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| Share Name | Share Symbol | Market | Type | Share ISIN | Share Description |
|---|---|---|---|---|---|
| Sirius Petroleum Plc | LSE:SRSP | London | Ordinary Share | GB00B03VVN93 | 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% | 0.40 | 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
TIDMSRSP
RNS Number : 8730K
Sirius Petroleum PLC
27 September 2016
27 September 2016
Sirius Petroleum Plc.
("Sirius" or the "Company")
Half Year Report
for the six month period ended 30 June 2016
Sirius Petroleum (AIM:SRSP), the investing Company focused on oil and gas development and production opportunities in Nigeria, announces its interim results for the six month period ended 30 June 2016.
Enquiries
Sirius Petroleum plc +44 (0) 20 3740 7460 Bobo Kuti www.siriuspetroleum.com Cantor Fitzgerald Europe (Nomad and Broker) David Porter / Sarah Wharry +44 (0) 207 894 7000 Gable Communications Limited +44 (0) 20 7193 7463 John Bick Email: srsp@gablecommunications.com
Half Year Report
Results
The interim results for the six month period ended 30 June 2016 reflect the costs incurred during the period to continue our evaluation work on the Ororo Field, in collaboration with our Technical Advisors, Havoc Partners and our Nigerian partners, Owena Oil & Gas and Guarantee Petroleum, and our London and Nigerian operations as we progress our Project Funding discussions in relation to drilling the Ororo-2 well.
The operating loss in the half year amounted to $698,000, a significant reduction of $864,000 on the six months to 30 June 2015 operating loss of $1,562,000, (year to 31 December 2015: $3,215,000) giving a loss per share of 0.04 cents (30 June 2015: 0.19 cents, 31 December 2015 0.30 cents).
Financing
During the period the Company issued 166,666,667 new ordinary shares of 0.25p each at 0.3p, raising GBP500,000 before expenses. Since the period end the Company has issued a further 200,000,000 new ordinary shares of 0.25p each at 0.25p, raising a further GBP500,000 before expenses. The Company has also entered into a convertible loan agreement since the period end for GBP500,000. The loan is for a term of one year and accrues 10% interest.
Outlook
International oil service providers are offering turn-key services, equipment and personnel to finance low-risk development projects. The Board has now received a further two proposals from multinational service providers following the Company's initial vendor finance proposal. This competitive process will create the most efficient structure and pricing for the drilling of the Ororo field.
On 8 September, Sirius announced the results of a Competent Person's Report (CPR) on the Ororo Field, which was produced by independent petroleum consultants, Rockflow Resources Limited ("Rockflow"). The report confirmed a Mid Case Net Present Value (NPV10) of the asset of $49.2m, based on a $50 per barrel flat real oil price for life of field. The scenario would generate peak oil production of 6,000 stb/d and peak gas production at 25 MMScfd, which equates to combined peak production at 10,310 barrels of oil equivalent per day (boepd).
The High Case confirmed significant potential which exists on the field located in a world-class petroleum system. A summary of this report is available on our website under Reports & Publications in the Investor Relations section.
Rockflow produced an updated cash flow model in relation to the Ororo Field and in light of the current oil price, the decline of rig rates, and reduction of development costs, the economic cut off of the project is $27/bbl, which is substantially lower than today's oil price.
In conclusion, the Directors believe that Sirius is well positioned to conclude its Project Funding given the underlying quality of the Ororo asset, the recent fundraise and the progress made with Guarantee Petroleum and Owena Oil & Gas in relation to moving forward with the preparatory work on the Ororo Field.
Annual General Meeting
The Annual General Meeting will be held at 10.00 am on Thursday, 17 November 2016 at the offices of Fladgate LLP, 16 Great Queen Street, London, WC2B 5DG. A Notice convening the meeting will be sent separately to shareholders shortly, and an announcement will be made when this has been done.
Jack Pryde
Chairman
26 September 2016
SIRIUS PETROLEUM PLC
CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME
FOR THE PERIODED 30 JUNE 2016
Hot Features
Premium
Note Unaudited Unaudited Audited
Period Period Year ended
ended ended 31 December
30 June 30 June 2015
2016 2015
US$'000 US$'000 US$'000
Other income 36 39 78
Share based payment
charge - (442) (895)
Other administrative
expenses (734) (1,159) (2,398)
Total administrative
expenses (734) (1,601) (3,293)
Loss from operations (698) (1,562) (3,215)
Finance costs (4) (621) (837)
---------- ---------- -------------
Loss before taxation (702) (2,183) (4,052)
Taxation - - -
---------- ---------- -------------
Loss after taxation
and loss attributable
to the equity holders
of the Company (702) (2,183) (4,052)
Other comprehensive
income
Exchange differences
on translating
foreign operations (5) (50) (14)
Total comprehensive
loss for the period (707) (2,233) (4,066)
---------- ---------- -------------
Loss per share
Total basic and
diluted (cents
per share) 2 (0.04) (0.19) (0.30)
---------- ---------- -------------
SIRIUS PETROLEUM PLC
CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
FOR THE PERIODED 30 JUNE 2016
Share Share Share-based Other Exchange Retained Total
capital premium payment reserves reserve earnings equity
account reserve
US$'000 US$'000 US$'000 US$'000 US$'000 US$'000 US$'000
Balance at
1 January 2015 4,733 20,622 9,299 305 (252) (35,750) (1,043)
Share based
payments - - 442 - - - 442
Share issue 808 3,145 (816) - - - 3,137
Share issue
costs - (35) - - - - (35)
Issue of loan
fees equity
instruments - - - 191 - - 191
Settlement
of loan fees
equity
instruments - - - (496) - (923) (1,419)
Transactions
with owners 808 3,110 (374) (305) - (923) 2,316
-------- ---------------- --------------- --------------- ---------------- ----------------- --------
Loss for the
period - - - - - (2,183) (2,183)
Other
comprehensive
income for
the period - - - - (50) - (50)
Balance at
30 June 2015 5,541 23,732 8,925 - (302) (38,856) (960)
-------- ---------------- --------------- --------------- ---------------- ----------------- --------
Share based
payments - - 453 - - - 453
Share issue 1,603 1,656 (742) - - - 2,517
Share issue
costs - (136) - - - - (136)
Transfer on
lapse of share
options/warrants - - (1,411) - - 1,411 -
Issue of loan
fees equity
instruments - - - 611 - - 611
Settlement
of loan fees
equity
instruments - - - (611) - (86) (697)
Transactions
with owners 1,603 1,520 (1,700) - - 1,325 2,748
-------- ---------------- --------------- --------------- ---------------- ----------------- --------
Loss for the
period - - - - - (1,869) (1,869)
Other
comprehensive
income for
the period - - - - 36 - 36
Balance at
31 December
2015 7,144 25,252 7,225 - (266) (39,400) (45)
-------- ---------------- --------------- --------------- ---------------- ----------------- --------
Issue of share
capital 597 120 - - - 717
Share issue
costs (51) - - - - (51)
Transactions
with owners 597 69 - - - - 666
-------- ---------------- --------------- --------------- ---------------- ----------------- --------
Loss for the
period - - - - - (702) (702)
Other
comprehensive
income for
the period - - - - (5) - (5)
Balance at
30 June 2016 7,741 25,321 7,225 - (271) (40,102) (86)
-------- ---------------- --------------- --------------- ---------------- ----------------- --------
SIRIUS PETROLEUM PLC
CONSOLIDATED STATEMENT OF FINANCIAL POSITION
AS AT 30 JUNE 2016
Unaudited Unaudited Audited
30 June 30 June 31 December
2016 2015 2015
Assets Note US$'000 US$'000 US$'000
Non-current
Intangible exploration
and evaluation
assets 3 3,950 2,427 3,862
Property, plant
and equipment 25 - 40
---------- ---------- -------------
3,975 2,427 3,902
Current
Cash and cash
equivalents 111 14 45
Trade and other
receivables 4 60 194 110
Total current
assets 171 208 155
Total assets 4,146 2,635 4,057
Liabilities
Current
Trade and other
payables 3,727 3,090 3,584
Loans payable 505 505 518
Total liabilities 4,232 3,595 4,102
Equity
Issued share
capital 5 7,741 5,541 7,144
Share premium 25,321 23,732 25,252
Share based
payment reserve 7,225 8,925 7,225
Exchange reserve (271) (302) (266)
Retained earnings (40,102) (38,856) (39,400)
---------- ---------- -------------
Equity attributable
to owners of
the company (86) (960) (45)
Total equity
and liabilities 4,146 2,635 4,057
SIRIUS PETROLEUM PLC
CONSOLIDATED STATEMENT OF CASH FLOWS
FOR THE PERIODED 30 JUNE 2016
Unaudited Unaudited Audited
Period Period Year
ended ended ended
30 June 30 June 31 December
2016 2015 2015
US$'000 US$'000 US$'000
Operating activities
Loss after tax (702) (2,183) (4,052)
Depreciation 4 - 4
Finance cost 4 336 837
Decrease/(increase)
in trade and other receivables 49 (141) (95)
Equity settled share-based
payments - 442 895
Expenses settled in
shares - 137 479
Increase in trade and
other payables 164 859 906
Net cash (outflow) from
operating activities (481) (550) (1,026)
---------- ---------- ------------
Investing activities
Purchase of property,
plant and equipment - - (44)
Investment in intangibles (266) (135) (1,551)
Net cash (outflow) from
investing activities (266) (135) (1,595)
---------- ---------- ------------
Financing activities
Proceeds from issue
of share capital 717 - 1,708
Share issue costs (51) (35) (171)
Finance cost - (10) (34)
Loans received 36 760 1,142
Net cash inflow from
financing activities 702 715 2,645
---------- ---------- ------------
Net change in cash and
cash equivalents (45) 30 24
Cash and cash equivalents
at beginning of period 45 19 19
Exchange difference
on cash and cash equivalents 111 (35) 2
Cash and cash equivalents
at end of period 111 14 45
---------- ---------- ------------
SIRIUS PETROLEUM PLC
NOTES TO THE INTERIM REPORT
FOR THE PERIODED 30 JUNE 2016
1. BASIS OF PREPARATION
The unaudited interim financial statements have been prepared in accordance with applicable accounting standards and under the historical cost convention. The financial information set out in this interim report does not constitute statutory accounts as defined in section 434 of the Companies Act 2006. The Group's statutory financial statements for the year ended 31 December 2015 have been delivered to the Registrar of Companies. The auditor's report on those financial statements was unmodified.
Going concern
The directors have prepared cash flow projections through to 30 September 2017. These projections only take account of the on-going management costs of the Group, and the clearance of all payables outstanding at the date of this report (other than amounts owed to directors, ex-directors and amounts accrued in relation to payments which are to be paid if and when production of oil commences). The projections do not assume any oil extraction or income from oil trading nor do they assume any acquisitions take place or that any additional assessment of the prospective resources is undertaken over and above that authorised as at the date of this report.
The cash flow projections indicate that the Group has sufficient headroom to meet its immediate working capital requirements. The directors are in discussions with a number of parties and are confident that they will be able to raise further funds as required. On the basis of the assumptions above and following a detailed review by the directors of the Group's cash flow forecast, the directors believe that the Group will have sufficient cash resources to meet its liabilities as they fall due for a period of at least 12 months.
Segmental reporting
An operating segment is a distinguishable component of the Group that engages in business activities from which it may earn revenues and incur expenses, whose operating results are regularly reviewed by the Group's Chief Executive Officer to make decisions about the allocation of resources and assessment of performance and about which discrete financial information is available.
The Chief Executive Officer reviews financial information for and makes decisions about the Group's performance as a whole, as the Group has not generated revenue during the period.
Subject to further acquisitions and the future development of the business in Nigeria the Group expects to further review its segmental information during the forthcoming financial year.
Fees and Loans Settled in Shares
Where shares have been issued as consideration for services provided or loans outstanding they are measured at fair value. The difference between the carrying amount of the financial liability (or part thereof) extinguished, and the fair value of the shares, is recognised in profit or loss.
2. LOSS per share
The calculation of the basic loss per share is based on the loss attributable to ordinary shareholders divided by the weighted average number of shares in issue during the period. The impact of the options and warrants on the loss per share is anti-dilutive.
Unaudited Unaudited Audited
six months six months year ended
ended ended
30 June 30 June 31 December
2016 2015 2015
Loss on ordinary
activities after
tax ($'000) (702) (2,183) (4,052)
----------------- ----------------- -----------------
Weighted average
number of shares
for calculating basic
loss per share 1,817,516,702 1,162,343,230 1,349,954,048
----------------- ----------------- -----------------
Basic and diluted
loss per share (US
cents) (0.04) (0.19) (0.30)
----------------- ----------------- -----------------
3. INTANGIBLE EXPLORATION AND EVALUATION ASSETS
Cost of oil and gas exploration - pending determination
US$'000
Cost
At 1 January 2015 2,311
Additions 135
Exchange difference (19)
At 30 June 2015 2,427
Additions 1,435
At 31 December 2015 3,862
Additions 266
Exchange difference (178)
At 30 June 2016 3,950
--------------------------
Amortisation and impairment
At 1 January 2015, 30 June 2015, 31
December 2015 and 30 June 2016 -
--------------------------
Net book value at 30 June 2016 3,950
--------------------------
Net book value at 31 December 2015 3,862
--------------------------
Net book value at 30 June 2015 2,427
--------------------------
During the year ended 31 December 2011 Sirius Ororo OML95 Limited entered into an agreement with Guarantee Petroleum Company Limited and Owena Oil and Gas Limited which gives it the right to acquire a 40% interest in the Ororo Oil Field.
The consideration for the 40% interest in the field was $1,000,000 paid on the date of the agreement with a further $500,000 due on the commencement of the operation of the well. At the time of signing the agreement, the Directors considered the fair value of the liability in respect of the additional $500,000 payable. Based on an assessment of how likely it would be that this would be paid discounted at 15%, the Directors considered the amount to be immaterial and did not, therefore, recognise a liability at that time.
At 31 December 2012, the Directors reassessed their estimate of the future cash flows in accordance with the Group's accounting policies. Following the additional work as noted below and the completion of the feasibility report along with the ongoing funding negotiations, the Directors were confident of commencement of the operation of the well. As a result, this liability was now expected to become payable. The Directors have reviewed the assumptions made and consider the timing to have changed, therefore, the carrying value of the liability has been assessed at the same value as at 31 December 2014 at $318,000 and is included in other payables (2014: $318,000).
The Group has undertaken certain works including commissioning the preparation of a Competent Persons Report and has conducted an environmental impact assessment. It has also commenced planning appropriate community projects and site surveys to finalise the subsequent drilling programme and will also cover certain operational costs related to the field. Under the agreement with our partners, the Group will cover all costs of this phase of the project. Costs plus interest of LIBOR+3% will be recoverable on the production of oil before the profit interest split is applied; these costs are being added to the costs of the asset.
The Directors have reviewed the investment for impairment. The Directors have reviewed the valuation of the Ororo field incorporating volumetrics and a Field Development Plan prepared by Rockflow Resources Ltd, with a valuation of the asset based on current Capex estimates and current oil price. This valuation review supports the value of the investment held on the balance sheet.
The Group intends investing further amounts into the Ororo Oil Field, as part of its strategic development plans. The costs of the capital and operating costs will be covered by either separate funding facilities or by financial and technical industry partners on a joint farm-in basis.
4. trade and other receivables
Unaudited Unaudited Audited
30 June 30 June 31 December
2016 2015 2015
US$'000 US$'000 US$'000
Trade receivables 8 - 9
Other receivables 26 177 72
Prepayments and accrued
income 26 17 29
Total 60 194 101
---------- ---------- ------------
Trade and other receivables are usually due within 30 - 60 days and do not bear any effective interest rate. The fair value of these short term financial assets is not individually determined as the carrying amount is a reasonable approximation of fair value.
5. trade and other PAYABLES
Unaudited Unaudited Audited
30 June 30 June 31 December
2016 2015 2015
US$'000 US$'000 US$'000
Trade payables 475 539 335
Other payables 354 367 531
Accruals 2,898 2,184 2,718
Total 3,727 3,090 3,584
------------------ -------------------- -------------------
The fair value of trade and other payables has not been disclosed as, due to their short duration, management considers the carrying amounts recognised in the balance sheet to be a reasonable approximation of their fair value.
6. SHARE CAPITAL
The movement in ordinary shares and share premium in the period was as follows:
Nominal
amount Share premium
Number (USD $'000) (USD $'000)
As at 31 December
2014 1,098,737,213 4,733 20,622
Shares issued for
fees due 162,704,348 630 2,205
Loan repayments 46,183,795 178 940
Share issue costs - - (35)
At 30 June 2015 1,307,625,356 5,541 23,732
-------------- ------------- --------------
Shares issued for
fees due 123,737,500 116 841
Shares issued for
cash 275,000,000 1,067 640
Loan repayments 15,000,000 420 175
Share issue costs - - (136)
At 31 December
2015 1,721,362,856 7,144 25,252
-------------- ------------- --------------
Shares issued for
cash 166,666,667 597 120
Share issue costs - - (51)
At 30 June 2016 1,888,029,523 7,741 25,321
-------------- ------------- --------------
7. POST BALANCE SHEET EVENTS
On 25 July 2016, 200,000,000 ordinary shares of 0.25p were issued at par for cash raising GBP500,000 before expenses.
Following this share issue there are 2,088,029,523 ordinary shares of 0.25p in issue, each of which is a voting share.
This information is provided by RNS
The company news service from the London Stock Exchange
END
IR BRGDCRXDBGLL
(END) Dow Jones Newswires
September 27, 2016 02:00 ET (06:00 GMT)
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