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| Share Name | Share Symbol | Market | Type | Share ISIN | Share Description |
|---|---|---|---|---|---|
| Medavinci | LSE:MVC | London | Ordinary Share | GB00B06LPZ62 | ORD 0.1P |
| Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
|---|---|---|---|---|---|---|---|---|---|---|
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|---|---|---|---|---|---|
| 0 | 0 | N/A | 0 |
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RNS Number : 6117A
Orogen Gold PLC
30 September 2015
30 September 2015
Orogen Gold plc
("Orogen Gold" or the "Company")
Interim Results for the six months ended 30 June 2015
Orogen Gold plc (AIM: ORE), the AIM quoted gold exploration company, announces its interim results for the six months ended 30 June 2015.
Enquires:
Orogen Gold plc +353 1662 8395
Colin Bird, CEO
Alan Mooney, FD
Cairn Financial Advisers LLP (Nominated Adviser) +44 (0) 20 7148 7900
Avi Robinson/ Liam Murray
Beaufort Securities Limited (Broker) +44 (0) 20 7382 8300
Elliot Hance
Walbrook (Public Relations and Investor Relations) +44 (0) 20 7933 8780
Paul Cornelius/ Guy McDougall
About Orogen Gold
Orogen Gold plc is a UK public company quoted on the London Stock Exchange AIM market (ticker: ORE). The Company is focused on mineral exploration and development in Europe and is currently operating two gold exploration projects: a) at Mutsk in Armenia and b) at Deli Jovan in Serbia. The Mutsk gold project in Armenia was optioned by Orogen early in 2013 to follow-up reports of a new epithermal discovery within an established gold district. At Deli Jovan the historic high-grade gold mining camp was last in production prior to World War II and has been significantly under-explored in modern times. The Mutsk project has been prioritised by the Company due to the clear potential evident on the property.
Chairman's statement
Decreasing commodity prices over the past year has meant that funding for exploration companies continues to be difficult. A large number of projects are competing for investment in a commodity bear market and in these circumstances it is particularly difficult to raise new finance for investment. The Board however are not deterred by current conditions and are structuring to take advantage of the many opportunities that the current conditions present.
Operations
Mutsk in Armenia has proved to be a potentially large, low grade gold discovery that requires a substantial exploration and drilling campaign to demonstrate the scale of the discovery and define a mineral resource to JORC or equivalent standard. The investment involved is substantial and in the current climate it may not be possible to raise the necessary funding to develop the project as our geological team would wish. Nonetheless we intend to secure our interest in this project which has the potential to be a high value asset. In that regard we can report that the Mutsk exploration permit, which has been extended until July 2017 by the Armenian Ministry of Energy and Natural Resources, following submission of a report on work completed on the property.
We have completed our exploration work at Deli Jovan in Serbia. We have determined Deli Jovan as a narrow vein high grade gold project with intermittent continuity that does not lend itself to definition of large scale resources through very detailed drilling. The Deli Jovan system may however prove amenable to a small scale direct mining approach.
Agreeing firm commitments from potential partners to the necessary investments on our projects represents a challenge in the current depressed resource markets. However, we are in discussions with a number of parties interested to participate in the development of our projects and these discussions are continuing.
Financial and Corporate Review
At 30 June 2015 cash stood at GBP851,000 (31 December 2014: GBP1,118,000). The loss for the period amounted to GBP181,000 (6 months to 30 June 2014: GBP214,000). The Company has reduced general and administrative costs by 16% from the corresponding 6 month period and these costs have been reduced further in the period after the reporting date.
Board Changes
Concurrently with the issue of this Interim Report, the Company has separately announced changes to the board, specifically the appointment of Colin Bird as CEO with Ed Slowey taking up the role of Operations Director and Anthony Venus stepping down to pursue other business interests. Colin Bird is an experienced and established public company director and has been responsible in successfully developing several minerals exploration projects around the world.
Outlook
The Board is constantly reviewing quality projects against a difficult market. We intend to be pro-active in the development of our company and we look forward to updating shareholders in due course.
ADAM REYNOLDS
Non-Executive Chairman
29 September 2015
Consolidated statement of profit or loss and other comprehensive income
For the six months ended 30 June 2015
Hot Features
Premium
Unaudited Unaudited Audited
6 months 6 months 12 months
to to to
30 June 30 June 31 December
2015 2014 2014
GBP'000 GBP'000 GBP'000
----------------------------------- ---------- ---------- -------------
Continuing operations
Revenue - - -
Operational costs - - -
----------------------------------- ---------- ---------- -------------
Gross loss - - -
General and administrative (184) (219) (548)
Impairment of exploration
and evaluation assets - - (1,318)
Group operating loss (184) (219) (1,866)
Interest received 3 5 7
----------------------------------- ---------- ---------- -------------
Loss on ordinary activities
before taxation (181) (214) (1,859)
Tax on loss on ordinary - - -
activities
----------------------------------- ---------- ---------- -------------
Loss for the year from continuing
operations (181) (214) (1,859)
Attributable to:
Equity holders of the parent (181) (211) (1,657)
Non-controlling interests - (3) (202)
----------------------------------- ---------- ---------- -------------
Group loss for the period (181) (214) (1,859)
Exchange translation differences (1) (2) (3)
----------------------------------- ---------- ---------- -------------
Total comprehensive loss
for the period (182) (216) (1,862)
Attributable to:
Owners of the parent (182) (213) (1,660)
Non-controlling interests - (3) (202)
----------------------------------- ---------- ---------- -------------
(182) (216) (1,862)
----------------------------------- ---------- ---------- -------------
Loss per share:
Loss per share - basic and
diluted, attributable to
ordinary equity holders
of the parent (pence) (0.005) (0.009) (0.061)
Consolidated statement of financial position
As at 30 June 2015
Unaudited Unaudited Audited
30 June 30 June 31 December
2015 2014 2014
GBP'000 GBP'000 GBP'000
------------------------------- ---------- ---------- -------------
Assets
Non-current assets
Exploration and evaluation
assets 1,926 2,468 1,811
Property, plant and equipment 2 3 3
------------------------------- ---------- ---------- -------------
Total non-current assets 1,928 2,471 1,814
------------------------------- ---------- ---------- -------------
Current assets
Trade and other receivables 27 47 58
Cash and cash equivalents 851 713 1,118
Total current assets 878 760 1,176
------------------------------- ---------- ---------- -------------
Total assets 2,806 3,231 2,990
------------------------------- ---------- ---------- -------------
Equity and liabilities
Equity
Share capital 4,237 3,057 4,222
Share premium 11,950 11,704 11,827
Other reserves 621 623 760
Retained earnings (14,269) (12,642) (14,088)
------------------------------- ---------- ---------- -------------
Equity attributable to
owners of the parent 2,539 2,742 2,721
Non-controlling interests 210 399 200
------------------------------- ---------- ---------- -------------
Total equity 2,749 3,141 2,921
------------------------------- ---------- ---------- -------------
Current liabilities
Trade and other payables 57 90 69
------------------------------- ---------- ---------- -------------
Total current liabilities 57 90 69
------------------------------- ---------- ---------- -------------
Total liabilities 57 90 69
(MORE TO FOLLOW) Dow Jones Newswires
September 30, 2015 02:00 ET (06:00 GMT)
------------------------------- ---------- ---------- ------------- Total equity and liabilities 2,806 3,231 2,990 ------------------------------- ---------- ---------- -------------
Consolidated cash flow statement
For the six months ended 30 June 2015
Unaudited Unaudited Audited
6 months 6 months 12 months
to to to 31
30 June 30 June December
2015 2014 2014
GBP'000 GBP'000 GBP'000
--------------------------------- ---------- ---------- -----------
Cash flows from operating
activities
Group operating loss (184) (219) (1,866)
Decrease in trade and other
receivables 31 39 35
(Decrease)/increase in trade
and other payables (12) (1) 18
Impairment of exploration
and evaluation assets - - 1,318
Net cash flow from operating
activities (165) (181) (495)
--------------------------------- ---------- ---------- -----------
Cash flow from investing
activities
Expenditure on exploration
and evaluation assets and
project earn-ins (106) (332) (893)
Disposal of property, plant - 13 -
and equipment
Interest received 3 5 7
--------------------------------- ---------- ---------- -----------
Net cash flow from investing
activities (103) (314) (886)
--------------------------------- ---------- ---------- -----------
Cash flow from financing
activities
Net proceeds from issue of
equity instruments - - 1,288
--------------------------------- ---------- ---------- -----------
Net cash flow from financing
activities - - 1,288
--------------------------------- ---------- ---------- -----------
Net change in cash and cash
equivalents (268) (495) (93)
Net foreign exchange difference 1 - 3
Cash and cash equivalents
at beginning of period 1,118 1,208 1,208
--------------------------------- ---------- ---------- -----------
Cash and cash equivalents
at end of period 851 713 1,118
--------------------------------- ---------- ---------- -----------
Consolidated statement of changes in equity
For the six months ended 30 June 2015
Foreign
Share currency
based Share Retained translation Non-controlling
Share Share payment to be earnings reserve Total interests Total
capital premium reserve issued equity
GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000
------------- --------- --------- --------- -------- ---------- ------------ -------- ----------------- --------
Balance at 1
January
2014 3,057 11,704 592 - (12,431) 33 2,955 402 3,357
Loss for the
period - - - - (211) - (211) (3) (214)
Foreign
exchange
translation
reserve - - - - - (2) (2) - (2)
Balance at 30
June
2014 3,057 11,704 592 - (12,642) 31 2,742 399 3,141
-------------- --------- --------- --------- -------- ---------- ------------ -------- ----------------- --------
Balance at 1
July
2014 3,057 11,704 592 - (12,642) 31 2,742 399 3,141
Loss for the
period - - - - (1,446) - (1,446) (199) (1,645)
Issue of
share
capital 1,165 123 - - - - 1,288 - 1,288
Shares to be
issued - - - 138 - - 138 - 138
Foreign
exchange
translation
reserve - - - - - (1) (1) - (1)
Balance at 31
December
2014 4,222 11,827 592 138 (14,088) 30 2,721 200 2,921
-------------- --------- --------- --------- -------- ---------- ------------ -------- ----------------- --------
Balance at 1
January
2015 4,222 11,827 592 138 (14,088) 30 2,721 200 2,921
Loss for the
period - - - - (181) - (181) - (181)
Issue of
share
capital 15 123 - - - - 138 - 138
Shares to be
issued - - - (138) - - (138) - (138)
Other reserve
movements - - - - - - - 10 10
Foreign
exchange
translation
reserve - - - - - (1) (1) - (1)
Balance at 30
June
2015 4,237 11,950 592 - (14,269) 29 2,539 210 2,749
-------------- --------- --------- --------- -------- ---------- ------------ -------- ----------------- --------
Notes
1 General information
Orogen Gold plc is a company incorporated and domiciled in England and Wales. Details of the registered office, the officers and advisers to the Company are presented on the Company information page at the end of this report. The Company's offices are in London and Dublin. The Company is quoted on the AIM market of the London Stock Exchange (ticker: ORE.L). The Company is focused on gold and minerals exploration in Europe. Exploration operations are based in Armenia (Mutsk project) and in Serbia (Deli Jovan project).
2 Basis of preparation
The financial information for the six months ended 30 June 2015 and 30 June 2014 is unaudited.
The Interim Report has been prepared using the same accounting policies as were applied in the Group's audited financial statements to 31 December 2014, which were prepared in accordance with International Financial Reporting Standards ("IFRS"). The Directors consider that the financial information presented in this Interim Report represents fairly the financial position, operations and cash flows for the period, in conformity with IFRS. The Interim Report for the six months ended 30 June 2015 was approved by the Directors on 29 September 2015.
The financial information presented for the period ended 31 December 2014 is an extraction from the Group's audited accounts on which the auditors issued an unqualified report. The information presented does not constitute full accounts for that period.
3 Loss per share
Basic loss per share is calculated by dividing the loss attributable to equity shareholders by the weighted average number of ordinary shares in issue during the period:
Unaudited Unaudited Audited
30 June 30 June 31 December
2015 2014 2014
GBP'000 GBP'000 GBP'000
-------------------------------------- ---------- ---------- -------------
Loss after tax attributable
to equity holders of the parent (181) (211) (1,657)
Weighted average number of
ordinary shares in issue (millions) 3,691 2,396 2,723
Basic and diluted loss per
share (pence) (0.005) (0.009) (0.061)
-------------------------------------- ---------- ---------- -------------
Basic and diluted earnings per share are the same, since where a loss is incurred the effect of outstanding share options and warrants is considered anti-dilutive and is ignored for the purpose of the loss per share calculation. The share options outstanding as at 30 June 2015 totalled 225,000,000 (30 June 2014: 225,000,000, 31 December 2014: 225,000,000) and are potentially dilutive.
(MORE TO FOLLOW) Dow Jones Newswires
September 30, 2015 02:00 ET (06:00 GMT)
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