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| Share Name | Share Symbol | Market | Type | Share ISIN | Share Description |
|---|---|---|---|---|---|
| Savannah Petroleum Plc | LSE:SAVP | London | Ordinary Share | GB00BP41S218 | ORD GBP0.001 |
| Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
|---|---|---|---|---|---|---|---|---|---|---|
| 0.00 | 0.00% | 8.90 | 8.16 | 8.98 | 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
TIDMSAVP
RNS Number : 8680K
Savannah Petroleum PLC
27 September 2016
27 September, 2016
Savannah Petroleum PLC
("Savannah" or the "Company")
Half Year Results
Savannah Petroleum PLC ("Savannah"), together with its subsidiaries (together the "Group"), today announces its unaudited interim results for the six month period ended 30 June 2016.
First Half Summary
-- Framework contract signed with BGP Niger SARL for the provision of 2D and 3D land seismic acquisition services in respect of the R1/R2 and R3/R4 PSC Areas;
-- H1 cash operating costs of US$2.5m, in line with 2015 and reflecting the Company's continued strong focus on financial discipline.
Post Period Summary
-- US$40m placing conducted in July 2016;
-- c.800km(2) 3D seismic survey operations commenced over part of the Company's R3 PSC Area, aimed at providing enhanced definition over 12 existing mapped exploration targets and the identification of new targets not currently mapped on existing 2D seismic dataset;
-- Gross best estimate risked recoverable resources estimated by CGG Robertson ("CGG") at 2,185 mmbbls, upgraded from their previous estimate of 1,191 mmbbls, principally driven by the addition of volumes from R3/R4 and from the Upper Sokor formation;
-- 118 exploration targets now identified across the Savannah PSCs;
-- Environmental authorisations received which enable Savannah to conduct seismic and drilling operations over the R3/R4 PSC Area for the duration of the license term.
Outlook
-- R3 seismic acquisition expected to be complete early 2017, with processing to commence during acquisition to optimise timing;
-- Exploration drilling anticipated to commence in H1 2017;
-- Discussions with potential farm-in partners ongoing, any transaction expected to be announced prior to commencement of drilling activity;
-- Capital markets event to be held in Niger in November 2016.
Andrew Knott, CEO, said:
"Following our recent capital raise, Savannah is now funded for the next phase of seismic and drilling operations on our permit areas in Niger. We believe our forward work program is capable of delivering a material step change in value for our stakeholders, and ahead of this we look forward to welcoming our core stakeholders to Niger in November for our capital markets event, which we expect will provide a significant update on our business."
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For further information contact:
+44 (0) 20 3817
Savannah Petroleum 9844
Andrew Knott, CEO
Jessica Hostage, Corporate
Communications
+44 (0) 20 7409
Strand Hanson (Nominated Adviser) 3494
Rory Murphy
James Spinney
Ritchie Balmer
+44 (0) 20 7878
Mirabaud (Broker) 3362
Peter Krens
Rory Scott
Celicourt Communications (Financial +44 (0) 20 7520
PR) 9266
Mark Antelme
Jimmy Lea
SAVANNAH PETROLEUM PLC
CONDENSED CONSOLIDATED STATEMENT OF COMPREHENSIVE
INCOME
FOR THE SIX MONTH PERIODED 30 JUNE 2016
6 months 6 months Year ended
ended ended
30 June 30 June 31 December
2016 2015 2015
US$'000 US$'000 US$'000
Note Unaudited Unaudited Audited
--------------------------- ----- ---------- ---------- ------------
Operating Expenses (3,532) (2,512) (7,044)
Operating loss (3,532) (2,512) (7,044)
Finance costs (9) (479) (250)
Foreign exchange gain 8 - -
--------------------------- ----- ---------- ---------- ------------
Loss before tax (3,533) (2,991) (7,294)
Income tax (761) - (565)
--------------------------- ----- ---------- ---------- ------------
Net loss and total
comprehensive loss (4,294) (2,991) (7,859)
--------------------------- ----- ---------- ---------- ------------
Total comprehensive
loss attributable to:
Owners of the parent (4,173) (2,886) (7,582)
Non-controlling interests (121) (105) (277)
--------------------------- ----- ---------- ---------- ------------
(4,294) (2,991) (7,859)
--------------------------- ----- ---------- ---------- ------------
Loss per share
Basic and diluted (US$) 4 (0.01) (0.02) (0.05)
--------------------------- ----- ---------- ---------- ------------
CONDENSED CONSOLIDATED STATEMENT OF FINANCIAL POSITION
AT 30 JUNE 2016
30 June 30 June 31 December
2016 2015 2015
US$'000 US$'000 US$'000
Note Unaudited Unaudited Audited
------------------------------ ----- ---------- ---------- ------------
Assets
Non-Current Assets
Property, plant and
equipment 681 780 734
Exploration and evaluation
assets 3 82,148 47,633 80,529
------------------------------ ----- ---------- ---------- ------------
Total non-current assets 82,829 48,413 81,263
------------------------------ ----- ---------- ---------- ------------
Current Assets
Other receivables and
prepayments 3,411 794 410
Cash and cash equivalents 700 8,703 7,849
------------------------------ ----- ---------- ---------- ------------
Total current assets 4,111 9,497 8,259
------------------------------ ----- ---------- ---------- ------------
Total Assets 86,940 57,910 89,522
------------------------------ ----- ---------- ---------- ------------
Equity and Liabilities
Capital and reserves
Share capital 5 321 224 321
Share premium 5 108,576 73,668 108,576
Capital contribution 5 458 458 458
Other reserve 5 - (375) -
Share based payment
reserve 5 2,119 388 1,223
Accumulated deficit (26,322) (17,505) (22,149)
Equity attributable
to owners of the Group 85,152 56,858 88,429
Non-controlling interests (471) (178) (350)
------------------------------ ----- ---------- ---------- ------------
Total equity 84,681 56,680 88,079
------------------------------ ----- ---------- ---------- ------------
Current Liabilities
Trade and other payables 996 808 878
Corporation tax liability 1,263 422 565
Total current liabilities 2,259 1,230 1,443
------------------------------ ----- ---------- ---------- ------------
Total Equity and Liabilities 86,940 57,910 89,522
------------------------------ ----- ---------- ---------- ------------
CONDENSED CONSOLIDATED STATEMENT OF CASH FLOWS
FOR THE SIX MONTH PERIODED 30 JUNE 2016
6 6 months 6 months Year ended
ended ended
30 June 30 June 31 December
2016 2015 2015
US$'000 US$'000 US$'000
Unaudited Unaudited Audited
---------------------------------- ----------- ---------- -------------
Cash flows from operating
activities:
Loss for the period before
tax (3,533) (2,991) (7,294)
Depreciation and amortisation 54 42 97
Share option charge 896 327 1,162
Finance costs 9 - 84
Issue cost - - (1,634)
Loss on disposal - - 6
Non-cash movement in provision - 5 10
---------------------------------- ----------- ---------- -------------
Operating cash flows before
movements in working capital (2,574) (2,617) (7,569)
(Increase) / decrease
in other receivables and
Prepayments (3,001) 681 815
Increase / (decrease)
in trade and other payables 55 (1,169) (1,100)
Net cash outflow from operations (5,520) (3,105) (7,854)
Cash flows from investing
activities:
Payments for property,
plant and equipment (1) (319) (344)
Proceeds from disposal
of property, plant and
equipment - - 11
Exploration and evaluation
costs paid (1,619) (5,094) (37,990)
---------------------------------- ----------- ---------- -------------
Net cash used in investing
activities (1,620) (5,413) (38,323)
Cash flows from financing
activities:
Finance charges (9) - (84)
Proceeds from issues of
equity share, net of issue
Cost - - 36,889
Net cash provided by financing
activities (9) - 36,805
---------------------------------- ----------- ---------- -------------
Net decrease in cash and
cash equivalents (7,149) (8,518) (9,372)
Cash and cash equivalents
at beginning of period 7,849 17,221 17,221
Cash and cash equivalents
at end of period 700 8,703 7,849
---------------------------------- ----------- ---------- -------------
CONDENSED CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
AS AT 30 JUNE 2016
Share Non-
Share Share Capital Other based Accumulated Controlling
Capital Premium Contribution Reserve Payment Deficit Total Interest Total
Reserve
US$'000 US$'000 US$'000 US$'000 US$'000 US$'000 US$'000 US$'000 US$'000
--------------- -------- -------- -------------- -------- -------- ------------- -------- ------------ --------
Balance at
31 December
2014
(Audited) 224 73,668 458 (375) 61 (14,619) 59,417 (73) 59,344
Equity settled
share based
payment - - - - 327 - 327 - 327
Loss for the
period and
total
comprehensive
loss - - - - - (2,886) (2,886) (105) (2,991)
--------------- -------- -------- -------------- -------- -------- ------------- -------- ------------ --------
Balance at
30 June 2015
(Unaudited) 224 73,668 458 (375) 388 (17,505) 56,858 (178) 56,680
Issue of
ordinary
shares to
shareholders,
net of issue
costs 97 35,158 - - - - 35,255 - 35,255
Equity settled
share based
payment - - - - 835 - 835 - 835
Loss for the
period and
total
comprehensive
loss - - - - - (4,696) (4,696) (172) (4,868)
Reversal of
provision
and unpaid
share capital - (250) - 375 - 52 177 - 177
Balance at
31 December
2015
(Audited) 321 108,576 458 - 1,223 (22,149) 88,429 (350) 88,079
Equity settled
share based
payments - - - - 896 - 896 - 896
Loss for the
period and
total
comprehensive
loss - - - - - (4,173) (4,173) (121) (4,294)
Balance at
30 June 2016
(Unaudited) 321 108,576 458 - 2,119 (26,322) 85,152 (471) 84,681
--------------- -------- -------- -------------- -------- -------- ------------- -------- ------------ --------
NOTES TO THE CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS
1. General information
Savannah was incorporated in the United Kingdom on 3 July 2014. Savannah's principal activity is the management of its investment in Savannah Petroleum 1 Limited ("SP1"). SP1 was incorporated in Scotland on 3 July 2013. SP1's principal activity is the management of its investment in Savannah Petroleum 2 Limited ("SP2"), and the provision of services to other companies within the Group. SP2 has a 95% interest in Savannah Petroleum Niger R1/R2 S.A. ("Savannah Niger") whose principal activity is the exploration of hydrocarbons in the Republic of Niger.
2. Accounting policies
Basis of Preparation
The condensed consolidated financial statements have been prepared using the same accounting policies that applied to the Group's latest annual audited financial statements. The provisions of IAS 34 'Interim Financial Reporting' have not been applied.
The condensed consolidated financial statements do not include all disclosures that would otherwise be required in a complete set of financial statements and should be read in conjunction with the 2015 Annual Report. The financial information for the six months ended 30 June 2016 does not constitute statutory accounts within the meaning of Section 434(3) of the Companies Act 2006 and is unaudited.
The annual financial statements of Savannah Petroleum PLC are prepared in accordance with IFRSs as adopted by the European Union. The Independent Auditors' Report on that Annual Report and financial statements for 2015 was unqualified, did not draw attention to any matters by way of emphasis, and did not contain a statement under 498(2) or 498(3) of the Companies Act 2006.
The Group's statutory financial statements for the period ended 31 December 2015 have been filed with the Registrar of Companies.
All amounts have been prepared in US dollars, this being the Group's functional currency and its presentational currency.
Going concern
The Group closely monitors and manages its capital position and liquidity risk to ensure that it has sufficient funds to meet forecast cash requirements and satisfy the planned capital programme.
The majority of the Group's liabilities are trade and other payables. The Group has sufficient funds to meet its obligations in the short to medium term. The directors have a reasonable expectation that the Group has adequate resources to continue in operational existence for the foreseeable future. Accordingly, they adopt the going concern basis in preparing the condensed interim financial statements.
In July 2016 the Company raised US$40 million (gross) from issuing new ordinary shares.
UNAUDITED NOTES FORMING PART OF THE CONSOLIDATED INTERIM FINANCIAL STATEMENTS
Accounting policies (continued)
Intangible exploration and evaluation assets
Intangible assets relate to Exploration, evaluation and development expenditure and are accounted for under the 'successful efforts' method of accounting per IFRS 6 'Exploration for an Evaluation of Mineral Resources'. The successful efforts method means that only costs which relate directly to the discovery and development of specific oil and gas reserves are capitalised. Exploration and evaluation costs are valued at cost less accumulated impairment losses and capitalised within intangible assets. Development expenditure on producing assets is accounted for in accordance with IAS 16, 'Property, plant and equipment'. Costs incurred prior to obtaining legal rights to explore are expensed immediately to the income statement.
Segmental analysis
In the opinion of the directors, the Group is primarily organised into a single operating segment. This is consistent with the Group's internal reporting to the chief operating decision maker. Separate segmental disclosures have therefore not been included.
3. Exploration and evaluation assets
Exploration and Evaluation assets consist of acquisition costs relating to the acquisition of exploration licenses and other costs associated directly with the discovery and development of specific oil and gas reserves in the R1/R2 license area.
30 June 30 June 31 December
2016 2015 2015
Unaudited Unaudited Audited
---------------------------------- --------- --------- ------------------
US$'000 US$'000 US$'000
Exploration and evaluation assets 82,148 47,633 80,529
The amounts for Exploration and Evaluation assets represent active exploration projects. These will ultimately be written off to the statement of comprehensive income as exploration costs if commercial reserves are not established, but are carried forward in the statement of financial position whilst the determination process is ongoing. There are no indications of impairment having regard to the indicators in IFRS 6.
Exploration and evaluation costs of US$1,619,000 incurred in the period to 30 June 2016 relate mainly to geological and geophysical studies as well as other data analysis in relation to the R1/R2 and R3/R4 licences.
UNAUDITED NOTES FORMING PART OF THE CONSOLIDATED INTERIM FINANCIAL STATEMENTS
4. Loss per share
Basic loss per share amounts are calculated by dividing the loss for the period attributable to ordinary equity holders by the weighted average number of ordinary shares outstanding during the period.
Diluted loss per share amounts are calculated by dividing the loss for the periods attributable to ordinary holders by the weighted average number of ordinary shares outstanding during the period, plus the weighted average number of shares that would be issued on the conversion of dilutive potential ordinary shares into ordinary shares. The effect of share options is anti-dilutive, and is therefore excluded from the calculation of diluted loss per share.
Details of share capital movements are given in note 5.
30 June 30 June 31 December
2016 2015 2015
Unaudited Unaudited Audited
----------------------------------- ----------- ----------- -----------
US$'000 US$'000 US$'000
Net loss attributable to owners
of the parent 4,173 2,886 7,582
Number Number Number
of shares of shares of shares
Basic and diluted weighted average
number of shares 274,621,447 131,337,172 160,878,154
US$ US$ US$
Basic and diluted loss per share 0.01 0.02 0.05
UNAUDITED NOTES FORMING PART OF THE CONSOLIDATED INTERIM FINANCIAL STATEMENTS
5. Share capital
30 June 30 June 31 December
2016 2015 2015
Unaudited Unaudited Audited
------------------------------ ----------- ----------- -----------
Fully paid ordinary Shares in
issue (number) 193,341,447 131,337,172 193,341,447
Par value per share in GBP 0.001 0.001 0.001
------------------------------ ----------- ----------- -----------
Number of
Shares Share Capital Share Premium Total
------------------ ----------- ------------- ------------- -------
US$'000 US$'000 US$'000
At 30 June 2015
(Unaudited) 131,337,172 224 73,668 73,892
Share issued 62,004,275 97 34,908 35,005
At 31 December
2015 (Audited)
and 30 June 2016
(Unaudited) 193,341,447 321 108,576 108,897
------------------- ----------- ------------- ------------- -------
On 3 July 2014, 10 ordinary shares of GBP0.01 were issued.
On 22 July 2014, 49,999,991 ordinary shares of GBP0.001 were issued.
On 1 August 2014, 25,497,236 ordinary shares of GBP0.001 were issued as part of a debt to equity conversion.
On 1 August 2014, 55,839,935 ordinary shares of GBP0.001 were issued as part of the AIM listing.
The total aggregate increase in the share premium reserve regarding the share issues was US$73,668,000 after deducting US$3,770,000 in expenses.
In July 2015, 61,690,000 ordinary shares of GBP0.001 were issued as part of an equity fund raising.
In July 2015, 314,275 ordinary shares of GBP0.001 were issued as part of an employee remuneration award.
UNAUDITED NOTES FORMING PART OF THE CONSOLIDATED INTERIM FINANCIAL STATEMENTS
Share capital (continued)
Other capital reserves
Share
based
Capital Other payment
contribution reserve reserve Total
------------------------------ ------------- -------- -------- -------
US$'000 US$'000 US$'000 US$'000
At 30 June 2015 (Unaudited) 458 (375) 388 471
Group structuring - 375 - 375
Share based payments expense
during the year - - 835 835
------------------------------- ------------- -------- -------- -------
At 31 December 2015 (Audited) 458 - 1,223 1,681
Share based payments expense
during the period - - 896 896
------------------------------- ------------- -------- -------- -------
At 30 June 2016 (Unaudited) 458 - 2,119 2,577
------------------------------- ------------- -------- -------- -------
Nature and purpose of reserves
Capital contribution reserve
On 1 August 2014 a capital contribution of US$458,000 was made by shareholders of the Group as part of the loan note conversion.
Share based payment reserve
The share-based payment reserve is used to recognise the value of equity-settled share-based payments provided to employees, including key management personnel, as part of their remuneration.
6. Capital commitments
At the reporting date the Group had capital commitments of US$2.5 million at signing of the seismic acquisition contract which was paid as at balance sheet date. (30 June 2015: US$ nil, 31 December 2015: US$ nil)
UNAUDITED NOTES FORMING PART OF THE CONSOLIDATED INTERIM FINANCIAL STATEMENTS
7. Related parties
The related party transactions for the interim and prior period are as follows:
Management
Outstanding services
US$'000 US$'000
-------------------------------- ------------------------- ----------
Lothian Oil & Gas Partners LLP:
At 30 June 2016 24 180
At 30 June 2015 31 182
At 31 December 2015 - 441
--------------------------------- ------------------------- ----------
Andrew Knott is a member of Lothian Oil & Gas Partners LLP ("LOGP") and the Chief Executive Officer of Savannah Petroleum PLC. As discussed on Page 57 of the Company's AIM Admission Document of 1 August 2014, LOGP incurred costs of US$2,002,000 relating to the Group's activities prior to Admission to AIM. US$500,000 of these costs was recharged to the Company on Admission. In addition, post-Admission, LOGP has continued to provide services to Savannah pursuant to a contract entered into on 28 July 2014, to enable Savannah to continue to benefit from the professional services of individuals affiliated to LOGP on an as required basis. Since the Company entered into this agreement with LOGP, Andrew Knott has not received remuneration from LOGP and is not expected to going forward.
8. Subsequent events
In July 2016 the Company raised US$40 million (gross) from issuing 81,280,000 new ordinary shares.
INDEPENT REVIEW REPORT TO SAVANNAH PETROLEUM PLC
Introduction
We have been engaged by the company to review the financial information in the half-yearly financial report for the six months ended 30 June 2016 which comprises the Condensed Consolidated Statement of Comprehensive Income, the Condensed Consolidated Statement of Financial Position, the Condensed Consolidated Statement of Cash Flows and the Condensed Consolidated Statement of Changes in Equity. We have read the other information contained in the half yearly financial report which comprises only the Notes to the Condensed Consolidated Interim Financial Statements and considered whether it contains any apparent misstatements or material inconsistencies with the information in the condensed set of financial statements.
This report is made solely to the company in accordance with guidance contained in ISRE (UK and Ireland) 2410, 'Review of Interim Financial Information performed by the Independent Auditor of the Entity'. Our review work has been undertaken so that we might state to the company those matters we are required to state to them in a review report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company, for our review work, for this report, or for the conclusion we have formed.
Directors' responsibilities
The half-yearly financial report is the responsibility of, and has been approved by, the directors. The AIM rules of the London Stock Exchange require that the accounting policies and presentation applied to the financial information in the half-yearly financial report are consistent with those which will be adopted in the annual accounts having regard to the accounting standards applicable for such accounts.
As disclosed in Note 2 the annual financial statements of the Savannah Petroleum PLC are prepared in accordance with IFRSs as adopted by the European Union. The financial information in the half-yearly financial report has been prepared in accordance with the basis of preparation in Note 2.
Our responsibility
Our responsibility is to express to the Company a conclusion on the financial information in the half-yearly financial report based on our review.
Scope of review
We conducted our review in accordance with International Standard on Review Engagements (UK and Ireland) 2410, 'Review of Interim Financial Information Performed by the Independent Auditor of the Entity' issued by the Auditing Practices Board for use in the United Kingdom. A review of interim financial information consists of making enquiries, primarily of persons responsible for financial and accounting matters, and applying analytical and other review procedures. A review is substantially less in scope than an audit conducted in accordance with International Standards on Auditing (UK and Ireland) and consequently does not enable us to obtain assurance that we would become aware of all significant matters that might be identified in an audit. Accordingly, we do not express an audit opinion.
Conclusion
Based on our review, nothing has come to our attention that causes us to believe that the financial information in the half-yearly financial report for the six months ended 30 June 2016 is not prepared, in all material respects, in accordance with the basis of accounting described in Note 2.
GRANT THORNTON UK LLP
AUDITOR
Glasgow
26 September 2016
This information is provided by RNS
The company news service from the London Stock Exchange
END
IR QQLFLQKFXBBK
(END) Dow Jones Newswires
September 27, 2016 02:00 ET (06:00 GMT)
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