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| Share Name | Share Symbol | Market | Type | Share ISIN | Share Description |
|---|---|---|---|---|---|
| Prospex Oil And Gas Plc | LSE:PXOG | London | Ordinary Share | GB00BMFZVZ53 | 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% | 1.525 | 1.30 | 1.75 | 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
TIDMPXOG
RNS Number : 5016K
Prospex Oil and Gas PLC
22 September 2016
Prospex Oil and Gas Plc / Index: AIM / Epic: PXOG / Sector: Oil and Gas
22 September 2016
Prospex Oil and Gas Plc ('Prospex' or the 'Company')
Interim Results
Prospex Oil and Gas Plc, the AIM quoted investment company, announces its interim results for the sixth month period ended 30 June 2016.
Highlights:
-- Acquisition of 49% stake in Hutton Poland in line with strategy to invest in high impact onshore and shallow offshore European opportunities with short timelines to production
-- Hutton Poland owns 100% of the 1,150 sq km Kolo Licence, onshore Poland which includes the drill-ready Boleslaw Prospect
-- Competent Person's Report highlights Boleslaw's attractive economics:
o Gross best estimate of 87 bcsf
o US$44 million to US$95 million NPV range net to Prospex
o GBP5 million to GBP8.4 million risked valuation range net to Prospex, - provides asset backing to Company's current market capitalisation and is a significant premium to initial investment costs of GBP620,000
-- Boleslaw fully funded and on track to be drilled in Q4 2016 -- Additional highly prospective targets on Kolo licence
-- Strong cash position following successful raise of GBP2.521m, GBP1.746m during the period and GBP775,000 post
-- Continue to evaluate other investment opportunities in the European onshore and shallow offshore oil and gas sector
Edward Dawson, Managing Director of Prospex, said, "In the Kolo Licence, we have an excellent short-term investment opportunity, and have confidence Hutton Poland will exploit this highly prospective resource which has transformational potential. With contractors secured drilling operations at the first target, Boleslaw-1 exploration well, are on course to commence in Q4 2016, which we believe on its own, has the potential to re-rate our valuation. This is the first of a number of targets on the licence area which are prospective and Hutton Poland remain focused on achieving milestones at Boleslaw.
"At the same time we continue to explore other opportunities that we believe will allow us to deliver on our wider strategy to invest in high impact European opportunities with short timelines to production in the coming months and years ahead. As with Boleslaw, we are looking at undervalued projects that would benefit from low cost re-evaluation/re-working, with multiple, tangible value trigger points within 12 months of acquisition, as we look to build a leading oil and gas investment company."
For further information visit www.prospexoilandgas.com or contact the following:
Hot Features
Premium
Edward Dawson Prospex Oil and Gas Tel: +44 (0) 203
Plc 586 1009
Katy Mitchell WH Ireland Limited Tel: 0113 394
Nick Prowting WH Ireland Limited 6600
Jay Ashfield WH Ireland Limited
Tel: +44 (0)
207 220 1658
Jon Belliss Beaufort Securities Tel: +44 (0) 207
Limited 382 8300
Lucy Williams Peterhouse Corporate Tel: +44 (0) 207
Charles Goodfellow Finance 469 0932
Eran Zucker Peterhouse Corporate
Finance
Peterhouse Corporate
Finance
Charlotte Heap St Brides Partners Tel: +44 (0) 20
Frank Buhagiar Ltd 7236 1177
St Brides Partners
Ltd
Chairman's Statement
We have made excellent progress over the period and I am delighted with what we have been able to achieve in such a short space of time. Our focus over the past six months centred on investing in high impact offshore and shallow onshore opportunities in Europe, where we believe our proven team, which has successfully built and sold oil and gas companies, can identify and secure exciting and value accretive opportunities. We evaluated a huge amount of projects during the period, with the acquisition of a 49% stake in the attractive but undervalued Hutton Poland ('Hutton') being the most significant.
Since acquisition, considerable progress has been made towards advancing work at the 1,150 sq km Kolo Licence ('Kolo'), located in the productive Polish Central Basin, which holds multiple opportunities including the Boleslaw prospect as well as an independent oil prospect and a further gas anomaly. The opportunities present at Kolo was one of the key tenets that attracted us to this investment, and we were delighted that an independent Competent Person's Report ('CPR') prepared by AGR TRACS in May 2016 identified the significant, untapped potential value present at the project, deeming it "a worthwhile and attractive exploration opportunity".
At the drill-ready Boleslaw prospect, where Hutton Poland are targeting two mapped reservoirs, the CPR assigned a gross best estimate of 87 bscf and a risked current valuation ranging from GBP5m to GBP8.4m (net to Prospex), representing a significant premium to the initial investment price GBP620,000 (see announcements dated 8 January 2016 and 08 April 2016).
Exalo Drilling ('Exalo') has been contracted to drill the Boleslaw-1 exploration well, marking another significant milestone in the Project's advancement. The immediate next steps involve the completion of the Boleslaw permitting effort and final approval of the drilling programme from the Polish government's Ministry of Environment, which will be followed by pad construction and the mobilisation of the drill rig ahead of the commencement of drilling operations, which are on track to commence in Q4 2016. With significant high impact milestones being achieved in the near term, we anticipate that the months ahead will be an exciting period for the Company; a period in which we will endeavour to continue to build value, explore prospective opportunities and generate uplift for our shareholders.
The successful equity raise of GBP1.6 million in May 2016 and a subsequent raise of GBP775,000 post period end in August 2016, places us in a strong position and ensures the advancement of the Boleslaw-1 investment, which provides us with high impact potential in the short-term, while allowing us to explore longer term opportunities, a number of which we are actively evaluating.
I believe we have an excellent platform in place for growth. The market is conducive to our model and we believe we can acquire assets that fit our investment criteria and have the ability to add long-term value. This would not be possible without our team, and I would like to take this opportunity to thank them, as well as our advisers and shareholders for their continued support as we look forward to the period ahead with confidence. Prospex continues to establish itself as an oil and gas investment company, which I believe will generate significant value for shareholders in the process.
Bill Smith
Non-Executive Chairman
Consolidated statement of comprehensive income
Six
Six months months Year
ended ended ended
30 June 30 June 31 December
--------------------------- ------------------------ ----------------------
2016 2015 2015
(unaudited) (unaudited) (audited)
GBP GBP GBP
Administrative expenses (198,163) (257,814) (601,892)
Gain arising on restructuring - 152,361 98,885
--------------------------- ------------------------ ----------------------
Operating loss (198,163) (105,453) (503,007)
Finance income - 162 162
--------------------------- ------------------------ ----------------------
Loss before income taxation (198,163) (105,291) (502,845)
Income tax expense - - 411
--------------------------- ------------------------ ----------------------
Loss for the period
from continuing operations (198,163) (105,291) (502,434)
Discontinued operations
Profit for the period
from discontinued operations - 521,745 571,745
--------------------------- ------------------------ ----------------------
(198,163) 416,454 69,311
Other comprehensive
income
Change in fair value
of available for sale
assets 2,374,650 - -
Currency translation
differences on disposal
of foreign operation - (39,467) -
--------------------------- ------------------------ ----------------------
Loss/(profit) for the
period and total comprehensive
income attributable
to owners of the parent
for the period 2,176,487 376,987 69,311
=========================== ======================== ======================
Earnings/(loss) per
share - basic and diluted
Continuing operations 3.61p (0.52)p (1.64)p
=========================== ======================== ======================
Discontinued activities - 2.56p 1.86p
=========================== ======================== ======================
Consolidated statement of financial position
As at 30 June 2016
30 June 30 June 31 December
--------------------- ------------------------ ------------------------
2016 2015 2015
(unaudited) (unaudited) (audited)
GBP GBP GBP
ASSETS
Non-current assets
Property, plant and
equipment 35,383 - 1,274
Investment in associate 3,621,656 - -
Non-current financial
assets 198,080 - -
Total non-current assets 3,855,119 - 1,274
--------------------- ------------------------ ------------------------
Current assets
Trade and other receivables 45,702 169,448 155,909
Cash and cash equivalents 523,392 859,407 382,216
--------------------- ------------------------ ------------------------
Total current assets 569,094 1,028,855 538,125
--------------------- ------------------------ ------------------------
LIABILITIES
Current liabilities
Trade and other payables (108,015) (256,858) (80,875)
--------------------- ------------------------ ------------------------
Total liabilities (108,015) (256,858) (80,875)
--------------------- ------------------------ ------------------------
Net current assets/(liabilities) 461,079 771,997 457,250
--------------------- ------------------------ ------------------------
Net assets 4,316,198 771,997 458,524
===================== ======================== ========================
EQUITY
Equity attributable
to owners of the parent
Called up share capital 4,403,234 2,657,234 2,657,234
Share premium account 6,667,901 6,732,715 6,732,714
Capital redemption reserve 43,333 43,333 43,333
Merger reserve 2,416,667 2,416,667 2,416,667
Retained earnings (9,214,937) (11,077,952) (11,391,424)
--------------------- ------------------------ ------------------------
Total equity 4,316,198 771,997 458,524
===================== ======================== ========================
Statement of changes in equity
For the six months ended 30 June 2016
Foreign Capital Non
Share Share Retained currency redemption Merger controlling Convertible
loan
capital premium earnings reserve reserve reserve interests note Total
GBP GBP GBP GBP GBP GBP GBP GBP GBP
Unaudited
Balance at
1 January 2016 2,657,234 6,732,714 (11,391,424) - 43,333 2,416,667 - - 458,524
Total
comprehensive
income for
the period - - 2,176,487 - - - - - 2,176,487
Issue of shares 1,746,000 - - - - - - - 1,746,000
Share issue
costs - (64,813) - - - - - - (64,813)
Balance at
30 June 2016 4,403,234 6,667,901 (9,214,937) - 43,333 2,416,667 - - 4,316,198
================= ================= ==================== ====================== =================== ================= =================== =================== ===================
Unaudited
Balance at
1 January 2015 2,304,398 6,063,208 (11,531,728) 39,467 43,333 2,416,667 (166,865) 100,216 (731,304)
Total
comprehensive
income for
the period - - 416,454 (39,467) - - - - 376,987
Issue of shares 352,836 723,314 - - - - - - 1,076,150
Share issue
costs - (53,807) - - - - - - (53,807)
Equity settled
share based
payment - - 37,322 - - - - - 37,322
On completion
of CVA - - - - - - - (100,216) (100,216)
On disposal
of
subsidiaries - - - - - - 166,865 - 166,865
Balance at
30 June 2015 2,657,234 6,732,715 (11,077,952) - 43,333 2,416,667 - - 771,997
================= ================= ==================== ====================== =================== ================= =================== =================== ===================
Audited
Balance at
1 January 2015 2,304,398 6,063,208 (11,531,728) 39,467 43,333 2,416,667 (166,865) 100,216 (731,304)
Total
comprehensive
income for
the year - - 69,311 - - - - - 69,311
Issue of shares 352,836 723,314 - - - - - - 1,076,150
Share issue
costs - (53,808) - - - - - - (53,808)
On completion
of CVA - - - - - - - (100,216) (100,216)
Equity settled
share based
payment - - 70,993 - - - - - 70,993
On disposal
of
subsidiaries - - - (39,467) - - 166,865 - 127,398
Balance at
31 December
2015 2,657,234 6,732,714 (11,391,424) - 43,333 2,416,667 - - 458,524
================= ================= ==================== ====================== =================== ================= =================== =================== ===================
Cash flow statement
For the six months ended 30 June 2016
Six months ended Six months ended Year ended
30 June 30 June 31 December
------------------------- ------------------- ------------------------
2016 2015 2015
(unaudited) (unaudited) (audited)
GBP GBP GBP
Operating activities
Operating loss (198,163) (257,814) (601,892)
Depreciation of property
plant and equipment 8,400 - 425
Decrease/(increase)
in trade and other receivables 110,207 (14,174) (130,552)
Increase/(decrease)
in trade and other payables 27,140 68,604 (96,409)
Equity-settled share
based payment - 37,322 70,993
Other movement - (31,824) 33,955
------------------------- ------------------- ------------------------
Net cash used in operating
activities - continuing
operations (52,416) (197,886) (723,480)
------------------------- ------------------- ------------------------
Investing activities
Finance income - 162 162
------------------------- -------------------
Net generated from investing
activities - 162 162
------------------------- ------------------- ------------------------
Capital expenditure
Payments to acquire
property, plant and
equipment (42,509) - (1,699)
------------------------- ------------------- ------------------------
Net cash outflow for
capital expenditure (42,509) - (1,699)
------------------------- ------------------- ------------------------
Acquisitions and disposals
Purchase of investments (1,445,086) - -
Cash on disposal of
subsidiary undertaking - - (247)
------------------------- ------------------- ------------------------
Net cash used in acquisitions
and disposals (1,445,086) - (247)
------------------------- ------------------- ------------------------
Financing activities
Issue of share capital 1,746,000 1,076,150 1,076,150
Costs in respect of
share issue (64,813) (53,808) (53,808)
Convertible loan notes - - 50,000
Proceeds received from
the issue of derivative
financial assets - 12,055 12,404
Net cash generated from
financing activities 1,681,187 1,034,397 1,084,746
------------------------- ------------------- ------------------------
Net increase in cash
and cash equivalents 141,176 836,673 359,482
Cash and cash equivalents
at start of period 382,216 22,734 22,734
------------------------- ------------------- ------------------------
Cash and cash equivalents
at end of period 523,392 859,407 382,216
========================= =================== ========================
Notes to the interim financial statements
1 General information
Prospex Oil and Gas Plc is a company incorporated in the United Kingdom, which is listed on the Alternative Investment Market of the London Stock Exchange Plc. The address of its registered office is Stonebridge House, Chelmsford Road, Hatfield Heath, Essex CM22 7BD. The Group is primarily involved in the exploration for gold.
2 Financial information
The interim financial information for the six months ended 30 June 2016 has not been audited or reviewed and does not constitute statutory accounts within the meaning of Section 434 of the Companies Act 2006. The comparative financial information for the year ended 31 December 2015 has been derived from the audited financial statements for that period. A copy of those statutory financial statements for the year ended 31 December 2015 has been delivered to the Registrar of Companies. The report of the independent auditors on those financial statements was unqualified and did not contain a statement under Sections 498 (2) or (3) of the Companies Act 2006.
The interim financial statements have been prepared in accordance with International Financial Reporting Standards ('IFRS') as adopted by the European Union, IFRIC interpretations and the Companies Act 2006 applicable to companies reporting under IFRS and under the historical cost convention. They have also been on a basis consistent with the accounting policies expected to be applied for the year ending 31 December 2016 and which are also consistent with those set out in the statutory accounts of the Company for the year ended 31 December 2015, except for the adoption of new standards and interpretations.
3 Taxation
On the basis of these accounts there is no tax charge for the period.
4 Earnings per share
The earnings and number of shares used in the calculation of earnings per share are as follows:
Six months ended Six months ended Year ended
30 June 30 June 31 December
------------------------- ------------------ -----------------------
2016 2015 2015
(unaudited) (unaudited) (audited)
Basic and diluted
Continuing operations 2,176,487 (105,291) (502,434)
Discontinued operations - 521,745 571,745
Profit for the
financial period 2,176,487 416,454 69,311
========================= ================== =======================
Weighted average
number of shares 60,327,994 20,345,260 30,677,884
Loss per share
- continuing activities 3.61p (0.52)p (1.64)p
========================= ================== =======================
Earnings per share
- discontinued
activities - 2.56p 1.86p
========================= ================== =======================
There was no dilutive effect in respect of the share options outstanding during the period.
5 Non-current investment
The Group owns 49% of the equity share capital of Hutton Poland Limited. The investment is accounted for at fair value through the profit and loss, as the Company is deemed to be an Investment Entity.
The carrying value of the Group's investment was as follows:
Six months Six months
ended ended Year ended
30 June 30 June 31 December
------------ ------------ ------------
2016 2015 2015
(unaudited) (unaudited) (audited)
At 1 January - - -
Addition, at cost
------------ ------------ ------------
Fair value adjustment
1,247,006
2,374,650 - -
At 30 June 2,176,487 416,454 69,311
------------ ------------ ------------
6 Dividends
The directors do not propose to declare a dividend for the period.
7 Copies of interim results
Copies of the interim results can be obtained from the website www.prospexoiland gas.com. From this site you may access our financial reports and presentations, recent press releases and details about the company and its operations.
* * ENDS * *
This information is provided by RNS
The company news service from the London Stock Exchange
END
IR LLFSDAFILFIR
(END) Dow Jones Newswires
September 22, 2016 02:00 ET (06:00 GMT)
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