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| Share Name | Share Symbol | Market | Type | Share ISIN | Share Description |
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| Cds Oil & Gas | LSE:CDS | London | Ordinary Share | GB00B1XN5G38 | ORD 10P |
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| 0.00 | 0.00% | 0.875 | 0.00 | 01:00:00 |
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| Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
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| Last Trade Time | Trade Type | Trade Size | Trade Price | Currency |
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| - | O | 0 | 0.875 | GBX |
CDS Oil & Gas (CDS) Share Charts1 Year CDS Oil & Gas Chart |
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| Date | Time | Title | Posts |
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| 02/12/2011 | 15:48 | CDS Oil & Gas Group | 674 |
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Posted at 04/7/2011 07:12 by p@ Still not dead. When is AGM?July 04, 2011 2:06 AM ET Oil, Gas and Consumable Fuels CDS Oil & Gas Group Plc SnapshotPeople Company Overview CDS Oil and Gas Group Plc engages in the exploration and development of oil and gas properties primarily in Paraguay. The company holds contractual rights in respect of three blocks of property covering 2.9 million hectares in the Chaco region of Paraguay. Its portfolio includes the Gabino Mendoza block covering an area of approximately 40,000 hectares; the PG & E block covering an area of 491,077 hectares; and the Boqueron block with an area of 800,000 hectares. The company was founded in 2003 and is based in London, the United Kingdom. 126 Brompton Road London, SW3 1JD United Kingdom Founded in 2003 20 Employees Phone: 44 20 7225 4383 Fax: 44 20 7589 8705 www.cdsogg.com Key Executives Mr. Patrice Roman Chief Executive Officer and Executive Director Age: 66 Mr. Daniel James Morrison President Age: 50 Mr. Francisco Ruffinelli Financial Controller Age: 32 Mr. Bernard Verdu Chief Operating Officer and Vice President Mr. P. Speer Secretary Compensation as of Fiscal Year 2011. Key developments for CDS Oil & Gas Group Plc CDS Oil & Gas Group Plc, Annual General Meetings, Jun 18, 2010 126 Brompton Road London, SW3 1JD United Kingdom Founded in 2003 20 Employees Phone: 44 20 7225 4383 Fax: 44 20 7589 8705 www.cdsogg.com |
Posted at 23/5/2010 09:12 by davidhp Interesting that a company with excellent drilling prospects, albeit in a difficult and underexploited region, is wisely winding down fixed costs and keeping the important bit, namely the oil exploration and drilling aspect, up and running... BUT because the short termers cannot trade in and out, they see this company as dead.It is certainly NOT bankruptcy which looms here and being unable to rapidly trade shares is certainly not death for the company. For me, I intend to purchase some more at this price. The shares will still exist and a share in a company is a legal share in a company. Must get onto TDW and get them to tell me if I can still hold them electronically after delisting or should I get them certificated before the listing evaporates. I have a lot of money from my recent Rockhopper and AYM bonanzas and so am able to afford to sit on things, with no manager screaming in my ear for month-on-month gains on my managed portfolio. Working for yourself is true freedom, isn't it? Five yrs in a drawer? Why not? I see an opportunity here. goz1986... are we the only ones that can see it or what? Fair enough, if you don't fancy the risk then sell and go away. It's your money. Trading is about risk. High risk and high reward. Low risk and pennies. C'est la vie! In summary for the noobs; Company is choosing to spend its money (its investor's money actually!) drilling for oil under its legal obligations (drill by Dec2010 or lose rights to drill and any oil) in Paraguay INSTEAD of paying suits for shuffling paper, answering the phone and updating trading software and throwing money away following rules meant for midcap giants when CDS is a small nickel-and-dime operation doing real work like boot-in-mud exploration and drilling. It just so happens this company may actually be sitting on a big oil find or two and the big-or-bust cost/reward on this share is more enticing right now than when I initially bought in. I care not that I cannot sell the shares until some future date (or never!) or illiquidly. The moment I buy, they are a lottery ticket. I have lost the money or made a chunk. "I see oil, people." If they said they were NOT drilling and were sacking drill teams or winding up Paraguay operations, I would have dumped them asap. However, still drilling and two fingering the paperpushers? Sounds good to me! Future wealth for a pitance is dependent upon a wise management team... looking at their decision it looks pretty wise to me. Hint : STILL DRILLING BEFORE YEAR END! ££££££££ Got it now? dyor |
Posted at 18/5/2010 08:08 by ihavenoclue Game over ....Update and Proposed Cancellation of Admission TIDMCDS RNS Number : 0840M CDS Oil & Gas Group PLC 18 May 2010 ? CDS Oil and Gas Group plc - "CDS" or the "Company" Update and Proposed cancellation of admission of Ordinary Shares to AIM On 29 September 2009, it was announced that CDS's Principal Shareholders (being Feltown Assets Inc., Werton Finance S.A. and Red Law Corporation Services Inc.) had agreed to continue to support the financial needs of the Company as it sought partners to assist with the funding of the Company's exploration activities. Since then, the Company has been in discussions with a number of prospective investors that have not yet resulted in funding being available. Whilst the Company believes that these discussions will, at some stage, reach a satisfactory conclusion, negotiations are still ongoing and the Company remains dependent upon the Principal Shareholders for financial support in the form of loans to the Company. The board of directors of CDS (the "Board") is of the opinion that CDS's financial situation is not appropriate for an AIM quoted company. Accordingly, the Board wishes to announce its intention to apply for the cancellation of admission to trading on AIM of the ordinary shares of the Company, subject to shareholder approval at a general meeting. It is anticipated that the effective date of the cancellation will be 23 June 2010 following the general meeting to be held on or around 15 June 2010. Rationale for the Cancellation In arriving at this decision, the Board has considered: (1) the only source of funding currently available to the Company are loans provided by the Principal Shareholders; (2) the significant ongoing costs associated with maintaining a quotation on AIM; (3) the relative inactivity, in ordinary share trading volume terms, of the Company's shares due largely to the absence of a significant free float; and (4) the removal of the ongoing obligations and costs associated with the Company's continued compliance with the AIM Rules for Companies. The cancellation will result in the Company significantly reducing its administrative costs. Accordingly, the Board unanimously believes that it is in the best interests of the shareholders to seek cancellation at the earliest opportunity. The Board has received undertakings to vote in favour of the resolution to be proposed at the general meeting to effect the cancellation from shareholders holding shares representing, in aggregate, 71.28 per cent. of the issued share capital of the Company. Effect of Cancellation Following cancellation, the Ordinary Shares will not be quoted on any publicly quoted market in the UK or elsewhere. Should the cancellation be approved, the Company intends to act in an appropriate manner befitting a company that no longer trades through a public market. The principal effects of cancellation will be: · there will no longer be a formal market mechanism enabling the shareholders to trade their shares through the AIM Market. The Company's Depositary Interest and CREST facility will be cancelled and the volume of trading in the Ordinary Shares is likely to be severely reduced · the Company will not be bound to announce material events, nor announce interim or final results (although annual accounts will still be sent to shareholders prior to an AGM being held, in accordance with the Company's articles of association) · the Company will no longer be required to comply with any of the corporate governance requirements for companies trading on AIM A circular providing further details on the proposed cancellation and general meeting is being prepared and will be posted to shareholders shortly. The circular will also available on the Company's website: www.cdsogg.com. Exploration Update Following an agreement reached with the Environmental Agency (SEAM) concerning the extension of the environmental license of the Boqueron block, operations are resuming in connection with the exploration programme submitted to and reviewed by the Ministry of Public Works and Communication (MOPC). Subject to funding, the Company aims to drill 3 wells by the end of November 2010 with preparation work beginning at the end of this month. The Company has recruited Mr Ruben Soria, a drilling engineer who has worked with Halliburton, Repsol-YPF, BG and Schlumberger and who has extensive experience in South America, and Bolivia in particular, to lead the execution of this programme. |
Posted at 11/5/2010 17:21 by goz1986 well I don't know what to think! I do find it rather hard to put money into a firm that does not reply to five emails, even a reply telling them to stop pestering them due to being very busy would have been enough. I now have an image of a skeleton (now dead secretary after months of inaction) sitting next to a computer (covered in dust) with all my emails on it! i do believe that they will get a further extension due to data they hold etc. However, I am not prepared buy share at these prices as i know that with every month of inaction drawing us nearer and nearer to the cut off point the share price will fall................ |
Posted at 11/5/2010 08:28 by kooba from oilbarrel.May 06, 2010 No News Not Always Good News As CDS Oil & Gas Remains Quiet AIM-quoted CDS Oil & Gas has the potential to both excite and frustrate investors probably in equal measure. Most recently, unfortunately, it has been the latter. Formed in 2003, and with a focus on Paraguay's Chacos Basin, the company operating locally through subsidiary CDS Energy has some intriguing real estate in a land close to proven hydrocarbons. The acreage is an eastward extension of Bolivia's Chaco Basin in north-west Paraguay and early work there shows promising results.Yet it is the company's shyness in handing over news of its activities that is causing a little anxiety. The company's last formal press announcement dates back to the middle of last year, with the last set of interim results posted in September 2009.t is all reflected in a share price now hovering around the 2.5p mark, which has slumped progressively on the lack of news flow. Soon after the September interims, the share price stood at about 5.75p. But cast your mind back to 2007, and the price had broken through 30p, a glimpse of what might be possible. Unfortunately, it has been a long and steady slide, for the most part, since that time. Some reassurance on the news front could do wonderful things in transforming the curve though. When this will come is one of the great unknowns facing investors. On the ground, nothing has changed. The company still holds the same exploration projects covering three blocks with a cumulative 1.33 million hectares in the Central Chaco High region of the Chaco Basin. Again, delve into the history books, and things were proceeding well as the company conducted early stage exploration. It spent some US $30m on aerogravity and aeromagnetic surveys, leading to seismic acquisition on the Emilia prospect and some other attractive parts of the Boqueron block. That was all during between 2007 and 2009 when CDS appeared less shy in telling the world what it was up to. It resulted in total potential findings of up to 250 million barrels of oil equivalent, CEO Patrice Roman declared in May 2009. The stage was set for the next round of work, with some talk of drilling, although this has yet to materialise, and right now, looks a fairly distant prospect.The fact is the CDS team are still hurting after the pull-out by major investor PetroSaudi, which was looking to bankroll further upstream activity. The Saudi company which owned nearly two-thirds of CDS by late 2008 stepped back from its small-cap investments after the collapse of the oil price.While CDS negotiated an extension for its drilling commitments of one year taking them through to Q4 2010 this still makes for extremely tight timing. Management is actively chasing new financing options and prospective farm-in partners to plug the gap left by the withdrawal of its big partner. At the time, around April last year, some of the slack was taken up by other key shareholders and two suppliers of services to the company, Famay Enterprises and Harmattan. But it all left the company in sleep mode, at least in terms of upstream activity, as management tried to open up new sources of funding to continue work. How easy this will be given the current volatile market is another difficult question, but the lack of announcements clearly says something. On the positive side, CDS still holds some important assets, with a big wad of data covering its three blocks. It also maintains good relations with the local authorities. This will be handy if it needs to look again at extending its agreements further, to delay drilling perhaps for another year. If it can pin down a partner then this would certainly help make the decision easier for officials. Either way, CDS is entering a critical period, with the next results update expected before the end of June, just weeks away. |
Posted at 12/2/2010 13:18 by pre these are current trading at a ridiculously low price..if they delievr as is rumoured in paraguay then we should see this sevral times higher than current share price .. the current share price is well below nominal value of 10p...dyor etc:-)) |
Posted at 03/2/2010 12:51 by davidhp Paraguay is one of the poorest of the Latin-American nations.They are sitting on a potentially large oil-bearing region which has seen near-zero investment over the years. The region is the same geology as across the border, where huge oil fields exist. Paraguay's oil and power needs are growing. It would love to have a cash-generative export like oil or gas too. The region surveyed and alloted to CDS has oil. Oil is $77.52 bbl (03Feb2010). Forecast to rise this yr. As the oil price rises, CDS are more likely to get funding, a farmout, a loan, or a deal to drill for it. A modest onshore drill campaign isn't very expensive these days. It just needs guts, the right people and organization. To be honest, IMHO most companies sitting on such an asset in these circumstances would simply pay wages to directors, live high on the hog at our expense and do nothing until the cash is exhausted and then they quit. HOWEVER, CDS hasn't done that at all. It has, instead, put itself into sleep-mode. No spending, to preserve the cash in the bank, in hand is an excellent sign. This bodes well for this type of company and the guys running it. From that simple fact alone, I concluded they actually *want* to see drillbits in the ground in Paraguay and that sort of commitment impresses me. It's only my opinion and I have been wrong in the past (Subsea Resources and Oxford Molecular to name a few tragedies of mine...) but oilers are my real market and few have let me down. When you see commitment and sound business practice, which is as rare as the big finds, you sense they're not all flakes and spivs. 8) You are essentially correct. Deals are contacts and discussions; talking. And, happily, talk is cheap... in a good way! Meaning they don't need big funds to talk to investors and hopefully that's what's happening behind the scenes... fingers crossed. Paraguay wants this drilled. CDS wants it drilled. All they have to do is find some bank or big partner who wants it too. That, as the oil price rises, and as the appetite for Africa (and look at the hellholes there that're being drilled! Risk is back, baby!) when Latin-America is so less risky. One deal and this will skyrocket. Time is the only risk factor... when! I'm prepared to sleep on this. Tucked away in a drawer. Maybe nowt comes of it. Maybe I lose it. I only invest play money anyhow. Better in a possible multi-bagger than earning 0.3% in the bank, eh? Or a bond... ouch! Then again, I thought that of AYM, DES, RKH and FOGL... and look what those dark horses turned into! DYOR |
Posted at 12/11/2009 18:30 by mlm Just been looking round for any news, I know its oldish but some might not have seen it, I have sent an email today asking if there is any progress with partners ect.RNS Number : 8929Z CDS Oil & Gas Group PLC 29 September 2009 29 September 2009 CDS OIL & GAS GROUP PLC INTERIM RESULTS FOR THE SIX MONTHS ENDED 30 JUNE 2009 AND OPERATIONS UPDATE CDS Oil & Gas Group PLC ("CDS" or the "Company"), the AIM quoted (CDS.L) oil and gas exploration and development company with operations in Paraguay, today announces its unaudited interim results for the six months to 30 June 2009 and an update on its operations. Operating loss of US$540,000 (H1 2008: loss of US$1,308,000), in line with Board's expectations Comprehensive exploratory survey programme completed Discussions in progress to secure funding for the next phase of operations Principal shareholders and directors provide funds to support operations CDS is a UK company which, through its Paraguayan subsidiary, CDS Energy S.A.(together "the Group"), has a 98.2% working interest in three large blocks with substantial oil and gas exploration potential in the prospective eastward extension into the productive Bolivian Chaco Basin in north-west Paraguay. Enquiries: CDS Oil & Gas Group plc Tel: 020 7225 4383 Patrice Roman - Chief Executive Officer Hanson Westhouse Limited Tel: 020 7601 6100 Bill Staple / Richard Baty UK Enquiries: Hudson Sandler Tel: 020 7796 4133 Jessica Rouleau Other Enquiries B4 Communication Tel: (+41) 22 592 50 22 Claude Baumann / Frédéric Jacquemoud Chairman's and Chief Executive's Review For the six month period to 30 June 2009 the Company made an operating loss of US$0.5 million (2008: loss of US$1.3 million) which was in line with the Board's expectations. Cash and cash equivalents as at 30 June 2009 were US$82,000. In 2009 the Company entered into a transitional period characterised by the severance of the relationship with PetroSaudi and by a work programme coming to its final stage of data interpretation. As announced in February 2009, the former majority shareholders decided to step in by taking over the position of PetroSaudi as shareholder and as lender, subsequently converting the $2,250,000 of loans plus accrued interest into ordinary shares. In addition, in April 2009, two suppliers of services to the Group, Famay Enterprises Corp. ("Famay") and Harmattan FZE ("Harmattan") agreed to convert amounts due to them by the Group by subscribing for new ordinary shares. The loss of Petro Saudi as a major shareholder in the Company has resulted in a reduced access to funding for further expansion. Consequently, the management of the Company proceeded to undertake a reorganisation which coincided with the end of its work programme of data interpretation. Following the announcement made in May 2009 indicating encouraging potential on the two permits of Gabino Mendoza and Boqueron, the Company approached the Ministry of Public Works and Communication ("MOPC") which is also responsible for energy and mining, and succeeded in obtaining an extension of one year of its drilling commitments and an approval of its new drilling programme until the fourth quarter 2010, both of them granted in July and August 2009. Furthermore the mutual understanding between the MOPC and the Company led into an increased cooperation in order to promote the Gas option favoured by the Paraguayan government in the context of its new Energy policy. The aim of this policy is to coordinate the utilisation of natural gas on a regional basis covering Bolivia, Paraguay and Uruguay, in the middle of which the CDS concessions are situated. Such a development has resulted in the revitalisation of the organisation called Urupabol and is expected to trigger major infrastructure investments in the Chaco region. The ability of the Company to adjust to this changing situation coupled with the continuous financial support of its shareholders is encouraging for management in its search for prospective new shareholders. The new attraction of South America stimulated by the recent offshore discoveries on both sides of the South Atlantic and the position of Paraguay at the junction of the already producing basins of Bolivia and Argentina make it a valid area for exploration. The Company's management is seeking to capitalise on this renewed interest in the region and is currently conducting active negotiations with the view of concluding either a farm-in transaction or a partnership. Financing As announced on 2 April 2009, in addition to the conversion of loans and accrued interest into new ordinary shares, the Company's Principal Shareholders (being Feltown Assets Inc., Werton Finance S.A. and Red Law Corporation Services Inc.) agreed to continue to support the financial needs of the Group as it sought partners to assist with the funding of the Group's exploration activities. Over the last few months Feltown Assets Inc. ("Feltown") has paid some of the Group's expenses and a loan has accrued which at 30 June 2009 totalled approximately $578,000. Since 30 June 2009 Feltown has continued to meet the immediate financial needs of the Group. As a consequence the size of loan provided by Feltown has increased to approximately $902,000. Feltown currently holds 43,435,509 ordinary shares representing approximately 35.2 per cent of the Company's ordinary shares and therefore Feltown is considered to be a related party pursuant to Rule 13 of the AIM Rules for Companies. The terms of the loan have been agreed between the Board and Feltown. Pending the outcome of current discussions with parties interested in the Company's projects, the loan is considered to be short term however the Board understands that Feltown has no intention of requiring immediate repayment, Interest accrues on the loan at 4% per annum. The Directors, having consulted with the Company's nominated adviser, Hanson Westhouse Limited, consider that the terms of the loan are fair and reasonable insofar as the shareholders are concerned. The Directors of the Company have not drawn their remuneration nor had their expenses reimbursed for the last 12 months. Capital expenditure of US$524,000 incurred during the six months ended 30 June 2009 has been financed by the unsecured shareholder loans referred to above, as have subsequent expenditures. |
Posted at 28/7/2009 10:05 by mlm Just in case this gets overlooked TIDMCDS RNS Number : 3578W CDS Oil & Gas Group PLC 28 July 2009 ? CDS Oil and Gas Group plc ("CDS" or the "Company") Extension to minimum work obligation LONDON, 28 July 2009: CDS the AIM quoted oil and gas explorer (CDS.L) with operations in Paraguay is pleased to announce that it has received an extension from the Paraguayan Ministry of Public Works and Communications ("MOPC") - which is also responsible for energy and mining - to the Company's minimum work obligations on its exploration licence over the Boqueron block. The Company's minimum work commitments for the Boqueron block initially required it to drill a minimum of three exploration wells prior to 21 November 2009. Whilst the minimum work obligation remains unchanged the MOPC has suspended the Company's commitments for 12 months, extending the expiry of the minimum work period to 21 November 2010. The extension affords CDS greater flexibility in identifying and negotiating terms with potential farm-in partners. Patrice Roman, CEO of CDS, commented: "The extension will assist the ongoing discussions with new strategic partners in order to finance the next phase of our exploration program, which will consist mainly of drilling. It also demonstrates the high value of the relationship maintained by CDS with the Paraguayan authorities resulting from the fact that over the recent years CDS has been a principal player as regards oil and gas exploration in Paraguay." At this time, the Company has received a significant level of interest from prospective investors with a view to covering the cost of the next stage of the exploration programme and whilst no funding arrangements have yet been formally agreed, the directors of the Company remain confident that further funds will be arranged in the near future. Note to Editors: CDS Oil and Gas Group plc is a UK company which, through its Paraguayan subsidiary, CDS Energy SA, has a 98.2% working interest in three large blocks with substantial oil and gas exploration potential in the prospective eastward extension into north-west Paraguay of the productive Bolivian Chaco Basin. |
Posted at 21/9/2006 08:10 by frontiercapital CDS Oil & Gas Group PLC21 September 2006 For release at 08.00 Thursday, 21 September 2006 CDS Oil & Gas Group plc Report for the six months ended 30 June 2006 Chairman's review CDS Oil & Gas Group plc was admitted to trading on AIM on 17 September. This report therefore covers the six-month period from 1 January to 30 June 2006. CDS's activities are focused on exploring several potential oil and gas plays in the Chaco Basin in western Paraguay. The loss for the six months under review was $519,000 (2005: $469,000) which was entirely made up of administrative expenses less interest. Cash outflow before financing amounted to $1,821,000, (2004: $3,312,000) of which $1,461,000 (2005: $2,700,000) was capital expenditure, principally the drilling of the Gabino Mendoza well. At end of June the cash balance was $453,000 (2005: $1,514,000). Under the terms of the joint-venture agreement on the Gabino Mendoza block CDS had an obligation to drill a well before the end of 2005. The well reached a planned depth of 1,635 meters and was cased and suspended for testing or deepening at a later date. The initial objective of the well was a potential oil-bearing zone between 705 metres and 1,600 metres. Analysis to date by CDS of the technical information derived from the well, confirms that hydrocarbons were found within several zones, although reservoir qualities are lower than required to be able to flow oil unassisted. CDS believes that the results from this well have improved the level of confidence of the gas potential at depth on the Gabino Mendoza Block and merits a deepening of the well. The drilling of this well fulfilled the Company's work obligation on the Gabino Mendoza Block although CDS has stated that at a later date it intends to continue to drill the well to 3,250 metres to test for gas. However, cost over runs, estimated at approximately $1.4 million, were incurred, due principally to problems with the contractor. CDS Energy has submitted a claim to Nabors Drilling International ('Nabors') for the extra costs involved, amounting to $1,617,000, and Nabors has made a counter claim. The matter has now been referred to arbitration in London. CDS Energy still has some residual debts arising from the cost over-runs on the drilling of the Independencia 3 well on the Gabino Mendoza block. Apart from the disputed claim of $768,000 from Nabors, which was reported to shareholders in the annual report dated 29 June 2006, CDS Energy has liabilities amounting to about $892,000 to contractors who provided services for the drilling of the Independencia 3 well, and other creditors. The Directors intend to advance sufficient funds to clear these debts as soon as new funds are available. At the time of the Company's admission to AIM it raised equity funding of a total of £1.68 million, net of expenses. While this was originally considered adequate for the Company's planned activities, the cost over-runs referred to previously have severely reduced the Company's cash resources. In an effort to ameliorate the position, the Company raised £800,000 through two convertible loans: £500,000 from Westmount Energy Ltd, an independent energy investment company quoted on AIM, and £300,000 from GMG Trust Ltd, a Geneva based fund management group. Full details of these arrangements were contained in announcements published on 19 January 2006 and 15 May 2006 respectively. Despite the significant challenges and setbacks which the Company has faced in its first year as a listed company, the fundamental investment proposition remains undiminished. CDS holds prospecting rights over a very large area of the under-explored Chaco basin of Northwest Paraguay which is due east of, and shares the same stratigraphy at shallower depth as, the oil and gas producing areas in Bolivia. The two most interesting plays have yet to be drilled by CDS - the Carboniferous oil on the Boqueron block and the deep Devonian gas on the Gabino Mendoza block. CDS Energy will continue to select exploration lots in the Boqueron Block amounting to a total of 800,000 hectares prior to May 2007, as required by the terms of the Concession. This new exploration area is extensive and contains the primary area of interest to CDS and its best ranked leads in the Block. Rather than follow the strategy of drilling further wells with 100% working interest, as stated in the AIM Admission document, it is now the intention to bring in joint venture partners on the different licences to provide majority funding and to spread the risk for CDS shareholders. Professional advisers have been retained to assist with these endeavours and the Company has had initial discussions with several parties, but these are at an early stage and no definitive agreements have yet been reached. Nor can any guarantee be given that such discussions will have a positive outcome. A study of the Independencia gas prospect and the Emilia oil prospect has been undertaken by Collarini Associates of Houston, Texas, to update the extent of each target and its potential productivity. The draft results of this review indicate in the case of Independencia the expected resource potential in the immediate area of the Independencia #1 well is estimated at 216 BCF in place or 140 BCF recoverable. Although several prospects exist in the Boqueron Concession only the Emilia was studied by Collarini who have concluded that the reservoir is potentially more productive than originally thought. However, due to the lack of data at this stage they can only map a restricted area and accordingly the prospective resources at Emilia are estimated at 27.0 MMBbl in place or 6.4 MMBbl recoverable. It is especially difficult to quantify resource potential in frontier plays of this type. The initial Scott Pickford report, which focused on the broader potential of the basin, based its analysis at the Emilia prospect from two seismic lines and the data from an earlier well. Collarini's results using the same basic data and a more rigorous engineering-based and industry standard approach have derived a risked resource with a potentially more productive reservoir over a smaller area. For example, at Emilia, the Scott Pickford report indicated 12 MBO per acre of mean recoverable reserves while the Collarini report indicates 18 MBO per acre of mean recoverable for the same reservoir, greatly improving the possible recoverable oil in place. The Collarini methodology is accepted internationally to be more accurate in modeling the reservoir capability and gives validity to the productive qualities of the reservoir both at Emilia for oil and at Independencia for gas. But, it also indicates that more work needs to be done for CDS to be able to understand more fully the lateral extent or trap for each case. This report will be completed during the next month and will be made available to shareholders as soon as practicable. A resource update will be announced at that time in accordance with the 'Guidance note for mining, oil and gas companies' issued by the London Stock Exchange plc in March 2006. Steven L Veal, a consultant to the company, has reviewed the summary set out above of the draft results of the Collarini Associates study. Steven is a professional petroleum geologist and is a qualified person with more than 26 years experience in the petroleum and natural gas industries and is a member, and former Vice President and Treasurer, of the American Association of Petroleum Geologists and a Fellow of the Royal Geological Society, London. On 25 July 2006, due to the uncertainty over CDS's financial position, trading in the Company shares was suspended, but has been restored today following the issue of these interim statements. The Company is currently in the process of raising further funds through an equity placing, to continue the exploration programme and to provide working capital. In this placing investors are being offered a unit consisting of one share and one warrant to subscribe for a further share (a 'Unit') for 1.25 pence per Unit. The warrant is exercisable at a price of 3 pence over a period of two years. CDS has commitments for approximately two-thirds of the minimum of £1.2 million that needs to be raised and the Board is confident of raising the remainder from other investors who are showing interest. On the other hand, if the funding is unsuccessful, then it is unlikely that CDS would be able to meet its financial obligations as and when they fall due and may therefore be unable to trade unless alternative financing arrangements can be negotiated in the short term. Whilst the Board have been actively pursuing alternative funding arrangements, there is no certainty as to the outcome of these negotiations nor is there any guarantee that such funding could be obtained on terms equivalent to the current fundraising. There is no doubt that CDS is at a turning point. The Company still has an excellent acreage in the Chaco Basin in Paraguay which has a proven hydrocarbon system in which a number of prospective exploration leads have been identified. Paraguay itself is now beginning to attract the interest of some of the larger oil companies. CDS has already received a number of approaches from other companies interested in its assets. As said earlier, these are all at an early stage and shareholders will be advised as soon as practicable of any discussions which move beyond that stage. Finally, I would like to thank my fellow board members, executive directors and the dedicated staff in Asuncion for all their hard work and loyalty to the company. Ed McMaster, a resident of Canada, decided not to offer himself for re-election as a director at the AGM. James Wade (65), the current Chief Executive, has agreed to relinquish his executive responsibilities on completion of the current funding, although he will continue as a non-executive director of the parent company only. Dan Morrison, the chief executive of CDS Energy SA, will continue in his role and serve as Chief Operating Officer of CDS. The Board will review the question of other management changes following completion of the current funding. JWS Bentley Chairman Note: BCF = Billion Cubic Feet of gas MMbbl = Millon barrels of oil Mbbl = thousand barrels of oil See the following unaudited accounts for the period 1 January to 30 June 2006. Contacts: Simon Rothschild, Bankside Consultants 020 7367 8871 CDS OIL & GAS GROUP PLC Interim Unaudited Accounts for the Six Months ended 30 June 2006 CONSOLIDATED PROFIT AND LOSS ACCOUNT Half year ended Year ended 30 June 30 June 31 December 2006 2005 2005 (Unaudited) (Unaudited) (Audited) $000 $000 $000 Administrative expenses (530) (469) (816) _____ _____ _____ Operating loss (530) (469) (816) Interest receivable 11 - 32 _____ _____ _____ Loss on ordinary activities before and after taxation (519) (469) (784) _____ _____ _____ All amounts relate to continuing activities. Loss per ordinary share (cents) (Note 3) Basic (0.3) (0.3) (0.4) Diluted (0.3) (0.3) (0.4) CONSOLIDATED STATEMENT OF RECOGNISED GAINS AND LOSSES Loss for the period (519) (469) (784) Exchange differences (31) - 56 _____ _____ _____ Total recognised losses for the period (550) (469) (728) _____ _____ _____ CDS OIL & GAS GROUP PLC Interim Unaudited Accounts for the Six Months ended 30 June 2006 CONSOLIDATED BALANCE SHEET 30 June 30 June 31 December 2006 2005 2005 (Unaudited) (Unaudited) (Audited) $000 $000 $000 Fixed Assets Intangible assets 10,356 2,724 8,602 Tangible assets 240 1,780 321 _____ _____ _____ 10,596 4,504 8,923 Current Assets Debtors 96 225 86 Inventory 1,751 - 1,743 Cash at bank and in hand 453 1,514 826 _____ _____ _____ 2,300 1,739 2,655 Creditors: Amounts falling due within one year Convertible debt (1,478) - - Other (2,011) (255) (1,621) _____ _____ _____ Net Current (Liabilities)/Assets (1,189) 1,484 1,034 _____ _____ _____ Total Assets less Current Liabilities 9,407 5,988 9,957 _____ _____ _____ Capital and Reserves Called up share capital 3,822 3,218 3,822 Share premium 8,794 5,193 8,794 Profit and loss account deficit (2,250) (1,315) (1,700) Capital reserve 126 - 126 Other reserve (1,095) (1,117) (1,095) _____ _____ _____ Shareholders' funds - equity 9,397 5,979 9,947 Minority interest 10 9 10 _____ _____ _____ 9,407 5,988 9,957 _____ _____ _____ CDS OIL & GAS GROUP PLC Interim Unaudited Accounts for the Six Months ended 30 June 2006 CONSOLIDATED CASH FLOW STATEMENT Half year ended Year ended 30 June 30 June 31 December 2006 2005 2005 (Unaudited) (Unaudited) (Audited) $000 $000 $000 Net cash outflow from operating activities (371) (612) (2,492) Returns on investments and servicing of finance Interest received 11 - 32 Capital expenditure and financial investment Sale/(purchase) of tangible fixed assets 81 (1,638) (180) Expenditure on oil and gas assets (1,542) (1,062) (5,560) _____ _____ _____ Cash outflow before financing (1,821) (3,312) (8,200) Financing Issues of ordinary shares for cash - 4,488 7,718 Exercise of warrants - - 970 Convertible loans 1,448 _____ _____ _____ (Decrease)/increase in cash (373) 1,176 488 _____ _____ _____ CDS OIL & GAS GROUP PLC Interim Unaudited Accounts for the Six Months ended 30 June 2006 Note 1 - Currency All amounts in the unaudited accounts are denominated in US Dollars. Note 2 - Basis of preparation The interim accounts have been prepared in accordance with applicable accounting standards and under the historic cost convention. The interim financial information has been prepared on the basis of the accounting policies set out in the group's statutory accounts for the period ended 31 December 2005. The financial information set out in this interim statement, does not constitute statutory accounts within the meaning of Section 240 of the Companies Act 1985. The financial information for the full preceding period is based on the statutory accounts for the period ended 31 December 2005. Those accounts, on which the auditors issued an unqualified opinion, have been delivered to the Registrar of Companies. Note 3 - Loss per share The loss per share is calculated based on: Half year ended Year ended 30 June 30 June 31 December 2006 2005 2005 Loss for the period ($000) (519) (469) (784) Weighted average number of shares in issue (000) 210,170 162,913 177,656 Note 4 - Convertible loans During January 2006, the company raised £0.5 million ($883,000) through a convertible loan, repayable by 29 December 2006, but the holder has the option, at any time, to convert the loan into ordinary share capital of up to 5,000,000 shares at £0.10 per share. The holder has also been issued with warrants, in exchange for an interest waiver, to subscribe for a further number of ordinary shares at £0.10 per share. If the rights are not exercised, then the loan and interest convert into ordinary shares at the repayment date, at an average market price. CDS OIL & GAS GROUP PLC Interim Unaudited Accounts for the Six Months ended 30 June 2006 Note 4 - Convertible loans (continued) During May 2006, the company raised £0.3 million ($565,000) through a convertible loan, repayable by 31 December 2006, but the holder has the option, at any time, to convert the loan into ordinary share capital of up to 3,000,000 shares at £0.10 per share. The holder has also been issued with warrants, in exchange for an interest waiver, to subscribe for a further number of ordinary shares at £0.10 per share. If the rights are not exercised, then the loan and interest convert into ordinary shares at £0.06 per share at the repayment date. Note 5 - Reconciliation of operating loss to net cash outflow from operating activities Half year ended Year ended 30 June 30 June 31 December 2006 2005 2005 (Unaudited) (Unaudited) (Audited) $000 $000 $000 Operating loss (530) (469) (816) Shares based payments for professional services received - - 27 (Increase)/decrease in debtors (11) (133) 8 (Increase) in inventory (8) - (1,743) Increase/(decrease) in creditors 178 (10) 32 _____ _____ _____ Net cash outflow from operating activities (371) (612) (2,492) _____ _____ _____ This information is provided by RNS The company news service from the London Stock Exchange |
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