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Share Name | Share Symbol | Market | Type | Share ISIN | Share Description |
---|---|---|---|---|---|
Wham | LSE:WAM | London | Ordinary Share | GB00B0JG1P02 | 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% | 41.30 | 0.00 | 01:00:00 |
Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
---|---|---|---|---|---|
0 | 0 | N/A | 0 |
RNS Number:9464T Wham Energy plc 29 March 2007 WHAM Energy plc Preliminary Results for the year ended 31 December 2006 WHAM ENERGY ANNOUNCES PROGRESS ON NORTH SEA EXPLORATION STRATEGY WHAM Energy plc, ("WHAM") the AIM-listed North Sea oil and gas exploration company, has announced its preliminary results for the year ended 31 December 2006. The annual report will be dispatched to shareholders on the 20 April and the AGM will be held in London on the 16 May. Operational highlights: * Farm-out of "Morpheus" blocks 48/3a and 48/4 to Tullow and Dana * Independent report by TRACS International identified eight drillable prospects, of which the three most attractive had unrisked resources net to WHAM totalling 145 BCF (77 BCF risked). * Eleven new blocks or part blocks acquired in 24th round of UKCS licensing, while seven 21st and 22nd round blocks were relinquished Financial highlights: * Loss after taxation for 2006 was #375,083 (2005: #216,729) * Year-end liquid resources amounted to #6.82M. Tom Windle, Chief Executive of WHAM Energy commented: " WHAM Energy has made good progress in building a successful and established exploration company on the UK Continental Shelf. During a year of high rig costs, but falling near term gas prices and intense competition among our peers, we have farmed out one licence on attractive terms. " We also acquired some exciting new acreage in the 24th Round and our portfolio is generating considerable interest among potential farm-in candidates. WHAM Energy's 22nd and 23rd Round blocks have been evaluated by independent analysts TRACS International and Fugro Blackwatch. Together they confirm 88 billion cubic feet of natural gas resources, fully risked and net to WHAM on this retained acreage, and we are working hard on our strategy to exploit this potential." -ends- Date: 29 March 2007 For further information contact: WHAM Energy plc cityPROFILE Tom Windle, Chief Executive Simon Courtenay Alan Thomas, Finance Director Tel: 020-7448-3244 020-7924-4644 WHAM Energy plc is an AIM listed company. Further details are available on the Company's website: www.whamenergy.com Preliminary Results for the year ended 31 December 2006 Chairman's Statement 2006 was a year of steady progress for your Company, both by increasing our technical resources and in adding value to the Company's assets. Our main achievements have been the recent farm-out of blocks 48/3a & 48/4 containing the Morpheus prospect, the acquisition of five new licences in the UK and the identification of several promising drillable structures which we are confident will be attractive to investors. However, the commercial environment for explorers has been challenging because, in spite of strong oil and gas prices through much of the year, the shortage of rigs and consequent high costs of exploration has created a difficult environment in which to attract good farm-in candidates and drill exploration targets. Our main emphasis for exploration continues to be on Southern North Sea gas prospects within reach of existing pipeline and platform infrastructure. Growth in our asset base has been an important objective for chief executive Tom Windle and his exploration team. Highlights this year include negotiating a farm-out agreement for blocks 48/3a and 48/4, and the development of several other farm-out opportunities, two or more of which we expect to capture in 2007. We were successful in the UK Government's 24th Round, strengthening our gas prone Southern North Sea exploration acreage with the award after the year-end of five new licences comprising eleven blocks or part blocks. In December an independent evaluation of the Company's 22nd and 23rd Round assets was completed by TRACS International. This report identified 8 prospects on retained acreage with unrisked resources net to WHAM of 193 billion cubic feet (BCF) of natural gas. Of these prospects, the three most attractive had unrisked resources net to WHAM totalling 145 BCF (77 BCF risked). This thorough evaluation supplements the report in 2005 by Blackwatch which, after adjusting for the farm-out terms, identified unrisked net resources of 43 BCF of natural gas in blocks 48/3a and 48/4 (11 BCF risked). Earlier in 2006 we conducted a 3-D seismic survey over these blocks. This provided good quality data which has already helped us identify new leads and will allow us to optimise the well locations. We also relinquished one 21st Round block and six 22nd Round blocks. Of these seven blocks, we believe five were not commercially prospective. Disappointingly, however, two blocks held prospects which we believe could have been economically attractive had the 20% Supplementary Charge on UKCS activities been removed. Staff In April 2006 we welcomed the appointment of Dr Andrew Mortimer as Exploration Manager. Andrew's extensive experience in the UK and overseas has enhanced the Company's ability to identify new prospects within our existing acreage, and prospective new ventures that fit with our strategy in the UK and elsewhere. In September our Commercial Director, Mick Jarvis, resigned to take up a position in Houston with ConocoPhillips. We are grateful to Mick for helping WHAM through the formative period of WHAM's flotation on AIM and for his contribution to our legal and commercial affairs. In his place, we welcomed Tony Mulcare as Legal and Commercial adviser. Tony is highly respected within the industry: as a director and non-executive Chairman of the UK Gas Interconnector he brings to WHAM a wealth of knowledge and experience which is highly relevant to our company's increasing focus on gas. Finance At year-end 2006 the Company's liquid resources amounted to #6.82m (2005#9.25m). During the year no new funds were raised. The Company's cash resources were employed in acquisition and evaluation of seismic data, and the development of farm-out opportunities. Prospect evaluation The Company's primary objective in 2006 has been to identify and evaluate prospects within our portfolio, and to attract industry partners to drill those that we believe are commercial. We have reported previously on the endorsement of one of these prospects, Morpheus, by Fugro Blackwatch, and in 2006 three more prospects with commercially attractive potential have been confirmed by TRACS International. Our goal for 2007 is to find partners to drill these prospects as soon as possible. Also in 2006, we evaluated a number of acquisition opportunities both in the UK and overseas but the price of oil and gas reached new highs in 2006 causing asset prices to rise above the level we felt appropriate to pay. Commercial environment * Rig costs reached a peak during the year, but recent indications are that rates are now starting to return to more sustainable levels. * Production of oil and gas in the UK is declining, yet energy demand remains strong. Future supplies will have to come from further afield and the transport costs associated with the greater distances will underpin unitprices for new domestic production. Recent sharp declines in spot gas prices have not been reflected in the forward market and your Directors see plenty of evidence to support a positive longer term price scenario. * We believe that there remain many undrilled prospects that offer attractive exploration potential. Estimates within the industry range up to 8 billion barrels of oil equivalent left to find in the UKCS. Conclusion Your Board is concerned that the hard work and achievements of its exploration team have not yet been reflected in the performance of the Company's shares. However, the Morpheus farm-out, the independent confirmation of three more attractive drillable prospects and the 24th licensing round awards demonstrate your Company's ability to make progress in a highly competitive environment. Michael J Pavia Chairman 23 March 2007 Preliminary Results for the year ended 31 December 2006 PROFIT AND LOSS ACCOUNT For the year ended 31 December 2006 2006 2005 ------- ------- # # Turnover - 23,598 Cost of sales - - ------- ------- Gross profit - 23,598 Administrative expenses 754,588) (395,086) ------- ------- Operating loss (754,588) (371,488) ------- ------- Loss on ordinary activities before interest (754,588) (371,488) Interest receivable 379,505 113,313 ------- ------- Loss on ordinary activities before taxation (375,083) (258,175) Tax on loss on ordinary activities - 41,446 ------- ------- Loss for the period after taxation (375,083) (216,729) Retained (loss)/profit brought forward (115,400) 101,329 ------- ------- Loss carried forward (490,483) (115,400) ------- ------- Basic and diluted loss per share (see note 4) (1.18)p (1.05)p BALANCE SHEET As at 31 December 2006 2006 2005 --- --- # # Fixed assets Intangible assets 1,976,236 518,901 Tangible fixed assets 44,976 20,344 ------- ------- 2,021,212 539,245 ------- ------- Current assets Debtors 498,004 178,766 Investments (see note) 6,801,405 9,130,277 Cash at bank and in hand 16,017 122,736 ------- ------- 7,315,426 9,431,779 ------- ------- Creditors Amounts falling due within one year (86,388) (427,991) ------- ------- Net current assets 7,229,038 9,003,788 ------- ------- Total assets less current liabilities 9,250,250 9,543,033 ------- ------- NET ASSETS 9,250,250 9,543,033 ------- ------- Capital and reserves Called-up share capital 31,696 31,696 Share premium account 9,568,287 9,568,287 Share option reserve 82,300 Other reserves 58,450 58,450 Profit and loss account (490,483) (115,400) ------- ------- EQUITY SHAREHOLDERS' FUNDS 9,250,250 9,543,033 ------- ------- Cash Flow Statement For the year ended 31 December 2006 2006 2005 ------ ------ # # # # Net cash (outflow)/inflow from operating activities (1,348,505) 9,806 (see note) Returns on investment and servicing of finance Bank and investment interest receipts 399,006 76,322 Taxation Taxation paid - (35,000) Capital expenditure and financial investment Payments to acquire tangible fixed assets (40,221) (18,558) Payments to acquire intangible fixed assets (1,445,871) (503,709) ------- ------- (1,486,092) (522,267) ------- ------- Net cash flow before use of liquid resources and financing (2,435,591) (471,139) Management of liquid resources Decrease/(increase)in short term deposits 2,328,872 (9,130,277) Financing Proceeds from issue of ordinary shares - 10,602,820 Costs associated with share issue - (946,067) ------- -------- - 9,656,753 ------- ------- (Decrease)/increase in cash (106,719) 55,337 ------- ------- Reconciliation of net cash flow to movement in net funds (Decrease)/increase in cash in the year (106,719) 55,337 Cash used to (decrease)/increase liquid resources (2,328,872) 9,130,277 ------- ------- Change in net funds (2,435,591) 9,185,614 Net funds at 1 January 2006 9,253,013 67,399 ------- ------- Net funds at 31 December 2006 6,817,422 9,253,013 ------- ------- Notes: 1. All of the Company's activities are classed as continuing. 2. There are no recognised gains or losses in either year other than the amounts shown in the profit and loss account. 3. Basis of presentation: The financial information set out in this announcement does not comprise the Company's statutory accounts for the years ended 31st December 2006 or 31st December 2005. The financial information has been extracted from the statutory accounts of the Company for the years ended 31st December 2006 and 31st December 2005. The auditors reported on those accounts; their reports were unqualified and did not contain a statement under either Section 237 (2) or Section 237 (3) of the Companies Act 1985. The full audited statutory accounts will be included in the Company's annual report, which will be mailed to shareholders on 20th April 2007. Additional copies will be available at the Company's offices at 8, Square Rigger Row, Plantation Wharf, London SW11 3TZ after that date. The statutory accounts for the year ended 31st December 2005 have been delivered to the Registrar of Companies. Those for 2006 will be delivered to the Registrar of Companies after the Company's Annual General Meeting, which is scheduled for 16th May 2007. The results have been prepared on the same basis as the accounting policies adopted in the statutory accounts for the year ended 31st December 2005, with the exception of the implementation of Financial Reporting Standard Number 20 - share based payments, which had the effect of reducing the profit before and after taxation by #82,300 (2005: nil). 4. Basic and diluted loss per share: The basic loss per share has been calculated on the loss on ordinary activities after taxation of #375,083 (2005: #216,729) divided by the weighted average number of ordinary shares in issue of 31,695,611 (2005: 20,720,816) during the year. As the Company reported a loss for the year then, in accordance with Financial Reporting Standard Number 22, the warrants and options in issue are not considered dilutive. 5. Investments consisted of money market deposits which earn interest rates set in advance for periods of 1-2 months by reference to Sterling LIBOR. 6. Reconciliation of operating result to net cash flow from operating activities Operating (loss) for the year (754,588) (371,488) Non cash share based payments 82,300 - Depreciation 11,263 3,142 (Increase) in debtors (346,275) (35,686) (Decrease)/increase in creditors (341,205) 413,838 ------ ------ Net cash (outflow)/inflow from operating activities (1,348,505) 9.806 ------ ------ This information is provided by RNS The company news service from the London Stock Exchange END FR PUUQPWUPMGBR
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