ADVFN Logo ADVFN

We could not find any results for:
Make sure your spelling is correct or try broadening your search.

Trending Now

Toplists

It looks like you aren't logged in.
Click the button below to log in and view your recent history.

Hot Features

Registration Strip Icon for default Register for Free to get streaming real-time quotes, interactive charts, live options flow, and more.

PPC President Energy Plc

155.00
0.00 (0.00%)
Last Updated: 01:00:00
Delayed by 15 minutes
Share Name Share Symbol Market Type Share ISIN Share Description
President Energy Plc LSE:PPC London Ordinary Share GB00BMT80K89 ORD 1P
  Price Change % Change Share Price Bid Price Offer Price High Price Low Price Open Price Shares Traded Last Trade
  0.00 0.00% 155.00 150.00 160.00 0.00 01:00:00
Industry Sector Turnover Profit EPS - Basic PE Ratio Market Cap
0 0 N/A 0

President Energy PLC Half-year Report (2608L)

30/09/2016 7:00am

UK Regulatory


President Energy (LSE:PPC)
Historical Stock Chart


From Apr 2019 to Apr 2024

Click Here for more President Energy Charts.

TIDMPPC

RNS Number : 2608L

President Energy PLC

30 September 2016

30 September 2016

PRESIDENT ENERGY PLC

("President", "the Company" or "the Group")

Interim Results

President (AIM:PPC), the oil and gas exploration and production company with producing assets in Argentina and Louisiana and an exploration focus on Argentina and Paraguay announces its interim results for the six months ended 30 June 2016.

Operation Summary

   --      Argentina production in period increased by 39% over H1 2015 

-- Current group production for September 2016* approximately 670 boepd, a YOY increase of 23% with the benefit of both the current Drilling and Coiled Tubing campaign in Argentina and further Louisiana production still to come on stream

-- Argentina average production for September 2016* of approximately 500 bopd, a YOY increase of some 66% with realised prices currently of US$56 per barrel

-- Current level of Louisiana production approximately 170 boepd and projected to increase in October to over 200 boepd

-- First half average Group daily production increased by 13% to 494 boepd (2015: 439 boepd), with increases in Argentine output offsetting now resolved production reductions in Louisiana

-- Cost reduction plan sees Group administration costs 24% lower than in H1 2015 with staff costs declining by 36% over same period with further reductions projected for H2 2016

-- Strong and expanded Management team now in place in Argentina to support increased H2 operations

Financial Summary for H1 2016

-- Revenues of US$4.6 million modestly increased versus the same period in 2015 (H1 2015: US$4.5 million) notwithstanding lower dollar oil per barrel realisations in both the Company's producing areas and disruption due to workovers and key wells shut in

-- Average realised price of US$58 per barrel in Argentina (H1 2015: US$70 per barrel) the profit effect of which was offset by the Peso devaluation of 64% compared to the value at June 2015

-- Average realised oil price of US$35 per barrel in USA (H1 2015: US$52 per barrel), currently US$42 per barrel

-- Gross loss of US$2.3 million (H1 2015: US$0.7 million loss) after taking into account US$1.5 million spent on workovers, the benefits of which will be recorded in H2 2016 as well as US$1.4 million of depreciation

-- Total assets of US$161.3 million (H1 2015: US$202.7 million) principally reflecting exchange rate losses on translating foreign operations arising from the 64% devaluation of the Argentine Peso from H1 2015 and not being indicative of any significant impairment in value

   --      Cash balance at period end of US$1.1 million (H1 2015: US$1.8 million) 

-- US$9.2 million of US$15 million revolving loan facility drawn at period end (H1 2015: US$8.1 million) and the maturity of both that facility and the convertible loan of US$5 million extended until 30 June 2019

   --      H1 Results reflects significant gearing up and preparation for H2 Operational Campaign 

-- President has now invested the level of financial commitment required under the Puesto Guardian Concession, Argentina, Pilot Plan with no further mandatory investments required until the expiry of the Concession in 2050

Outlook for H2 2016

   --      Group focused on target of achieving production of 1,200 boepd by the year end 
   --      Drilling of DP1002 S/T and Coiled Tubing Campaign ongoing 

Commenting on today's announcement, Peter Levine, Chairman said:

"The key focus so far this year has been the lead up to the operations currently underway in Argentina. The post period events capture more appropriately the direction in which we are seeking to take President, with a strong focus on building value for all stakeholders.

The near term strategy for this year is to demonstrate increased productivity of our proven oil reserves, generating stronger free cash flow and reducing interest payments and non-operating administrative expenses thereby increasing the core value of our Group.

Once achieved, our subsequent objectives are to re-address our considerable exploration portfolio and grow production through existing fields and by way of acquisition in our focus countries."

Miles Biggins, BSc Joint Honours University College London, with 25 years of experience in the oil and gas sector, is a Petroleum Engineer and member of the Society of Petroleum Engineers who meets the criteria of qualified persons under the AIM guidance note for mining and oil and gas companies, has reviewed and approved the technical information contained in this announcement.

The 2016 Interim Report and Financial Statements will be made available at www.presidentenergyplc.com. The Report and Accounts will not be printed and mailed to shareholders though copies will be available on request.

This announcement is inside information for the porpoises of article 7 of Regulation 596/2014

Contact:

 
 President Energy PLC 
  Peter Levine, Chairman               +44 (0) 207 016 7950 
  Miles Biggins, COO                   +44 (0) 207 016 7950 
 Peel Hunt LLP (Nominated 
  Advisor & Joint Broker) 
  Richard Crichton, Ross Allister      +44 (0) 207 418 8900 
 BMO Capital Markets (Joint 
  Broker) 
  Jeremy Low, Neil Haycock            +44 (0) 207 236 
  and Tom Rider                        1010 
 Vigo Communications 
  Chris McMahon 
  Patrick D'Ancona                   +44 (0)20 7830 9700 
 

Chairman's Statement

Summary

We remain firmly focused on our target of achieving Group production of 1,200 boepd by the year end. Accordingly the figures for the reporting period belie the material progress made in the year to date and, are now historic when taking into account the developments post-period. Such targeted increases in production will significantly improve the Group's net backs due to the coverage of fixed costs by the existing levels of production.

The results for H1 2016 reflect the significant work streams and associated costs preparing for the H2 Operational Campaign in Argentina. Focus has continued on reducing Group administrative costs in favour of building in-country expertise in Argentina.

Group production for September 2016* is approximately 670 boepd, a year on year increase of 23% over same period in 2015 with the benefit of the current Drilling, Coiled Tubing Campaign and Louisiana production still to come on stream.

Taking into account the investments made to date at Puesto Guardian since the grant of the new Concession, the Company has now invested the level of the mandatory financial commitment required under the relevant Pilot Plan, meaning that there are no further mandatory investment requirements under the Concession until its expiry in 2050.

The macro investment climate in Argentina is also improving and President is located in an area of increasing interest from both international investors and oil companies. President has a strong underlying asset base and core experience and we remain focused on pursuing future growth potential.

Louisiana continues to provide net cash flow albeit at significantly reduced levels due to the oil price decline and shut-in wells. Current progress suggests that production will recover moving towards the end of the year.

Finally, whilst the Group's exploration assets have not been forgotten in any way, the focus in the present year has been to build up production in Argentina and increase cash flows from those assets.

Operating Report

Argentina

   --    Argentine production in period increased by 39% over H1 2015 

-- Argentine average production for September 2016* of approximately 500 bopd, a YOY increase of some 66%

   --    Extensive workover campaign of existing wells in H1 2016 now starting to bear fruit in H2 
   --    Coiled Tubing intervention and stimulation campaign now commenced on old shut in wells 
   --    Strong and expanded Management team now in place to support expanded H2 operations 

-- Average realised price of US$58 per barrel in Argentina (H1 2015: US$70 per barrel) the profit effect of which was offset by the Peso devaluation of 64% compared to the value at June 2015. Current realised price US$56

-- Trend of materially reducing administrative cost base and focusing on building up operational management and expertise in country

-- President has now invested the level of financial commitment required under the Puesto Guardian Concession, Argentina, Pilot Plan with no further mandatory investments required until the expiry of the Concession in 2050

Paraguay

-- The Group remains committed to its Paraguay exploration assets and will revisit plans in H1 2017 after the current Argentine work programme

-- The Group has received environmental license on the Putamayo Block, adjacent to President's Pirity Concession and has made an application for prospection, exploration and exploitation of that area

   --    Geological and Geophysical studies continue 

-- Taking into account market conditions and pending results of the current Argentine work programme, consideration of possible farm-outs deferred

Louisiana

-- Current Level of Louisiana production approximately 170 boepd and projected to increase in October to over 200 boepd, recovering from a low H1 2016 average production of 179 boepd (H1 2015: 209 boepd) due to well shut-ins and natural declines

-- Average realised oil price of US$35 per barrel (H1 2015: US$52 per barrel), currently above US$42 per barrel

Australia

-- PEL 82 Block is still retained by the Company and continues to remain under review with actions suspended due to the current market conditions. This Block is written down to zero value in the books of the Company.

Financial Highlights

-- Revenues of US$4.6 million slightly increased versus the same period in 2015 (H1 2015: US$4.5 million), notwithstanding lower dollar oil per barrel realisations in both producing areas and disruption due to work-overs and key wells shut in

-- Average realised prices US$35 per barrel in USA (H1 2015: US$52 per barrel) and US$58 per barrel in Argentina (H1 2015: US$70 per barrel) the profit effect of which was offset by the Peso devaluation of 64% compared to the value at June 2015.

-- Cost of Sales of US$6.9 million (H1 2015: US$5.2 million), which includes US$1.5 million (H1 2015: US$ nil) on expensed Argentine well workovers designed to increase flow rates, the benefit of which is being seen in the second half of 2016

-- Well operating costs, excluding workovers, of US$4.0 million (H1 2015: US$3.5 million) and DD&A of US$1.4 million (H1 2015: US$1.8 million) make up the remaining component of Cost of Sales. On a like for like basis, the well operating costs before DD&A in H1 2016 are US$43.54 per boe (H1 2015: US$43.44 per boe) but these will come down as production rises as there is a large component of fixed costs particularly in Argentina

-- Gross loss of US$2.3 million (H1 2015: US$0.7 million loss) after taking into account US$1.5 million spent on workovers, the benefit of which will be recorded in H2 2016, as well as US$ 1.4 million of depreciation

-- Administrative expenses of US$2.0 million, or US$22.41 per boe, (H1 2015: US$2.7 million, or US$33.57 per boe) reflecting effects of the Group cost reduction plan lowering staff costs to US$1.2 million (H1 2015: US$1.9 million), and non-cash share based payments of US$0.1 million (H1 2015: US$0.7 million).

-- Total assets of US$161.3 million (H1 2015: US$202.7 million) principally reflecting exchange rate losses on translating foreign operations arising from 64% devaluation of the Argentine Peso from H1 2015 and not being indicative of any significant impairment in value

-- Cash balance at period end of US$1.1 million (H1 2015: US$1.8 million) after cash out flow from operating activities of US$1.9 million (H1 2015: US$0.3m outflow) and investments of US$2.1 million (H1 2015: US$10.8 million)

-- US$15.0 million revolving loan facility extended until 30 June 2019 together with US$5 million Convertible Loan. US$9.2 million of revolving credit facility drawn at period end

Outlook for H2 2016

   --    Group focused on target of achieving production of 1,200 boepd by the year end 
   --    Drilling of DP1002 S/T and Coiled Tubing Campaign ongoing 

Glossary of Terms

 
        To 25 September 
*        2016 
        Billion cubic 
Bcf.     feet ( gas) 
        Barrels of oil 
         equivalent per 
Boepd    day 
        Barrels of oil 
Bopd     per day 
        Million barrels 
MMbbls   of oil 
        Million British 
         Thermal Units 
MMBtu    (gas) 
        Trillion cubic 
Tcf.     feet (gas) 
YOY      Year on Year 
 

Peter Levine

Chairman

30th September 2016

Condensed Consolidated Statement of Comprehensive Income

Six months ended 30 June 2016

 
                                                                            Year 
                                               6 months      6 months         to 
                                                 to 30         to 30 
                                                  June          June       31 Dec 
                                                 2016          2015         2015 
                                              (Unaudited)   (Unaudited)   (Audited) 
                                      Note      US$000        US$000       US$000 
 Continuing Operations 
 Revenue                                            4,552         4,516      10,092 
 Cost of sales                            3       (6,854)       (5,222)    (10,254) 
                                             ------------  ------------  ---------- 
 Gross (loss)/profit                              (2,302)         (706)       (162) 
 
 Administrative expenses                  4       (2,034)       (2,670)     (6,398) 
 
 Operating loss before impairment 
  charge 
                                             ------------  ------------  ---------- 
   and non-operating gains                        (4,336)       (3,376)     (6,560) 
 
 Impairment charge                        5             -             -    (11,394) 
 Non-operating gains                      6             -            31         150 
 
 Profit/(loss) after impairment 
  and non-operating 
                                             ------------  ------------  ---------- 
   gains                                          (4,336)       (3,345)    (17,804) 
 
 Investment income - 
  Interest on bank deposits                             -             2           2 
 
 Realised gains/(losses) 
  on translation of foreign 
  currencies                                           45           403       1,346 
 
 Loan fees and interest                             (953)       (1,140)     (2,241) 
 
 Profit / (loss) before 
  tax                                             (5,244)       (4,080)    (18,697) 
 Income tax (charge)/credit                           540           228         155 
 
 Profit/(loss) for the period 
  from continuing operations                      (4,704)       (3,852)    (18,542) 
 
 Other comprehensive income 
  - Items that may be reclassified 
   subsequently 
   to profit or loss 
 Exchange differences on 
  translating 
   foreign operations                             (5,988)       (3,637)    (22,896) 
 Total comprehensive profit/(loss) 
  for the period 
   attributable to the equity 
    holders of the Parent Company                (10,692)       (7,489)    (41,438) 
                                             ============  ============  ========== 
 
                                               US cents      US cents     US cents 
 Earnings/ (loss )per share 
  from continuing operations 
 Basic earnings/ (loss) 
  per share                               7         (1.0)         (0.9)       (3.9) 
 Diluted earnings / (loss) 
  per share                               7         (1.0)         (0.9)       (3.9) 
                                             ============  ============  ========== 
 

Condensed Consolidated Statement of Financial Position

As at 30 June 2016

 
                                           30 June       30 June      31 Dec 
                                            2016          2015         2015 
                                         (Unaudited)   (Unaudited)   (Audited) 
                                           US$000        US$000       US$000 
                                 Note 
 ASSETS 
 Non-current assets 
 Intangible exploration 
  and evaluation assets              8       103,292       112,242     103,151 
 Property, plant and 
  equipment                          8        52,246        81,429      59,534 
                                        ------------  ------------  ---------- 
                                             155,538       193,671     162,685 
 
 Deferred tax                                    334           726         260 
 Other non-current 
  assets                                         320           320         319 
                                             156,192       194,717     163,264 
                                        ------------  ------------  ---------- 
 Current assets 
 Trade and other receivables         9         3,972         6,037       3,554 
 Stock                                            58           105          86 
 Cash and cash equivalents                     1,125         1,825         217 
                                               5,155         7,967       3,857 
                                        ------------  ------------  ---------- 
 
 TOTAL ASSETS                                161,347       202,684     167,121 
                                        ============  ============  ========== 
 
 LIABILITIES 
 Current liabilities 
 Trade and other payables                      4,468         4,441       3,127 
 Borrowings                         10             -         8,100       8,358 
                                               4,468        12,541      11,485 
                                        ------------  ------------  ---------- 
 Non-current liabilities 
 Long-term provisions                          3,119         2,771       3,292 
 Borrowings                         10        13,910             -           - 
 Deferred tax                                 11,706        20,351      14,023 
                                              28,735        23,122      17,315 
                                        ------------  ------------  ---------- 
 
 TOTAL LIABILITIES                            33,203        35,663      28,800 
                                        ============  ============  ========== 
 
 EQUITY 
 Share capital                                16,754        16,048      16,754 
 Share premium                               201,646       197,676     201,646 
 Translation reserve                        (40,199)      (14,952)    (34,211) 
 Profit and loss account                    (57,102)      (37,784)    (52,462) 
 Other reserve                                 7,045         6,033       6,594 
 
 TOTAL EQUITY                                128,144       167,021     138,321 
                                        ============  ============  ========== 
 
 TOTAL EQUITY AND LIABILITIES                161,347       202,684     167,121 
                                        ============  ============  ========== 
 

Condensed Consolidated Statement of Changes in Equity

 
                           Share      Share     Translation    Profit     Other      Total 
 Six months                capital    premium     reserve        and      reserve 
  ended 30 June                                                 loss 
  2016                                                         account 
                           US$000     US$000      US$000       US$000     US$000     US$000 
 
 Balance at 
  1 January 2015            14,928    186,566      (11,315)   (33,932)      4,142    160,389 
                         ---------  ---------  ------------  ---------  ---------  --------- 
 
 Placing of 
  ordinary shares*           1,120     12,883             -          -          -     14,003 
 Cost of issue                   -      (589)             -          -          -      (589) 
 Warrants issued 
  on placing                     -    (1,184)             -          -      1,184          - 
 Share-based 
  payments                       -          -             -          -        707        707 
 Transactions 
  with owners                1,120     11,110             -          -      1,891     14,121 
 
 Loss for the 
  period                         -          -             -    (3,852)          -    (3,852) 
 Exchange differences 
  on 
   translation                   -          -       (3,637)          -          -    (3,637) 
 Total comprehensive 
   income/(loss)                 -          -       (3,637)    (3,852)          -    (7,489) 
 
 Balance at 
  30 June 2015              16,048    197,676      (14,952)   (37,784)      6,033    167,021 
 
 Share-based 
  payments                       -          -             -          -        469        469 
 Placing of 
  ordinary shares*             706      4,280             -          -          -      4,986 
 Cost of issue                   -      (368)             -          -          -      (368) 
 Warrants issued 
  on placing                               58                                (58)          - 
 Convertible 
  loan equity                    -          -             -          -        162        162 
 Transfer to 
  P&L account                    -          -             -         12       (12)          - 
 Transactions 
  with owners                  706      3,970             -         12        561      5,249 
 
 Loss for the 
  period                         -          -             -   (14,690)          -   (14,690) 
 Exchange differences 
  on 
   translation                   -          -      (19,259)          -          -   (19,259) 
 Total comprehensive 
   income/(loss)                 -          -      (19,259)   (14,690)          -   (33,949) 
 
 Balance at 
  1 January 2016            16,754    201,646      (34,211)   (52,462)      6,594    138,321 
 
 Convertible 
  loan equity                    -          -             -          -        415        415 
 Transfer to 
  P&L account                    -          -             -         64       (64)          - 
 Share-based 
  payments                       -          -             -          -        100        100 
 Transactions 
  with owners                    -          -             -         64        451        515 
 
 Loss for the 
  period                         -          -             -    (4,704)          -    (4,704) 
 Exchange differences 
  on 
   translation                   -          -       (5,988)          -          -    (5,988) 
 Total comprehensive 
   income/(loss)                 -          -       (5,988)    (4,704)          -   (10,692) 
 
 Balance at 
  30 June 2016              16,754    201,646      (40,199)   (57,102)      7,045    128,144 
                         =========  =========  ============  =========  =========  ========= 
 * Share placing was used to fund the Hernandarias 
  seismic acquisition and Argentine workover programme 
 

Condensed Consolidated Statement of Cash Flows

Six months ended 30 June 2016

 
                                                                       Year 
                                          6 months      6 months         to 
                                            to 30         to 30 
                                             June          June       31 Dec 
                                            2016          2015         2015 
                                         (Unaudited)   (Unaudited)   (Audited) 
                                           US$000        US$000       US$000 
 
 
 Cash flows from operating 
  activities - (Note 11) 
 Cash generated/(consumed) 
  by operations                              (1,879)         (346)     (1,002) 
 Interest received                                 -             2           2 
 Taxes paid                                        -         (104)           - 
 Taxes refunded                                    -             4           4 
                                        ------------  ------------  ---------- 
                                             (1,879)         (444)       (996) 
                                        ------------  ------------  ---------- 
 
 Cash flows from investing 
  activities 
 Expenditure on exploration 
  and evaluation assets                        (411)       (9,491)    (11,206) 
 Expenditure on development 
  and production assets 
    (excluding increase in provision 
     for decommissioning)                    (1,697)       (1,407)     (3,196) 
 Proceeds from asset sales                         -           128         199 
 Pirity acquisition                                -             -       (756) 
 USA acquisition                                   -             -       (121) 
 
                                             (2,108)      (10,770)    (15,080) 
                                        ------------  ------------  ---------- 
 
 Cash flows from financing 
  activities 
 Proceeds from issue of shares 
  (net of expenses)                                -        13,414      18,032 
 Loan converted to equity                          -       (1,800)     (4,470) 
 Related party loan                            5,967           750       3,895 
 Repayment of loan capital                         -         (500)       (555) 
 Payment of loan interest and 
  fees                                         (835)         (910)     (1,722) 
 
                                               5,132        10,954      15,180 
                                        ------------  ------------  ---------- 
 
 
 Net increase/(decrease) in 
  cash and cash equivalents                    1,145         (260)       (896) 
 Opening cash and cash equivalents 
  at beginning of year                           217         1,527       1,527 
 Exchange (losses)/gains on 
  cash and cash equivalents                    (237)           558       (414) 
 Closing cash and cash equivalents             1,125         1,825         217 
                                        ============  ============  ========== 
 

Notes to the Half-Yearly Financial Statements

Six months ended 30 June 2016

1 Nature of operations and general information

President Energy PLC and its subsidiaries' (together "the Group") principal activities are the exploration for and the evaluation and production of oil and gas.

President Energy PLC is the Group's ultimate parent company. It is incorporated and domiciled in England. The Group has onshore oil and gas production and reserves in Argentina and the USA. The Group also has onshore exploration assets in Paraguay, Argentina, the USA and Australia. The address of President Energy PLC's registered office is 1200 Century Way, Thorpe Park Business Park, Leeds LS15 8ZA. President Energy PLC's shares are listed on the Alternative Investment Market of the London Stock Exchange.

These condensed consolidated interim financial statements (the interim financial statements) have been approved for issue by the Board of Directors on 29th September 2016. The financial information for the year ended 31 December 2015 set out in this interim report does not constitute statutory accounts as defined in Section 434 of the Companies Act 2006. The financial information for the six months ended 30 June 2016 and 30 June 2015 was neither audited nor reviewed by the auditor. The Group's statutory financial statements for the year ended 31 December 2015 have been filed with the Registrar of Companies. The auditor's report on those financial statements was unqualified and did not draw attention to any matters by way of emphasis and did not contain a statement under section 498(2) or (3) of the Companies Act 2006.

2 Basis of preparation

The interim financial statements do not include all of the information required for full annual financial statements and should be read in conjunction with the consolidated financial statements of the Group for the year ended 31 December 2015, which have been prepared under IFRS as adopted by the European Union.

These financial statements have been prepared under the historical cost convention, except for any derivative financial instruments which have been measured at fair value. The interim financial statements have been prepared in accordance with the accounting policies adopted in the last annual financial statements for the year to 31 December 2015.

The accounting policies have been applied consistently throughout the Group for the purposes of preparation of these interim financial statements.

 
                                                                 Year 
                                    6 months      6 months         to 
                                      to 30         to 30 
                                       June          June       31 Dec 
                                      2016          2015         2015 
                                   (Unaudited)   (Unaudited)   (Audited) 
                                     US$000        US$000       US$000 
 3 Cost of Sales 
 
  Depreciation                           1,394         1,767       2,742 
  Well operating costs                   5,460         3,455       7,512 
                                         6,854         5,222      10,254 
                                  ============  ============  ========== 
 
 4 Administrative expenses 
 
  Directors and staff 
   cost                                  1,240         1,943       3,746 
  Share-based payments                     100           707       1,176 
  Depreciation                              13            15          88 
  Other                                    681             5       1,388 
                                         2,034         2,670       6,398 
                                  ============  ============  ========== 
 
 
 5 Impairment charge 
 
  Demattei licence 
   Paraguay (intangible)                     -             -      10,876 
  Prospects East Lake 
   Verret USA (intangible)                   -             -          74 
  East White Lake (PP&E)                     -             -         444 
                                             -             -      11,394 
                                  ============  ============  ========== 
 6 Non-operating gains 
 
  Arising on Argentine 
   acquisition                               -             -          66 
  Other gains                                -            31          84 
                                             -            31         150 
                                  ============  ============  ========== 
 7 Earnings / (loss) per 
  share 
 
  Net profit / (loss) 
   for the period attributable 
    to the equity holders 
     of the 
    Parent Company                     (4,704)       (3,852)    (18,542) 
                                  ============  ============  ========== 
 
                                        Number        Number      Number 
                                          '000          '000        '000 
  Weighted average 
   number 
  of shares in issue                   471,697       439,696     471,697 
                                  ============  ============  ========== 
 
  Earnings /(loss) 
   per share                          US cents      US cents    US cents 
  Basic                                  (1.0)         (0.9)       (3.9) 
  Diluted                                (1.0)         (0.9)       (3.9) 
                                  ============  ============  ========== 
 
 
 8 Non-current assets 
                                                 Property 
                                                   Plant 
                                    Intangible      and       Total 
                                                 Equipment 
                                      US$000      US$000      US$000 
  Cost 
  At 1 January 2015                    134,003     103,882    237,885 
  Additions                              9,491       1,407     10,898 
  Disposals                               (86)         (6)       (92) 
  Exchange difference                     (42)     (5,464)    (5,506) 
                                   -----------  ----------  --------- 
  At 30 June 2015                      143,366      99,819    243,185 
  Additions                              1,892       2,561      4,453 
  Acquisition Paraguay licence             903           -        903 
  Acquisition USA                            -         121        121 
  Disposals                                  -       (245)      (245) 
  Exchange difference                    (936)    (23,631)   (24,567) 
  At 1 January 2016                    145,225      78,625    223,850 
  Additions                                411       1,697      2,108 
  Exchange difference                    (270)     (8,024)    (8,294) 
  At 30 June 2016                      145,366      72,298    217,664 
                                   ===========  ==========  ========= 
 
  Depreciation/Impairment 
  At 1 January 2015                     31,124      16,738     47,862 
  Disposal                                              36         36 
  Exchange difference                                (166)      (166) 
  Charge for the period                      -       1,782      1,782 
                                   -----------  ----------  --------- 
  At 30 June 2015                       31,124      18,390     49,514 
  Exchange difference                        -       (710)      (710) 
  Disposals                                  -        (80)       (80) 
  Impairment                                           443        443 
  Charge for the period                 10,950       1,048     11,998 
                                   -----------  ----------  --------- 
  At 1 January 2016                     42,074      19,091     61,165 
  Charge for the period                      -       1,407      1,407 
  Exchange difference                        -       (446)      (446) 
  At 30 June 2016                       42,074      20,052     62,126 
                                   ===========  ==========  ========= 
 
 
  Net Book Value 30 June 
   2016                                103,292      52,246    155,538 
                                   ===========  ==========  ========= 
 
  Net Book Value 30 June 
   2015                                112,242      81,429    193,671 
                                   ===========  ==========  ========= 
 
  Net Book Value 31 December 
   2015                                103,151      59,534    162,685 
                                   ===========  ==========  ========= 
 
 9 Trade and other receivables 
                                     30 June      30 June     31 Dec 
                                       2016        2015        2015 
 
  Trade and other receivables            3,928       6,037      3,481 
  Prepayments                               44           -         73 
                                         3,972       6,037      3,554 
                                   ===========  ==========  ========= 
 
 
 10 Borrowings 
                                    30 June       30 June      31 Dec 
                                     2016          2015         2015 
 
  IYA Loan                              9,166         8,100       4,473 
  IYA Convertible Loan                  4,744             -       3,885 
                                       13,910         8,100       8,358 
                                 ============  ============  ========== 
 
 11 Reconciliation of operating profit to 
  net cash outflow from operating activities 
 
                                                                Year 
                                   6 months      6 months         to 
                                     to 30         to 30 
                                      June          June       31 Dec 
                                     2016          2015         2015 
                                  (Unaudited)   (Unaudited)   (Audited) 
                                    US$000        US$000       US$000 
 
 
 
 Loss from operations before 
  taxation                            (5,244)       (4,080)    (18,697) 
  Interest on bank 
   deposits                                 -           (2)         (2) 
  Interest payable 
   and loan fees                          953         1,140       2,241 
  Depreciation and 
   impairment of property, 
    plant and equipment                 1,407         1,782       2,830 
  Impairment charge                         -             -      11,394 
  Gain on non-operating 
   transaction                              -             -       (150) 
  Share-based payments                    100           707       1,176 
 
  Foreign exchange 
   difference                            (45)         (403)     (1,346) 
 
 Operating cash flows before 
  movements 
  in working capital                  (2,829)         (856)     (2,554) 
 
  (Increase)/decrease 
   in receivables                       (391)         7,972      10,376 
  (Decrease)/increase 
   in payables                          1,341       (7,462)     (8,824) 
 
 Net cash generated by/(used 
  in) 
   operating activities               (1,879)         (346)     (1,002) 
                                 ============  ============  ========== 
 

This information is provided by RNS

The company news service from the London Stock Exchange

END

IR BLGDCLDDBGLC

(END) Dow Jones Newswires

September 30, 2016 02:00 ET (06:00 GMT)

1 Year President Energy Chart

1 Year President Energy Chart

1 Month President Energy Chart

1 Month President Energy Chart

Your Recent History

Delayed Upgrade Clock