We could not find any results for:
Make sure your spelling is correct or try broadening your search.
Register for real-time alerts, custom portfolio, and market movers
| 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 : 9673Q
Sirius Petroleum PLC
18 September 2017
18 September 2017
Sirius Petroleum Plc.
("Sirius" or the "Company")
Half Year Report
for the six month period ended 30 June 2017
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 2017.
Enquiries
Sirius Petroleum plc +44 (0) 20 3740 7460 Bobo Kuti / Jack Pryde 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
Highlights
-- Sirius undertook a Seabed Survey around the Ororo field licence area. This activity is a geophysical and geotechnical marine survey, ahead of the rig mobilisation, which will provide data and analysis for the rig positioning prior to drilling and assess any marine geohazards to ensure safe operations and transportation of equipment. Following the analysis of the bathymetry results from the Seabed Survey, COSL Drilling Pan-Pacific Limited ("COSL") confirmed and identified the "COSL Power" as the Jack-up rig which will be utilised for Ororo field.
-- The Company appointed Peter Gregory as Chief Operating Officer ('COO') with primary responsibility for all operational areas of the Ororo field.
-- Sirius arranged for the provision of Offshore Service Vessels ("OSVs") through Tidewater Marine International, Inc, with the signing of an OSV Contract.
-- The Company raised a further GBP2 million ($2.5 million) by way of a placing at 0.75p per share and a further GBP70,000 ($88,000) in loans, which were converted into shares at 0.5p. These funds were mainly required to pay the initial deposits on key equipment and long lead items and to cancel a loan agreement with Calvet International Limited.
-- Since the period end the Company has entered into a US$10 million revolving pre-payment facility and commercial offtake agreement in respect to the sales of the crude produced from the Ororo Field, with BP Oil International, a subsidiary of BP.
-- On 16 August the Company announced that a Joint Operating Agreement had now been signed by Sirius and its partners for the development of the Ororo Field ("JOA"). The JOA enables Sirius to transition from an investing company to an operating company and as such Sirius is required under the AIM Rules for Companies to seek shareholder approval and re-admission of its ordinary shares to trading on AIM pursuant to AIM Rule 14. Sirius requested a Temporary Suspension in the trading of its Ordinary Shares pending the publication of an Admission Document containing a notice of General Meeting.
Results
The interim results for the six month period ended 30 June 2017 reflect the costs incurred during the period to continue our evaluation and planning work on the Ororo Field, in collaboration with our Technical Advisors, and our Nigerian partners, Owena Oil & Gas Limited and Guarantee Petroleum Company Limited, 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 $963,000, an increase of $265,000 on the six months to 30 June 2016 operating loss of $698,000 (year to 31 December 2016: $1,378,000) giving a loss per share of 0.04 cents (30 June 2016: 0.04 cents loss per share, 31 December 2016: 0.11 cents loss per share).
Financing
During the period the Company issued 266,666,667 new ordinary shares at 0.75p each, raising GBP2,000,000 before expenses, repaid a loan of GBP70,000 through the issue of 14,000,000 new ordinary shares at 0.5p each and settled fees of GBP25,000 through the issue of 3,333,333 new ordinary shares at 0.75p each.
Outlook
Further to our recent announcements regarding our pre-payment facility and signing of the JOA, we are in the process of preparing an Admission Document and Notice of General Meeting which will be sent to shareholders in due course. Following our re-admission to AIM we are confident that we will be in a position to commence the development of the Ororo Field.
Annual General Meeting
Details of the Annual General Meeting will be sent separately to shareholders in due course and an announcement will be made when this has been done.
Jack Pryde
Chairman
18 September 2017
SIRIUS PETROLEUM PLC
CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME
FOR THE PERIODED 30 JUNE 2017
Hot Features
Premium
Note Unaudited Unaudited Audited
Period Period Year ended
ended ended 31 December
30 June 30 June 2016
2017 2016
US$'000 US$'000 US$'000
Other income 33 36 69
Other administrative
expenses (996) (734) (1,447)
Total administrative
expenses (996) (734) (1,447)
Loss from operations (963) (698) (1,378)
Finance costs (29) (4) (794)
---------- ---------- -------------
Loss before taxation (992) (702) (2,172)
Taxation 2 - - -
---------- ---------- -------------
Loss after taxation
and loss attributable
to the equity holders
of the Company (992) (702) (2,172)
Other comprehensive
income
Exchange differences
on translating
foreign operations (13) (5) 37
Total comprehensive
loss for the period/year (1,005) (707) (2,135)
---------- ---------- -------------
Loss per share
Total basic and
diluted (cents
per share) 3 (0.04) (0.04) (0.11)
---------- ---------- -------------
SIRIUS PETROLEUM PLC
CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
FOR THE PERIODED 30 JUNE 2017
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$'000
Balance at
1 January 2016 7,144 25,252 7,225 - (266) (39,400) (45)
Issue of share
capital 597 120 - - - - 717
Share issue
costs - (51) - - - - (51)
Transactions
with owners 597 69 - - - - 666
-------- ------------- --------------- --------------- ---------------- ----------------- --------
Loss for the
period - - - - - (702) (702)
Other
comprehensive
loss for the
period - - - - (5) - (5)
Balance at
30 June 2016 7,741 25,321 7,225 - (271) (40,102) (86)
-------- ------------- --------------- --------------- ---------------- ----------------- --------
Share issue 1,186 528 - - - - 1,714
Share issue
costs - (100) - - - - (100)
Transfer on
lapse of share
options/warrants - - (4,629) - - 4,629 -
Issue of loan
fees equity
instruments - - - 11 - - 11
Transactions
with owners 1,186 428 (4,629) 11 - 4,629 1,625
-------- ------------- --------------- --------------- ---------------- ----------------- --------
Loss for the
period - - - - - (1,470) (1,470)
Other
comprehensive
income for
the period - - - - 42 - 42
Balance at
31 December
2016 8,927 25,749 2,596 11 (229) (36,943) 111
-------- ------------- --------------- --------------- ---------------- ----------------- --------
Issue of share
capital 886 1,728 - - - 2,614
Share issue
costs - (140) - - - - (140)
Transactions
with owners 886 1,588 - - - - 2,474
-------- ------------- --------------- --------------- ---------------- ----------------- --------
Loss for the
period - - - - - (992) (992)
Other
comprehensive
loss for the
period - - - - (13) - (13)
Balance at
30 June 2017 9,813 27,337 2,596 11 (242) (37,935) 1,580
-------- ------------- --------------- --------------- ---------------- ----------------- --------
SIRIUS PETROLEUM PLC
CONSOLIDATED STATEMENT OF FINANCIAL POSITION
AS AT 30 JUNE 2017
Unaudited Unaudited Audited
30 June 30 June 31 December
2017 2016 2016
Assets Note US$'000 US$'000 US$'000
Non-current
Intangible exploration
and evaluation
assets 4 6,901 3,950 4,643
Property, plant
and equipment 17 25 20
---------- ---------- -------------
6,918 3,975 4,663
Current
Cash and cash
equivalents 259 111 830
Trade and other
receivables 5 118 60 165
Total current
assets 377 171 995
Total assets 7,295 4,146 5,658
Liabilities
Current
Trade and other
payables 6 4,506 3,727 4,440
Loans payable 1,209 505 1,107
Total liabilities 5,715 4,232 5,547
Equity
Issued share
capital 7 9,813 7,741 8,927
Share premium 27,337 25,321 25,749
Share based
payment reserve 2,596 7,225 2,596
Other reserve 11 - 11
Exchange reserve (242) (271) (229)
Retained earnings (37,935) (40,102) (36,943)
---------- ---------- -------------
Equity attributable
to owners of
the company 1,580 (86) 111
Total equity
and liabilities 7,295 4,146 5,658
SIRIUS PETROLEUM PLC
CONSOLIDATED STATEMENT OF CASH FLOWS
FOR THE PERIODED 30 JUNE 2017
Unaudited Unaudited Audited
Period Period Year
ended ended ended
30 June 30 June 31 December
2017 2016 2016
US$'000 US$'000 US$'000
Operating activities
Loss after tax (992) (702) (2,172)
Depreciation 3 4 6
Finance cost 29 4 794
Decrease/(increase)
in trade and other receivables 106 49 (183)
Increase/(decrease)
in trade and other payables 102 164 (8)
Net cash (outflow) from
operating activities (752) (481) (1,563)
---------- ---------- ------------
Investing activities
Purchase of property,
plant and equipment (1) - -
Investment in intangibles (2,258) (266) (781)
Net cash (outflow) from
investing activities (2,259) (266) (781)
---------- ---------- ------------
Financing activities
Proceeds from issue
of share capital 2,494 717 2,431
Share issue costs (109) (51) (151)
Finance cost - - (138)
Loans repaid - - (125)
Loans received 88 36 830
Net cash inflow from
financing activities 2,473 702 2,847
---------- ---------- ------------
Net change in cash and
cash equivalents (538) (45) 503
Cash and cash equivalents
at beginning of period 830 45 45
Exchange difference
on cash and cash equivalents (33) 111 282
Cash and cash equivalents
at end of period 259 111 830
---------- ---------- ------------
SIRIUS PETROLEUM PLC
NOTES TO THE INTERIM REPORT
FOR THE PERIODED 30 JUNE 2016
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 2016 have been completed and filed at Companies House. The auditor's report on the annual financial statements was unqualified and did not contain statements under section 498(2) or section 498(3) of the Companies Act 2006, but did contain an emphasis of matter in respect of going concern
1. ACCOUNTING POLICIES
Basis of preparation
The Company's ordinary shares are quoted on the AIM market of the London Stock Exchange and the Company applies the Companies Act 2006 when preparing its annual financial statements.
The annual financial statements for the year ending 31 December 2017 will be prepared under International Financial Reporting Standards as adopted by the European Union (IFRS) and the principal accounting policies adopted remain unchanged from those adopted in preparing its financial statements for the year ended 31 December 2016.
The accounting policies have been applied consistently throughout the Group for the purposes of preparation of these condensed consolidated interim financial statements.
Going concern
The directors have prepared cash flow projections through to 30 September 2018. These projections take into account the BP pre-payment facility and assume that the Group will conclude its negotiations to raise the remaining funds required to bring the Ororo Field into production. These projections forecast revenue streams and costs based on the Competent Person's Report produced, and demonstrate the total funding level required.
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 the funds required to commence production. 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. TAXATION
No tax is due for the period as the Company has made a taxable loss. The Directors expect these losses to be available to offset against future taxable trading profits. The Group has not recognised any deferred tax asset at 30 June 2017 (30 June and 31 December 2016: GBPnil) in respect of these losses on the grounds that it is uncertain when taxable profits will be generated by the Group to utilise any such losses.
3. 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
2017 2016 2016
Loss on ordinary
activities after
tax ($'000) (992) (702) (2,172)
----------------- ----------------- -----------------
Weighted average
number of shares
for calculating basic
loss per share 2,460,957,699 1,817,516,702 1,945,424,787
----------------- ----------------- -----------------
Basic and diluted
loss per share (US
cents) (0.04) (0.04) (0.11)
----------------- ----------------- -----------------
4. INTANGIBLE EXPLORATION AND EVALUATION ASSETS
Cost of oil and gas exploration - pending determination
US$'000
Cost
At 1 January 2015 3,862
Additions 266
Exchange difference (178)
At 30 June 2016 3,950
Additions 515
Exchange difference 178
At 31 December 2016 4,643
Additions 2,258
At 30 June 2017 6,901
--------------------------
Amortisation and impairment
At 1 January 2015, 30 June 2016, 31
December 2016 and 30 June 2017 -
--------------------------
Net book value at 30 June 2017 6,901
--------------------------
Net book value at 31 December 2016 4,643
--------------------------
Net book value at 30 June 2016 3,950
--------------------------
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. At 31 December 2016 the Directors reviewed the assumptions made and considered that the liability should now be provided in full as it is expected to be paid in 2017, therefore, the carrying value of the liability has been assessed at $500,000 and is included in other payables (30 June 2016: $318,000, 31 December 2016: $500,000).
The Group has undertaken certain works including commissioning the preparation of a Competent Person's 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. On 8 September 2016, the Company announced that an independent valuation of the Ororo field prepared by Rockflow Resources Limited, gave a mid case net present value of the asset of $49.2m based on a $50 per barrel flat real oil price for the life of the field, and a low case net present value of $8.5m. These valuations support the value of the investment held on the Statement of Financial Position and support the view that no impairment triggering events have occurred.
The Group intends investing further amounts into the Ororo Oil Field, as part of its strategic development plans. The costs of the capital and operating costs will be covered by either separate funding facilities or by financial and technical industry partners on a joint farm-in basis.
5. trade and other receivables
Unaudited Unaudited Audited
30 June 30 June 31 December
2017 2016 2016
US$'000 US$'000 US$'000
Trade receivables - 8 -
Other receivables 66 26 139
Prepayments and accrued
income 52 26 26
Total 118 60 165
---------- ---------- ------------
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.
6. trade and other PAYABLES
Unaudited Unaudited Audited
30 June 30 June 31 December
2017 2016 2016
US$'000 US$'000 US$'000
Trade payables 1,022 475 395
Other payables 611 354 573
Accruals 2,873 2,898 3,472
Total 4,506 3,727 4,440
----------------------- ----------------------- -----------------------
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.
7. 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
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
-------------- ------------- --------------
Shares issued for
fees due
Shares issued for
cash 370,000,000 1,186 528
Share issue costs - - (100)
At 31 December
2016 2,258,029,523 8,927 25,749
-------------- ------------- --------------
Shares issued for
cash 266,666,666 832 1,663
Loan repayments 14,000,000 44 44
Fees paid in shares 3,333,333 10 21
Share issue costs - - (140)
At 30 June 2017 2,542,029,522 9,813 27,337
-------------- ------------- --------------
8. POST BALANCE SHEET EVENTS
On 14 August 2017, the Company announced that it has entered into a US$10m revolving pre-payment facility ("Agreement") and commercial offtake agreement n respect to the sales of the crude produced from the Ororo Field, with BP Oil International, a subsidiary of BP. The Agreement provides for the Company to draw down up to US$10 million, in pre-payment finance following commencement of production from the Ororo Field.
On 16 August 2017, the Company announced that a Joint Operating Agreement has now been signed by Sirius and its partners for the development of the Ororo Field ("JOA"). The JOA enables Sirius to transition from an investing company to an operating company and as such Sirius is required under the AIM Rules for Companies to seek shareholder approval and re-admission of its ordinary shares to trading on AIM pursuant to AIM Rule 14. Sirius requested a Temporary Suspension in the trading of its Ordinary Shares pending the publication of an Admission Document containing a notice of General Meeting.
This information is provided by RNS
The company news service from the London Stock Exchange
END
IR DBGDCUXBBGRR
(END) Dow Jones Newswires
September 18, 2017 02:01 ET (06:01 GMT)
1 Year Sirius Petroleum Chart |
1 Month Sirius Petroleum Chart |
It looks like you are not logged in. Click the button below to log in and keep track of your recent history.
Support: +44 (0) 203 8794 460 | support@advfn.com
By accessing the services available at ADVFN you are agreeing to be bound by ADVFN's Terms & Conditions
