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Share Name | Share Symbol | Market | Type |
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Blackhawk Growth Corp | CSE:BLR | CSE | Common Stock |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
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-0.005 | -20.00% | 0.02 | 0.02 | 0.03 | 0.025 | 0.02 | 0.025 | 46,001 | 16:42:25 |
RNS Number:6197T Black Rock Oil & Gas PLC 23 December 2003 BLACK ROCK OIL & GAS PLC PRELIMINARY STATEMENT OF RESULTS AND FINANCIAL POSITION FOR THE YEAR ENDED 30 JUNE 2003 BLACK ROCK OIL & GAS PLC CONTENTS Page Review of Operations 1 Consolidated Profit and Loss Account 3 Statement of Total Recognised Gains and Losses 4 Consolidated Balance Sheet 5 Consolidated Cash Flow Statement 6 Notes to the Financial Information 7 REVIEW OF OPERATIONS FOR THE YEAR ENDED 30 JUNE 2003 Black Rock has further rationalised its licence portfolio during the year to 30 June 2003 and subsequently has continued to reduce expenditures on existing acreage whilst preparing for either a corporate acquisition or other opportunities. Our current planning is for an acquisition or merger which will build Black Rock's asset base and prepare the Company for its next round of activity. The Directors have not set a time limit on any acquisition however we have reviewed a number of opportunities and will continue to do so in seeking the most appropriate acquisition for Black Rock. It is likely any transaction will be accompanied by the issue of securities in Black Rock so we will keep shareholders appraised of progress. A reference to 'the Company' or 'Black Rock' in the Review of Operations includes Black Rock Oil & Gas PLC and its subsidiaries which have interests in the various licences referred to herein. AUSTRALIA EP 373 Canning Basin The permit was relinquished on 23 August 2003. WA 226-P Perth Basin Black Rock's interest in this licence was sold to Norwest Energy NL for 12 million shares at an issue price of AUD10 cents together with 3 million options in Norwest Energy NL. During the period, Black Rock disposed of its entire shareholding and warrant holding in Norwest Energy NL, which has strengthened the Company's cash position. Our holding in Norwest Energy NL arose from the sale of an interest in an oil well drilled during October 2002. This was subsequently abandoned as dry and so this asset trade for marketable securities had a favourable outcome for the Company. PEL 425 Darling Basin The permit was relinquished on 17 March 2003. EP 419, Perth Basin Black Rock reached agreement with Norwest Energy NL to farm-out an 80% interest in Permit EP-419 in the Perth Basin. Under the terms of the agreement, Norwest Energy NL assumes the role of Operator and paid all the costs of reprocessing existing seismic data recorded within EP-419. EUROPE PEDL 042 & 026 - Weald Basin Permits were relinquished. REVIEW OF OPERATIONS FOR THE YEAR ENDED 30 JUNE 2003 PEDL 042 was relinquished in March 2003. PEDL 026 was relinquished in July 2002. PEDL 113, PEDL 098 & PEDL 099 On, 27 October 2003, Black Rock announced that it had farmed out 5 per cent interests in the UK onshore oil exploration licences PEDL 098, 099 and 113, located in southern England, to Hereward Ventures PLC ("Hereward"). The interests in the three licences will be earned by the contribution by Hereward of a 10 per cent share of future costs which will include an appraisal well to test a logged oil accumulation which is expected to be drilled on the Sandhills - 2 prospect on PEDL 113 on the Isle of Wight during 2004. D C Steinepreis 19 December 2003 CONSOLIDATED PROFIT AND LOSS ACCOUNT FOR THE YEAR ENDED 30 JUNE 2003 2003 2002 Note # # Group turnover 2 - - Cost of sales - - _________ _________ Gross profit - - Administrative expenses before Impairment of exploration expenditure and goodwill (186,430) (365,524) Impairment of exploration expenditure and goodwill (815,016) (2,406,091) Group operating loss continuing (1,001,446) (2,771,615) Profit on sale of fixed assets on continuing operations 213,880 - Loss on ordinary activities before interest (787,566) (2,771,615) Interest receivable 248 6,261 Loss on ordinary activities before tax (787,318) (2,765,354) Taxation 4 - - Loss on ordinary activities after taxation (787,318) (2,765,354) Loss for the year (787,318) (2,765,354) Dividends - - Retained loss for the year (787,318) (2,765,354) Loss per share Basic 3 (0.81p) (3.29p) Diluted 3 (0.81p) (2.47p) STATEMENT OF TOTAL RECOGNISED GAINS AND LOSSES FOR THE YEAR ENDED 30 JUNE 2003 2003 2002 # # Retained loss for the year (787,318) (2,765,354) Exchange differences on retranslation of net assets of (28,855) 4,290 foreign currency operations __________ _________ Total gains and losses recognised for the year (816,173) (2,761,064) ========= ======== CONSOLIDATED BALANCE SHEET AS AT 30 JUNE 2003 Notes 2003 2002 # # # # Fixed assets Intangible assets 5 305,660 1,297,865 Tangible assets 105 382 305,765 1,298,247 Current assets Debtors 8,858 31,569 Cash at bank and in hand 195,986 36,674 204,844 68,243 Creditors: Amounts falling due Within one year (53,332) (99,440) Net current assets/(liabilities) 151,512 (31,197) Total assets less current liabilities 457,277 1,267,050 Net assets 457,277 1,267,050 Capital and reserves Called up share capital 7 491,326 488,126 Share premium account 8 3,845,440 3,842,240 Profit and loss account 8 (3,879,489) (3,063,316) Shareholders' funds 457,277 1,267,050 The accounts were approved by the board on 19 December 2003. D C Steinepreis H Warner Director Director CONSOLIDATED CASH FLOW STATEMENT FOR THE YEAR ENDED 30 JUNE 2003 2003 2002 Notes # # # # Net cash outflow from 10 operating activities (262,706) (388,838) Returns on investments and Servicing of finance 248 6,261 (262,458) (382,577) Acquisitions and disposals Disposal of fixed assets 449,908 - Net funds used for investing in exploration (34,538) (159,199) Net cash inflow/(outflow) from acquisitions 415,370 (159,199) Net cash inflow/(outflow) before financing 152,912 (541,776) Financing Proceeds from issue of share 6,400 122,500 Cash inflow from financing 6,400 122,500 Increase/(decrease) in cash 11 159,312 (419,276) NOTES TO THE FINANCIAL INFORMATION FOR THE YEAR ENDED 30 JUNE 2003 1. Basis of preparation and going concern The accounts are prepared in accordance with the historical cost convention and in accordance with applicable accounting standards and the Statement of Recommended Practice "Accounting for Oil and Gas Exploration, Development, Production and Decommissioning Activities". The financial information contained in this report does not constitute full statutory accounts within the meaning of Section 240 of the Companies Act 1985. The figures are extracted from the audited full financial statements for the year ended 30 June 2003 which will be filed with the Registrar of Companies in due course. The financial statements have been prepared on the basis of a going concern. The Group's ability to continue as a going concern is contingent upon raising additional funds and selling some of it's licences without affecting significantly it's operations, to cover exploration commitments and for use as working capital. In the absence of being able to raise funds through these channels, the going concern basis may not be appropriate with the result that the Group may have to realise its assets and extinguish its liabilities other than in the ordinary course of business and at amounts different from those stated in the financial report. No allowance for such circumstances has been made in the financial statements as the directors believe that the group will be able to raise funds in the future. In addition, the group disposed of all its shares and options in Norwest Energy NL, an Australian quoted company, during the year. It also reduced its exploration expenditure commitments and obligations under the licencing agreements for: EP419, PEL425, and EP373 in Australia and PEDL026, PEDL 042, PEDL 098, PEDL 099 and PEDL 113 in Europe. The reduction of costs has been by either surrendering licences or farming out interests. This rationalisation occurred both during the year and subsequent to the year end. 2. Turnover At the end of the financial year, the Group had not commenced commercial production from its exploration sites and therefore had no turnover in the period. 3. Earnings per share The loss per ordinary share of 0.81p (2002: 3.29p) is based on the loss for the financial period of #787,318 (2002: #2,765,354) and 97,685,515 ordinary shares (2002: 84,052,323), being the average number of shares in issue for the period. The diluted loss per share of 0.81p (2002: 2.47p) is based on the loss for the financial period of #787,318 (2002: #2,765,354) and 97,685,515 ordinary shares (2002: 111,836,223), being those shares in issue and those that are expected to be issued in respect of outstanding warrants and options. NOTES TO THE FINANCIAL INFORMATION FOR THE YEAR ENDED 30 JUNE 2003 4. Taxation Consolidated Group 2003 2002 Current tax UK corporation tax on profits for the year - - Adjustments for previous periods - - _________ _______ Total current tax charge - - ======= ======= Factors affecting tax charge for period Loss on ordinary activities before tax (787,318) (2,765,354) Tax on loss on ordinary activities at the standard rate of UK corporation tax of 30% (236,195) (829,606) Effects of: Expenses not deductible for tax purposes 222,752 598,597 Depreciation 95 85 Capital allowances (72) (71) Tax losses 24,558 320,765 Other tax adjustments (11,138) (89,770) _______ ________ Total current tax charge - - ======= ======= NOTES TO THE FINANCIAL INFORMATION FOR THE YEAR ENDED 30 JUNE 2003 5. Intangible assets - Group The movements during the year were as follows: Exploration and appraisal expenditure Goodwill Total # # # Cost At 1 July 2002 3,721,227 217,031 3,938,258 Additions 34,538 - 34,538 Disposals (236,028) - (236,028) Exchange loss 24,301 - 24,301 __________ _________ _________ At 30 June 2003 3,544,038 217,031 3,761,069 ========= ======== ========= Amortisation and impairment At 1 July 2002 (2,495,520) (144,873) (2,640,393) Disposals (742,858) (72,158) (815,016) Impairment for the year - - - __________ _________ __________ At 30 June 2003 (3,238,378) (217,031) (3,455,409) ========= ======== ========= Net book value At 30 June 2003 305,660 - 305,550 ========= ======== ========= At 30 June 2002 1,225,707 72,158 1,297,865 ========= ======== ========= a) On acquisition of the subsidiary undertaking, Black Rock Petroleum NL, in 2001, the book values of the net assets of the Black Rock Petroleum NL group were substituted by their fair values for the purposes of the group accounts. In arriving at the fair values of the exploration and appraisal expenditure (which relate to pre-production costs of exploration sites that are unproved), an external valuation was carried out by Mulready Consultancy Services Pty Limited, an independent geological valuer, on 9 April 2001. b) In accordance with the accounting policy, the directors have assessed the value of the oil and gas exploration expenditure carried in the accounts as intangible fixed assets. As explained in the review of operations on pages 1 and 2 the Group's licences on PEDL 026 (Europe Site) and the Jordan Project have been relinquished. The licences in PEDL 042 (Europe site) and PEL 425 (Australia site) were also relinquished in March 2003. Also licences on other Europe sites comprising PEDL 099 and PEDL 098 and PEDL 113 have been impaired. The licence in EP 373 (Australia site) was relinquished in August 2003. Accordingly, a provision has been made against the related exploration expenditure and goodwill and written off to the profit and loss account. 6. Post balance sheet events 1. Black Rock Petroleum NL relinquished its 100% interest in EP373 in August 2003. 2. Black Rock UK reduced its interest in PEDL 098, PEDL 099 and PEDL 113 from 10% to 5% through a farm out dated 13 October 2003. NOTES TO THE FINANCIAL INFORMATION FOR THE YEAR ENDED 30 JUNE 2003 7. Share capital 2003 2002 # # Authorised 200,000,000 ordinary shares of 0.5p each 1,000,000 1,000,000 Allotted, called up and fully paid 98,265,200 (2002: 97,625,200) ordinary shares of 0.5p 491,326 488,126 During the year, 640,000 ordinary shares of 0.05p each were issued at 0.1p pursuant to the exercise of warrants. The Company also has in issue 44,960,200 warrants exercisable at 1 pence each up to 1 May 2004 and 4,885,012 options exercisable at 5 pence each up to 8 April 2004. The movements in the share capital and the warrants are summarised below: Number of shares Number of warrants Opening balance at 1 July 2002 97,625,200 45,600,200 Issue for cash 640,000 (640,000) _________ __________ 98,265,200 44,960,200 ========= ========= 8. Statement of movements on reserves Movements in the share premium and profit and loss account during the year were as follows: Share Premium Profit and loss # # At 1 July 2002 3,842,240 (3,063,316) Issue of shares 3,200 - Retained losses - (787,318) Exchange differences - (28,855) _________ _________ At 30 June 2003 3,845,440 (3,879,489) ======== ======== NOTES TO THE FINANCIAL INFORMATION FOR THE YEAR ENDED 30 JUNE 2003 9. Reconciliation of movements in shareholders' funds - equity only 2003 2002 # # Loss for the period (787,318) (2,765,354) Dividends - - _________ __________ (787,318) (2,765,354) Net proceeds from share issues 6,400 329,752 Currency translation differences on foreign currency operations (28,855) 4,290 _________ _________ (809,773) (2,431,312) Opening shareholders' funds 1,267,050 3,698,362 _________ _________ Closing shareholders' funds 457,277 1,267,050 ======== ======== 10. Reconciliation of operating loss to net cash inflow from operating activities 2003 2002 # # Group operating loss before interest and foreign exchange movement (1,001,446) (2,771,615) Impairment of exploration expenditure 742,858 2,261,218 Goodwill amortised 72,158 144,873 Decrease in debtors 22,711 1,029 Decrease in creditors (46,108) (29,055) Effect of foreign exchange rates (53,194) 4,429 Depreciation 315 283 _________ __________ Net cash (outflow)/inflow from operating activities (262,706) (388,838) ======== ========= 11. Analysis of changes in net funds 2002 Cash flows 2003 # # # Cash at bank and in hand 36,674 159,312 195,986 ====== ====== ======= 12. Reconciliation of net cash flow to movement in net funds 2003 2002 # # Increase/(decrease) in cash 159,312 (419,276) _______ _________ Movement in net funds 159,312 (419,276) Net funds at 1 July 2002 36,764 455,950 _______ _________ Net funds at 30 June 2003 195,986 36,674 ======= ======== This information is provided by RNS The company news service from the London Stock Exchange END FR ZGMZZDFDGFZM
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