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| Share Name | Share Symbol | Market | Type | Share ISIN | Share Description |
|---|---|---|---|---|---|
| Quoram | LSE:QRM | London | Ordinary Share | GB00B5M29F66 | ORD 0.25P |
| Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
|---|---|---|---|---|---|---|---|---|---|---|
| 0.00 | 0.00% | 0.10 | 0.00 | 01:00:00 |
| Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
|---|---|---|---|---|---|
| 0 | 0 | N/A | 0 |
From May 2019 to May 2024
TIDMBBE
RNS Number : 4183Z
Bluebird Energy PLC
07 March 2013
BLUEBIRD ENERGY PLC
(AIM: BBE)
Interim Results for the Six Months Ended 31 December 2012
Bluebird Energy plc ("Bluebird" or "the Company") is pleased to announce its Interim Results for the Half Year ended 31 December 2012.
CHAIRMAN'S STATEMENT
The rationalisation of Bluebird's US Oil and Gas asset base and operating cost structure is now substantially complete; however the cash proceeds from US asset base to date have been minimal, at $26,000. The board has decided to impair the carrying value of the Solitaire project in Colorado as a consequence of the impeding expiry of those leases: this has resulted in a loss of $1.58m which has been recognised as an exceptional administration expense.
Following this impairment, the balance sheet of Bluebird essentially comprises a 5.1% interest in Wessex Exploration PLC held as an asset available for sale (together with an associated tax liability on the capital gain) and a cash balance of $1.7m at 31(st) December 2012. As at 6 March 2013 these balances were as follows:
Hot Features
Premium
37,055,245 Wessex Exporation shares at 4.00p (being the closing price on 5/3/2012) GBP1.48m
Cash Balances (primarily held in sterling) GBP1.00m
---------
Outlook
While we will continue to review the options for realisation of value from the Wessex holding, the primary focus is now on the implementation of a new investment strategy for the company aimed at growing net asset value (NAV) per share through the realisation of opportunities across a broader range of sectors. It is the board's intention to convene a General Meeting at which permission will be sought from shareholders to change the company's investment strategy; a circular will be published shortly.
Board Changes
In September 2012 Bluebird announced that Andy Yeo and Frederik Dekker had resigned from the board as CEO and non-executive director respectively to focus on their other executive responsibilities. At the same time, we were pleased to welcome Gordon Hall to the Board as an independent non-executive director.
We have commenced recruitment of an investment team and anticipate making further hires in the near future.
US Portfolio
In the US, a number of steps were taken during the period to exit the Group's portfolio of interests in Oil and Gas assets and reduce operating costs. The Group relinquished its Denver office on expiry of the lease in November 2012 and completed the sale of its interest in Cimarron Royalties for $26,000. At the Relvoc project in Pennsylanvia, in which Bluebird holds a 50% non-operator interest, all seven wells have been plugged and abandoned. Since the end of the period the Group has exited its interest in the Revloc project, which was carried at nil value and there were no proceeds on exiting the JV.
Despite review work which supported the possibility of a Mississippian oil play within our Solitaire acreage in Colorado and our efforts to market the asset, there hasn't been any interest from potential buyers of this asset. While the Board has decided to write down the carrying value of Solitaire to nil given this lack of interest as well imminent expiry of the leases, we are continuing to explore options to exit this project.
Financial Results
The losses during the interim period primarily reflect the write down of the Group's Solitaire interest in Colorado, which resulted in an exceptional administrative expense of $1.58m. Comprehensive income was negatively impacted by the decline in the carrying value of the company's interest in Wessex Exploration from 6.77p to 4.43p which resulted in a loss of $1.3m.
Administrative expenses of $956k (H1 2011: $1,787k) for the six month comprised $518k in relation to the accelerated recognition of share based remuneration and $74k relating to the loss on disposal of the Cimarron Royalties interest. The remaining $364k in administration costs relate to ongoing operating costs incurred during the six month period.
As a result of the efforts to reduce operational expenses, the cash outflow from operational activities was reduced to $380k (H1 2011: $2.42m) while a currency gain and proceeds from the sale of Cimmarron Royalties limited the decline in cash balances to $295k leaving cash and cash equivalents at the period end of $1.7m.
James Ede-Golightly
6 March 2013
Contacts
Bluebird Energy plc www.bluebirdenergy.net James Ede-Golightly Chairman +44 (0) 117 917 5218 WH Ireland Limited www.wh-ireland.co.uk John Wakefield +44 (0) 117 945 3470
CONDENSED CONSOLIDATED INCOME STATEMENT
(Unaudited) (Unaudited) (Audited)
Year
ended 30
Six months ended 31 December 2012 Six months ended 31 December 2011 June 2012
Notes US$'000 US$'000 US$'000
-------------------- ------ ----------------------------------------- ------------------------------------------ ----------
Continuing
operations:
Revenue - 3 5
-------------------- ------ ----------------------------------------- ------------------------------------------ ----------
Gross profit - 3 5
-------------------- ------ ----------------------------------------- ------------------------------------------ ----------
Administrative
expenses (956) (1,787) (2,714)
Exceptional
administrative
expenses 2 (1,583) (268) (972)
Total
administrative
expenses (2,539) (2,055) (3,686)
-------------------- ------ ----------------------------------------- ------------------------------------------ ----------
Operating loss (2,539) (2,052) (3,681)
-------------------- ------ ----------------------------------------- ------------------------------------------ ----------
Finance income 1 4 7
(Loss)/profit on
sale of
available-for-sale
investments - - 2,569
Loss before
taxation (2,538) (2,048) (1,105)
-------------------- ------ ----------------------------------------- ------------------------------------------ ----------
Taxation - (8) (8)
Share of losses of
associates - (2) (36)
-------------------- ------ ----------------------------------------- ------------------------------------------ ----------
Loss for the
financial period
from continuing
operations (2,538) (2,058) (1,149)
Loss for the
financial period
from discontinued
operations - (431) (418)
-------------------- ------ ----------------------------------------- ------------------------------------------ ----------
Loss for the
financial period (2,538) (2,489) (1,567)
-------------------- ------ ----------------------------------------- ------------------------------------------ ----------
Attributable to:
Equity shareholders
of the Company (2,538) (2,489) (1,567)
-------------------- ------ ----------------------------------------- ------------------------------------------ ----------
Loss per share from
continuing and
discontinued
operations
attributable to the
equity shareholders
of the company.
Basic and diluted
loss per share (US
cents) 3 (0.51) (0.51) (0.32)
Loss per share from 3
continuing
operations - (0.42) (0.23)
Basic and diluted
loss per share (US
cents)
-------------------- ------ ----------------------------------------- ------------------------------------------ ----------
CONDENSED CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME
(Unaudited) (Unaudited) (Audited)
Year ended 30
Six months ended 31 December 2012 Six months ended 31 December 2011 June 2012
US$'000 US$'000 US$'000
------------------------- ------------------------------------ ------------------------------------- --------------
Loss for the financial
period (2,538) (2,489) (1,567)
Other comprehensive
income
Available-for-sale
financial assets:
Fair value
(losses) / gains
arising during
the year (1,341) 2,481 3,806
Plus:
reclassification
adjustments for
losses included
in profit or
loss - - (2,569)
Tax on loss/(gain) on
available-for-sale
financial assets 311 (439) (263)
Foreign exchange gains /
(losses) on
consolidation 63 (931) (45)
Other comprehensive
income for the
financial period, net
of tax (967) 1,111 929
------------------------- ------------------------------------ ------------------------------------- --------------
Total comprehensive
income for the
financial period (3,505) (1,378) (638)
------------------------- ------------------------------------ ------------------------------------- --------------
CONDENSED CONSOLIDATED BALANCE SHEET
(Unaudited) (Unaudited) (Audited)
Six months ended 31 December 2012 Six months ended 31 December 2011 Year ended 30 June 2012
Notes US$'000 US$'000 US$'000
-------------------- ------ ----------------------------------------- -------------------------------------------- ---------------------------------------
Assets
Non-current assets
Property, plant and
equipment - 980 771
Intangible assets - 1,408 912
Available-for-sale
financial assets 2,654 5,158 3,990
-------------------- ------ ----------------------------------------- -------------------------------------------- ---------------------------------------
2,654 7,546 5,673
-------------------- ------ ----------------------------------------- -------------------------------------------- ---------------------------------------
Current assets
Trade and other
receivables 19 80 97
Cash and cash
equivalents 1,701 2,582 1,996
-------------------- ------ ----------------------------------------- -------------------------------------------- ---------------------------------------
1,720 2,662 2,093
-------------------- ------ ----------------------------------------- -------------------------------------------- ---------------------------------------
Total assets 4,374 10,208 7,766
-------------------- ------ ----------------------------------------- -------------------------------------------- ---------------------------------------
Equity and
liabilities
Current liabilities
-------------------- ------ ----------------------------------------- -------------------------------------------- ---------------------------------------
Trade and other
payables (2) (67) (111)
-------------------- ------ ----------------------------------------- -------------------------------------------- ---------------------------------------
Non-current
liabilities
Deferred tax (393) (881) (705)
Provisions (10) - -
Provision for
associate losses - (2) -
-------------------- ------ ----------------------------------------- -------------------------------------------- ---------------------------------------
Total liabilities (405) (950) (816)
-------------------- ------ ----------------------------------------- -------------------------------------------- ---------------------------------------
Net assets 3,969 9,258 6,950
-------------------- ------ ----------------------------------------- -------------------------------------------- ---------------------------------------
Capital and
reserves
attributable to the
Company's equity
shareholders:
Share capital 4 2,210 2,210 2,210
Share premium
account 5,025 5,031 5,025
Foreign exchange
translation
reserve (2,509) (3,458) (2,572)
Retained earnings (2,135) 4,901 1,433
Share-based payment
reserve 1,378 574 854
-------------------- ------ ----------------------------------------- -------------------------------------------- ---------------------------------------
Total equity 3,969 9,258 6,950
-------------------- ------ ----------------------------------------- -------------------------------------------- ---------------------------------------
The financial statements were approved by the Board of Director's on 6 March 2013 and were signed on its behalf by:
James Ede-Golightly
Chairman
CONDENSED CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
Retained
Share capital Share premium account Foreign exchange translation reserve earnings Share based payment reserve Total
US$'000 US$'000 US$'000 US$'000 US$'000 US$'000
-------------------- --------------------------------- ------------------------------------------------ ------------------------------------------------ --------- -------------------------------------------- --------
Balance at 1 July
2011 1,318 2,537 (2,527) 5,348 299 6,975
Profit for the
financial period - - - (2,489) - (2,489)
Other comprehensive
income:
Fair value gain on
available-for-sale
financial assets - - - 2,481 - 2,481
Tax on gain on
available-for-sale
investments - - - (439) - (439)
Foreign exchange
loss on
consolidation - - (931) - - (931)
-------------------- --------------------------------- ------------------------------------------------ ------------------------------------------------ --------- -------------------------------------------- --------
Total comprehensive
income - - (931) (447) - (1,378)
Share-based
payments - - - - 275 275
Issue of share
capital 892 2,677 - - - 3,569
Issue costs - (183) - - - (183)
-------------------- --------------------------------- ------------------------------------------------ ------------------------------------------------ --------- -------------------------------------------- --------
Balance at 31
December 2011 2,210 5,031 (3,458) 4,901 574 9,258
-------------------- --------------------------------- ------------------------------------------------ ------------------------------------------------ --------- -------------------------------------------- --------
Balance at 1
January 2012 2,210 5,031 (3,458) 4,901 574 9,258
Profit for the
financial period - - - 922 - 922
Other comprehensive
income:
Fair value loss on
available-for-sale
financial assets - - - (1,243) - (1,243)
Tax on gain on
available-for-sale
investments - - - 176 - 176
Foreign exchange
gains on
consolidation - - 886 - - 886
-------------------- --------------------------------- ------------------------------------------------ ------------------------------------------------ --------- -------------------------------------------- --------
Total comprehensive
income - - 886 (145) - 741
Share-based
payments - - - - 280 280
Issue of share
capital adjustment - (6) - - - (6)
Specie dividend - - - (3,323) - (3,323)
-------------------- --------------------------------- ------------------------------------------------ ------------------------------------------------ --------- -------------------------------------------- --------
Balance at 30 June
2012 2,210 5,025 (2,572) 1,433 854 6,950
-------------------- --------------------------------- ------------------------------------------------ ------------------------------------------------ --------- -------------------------------------------- --------
Balance at 1 July
2012 2,210 5,025 (2,572) 1,433 854 6,950
Loss for the
financial period - - - (2,538) - (2,538)
Other comprehensive
income:
Fair value loss on
available-for-sale
financial assets - - - (1,341) - (1,341)
Tax on loss on
available-for-sale
investments - - - 311 - 311
Foreign exchange
gain on
consolidation - - 63 - - 63
-------------------- --------------------------------- ------------------------------------------------ ------------------------------------------------ --------- -------------------------------------------- --------
Total comprehensive
income - - 63 (3,568) - (3,505)
Share-based
payments - - - - 524 524
-------------------- --------------------------------- ------------------------------------------------ ------------------------------------------------ --------- --------------------------------------------
Balance at 31
December 2012 2,210 5,025 (2,509) (2,135) 1,378 3,969
-------------------- --------------------------------- ------------------------------------------------ ------------------------------------------------ --------- -------------------------------------------- --------
CONDENSED CONSOLIDATED CASH FLOW STATEMENT
(Unaudited) (Unaudited) (Audited)
Six months ended 31 December 2012 Six months ended 31 December 2011 Year ended 30 June 2012
US$'000 US$'000 US$'000
-------------------- -------------------------------------------------- --------------------------------------------- ---------------------------------------
Cash flow from
operating
activities (380) (2,422) (3,047)
-------------------- -------------------------------------------------- --------------------------------------------- ---------------------------------------
Cash flow used in
investing
activities
Purchase of
intangible assets - (741) (741)
Purchase of
property, plant
and equipment - (511) (511)
Purchase of
available-for-sale
investments - (840) (840)
Proceeds from
disposal of
business - 3,100 3,100
Proceeds from
disposal of
intangible assets 26 - -
Interest received 1 4 6
-------------------- -------------------------------------------------- --------------------------------------------- ---------------------------------------
Net cash flow from
investing
activities 27 1,012 1,014
-------------------- -------------------------------------------------- --------------------------------------------- ---------------------------------------
Cash flow from
financing
activities
Proceeds on issue
of new shares - 3,573 3,565
Expenses of new
share issue - (170) (183)
-------------------- -------------------------------------------------- --------------------------------------------- ---------------------------------------
Net cash flows from
financing
activities - 3,403 3,382
-------------------- -------------------------------------------------- --------------------------------------------- ---------------------------------------
Net increase /
(decrease) in cash
and cash
equivalents (353) 1,993 1,349
Cash and cash
equivalents at
beginning of
period 1,996 606 606
Effects of exchange
movements 58 (17) 41
-------------------- -------------------------------------------------- --------------------------------------------- ---------------------------------------
Cash and cash
equivalents at end
of the period 1,701 2,582 1,996
-------------------- -------------------------------------------------- --------------------------------------------- ---------------------------------------
NOTES TO THE COMBINED UNAUDITED HISTORIC FINANCIAL INFORMATION
1. Accounting policies
Basis of preparation
These condensed Half Yearly financial statements are for the six month period ended 31 December 2012.
The financial information for the six months ended 31 December 2012 and 31 December 2011 is unaudited.
IFRS is subject to amendment and interpretation by the International Accounting Standards Board ("IASB") and the IFRS Interpretations Committee and there is an ongoing process of review and endorsement by the European Commission.
The financial information has been prepared on the basis of IFRS that the Directors expect to be applicable as at 30 June 2013, with the exception of IAS 34 Interim Financial Reporting.
Financial information contained in this document does not comprise the Group's statutory financial statements as defined in section 434 of the Companies Act 2006.
The statutory financial statements for the year ended 30 June 2012 have been delivered to the Registrar of Companies. The auditors reported on these financial statements: their report was unqualified, did not contain a statement under section 498(2) or 498(3) of the Companies Act 2006, and did not include references to any matters to which the auditor drew attention by way of emphasis.
2. Exceptional administrative expenses
(Unaudited) (Unaudited) (Audited)
Six months ended 31 December Six months ended 31 December
2012 2011 Year ended 30 June 2012
US$'000 US$'000 US$'000
------------------------------ ----------------------------- ----------------------------- ------------------------
Impairment of intangible
assets (1,583) (268) (972)
------------------------------ ----------------------------- ----------------------------- ------------------------
3. Loss per share attributable to the equity shareholders of the Company
Basic loss per share (Unaudited) (Unaudited) (Audited)
Six months ended 31 Year ended 30 June
Six months ended 31 December 2012 December 2011 2012
US cents US cents US cents
---------------------- ---------------------------------------------- ---------------------- ----------------------
Loss per share from
continuing
operations (0.51) (0.42) (0.23)
Loss per share from
discontinued
operations - (0.09) (0.09)
---------------------- ---------------------------------------------- ---------------------- ----------------------
Total basic loss per
share (0.51) (0.51) (0.32)
---------------------- ---------------------------------------------- ---------------------- ----------------------
The losses and weighted average number of ordinary shares used in the calculation of basic loss per share are as follows:
US$'000 US$'000 US$'000
---------------------------------------------------------------------------------------- -------- -------- --------
Loss used in the calculation of total basic and diluted loss per share (2,538) (2,489) (1,567)
Loss for the year from discontinued operations used in the calculation of basic and
diluted
earnings per share from discontinued operations - (431) (418)
---------------------------------------------------------------------------------------- -------- -------- --------
Loss used in the calculation of basic earnings per share from continuing operations (2,538) (2,058) (1,149)
---------------------------------------------------------------------------------------- -------- -------- --------
Number of shares (Unaudited) (Unaudited) (Audited)
Six months ended 31 December Six months ended 31 December
2012 2011 Year ended 30 June 2012
------------------------------ ----------------------------- ----------------------------- ------------------------
Weighted average number of
ordinary shares for the
purposes of basic loss per
share 498,196,408 489,539,931 493,844,518
------------------------------ ----------------------------- ----------------------------- ------------------------
As at 31 December 2012, 30 June 2012 and 31 December 2011 the options in issue are not dilutive under IAS 33, Earnings per Share, because they would have the effect of decreasing the loss per share. As such there is no difference between the basic and dilutive loss per share at these dates.
4. Share Capital
(Unaudited) (Unaudited) (Audited)
Six months ended 31 December Six months ended 31 December
2012 2011 Year ended 30 June 2012
US$'000 US$'000 US$'000
------------------------------ ----------------------------- ----------------------------- ------------------------
Allotted, issued and fully
paid
498,196,408 shares of 0.25
pence 2,210 2,210 2,210
------------------------------ ----------------------------- ----------------------------- ------------------------
5. Related Parties
Brian Marshall, a non- executive director of Bluebird provided accountancy and company secretarial service to the company as a consultant through Brian Marshall Accountancy Services ("BMAS") and registered office premises via Berkeley Hall Marshall Limited ("BHM") of which company he was a director until 22 October 2012. In the period under review BMAS received GBP12,500 (2011: GBP12,500) and BHM received GBP1,500 (2011: GBP1,167)
The directors, having consulted the Company's nominated adviser, confirm their opinion that these arrangements, which are with related parties, are fair and reasonable insofar as the interests of shareholders are concerned.
6. Copies of the Interim Report
A copy of this Interim Report is now available on the Company's website at www.bluebirdenergy.net
This information is provided by RNS
The company news service from the London Stock Exchange
END
IR SSIFWMFDSESD
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