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| Share Name | Share Symbol | Market | Type | Share ISIN | Share Description |
|---|---|---|---|---|---|
| Viridas | LSE:VIR | London | Ordinary Share | GB0001636918 | 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% | 0.275 | 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
TIDMPRS
RNS Number : 2947A
Paternoster Resources PLC
28 September 2015
PATERNOSTER RESOURCES PLC
("Paternoster" or the "Company")
Unaudited interim results for the 6 months ended 30 June 2015
Paternoster is pleased to announce its unaudited interim results for the six months ended 30 June 2015.
Chairman's review
The Company made profits after tax of GBP274,270 for the six months ended 30 June 2015 compared to a loss of GBP178,281 for the same period in 2014. Paternoster's investment portfolio continues to make good progress with net assets at 30 June 2015 increasing by 10% to GBP3,040,522 or 0.44p per share, compared to GBP2,758,784 at 31 December 2014. The Company's share price at 30 June 2015, however, was 0.21p, which represents a 52% discount to the Company's underlying net asset value at that date and a 37% discount to the value of the Company's portfolio of listed investments and cash and cash equivalents (excluding the Company's other assets).
The key unaudited performance indicators are set out below.
Hot Features
Premium
COMPANY STATISTICS 30 June 2015 31 December Change %
2014
------------------------------- ----------------- ------------ ------------
Net asset value GBP3,040,522 GBP2,758,784 +10%
Net asset value - fully
diluted per share 0.442p 0.404p +9%
Closing share price 0.21p 0.245p * 14%
Share price premium/(discount)
to net asset value (52%) (39%) * 13%
Market capitalisation GBP1,413,000 GBP1,648,500 * 14%
-------------------------------- ---------------- ------------ ------------
Category Principal investments Cost or valuation
(GBP)
---------------------- ------------------------ ------------------
Bison Energy Services
Limited, Andiamo
Exploration Limited
Unlisted/pre and Elephant Oil
IPO Limited 674,692
Metal Tiger plc,
MX Oil plc, Plutus
Powergen plc, Shumba
Coal Limited and
Listed special Northcote Energy
situations plc 1,813,238
Investment portfolio 2,487,930
Cash and highly liquid
Cash and highly listed investments
liquid listed in highly liquid
investments companies 424,003
Total 2,911,933
------------------------------------------------ ------------------
During the period under review, there have been developments with a number of the company's investments:
Metal Tiger plc
In January 2015, Metal Tiger revised its strategy and established two distinct investment divisions: the Direct Equities Investment division; and the Direct Projects Investment division. The Direct Equities Investment division is focused on taking advantage of the low valuations of many listed junior resource companies. This division has made investments in companies such as Kibo, Eurasia, Ariana and New World Oil and Gas and has already realised some significant profits. The Direct Projects Investment division will continue to invest directly in projects in the natural resources sector. This division has been making good progress on a number of fronts. The results of the drilling at its Lagrosan gold and tungsten project in Spain have demonstrated significant tungsten mineralization. The work programme at the company's gold project in Morogoro, Tanzania has now commenced and an interim report from its operations at Chanthaburi in Thailand suggests the presence of both gold and antinomy. Also, in April 2015, the company raised additional funding at the prevailing market price underpinning its current valuation.
MX Oil plc
MX Oil has recently invested in a Nigerian oil and gas asset called OML 113. This asset is offshore Lagos with production scheduled to commence in January 2016 when it is expected to start generating significant cash flow. The drilling of the first well in a two well first phase programme is in progress - the well has now been drilled and is in the process of being completed. The terms of the investment were extremely attractive compared to the level of funds already invested and the net present value of expected cash flows, even with the oil price at its current level. As part of this transaction, the company raised around GBP6 million before expenses.
The company also continues to work towards securing onshore conventional acreage in Mexico. The process, known as Bid Round 1, for mature onshore conventional fields in the states of Tabasco, Veracruz and Tamaulipas is underway. The company is currently in the process of preparing bids.
Plutus PowerGen plc
Plutus PowerGen is continuing to make excellent progress in developing flexible energy generation capacity in the UK. In January 2015, the company raised GBP500,000 in new funding and in February 2015 it closed a GBP3.4 million direct equity financing with Rockpool Investments LLP ("Rockpool") to fund the development of its first power generation site. In May 2015, the company received planning permission for its first 20MW flexible stand-by power generation plant in Plymouth which is expected to be generating power in 2016. The company has also now secured connection agreements for 260MW of capacity which exceeds the company's three-year target set out at the time of its re-listing. It also has five management contracts for the construction and operation of 20MW flexible stand-by electricity plants which will generate income for the company in the short term. The company has also entered into a partnership with the newly established funding provider, Reliance Energy Limited, a developer of renewable energy and flexible generation projects in the UK, for the development of further individual 20MW flexible power generation sites. This is complementary to its existing arrangements with Rockpool.
Northcote Energy plc
Northcote Energy completed the acquisition of North American Petroleum's oil assets and raised over GBP4 million in new funds. Paternoster will be receiving shares in Northcote Energy in exchange for the shares it holds in North American Petroleum. The company has now commenced drilling at its Shoats Creek prospect and initial results are encouraging. In addition to its exploration and production operations in the USA, Northcote has also been increasing its exposure to the oil and gas sector in Mexico. In particular, it is now in the process of developing a waste remediation facility in the city of Comalcalco, which is in the heart of on-shore oil and gas activity between the city of Villahermosa, Mexico and the nearby port facility. This facility is expected to be generating cash within six months of work commencing on the site. The company is also preparing to participate in the current licensing round for onshore conventional fields in Mexico which is now in progress.
Shumba Coal Limited
The company has recently reached an agreement to acquire the Mabesekwa Prospecting Licence in Botswana. The estimated JORC in-situ coal resource is over 800 million tonnes, predominately contained in one coal seam, with an average seam thicknesses of greater than 18 metres with a flat and consistent profile with the coal found at average depths of 50-60 metres, to be accessed by open strip mining. Shumba Coal has also executed an agreement with Mulilo Renewable Project Developments for the joint development of the Mabesekwa Export Independent Power Plant at the Mabesekwa Coal Project. The company has also just renewed its 1.1 billion tonne Sechaba coal license and this now runs to 31 March 2017. The company has also raised US$2.75 million to finance its various projects at a 27% premium to the prevailing share price from various Botswana institutions, demonstrating a good level of support from investors and so remains well funded to continue the development of its assets.
Atlas Oil and Gas Limited
Atlas was created to evaluate, acquire and develop oil and gas assets, initially in Algeria, jointly with Littoral Oil and Gas Limited. Littoral is an oil and gas investment company whose principals are experienced in North Africa. Littoral has already spent the past 12 months evaluating existing subsurface data for assets in known, hydrocarbon-producing basins.
Algeria has been selected as an initial focus in North Africa on the basis of its stability, contract terms and excellent infrastructure. Atlas will focus on undeveloped discoveries and shut-in fields within proven petroleum basins. The operational emphasis will be on leveraging technology to keep production costs low, with a quick path to production and revenues.
The company has already begun discussions with possible joint venture partners in preparation for bidding on specific blocks.
Andiamo Exploration Limited
(MORE TO FOLLOW) Dow Jones Newswires
September 28, 2015 02:00 ET (06:00 GMT)
Work on the development of the Yacob Dewar deposit is progressing well. Following the completion of the systematic trenching over the deposit in 2014, representative samples of both the copper and gold mineralisation have been collected and sent for metallurgical testwork with results expected in Q3. In addition, work is currently on-going to estimate a maiden JORC compliant mineral resource estimate for the Yacob Dewar deposit. Following successful stream sediment sampling, ground mapping, surface sampling and a hand-dug trenching programme conducted in the Hoba area over the last year, Andiamo has decided to commence a 1,000m diamond drill campaign on the Hoba prospect, located in the Haykota Exploration Licence area to test volcanogenic massive sulphide style mineralisation in the north of the concession area. This area is being explored under an agreement with Environminerals East Africa Limited who may earn a 50% interest in discoveries in the northern part of the licence area by spending a total of US$2.0 million by the end of 2015.
Elephant Oil Limited
Elephant Oil continues to progress its work programme on Block B in Be nin. The company has recently begun the Environmental Impact Assessment covering the area of interest where future surveys and drilling are to be targeted. This assessment is a prerequisite to the new seismic acquisition programme planned in 2016. The company has also identified further potential acquisitions in West Africa and due diligence is being carried out on selected assets.
Bison Energy Services Limited
This company is currently in the process of being reorganised in order to be better positioned to explore the various options available to it in order to capitalise on its deposit of frac sand and associated permits in the US.
Nicholas Lee, Chairman of Paternoster, commented:
"The company's investment portfolio continues to make good progress, notwithstanding the general downturn in the natural resources sector and current market conditions are creating many investment opportunities. The Company is actively reviewing a number of interesting opportunities with a focus on creating shareholder value".
For more information please contact:
Paternoster Resources Plc:
Nicholas Lee, Chairman +44 (0) 20 7580 7576
Matt Lofgran +1 480 993-8933
Nominated Adviser and Joint Broker: +44 (0) 20 7601 6100
Westhouse Securities
Antonio Bossi/David Coaten
Joint Broker: +44 (0) 20 7562 3351
Peterhouse Capital Limited
Lucy Williams
UNAUDITED STATEMENT OF COMPREHENSIVE INCOME
FOR THE SIX MONTHS ENDED 30 JUNE 2015
Unaudited Unaudited
6 months 6 months Audited
ended ended Year ended
30 June 30 June 31 December
2015 2014 2014
GBP GBP GBP
-------------------------------- -------------- -------------- --------------
Consultancy income 3,000 - 4,000
Net gains/(losses) on
investments 391,522 (115,779) 91,981
Investment income 2,806 51,895 25,263
Total income 397,328 (63,884) 121,244
Administration expenses (115,590) (114,397) (241,616)
-------------------------------- -------------- -------------- --------------
Profit/(loss) before
taxation 274,240 (178,281) (120,372)
Taxation - - -
-------------------------------- -------------- -------------- --------------
Profit/(loss) for the
period and total comprehensive
income 274,240 (178,281) (120,372)
Basic earnings/(loss)
per share
Continuing and total
operations 0.041p (0.031p) (0.021p)
Fully diluted earnings/(loss)
per share
Continuing and total
operations 0.038p (0.031p) (0.021p)
UNAUDITED STATEMENT OF CHANGES IN EQUITY
FOR THE SIX MONTHS ENDED 30 JUNE 2015
Called
up Share
share premium Other Retained Total
capital account reserves deficit equity
GBP GBP GBP GBP GBP
-------------------------- ---------- ---------- ---------- ------------ ----------
Balance at
1 January 2014 3,830,796 2,774,849 91,182 (4,052,559) 2,644,268
Loss for the year
and total comprehensive
expense - - - (120,372) (120,372)
-------------------------- ---------- ---------- ---------- ------------ ----------
Share issue 95,000 147,250 242,250
Share issue costs - (20,592) (20,592)
Share based payment
costs - - 13,230 - 13,230
-------------------------- ---------- ---------- ---------- ------------ ----------
Transactions with
owners 95,000 126,658 13,230 - 234,888
-------------------------- ---------- ---------- ---------- ------------ ----------
Balance at
31 December 2014 3,925,796 2,901,507 104,412 (4,172,931) 2,758,784
Profit for the
period and total
comprehensive
income - - - 274,240 274,240
-------------------------- ---------- ---------- ---------- ------------ ----------
Share based payments
costs - - 7,498 - 7,498
-------------------------- ---------- ---------- ---------- ------------ ----------
Transactions with
owners - - 7,498 - 7,498
-------------------------- ---------- ---------- ---------- ------------ ----------
Balance at
30 June 2015 3,925,796 2,901,507 111,910 (3,898,691) 3,040,522
-------------------------- ---------- ---------- ---------- ------------ ----------
UNAUDITED STATEMENT OF FINANCIAL POSITION
AS AT 30 JUNE 2014
Unaudited Unaudited
6 months 6 months Audited
ended ended Year ended
30 June 30 June 31 December
2015 2014 2014
GBP GBP GBP
------------------------------- ----------- ---------------- ----------------
ASSETS
Non-current assets
Available for sale investments 2,683,283 1,924,005 2,291,761
------------------------------- ----------- ---------------- ----------------
Total non-current assets 2,683,283 1,924,005 2,291,761
------------------------------- ----------- ---------------- ----------------
Current assets
Trade and other receivables 176,723 288,764 172,626
Cash and cash equivalents 228,650 322,794 359,094
------------------------------- ----------- ---------------- ----------------
Total current assets 405,373 611,558 531,720
------------------------------- ----------- ---------------- ----------------
Total assets 3,088,656 2,535,563 2,823,481
------------------------------- ----------- ---------------- ----------------
LIABILITIES
Current liabilities
Trade and other payables 48,134 65,431 64,697
Total current liabilities 48,134 65,431 64,697
------------------------------- ----------- ---------------- ----------------
Net assets 3,040,522 2,470,132 2,758,784
------------------------------- ----------- ---------------- ----------------
EQUITY
Share capital 3,925,796 3,830,796 3,925,796
Share premium account 2,901,507 2,774,849 2,901,507
Capital redemption reserve 27,000 27,000 27,000
Share option reserve 84,910 68,327 77,412
Retained losses (3,898,691) (4,230,840) (4,172,931)
------------------------------- ----------- ---------------- ----------------
Total equity 3,040,522 2,470,132 2,758,784
------------------------------- ----------- ---------------- ----------------
UNAUDITED STATEMENT OF CASH FLOWS
(MORE TO FOLLOW) Dow Jones Newswires
September 28, 2015 02:00 ET (06:00 GMT)
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