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 |
|---|---|---|---|---|---|
| Mx Oil Plc | LSE:MXO | London | Ordinary Share | GB00BKRV5441 | 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% | 0.32 | 0.31 | 0.33 | 0.00 | 01:00:00 |
| Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
|---|---|---|---|---|---|
| 0 | 0 | N/A | 0 |
From Apr 2019 to Apr 2024
TIDMMXO
RNS Number : 6186K
MX Oil PLC
23 September 2016
23 September 2016
MX OIL PLC
("MX Oil" or the "Company")
Results for the half year to 31 June 2016
MX Oil plc, the AIM quoted oil and gas investing company, is pleased to announce its unaudited half-year results for the six-month period to 30 June 2016.
Key points
-- Aje Field, part of OML 113, commenced production in May 2016 -- Next phase of the Aje Field expansion being developed -- Over GBP7 million of new funding raised before expenses -- Repayment of loan notes to reduce gearing to a negligible level -- Strengthening of the management team
MX Oil's Chief Executive Officer Stefan Olivier said:
"With the Aje Field commencing production, the year to date has been an exciting period for the Company. We continue to look at opportunities in Mexico whilst, at the same time, further opportunities are now presenting themselves in other parts of the world. We are delivering on our objective to build a leading oil and gas investing company and I look forward to providing further updates on our progress."
Chairman's statement
During 2016, MX Oil's indirect investment in the OML 113 licence in Nigeria achieved an important milestone with the start of production from the Aje Field. Consequently, MX Oil now has an investment in a producing oil and gas asset and we are very much looking forward to receiving revenue from this investment in the short term. As previously announced, the Company agreed to acquire the company that indirectly holds the interest in OML 113 and has begun the notification and change of control process with the relevant authorities.
At the start of this year, we were pleased to have been awarded four licences in the bid rounds for certain Mexican onshore licences. It was disappointing, for the various reasons previously outlined, that we were not ultimately able to secure a licence or sell our interests. We have, however, gained invaluable experience from this exercise and maintain our belief that Mexico will provide some interesting opportunities in the future and we continue to monitor developments closely.
More generally, we are pleased to report that we are seeing an increasing number of interesting investment opportunities and hope to be able to update the market on these if and when they come to fruition.
In the first half of the year, we raised over GBP7 million through the issue of both new equity and debt, principally to invest in OML 113 as it progressed towards production. The loan notes which were raised earlier in the year have now either been repaid or converted, reducing the Company's gearing to a negligible level. As part of our fund raising activities, we are pleased to welcome a number of new investors as shareholders in the Company.
We are also pleased that we have been able to strengthen the board with both technical and strategic skills which will stand us in good stead going forward.
During the first six months of 2016, the Company made a total comprehensive loss of GBP1,831,000 (2015: GBP718,000). This increase in the level of losses compared to the previous year is principally due to the increased level of activity at the Company during this period compared to the same period last year. The most significant areas of cost included our activities in Mexico and the costs of fund raising, along with associated professional fees, given the Company's requirement to raise significant new funds for investment. Employee and related costs have also increased as the board has been strengthened and the Company's infrastructure has been further developed to support these increased levels of activity.
As 2016 progresses, we are looking forward to further developments at the Aje Field and to getting involved in other exciting investment opportunities as they arise.
Nicholas Lee
Chairman
23 September 2016
* *S * *
For further information please visit www.mxoil.co.uk or contact:
Hot Features
Premium
MX Oil PLC
Stefan Olivier, CEO +44 20 7710 9618
Cairn Financial Advisers
LLP
(Nominated Adviser)
Jo Turner/James Caithie +44 20 7148 7900
Cornhill Capital
(Broker)
Nick Bealer +44 20 7710 9612
UNAUDITED CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME
FOR THE SIX MONTHSED 30 JUNE 2016
Unaudited Unaudited
6 months 6 months Audited
ended ended Year ended
30 June 30 June 31 December
2016 2015 2015
Notes GBP'000 GBP'000 GBP'000
Continuing operations
Administrative expenses (1,362) (455) (1,233)
Share based payment
expense (129) - (400)
Operating loss (1,491) (455) (1,633)
Share of joint venture
losses - (247) (806)
Investment income - 38 1
Other gains and losses 2 (69) (54) (450)
Finance costs (271) - (11)
Loss on ordinary activities
before taxation (1,831) (718) (2,899)
Taxation - - -
Loss for the period
and total comprehensive
loss (1,831) (718) (2,899)
----------------------------- ------ ------------- ------------- -------------
Basic and diluted loss
per share 3
From continuing and
total operations (0.26)p (0.36)p (1.02)p
----------------------------- ------ ------------- ------------- -------------
UNAUDITED CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
FOR THE SIX MONTHSED 30 JUNE 2016
Loan note Reserve for
Share equity reserve Reserve for warrants Retained Total
Share capital premium options granted issued deficit equity
GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000
------------------------ --------------- -------- --------------- ---------------- ----------- -------- -------
At 31 December
2014 5,879 13,967 - 172 237 (18,293) 1,962
Loss for the year - - - - - (2,899) (2,899)
------------------------ --------------- -------- --------------- ---------------- ----------- -------- -------
Issue of new shares 1,780 6,185 - - - - 3,050
Share issue costs - (438) - - - - (219)
Issue of warrants - - - - 400 - 237
Issue of convertible
loan notes - - 31 - - - 237
At 31 December
2015 7,659 19,714 31 172 637 (21,192) 7,021
Loss for the period - - - - - (1,831) (1,831)
------------------------ --------------- -------- --------------- ---------------- ----------- -------- -------
Issue of new shares 675 5,992 - - - - 6,667
Share issue costs - (523) - - - - (523)
Conversion and
repayment of
convertible
loan notes 3 329 (28) - - - 304
Issue of warrants - - - - 129 - 129
At 30 June 2016 8,337 25,512 3 172 766 (23,023) 11,767
------------------------ --------------- -------- --------------- ---------------- ----------- -------- -------
UNAUDITED CONSOLIDATED STATEMENT OF FINANCIAL POSITION
AS AT 30 JUNE 2016
Unaudited Unaudited
6 months 6 months Audited
ended ended Year ended
30 June 30 June 31 December
2016 2015 2015
GBP'000 GBP'000 GBP'000
---------------------------------- ---------------------- -------------------------- -----------------------
NON-CURRENT ASSETS
Available for sale investments 11,567 - 8,532
Investment in joint venture - 422 -
11,567 422 8,532
---------------------------------- ---------------------- -------------------------- -----------------------
CURRENT ASSETS
Financial assets 22 60 39
Trade and other receivables 188 20 371
Cash and cash equivalents 638 800 224
848 880 634
---------------------------------- ---------------------- -------------------------- -----------------------
CURRENT LIABILITIES
Trade and other payables 519 58 310
Borrowings 129 - 1,158
648 58 1,468
---------------------------------- ---------------------- -------------------------- -----------------------
NET CURRENT ASSETS/(LIABILITIES) 200 822 (834)
NONDEFERRED LIABILITIES
Deferred consideration - - 677
----------------------------------- ---------------------- -------------------------- -----------------------
- - 677
---------------------------------- ---------------------- -------------------------- -----------------------
NET ASSETS 11,767 1,244 7,021
----------------------------------- ---------------------- -------------------------- -----------------------
EQUITY
Ordinary share capital 8,337 5,879 7,659
Share premium 25,512 13,967 19,714
Loan note equity reserve 3 - 31
Reserve for options granted 172 172 172
Reserve for warrants issued 766 237 637
Retained deficit (23,023) (19,011) (21,192)
----------------------------------- ---------------------- -------------------------- -----------------------
Equity attributable to
owners of the Company and
total equity 11,767 1,244 7,021
----------------------------------- ---------------------- -------------------------- -----------------------
UNAUDITED CONSOLIDATED STATEMENT OF CASH FLOWS
FOR THE SIX MONTHSED 30 JUNE 2016
Unaudited Unaudited
6 months 6 months Audited
ended ended Year ended
30 June 30 June 31 December
2016 2015 2015
GBP'000 GBP'000 GBP'000
-------------------------------- -------------------------- ------------------------- --------------------------
OPERATING ACTIVITIES
Loss for the period (1,831) (718) (2,899)
Adjustments for:
Share based payment expense 129 - 400
Loss/(profit) on disposal
of investments 52 17 16
Movement in fair value of
investments 17 57 79
Share of joint venture losses - 247 -
Investment income - (38) (1)
Finance costs 271 11
Foreign exchange movement
in respect of deferred
liability 50 - 37
Impairment of joint venture
investment - - -
Operating cash flow before
working capital changes (1,312) (435) (2,357)
Decrease/(increase) in
receivables 183 4 (79)
(Decrease)/increase in trade
and other payables (518) (12) 246
--------------------------------- -------------------------- ------------------------- --------------------------
Net cash outflow from operating
activities (1,647) (443) (2,190)
--------------------------------- -------------------------- ------------------------- --------------------------
INVESTMENT ACTIVITIES
Proceeds on disposal of
investments 35 227 227
Purchase of investments (87) (147) (147)
Investment in Nigerian asset (3,035) - (5,940)
Advances to joint venture
operation - (357) -
Investment income - - 1
--------------------------------- -------------------------- ------------------------- --------------------------
Net cash outflow from investment
activities (3,087) (277) (5,859)
--------------------------------- -------------------------- ------------------------- --------------------------
FINANCING ACTIVITIES
Issue of ordinary share capital 6,668 - 6,013
Share issue costs (523) - (438)
Net proceeds of issue of
convertible loan notes 536 - 1,178
Repayment of convertible
loan notes (1,457) - -
Finance costs paid (76) - -
Net cash inflow from financing
activities 5,148 - 6,753
--------------------------------- -------------------------- ------------------------- --------------------------
Net increase/(decrease) in
cash and cash equivalents
from continuing and total
operations 414 (720) (1,296)
Cash and cash equivalents
at beginning of period 224 1,520 1,520
Cash and cash equivalents
at end of period 638 800 224
--------------------------------- -------------------------- ------------------------- --------------------------
NOTES TO THE HALF-YEARLY REPORT
1. The financial information set out in this interim report does not constitute statutory accounts as defined in section 434 of the Companies Act 2006. The group's statutory financial statements for the period ended 31 December 2015, prepared under International Financial Reporting Standards (IFRS), have been filed with the Registrar of Companies. The auditor's report on those financial statements was unqualified and did not contain a statement under section 498 (2) or (3) of the Companies Act 2006.
The interim financial information has been prepared in accordance with the recognition and measurement principles of International Financial Reporting Standards (IFRS) and on the same basis and using the same accounting policies as used in the financial statements for the year ended 31 December 2015. The interim financial statements have not been audited or reviewed in accordance with the International Standard on Review Engagement 2410 issued by the Auditing Practices Board.
The financial statements have been prepared on a going concern basis under the historical cost convention. The Directors believe that the going concern basis is appropriate for the preparation of the financial statements as the Company is in a position to meet all its liabilities as they fall due.
2. Other gains and losses
Six months
Six months Year ended
ended ended
30 June 30 June 31 December
2015 2015 2015
(unaudited) (unaudited) (audited)
GBP'000 GBP'000 GBP'000
---------------------------------------------- ------------ ------------- -------------------
Net (losses)/gains investments (52) (74) 12
Net loss on derivative contracts - 20 20
Movement in fair value of trading investments (17) - (108)
Provision for amount owed by Mexican partner - - (374)
(69) (54) (450)
---------------------------------------------- ------------ ------------- -------------------
3. The basic loss per share is calculated by dividing the loss attributable to equity shareholders by the weighted average number of shares in issue.
Six months Six months Year ended
ended ended
30 June 30 June 31 December
2016 2015 2015
(unaudited) (unaudited) (audited)
----------------------------------- -------------------- ------------------ --------------------
Weighted average number of
shares in the period 700,222,402 201,332,190 283,826,937
----------------------------------- -------------------- ------------------ --------------------
Loss from continuing and
total operations (GBP1,831,000) (GBP718,000) (GBP2,899,000)
Basic and diluted loss per
share:
From continuing and total
operations (0.26)p (0.36)p (1.02)p
4. No interim dividend will be paid.
5. Copies of the interim report can be obtained from: The Company Secretary, MX Oil plc, 17(th) Floor, 110 Bishopsgate, London, EC2N 4AY and are available to view and download from the Company's website: www.mxoil.com.
This information is provided by RNS
The company news service from the London Stock Exchange
END
IR DGGDCUGDBGLD
(END) Dow Jones Newswires
September 23, 2016 02:00 ET (06:00 GMT)
1 Year Mx Oil Chart |
1 Month Mx Oil 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
