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Share Name | Share Symbol | Market | Type | Share ISIN | Share Description |
---|---|---|---|---|---|
Matra | LSE:MTA | London | Ordinary Share | GB00B06GS855 | ORD 0.1P |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
0.00 | 0.00% | 1.025 | 0.00 | 01:00:00 |
Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
---|---|---|---|---|---|
0 | 0 | N/A | 0 |
TIDMMTA
RNS Number : 2745L
Matra Petroleum PLC
08 August 2013
08 August 2013
Matra Petroleum plc
("Matra" or the "Company")
Half Year Results
Matra Petroleum plc, the oil and gas Investing Company, today announces its results for the six-month period ending 30 June 2013.
Highlights
Operational
-- Successfully completed 2D and 3D seismic survey on the Sokolovskoe Field -- Average production from the Sokolovskoe Field of 126.4 bopd
Corporate
-- ALLTECH introduced as a cornerstone investor
-- Negotiated and completed the sale of the Arkhangelovskoe Licence for a consideration of up to $35 million
-- On 1(st) July 2013 Matra became an Investing Company for the purposes of the AIM rules
Financial
-- Revenue from production from the Sokolovskoe Field was $ 0.28 million in the period -- Cash or cash equivalents of $2.36 million as at 30 June 2013 -- $25 million ( GBP16.4 million) raised from sale of Arkhangelovskoe Licence
-- Cash or cash equivalents of $26.1 million as at 31 July 2013 (Post completion of Arkhangelovskoe Licence disposal)
Implementing the Investment strategy
-- Primarily onshore or near shore oil and gas assets, in existing proven hydrocarbon basins, with production potential and exploration / appraisal upside
-- Initial geographic focus on Russia and CIS also potentially Latin America and the USA -- Focus on politically and fiscally stable countries favourable for investors -- Aim to develop a balanced portfolio with production, appraisal and exploration potential
Maxim Barskiy, CEO, commented:
"The completion of the sale of the Arkhangelovskoe Licence was a significant achievement for Matra in the first half of this year and has considerably strengthened the Company's balance sheet, leaving us better placed to make a value accretive acquisition. We continue to undertake due-diligence on several opportunities and I remain very positive about Matra's outlook."
For further information, please contact:
Matra Petroleum plc c/o Pelham Bell Pottinger
Henry Lerwill 020 7861 3169
Canaccord Genuity Limited
Henry Fitzgerald-O'Connor 0207 523 8000
Company Number 5375141 (England & Wales)
MATRA PETROLEUM PLC
INTERIM FINANCIAL STATEMENTS
FOR THE SIX MONTHS ENDED 30 JUNE 2013
INTERIM FINANCIAL STATEMENTS FOR THE SIX MONTHS ENDED 30 JUNE 2013
CONTENTS
Page
Directors, secretary and advisers 2
Chairman's Review 3
Independent Review Report 4
Consolidated Income Statement 6
Consolidated Statement of Comprehensive Income 7
Consolidated Statement of Changes in Equity 8
Consolidated Statement of Financial Position 9
Consolidated Statement of Cash Flows 10
Notes to the Consolidated Interim Financial Statements 11
INTERIM FINANCIAL STATEMENTS FOR THE SIX MONTHS ENDED 30 JUNE 2013
DIRECTORS, SECRETARY AND ADVISERS
Directors James William Guest - Non-Executive Director Matthias Brandl - Non-Executive Director Maxim Barskiy - Chief Executive Officer Vladimir Lenski - Managing Director Ekaterina Sapozhnikova - Chief Financial Officer Company Secretary John Bottomley Registered Office and 101 Finsbury Pavement Business Address London EC2A 1RS United Kingdom Company Number 05375141 Nominated Adviser & Broker Canaccord Genuity Limited 88 Wood Street London EC2V 7QR United Kingdom Solicitors Watson, Farley & Williams LLP 15 Appold Street London EC2A 2HB United Kingdom Auditors BDO LLP 55 Baker Street London W1U 7EU United Kingdom Share Registrars Computershare Investor Services plc PO Box 82 The Pavilions Bridgewater Road Bristol BS99 7NH United Kingdom Public Relations Pelham Bell Pottinger 300 High Holborn London WC1V 7QD United Kingdom Principal Banker Barclay's Bank plc One Churchill Place London E14 5HP United Kingdom
INTERIM FINANCIAL STATEMENTS FOR THE SIX MONTHS ENDED 30 JUNE 2013
CHAIRMAN'S REVIEW
Dear Shareholder,
The first half of 2013 has been one of great activity for Matra as we have consolidated our financial position through the sale of the Arkhangelovskoe Licence and continued to make progress in assessing potential acquisitions.
We completed the seismic survey on the Sokolovskoe Field in March this year, which showed the field to be more complex than previously thought. The Board recognised the potential cost and risk implications of this increased complexity hence the company elected to seek a buyer for the asset who would be better suited to developing this type of asset. Following a competitive process, we were delighted to receive an offer with a potential total consideration of $35 million which represented compelling value for shareholders. This transaction was overwhelmingly approved at the Company's General Meeting in June.
The completion of the sale shortly after reporting period-end has significantly strengthened the Company's balance sheet as we continue to search for an acquisition which fits our strategy to build a mid-sized E&P company. Our primary focus is to invest in those opportunities where the company's relationships, track record and particular skill base potentially provide it with a competitive edge. The type of assets we will be looking at are onshore or near shore oil and gas assets, in existing proven hydrocarbon basins, with current or near term production potential and with exploration and/or appraisal upside.
In the first half of this year we also welcomed the ALLTECH Group as one of the cornerstone investors in the Company. They share the Board's vision for Matra and we are grateful for their on-going support.
We look forward to updating shareholders in the coming months as we move forward with our strategy to create a mid-sized E&P company. As ever, I am very grateful for the hard work of everyone in the Company in what has been a transformational six months.
James William Guest
Chairman
8 August 2013
INTERIM FINANCIAL STATEMENTS FOR THE SIX MONTHS ENDED 30 JUNE 2013
INDEPENDENT REVIEW REPORT
INDEPENDENT REVIEW REPORT TO MATRA PETROLEUM PLC
Introduction
We have been engaged by the company to review the financial statements in the half-yearly financial report for the six months ended 30 June 2013 which comprises the consolidated income statement, the consolidated statement of comprehensive income, the consolidated statement of changes in equity, the consolidated statement of financial position, the consolidated statement of cash flows and the related explanatory notes.
We have read the other information contained in the half-yearly financial report and considered whether it contains any apparent misstatements or material inconsistencies with the information in the half-yearly financial statements.
Directors' responsibilities
The interim report, including the financial information contained therein, is the responsibility of and has been approved by the directors. The directors are responsible for preparing the interim report in accordance with the rules of the London Stock Exchange for companies trading securities on AIM which require that the half-yearly report be presented and prepared in a form consistent with that which will be adopted in the company's annual accounts having regard to the accounting standards applicable to such annual accounts.
Our responsibility
Our responsibility is to express to the company a conclusion on the set of financial statements in the half-yearly financial report based on our review.
Our report has been prepared in accordance with the terms of our engagement to assist the company in meeting the requirements of the rules of the London Stock Exchange for companies trading securities on AIM and for no other purpose. No person is entitled to rely on this report unless such a person is a person entitled to rely upon this report by virtue of and for the purpose of our terms of engagement or has been expressly authorised to do so by our prior written consent. Save as above, we do not accept responsibility for this report to any other person or for any other purpose and we hereby expressly disclaim any and all such liability.
Scope of review
We conducted our review in accordance with International Standard on Review Engagements (UK and Ireland) 2410, "Review of Interim Financial Information Performed by the Independent Auditor of the Entity", issued by the Auditing Practices Board for use in the United Kingdom. A review of interim financial information consists of making enquiries, primarily of persons responsible for financial and accounting matters, and applying analytical and other review procedures. A review is substantially less in scope than an audit conducted in accordance with International Standards on Auditing (UK and Ireland) and consequently does not enable us to obtain assurance that we would become aware of all significant matters that might be identified in an audit. Accordingly, we do not express an audit opinion.
INTERIM FINANCIAL STATEMENTS FOR THE SIX MONTHS ENDED 30 JUNE 2013
INDEPENDENT REVIEW REPORT
Conclusion
Based on our review, nothing has come to our attention that causes us to believe that the financial statements in the half-yearly financial report for the six months ended 30 June 2013 arenot prepared, in all material respects, in accordance with the rules of the London Stock Exchange for companies trading securities on AIM.
BDO LLP
Chartered Accountants and Registered Auditors
Location
United Kingdom
8 August 2013
BDO LLP is a limited liability partnership registered in England and Wales (with registered number OC305127).
INTERIM FINANCIAL STATEMENTS FOR THE SIX MONTHS ENDED 30 JUNE 2013
CONSOLIDATED INCOME STATEMENT
30 June 30 June 31 December 2013 2012 2012 Unaudited Unaudited Audited Restated Notes US$'000 US$'000 US$'000 ---------------------------------- ------ --------------------- ---------- ------------ Other administrative expenditure (1,039) (1,647) (2,838) Share-based payments 599 (127) (599) Total administrative expenditure (440) (1,774) (3,437) ---------------------------------- ------ --------------------- ---------- ------------ Loss from operations 3 (440) (1,774) (3,437) Finance income - 10 16 ---------------------------------- ------ --------------------- ---------- ------------ Loss before and after taxation from continuing operations (440) (1,764) (3,421) ---------------------------------- ------ --------------------- ---------- ------------ Profit/(loss) on discontinued operations, net of tax 2 12,630 (528) (1,395) ---------------------------------- ------ --------------------- ---------- ------------ Profit / (loss) attributable to the equity holders of the parent 12,190 (2,292) (4,816) ================================== ====== ===================== ========== ============ Basic and diluted earnings per share 5 Continuing operations (0.02) (0.12) (0.20) Discontinued operations 0.65 (0.03) (0.08) Profit/(loss) for the period 0.63 (0.15) (0.28) ---------------------------------- ------ --------------------- ---------- ------------
INTERIM FINANCIAL STATEMENTS FOR THE SIX MONTHS ENDED 30 JUNE 2013
CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME
30 June 30 June 31 December 2013 2012 2012 Unaudited Unaudited Audited Restated US$'000 US$'000 US$'000 -------------------------------------- ---------- ---------- ------------ Profit/ (loss) after taxation 12,190 (2,292) (4,816) -------------------------------------- ---------- ---------- ------------ Other comprehensive income / (loss): - - - Exchange differences on translating (1,212) - - foreign operations on continuing operations Exchange differences on translating foreign operations on discontinued operations* (1,988) (405) 799 -------------------------------------- Other comprehensive income / (loss) for the period (3,200) (405) 799 ---------- ---------- ------------ Total comprehensive income/(loss) for the period attributable to the equity holders of the parent 8,990 (2,697) (4,017) ====================================== ========== ========== ============
*Items that may be reclassified to profit or loss.
INTERIM FINANCIAL STATEMENTS FOR THE SIX MONTHS ENDED 30 JUNE 2013
CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
Share Share Foreign Retained Total capital premium currency deficit translation reserve Audited US$'000 US$'000 US$'000 US$'000 US$'000 ------------------------------------- -------- -------- ------------ --------- -------- Total equity as at 1 January 2012 (restated) 2,178 46,801 3,933 (39,151) 13,761 Loss after taxation - - - (4,816) (4,816) Exchange differences on translating foreign operations - - 799 - 799 ------------------------------------- -------- -------- ------------ --------- -------- Total comprehensive loss for the year - - 799 (4,816) (4,017) Shares issued 934 6,470 - - 7,404 Recognition of share based payment - - - 599 599 Total equity as at 31 December 2012 3,112 53,271 4,732 (43,368) 17,747 ===================================== ======== ======== ============ ========= ======== Share Share Foreign Retained Total capital premium currency deficit translation reserve Unaudited US$'000 US$'000 US$'000 US$'000 US$'000 ------------------------------------- -------- -------- ------------ --------- -------- Total equity as at 1 January 2012 (restated) 2,178 46,801 3,933 (39,151) 13,761 Loss after taxation - - - (2,292) (2,292) Exchange differences on translating to presentational currency - - (405) - (405) ------------------------------------- -------- -------- ------------ --------- -------- Total comprehensive loss for the period - - (405) (2,292) (2,697) Shares issued 934 6,470 - - 7,404 Recognition of share based payment - - - 127 127 Total equity as at 30 June 2012 (restated) 3,112 53,271 3,528 (41,316) 18,595 ===================================== ======== ======== ============ ========= ======== Share Share Foreign Retained Total capital premium currency deficit translation reserve Unaudited US$'000 US$'000 US$'000 US$'000 US$'000 ------------------------------------- -------- -------- ------------ --------- -------- Total equity as at 1 January 2013 3,112 53,271 4,732 (43,368) 17,747 Profit after taxation - - - 12,190 12,190 Disposal of subsidiary - - (1,988) - (1,988) Exchange differences on translating to presentational currency - - (1,212) - (1,212) ------------------------------------- -------- -------- ------------ --------- -------- Total comprehensive income for the period - - (3,200) 12,190 8,990 Reversal of recognised share based payment - - - (599) (599) Total equity as at 30 June 2013 3,112 53,271 1,532 (31,777) 26,138 ===================================== ======== ======== ============ ========= ========
INTERIM FINANCIAL STATEMENTS FOR THE SIX MONTHS ENDED 30 JUNE 2013
CONSOLIDATED STATEMENT OF FINANCIAL POSITION
30 June 30 June 31 December 2013 2012 2012 Unaudited Unaudited Audited Restated ------------------------------- ------ ---------- ---------- ------------ Notes US$'000 US$'000 US$'000 ------------------------------- ------ ---------- ---------- ------------ Non-current assets Property, plant and equipment 6 13 19 Intangible assets - 11,470 13,691 ------------------------------- ------ ---------- ---------- ------------ 6 11,483 13,710 Current assets Inventories - 22 21 Consideration receivables 2 25,000 - - Trade and other receivables 108 263 420 Cash and cash equivalents 2,363 7,236 4,000 ------------------------------- ------ ---------- ---------- ------------ 27,471 7,521 4,441 27,477 19,004 18,151 =============================== ====== ========== ========== ============ Capital and reserves attributable to the equity holders of the parent Share capital 3,112 3,112 3,112 Share premium 53,271 53,271 53,271 Foreign currency translation reserve 1,532 3,528 4,732 Retained deficit (31,777) (41,316) (43,368) ------------------------------- ------ ---------- ---------- ------------ Total equity 26,138 18,595 17,747 Current liabilities Trade and other payables 1,339 409 404 ------------------------------- ------ ---------- ---------- ------------ Total liabilities 1,339 409 404 27,477 19,004 18,151 =============================== ====== ========== ========== ============
The financial statements were approved and authorised for issue by the Board on 8 August 2013 and signed on their behalf by
Chief Executive Officer
Maxim Barskiy
INTERIM FINANCIAL STATEMENTS FOR THE SIX MONTHS ENDED 30 JUNE 2013
CONSOLIDATED STATEMENT OF CASH FLOWS
30 June 30 June 31 December 2013 2012 2012 Unaudited Unaudited Audited Restated US$'000 US$'000 US$'000 --------------------------------------------- ---------- ---------- ------------ Profit / (Loss) before taxation 12,190 (2,292) (4,813) Adjustments for: Depreciation 3 2 5 Finance income (note 2) (21) (10) (42) Profit on sale of discontinued (14,063) - - operations, net of tax (note 2) Profit on disposal of property, plant and equipment - - (24) Cost related to sales of test production 282 88 503 Share based payments (599) 127 599 Foreign currency differences (159) 11 130 ---------- ---------- ------------ Cash generated from operations before changes in working capital (2,367) (2,074) (3,642) (Increase) / decrease in inventories 2 5 6 (Increase) / decrease in receivables 224 (150) (295) Increase / (decrease) in payables 1,046 166 141 Interest received 21 10 42 ---------- ---------- ------------ Net cash from operating activities (1,074) (2,043) (3,748) Proceeds from sale of property, plant and equipment - - 24 Disposal of subsidiary undertaking (72) - - (note 2) Purchase of property, plant and equipment - - (13) Expenditure on oil and gas assets (437) (325) (1,954) --------------------------------------------- ---------- ---------- ------------ Net cash from investing activities (509) (325) (1,943) Proceeds from issue of shares - 7,404 7,404 --------------------------------------------- ---------- ---------- ------------ Net cash from financing activities - 7,404 7,404 Net increase / (decrease) in cash and cash equivalents (1,583) 5,036 1,713 Cash and cash equivalents at beginning of period 4,000 2,333 2,333 Effect of foreign exchange rate differences (54) (133) (46) Cash and cash equivalents at end of period 2,363 7,236 4,000 ============================================== ========== ========== ============
INTERIM FINANCIAL STATEMENTS FOR THE SIX MONTHS ENDED 30 JUNE 2013
NOTES TO THE CONSOLIDATED INTERIM FINANCIAL STATEMENTS
1. Basis of Preparation
The consolidated interim financial statements of Matra Petroleum plc (the "Company") for the six months ended 30 June 2013 comprise the Company and its subsidiaries (together referred to as the 'Group'). The corresponding amounts are for the year ended 31 December 2012 and the six month period ended 30 June 2012.
These consolidated interim financial statements have been prepared in accordance with the rules of the London Stock Exchange for companies trading securities on Alternative Investment Market and on a basis consistent with the accounting policies and methods of computation as published by the Group in its annual report for the year ended 31 December 2012, which is available on the Company's website. They do not include all disclosures that would otherwise be required in a complete set of financial statements and should be read in conjunction with the 2012 Annual Report.
The financial information for the half years ended 30 June 2013 and 30 June 2012 is unaudited, but was the subject of an independent review carried out by the Company's auditors, BDO LLP.
The annual financial statements of Matra Petroleum Plc are prepared in accordance with International Financial Reporting Standards (IFRS) as adopted by the European Union. The comparative financial information for the year ended 31 December 2012 included within this report does not constitute the full statutory accounts for that period. The statutory Annual Report and Financial Statements for 2012 have been filed with the Registrar of Companies. The Independent Auditors' Report on that Annual Report and Financial Statement for 2012 was unqualified, did not draw attention to any matters by way of emphasis, and did not contain a statement under 498(2) or 498(3) of the Companies Act 2006.
After making enquiries, the directors have a reasonable expectation that the Company and the Group have adequate resources to continue in operational existence for the foreseeable future. Accordingly, they continue to adopt the going concern basis in preparing the half-yearly consolidated financial statements.
The same accounting policies, presentation and methods of computation are followed in these financial statements as were applied in the Group's latest annual audited financial statements except that in the current financial year the Group has adopted a number of revised Standards and Interpretations. However, none of these has had a material impact on the Group's reporting. In addition, the IASB has issued a number of IFRS and IFRIC amendments or interpretations since the last annual report
Restatement - Change in presentation currency
The Directors have elected to present for the first time the Group's financial statements for the year ended 31 December 2012 in US Dollars in order to make them comparable with the financial statements of its peers. The change represents a change in accounting policy and has been applied retrospectively. Consequently, the comparative information for the half-yearly period ended 30 June 2012 previously presented in Euros has been restated to reflect the change.
INTERIM FINANCIAL STATEMENTS FOR THE SIX MONTHS ENDED 30 JUNE 2013
NOTES TO THE CONSOLIDATED INTERIM FINANCIAL STATEMENTS
2. Discontinued operations
On 28 June 2013 the Company disposed of its 100% interest in Matra Cyprus Petroleum Limited which owns 100% of the share capital in OOO Arkhangelovskoe for a potential total consideration of US$35 million of which US$25 million was received on 1 of July 2013 with the remaining US$10 million to be received on 1 April 2014 conditional upon the outcome of the drilling works to be carried out by the buyer by 1 April 2014. Should the drilling results not meet the specified criteria then the final consideration will be US$1.
At the date of this report the outcome of the drilling results remains highly uncertain and no contingent consideration has been recognised when determining post-tax gain on disposal of discontinued operations.
The post-tax gain on discontinued operation has been determined as follows:
30 June 2013 US$'000 --------- Cash consideration receivable 25,000 Less net assets disposed: PPE 8 Intangibles 12,849 Inventories 19 Trade and other receivables 88 Cash 72 Trade and other payables (111) ------- (12,925) Add release of cumulative translation reserve* 1,988 Gain on disposal of discontinued operations before and after tax 14,063 ========= Add results of discontinued operations for the period (1,433) Net gain on disposal of discontinued operations before and after tax 12,630 ========= The cash flow comprises: Consideration received at 30 June 2013 - Cash disposed of (72) --------- Net cash outflow (72) ---------
* The US$1.9 million release of cumulative translation reserves represents the previously capitalised translation gains and losses attributed to the interest sold.
INTERIM FINANCIAL STATEMENTS FOR THE SIX MONTHS ENDED 30 JUNE 2013
NOTES TO THE CONSOLIDATED INTERIM FINANCIAL STATEMENTS
______________________________________________________________________________
2. Discontinued operations (continued)
Result of discontinued operations 30 June 30 June 31 December 2013 2012 2012 Unaudited Unaudited Audited Restated US$'000 US$'000 US$'000 --------------------------------------- ---------- ---------- -------------------------- Revenue 282 88 503 Cost of sales (282) (88) (503) Administration expenses (1,454) (528) (1,418) Finance income 21 26 Taxation - - (3) Loss for the period from discontinued operations (1,433) (528) (1,395) ======================================= ========== ========== ========================== Statement of cash flows The statement of cash flows includes the following amounts relating to discontinued operations: 30 June 30 June 31 December 2013 2012 2012 Unaudited Unaudited Audited Restated US$'000 US$'000 US$'000 --------------------------------------- ---------- ---------- -------------------------- Operating activities 127 (298) (1,036) Investing activities (437) (325) (1,954) Financing activities - - - Net cash from discontinued operations (310) (623) (2,990) ======================================= ========== ========== ==========================
INTERIM FINANCIAL STATEMENTS FOR THE SIX MONTHS ENDED 30 JUNE 2013
NOTES TO THE CONSOLIDATED INTERIM FINANCIAL STATEMENTS
______________________________________________________________________________
3. Loss from operations 30 June 30 June 31 December 2013 2012 2012 Unaudited Unaudited Audited Restated US$'000 US$'000 US$'000 ----------------------------- ---------- ---------- ------------ Staff costs 463 978 1,250 Travel costs 198 116 388 Office costs 142 90 326 Corporate costs 193 155 389 Legal & professional costs 35 271 463 General costs - 25 2 Exchange loss 7 12 20 Gain on disposal - - - Depreciation / amortization 1 - - Share-based payments (599) 127 599 440 1,774 3,437 ============================= ========== ========== ============
Loss from operations consist of administrative expenditure of Matra Petroleum plc and its subsidiary Matra Cyprus Petroleum (Alpha) Limited. Loss from operations of the disposed subsidiaries Matra Cyprus Petroleum Limited and OOO Arkhangelvoskoe is shown separately in the note 2.
The significant decrease of US$1,334,000 in the administrative expenditure for the six-month period ended 30 June 2013 (H1 2012: US$1,774,000) is attributed to a decrease in the staff costs and reversal of the warrant.
The decrease in the staff costs is attributed to the termination payment of US$569,700 (EUR399,116) to Peter Hind, former Managing Director, made May 2012.
In May 2013 the warrants granted to Maxim Barskiy lapsed as the qualifying vesting conditions have not been met. The previously recognised share-based payments charge of US$599,000 has consequently been reversed.
4. Options granted
On 28 June 2013 the Company granted 179,722,824 options at an exercise price of 0.85 pence per share to its directors and employees in recognition of the sale of Arkhangelovskoe Licence. The options were granted to executive directors and employees under Matra's Enterprise Management Incentive Scheme and non-executive directors were granted unapproved options. 50 per cent of the options for executive directors and employees vest on the first anniversary of the date of grant and the remaining 50 per cent vest on the second anniversary of the date of grant. Options for non-executive directors vest in 3 equal tranches on the anniversary of the date of grant over a three year period.
Where options are exercised the Board may in its absolute discretion determine to vary the number of options and the exercise price such that the option holder is in the same position but dilution is reduced.
INTERIM FINANCIAL STATEMENTS FOR THE SIX MONTHS ENDED 30 JUNE 2013
NOTES TO THE CONSOLIDATED INTERIM FINANCIAL STATEMENTS
5. Loss Per Share
Loss per share of is calculated by dividing the earnings/ (loss) attributable to ordinary shareholders for the period by the weighted average number of ordinary shares outstanding during the period.
The effect of all potential ordinary shares arising from the exercise of options going forward is considered to be anti-dilutive and therefore diluted earnings per share has not been calculated. At the reporting date there were 188,922,823 potentially dilutive ordinary shares.
6. Interim Report
Copies of this interim report for the six months ended 30 June 2013 will be available from the offices of Matra Petroleum plc, 101 Finsbury Pavement, London, EC2A 1RS, United Kingdom and on the company's website www.matrapetroleum.com.
This information is provided by RNS
The company news service from the London Stock Exchange
END
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