40 GMT)
1 Year Lansdowne Oil & Gas Chart |
1 Month Lansdowne Oil & Gas Chart |
It looks like you are not logged in. Click the button below to log in and keep track of your recent history.
Support: +44 (0) 203 8794 460 | support@advfn.com
By accessing the services available at ADVFN you are agreeing to be bound by ADVFN's Terms & Conditions
