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Share Name | Share Symbol | Market | Type |
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Nevada Organic Phosphate Inc | CSE:NOP | 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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0.00 | 0.00% | 0.06 | 0.05 | 0.06 | 0 | 09:50:10 |
RNS Number:1527Q Northern Petroleum PLC 25 September 2003 Embargoed 0700hrs 25 September 2003 Northern Petroleum Plc ("Northern" or the "Company") Interim Results for the Six Months Ended 30 June 2003 Highlights *Turnover growth from last year of #29,398 to #224,879 for six months *Exciting oil discovery at Avington *Increased confidence in the potential of the south of England prospects *Increase in value of investment in Ramco Energy Plc *Continued profitable production in Spain *New licences awarded in Italy Chairman, Richard Latham, commented, "During this period we have been a partner in an exciting onshore oil discovery in the south of England. I am confident that we may look forward with optimism to the outcome of production tests at Avington and, of more importance, the drilling of several other highly attractive prospects in the region." For further information please contact, Derek Musgrove Northern Petroleum Plc 020 7743 6080 Chris Roberts / Ben Simons Hansard Communications 020 7245 1100 / 0771 309 0135 Chairman's Statement I am delighted to report that in the first half of 2003 your Company has been a partner in the first onshore oil discovery in the south of England since 1987. This has provided us with added confidence in seeking and drilling further re-appraisal prospects in the area, where we hold greater licence interests ranging from 41.75% to as much as a possible 80%. The work on the Great Oolite formation in the south of England reported to you in June is beginning to be rewarded. In July we acquired a 5% interest in PEDL 070 and promptly drilled the Avington-2 oil discovery. This is now undergoing production testing for a 120 day period. It is intended that the well be tested both before and after acid stimulation, in order to assess the productivity of the well as so far no stabilised flow rates have been measured. It is necessary to gather data for reservoir modelling and to make a preliminary estimation of recoverable oil reserves. The decision to acquire PEDL 070, which included the Avington well interest, was taken after applying the techniques to re-interpret the electric log information from Avington-1. This provided us with the necessary confidence to make the investment. We now have fully earned our 5% interest in the licence, having paid 10% of the pilot well drilling costs. The success at Avington in which we hold a 5% interest is of importance, but I continue to emphasise that the greater impact on the Company should come when we drill the Sandhills structure on the Isle of Wight (41.75% interest), the newly acquired PEDL 089 (up to 80% interest under option) and any of many targets identified in PEDLs 125 and 126 (50% interest). We hope that this will realise the full potential of our investment. I am pleased to report that Ramco Energy plc, in which Northern holds 294,118 shares, is making excellent progress on their development of the Seven Heads Gas Field offshore southern Ireland. This has resulted in an increase in value of this holding. In Spain we have continued to profitably produce oil at Ayoluengo totalling -27,693 barrels during the half year. Whilst I am disappointed that this level is slightly less than forecast, I am confident that this project will realise its full potential upon implementation of a modest capital expenditure programme. It has been a source of frustration for the Company that to date the partners in this project have not been forthcoming with this investment. The field operating costs are predominantly fixed and independent of production level, thus only very limited costs will attach to any increase in production. I continue to see the Ayoluengo field as an attractive investment. The recent relocation by Marriot of their No. 7 rig to the Ayoluengo site for storage could substantially reduce the costs of any new drilling operations. Our legal action against Arkhangelskgeoldobytcha ("AGD"), now a subsidiary of Lukoil, continues, however, I am restrained by the rules of the arbitration process from offering any detailed and informative comments. In addition to the action that our subsidiary company, Northern Petroleum Limited, has brought, we now understand that AGD has requested a court in Arkhangel to rule that certain documents remove the jurisdiction to Russia. We have filed preliminary statements in dispute of such claim. The issue will next be addressed on 16th October 2003. I assure shareholders that recourse to legal action was only taken in the face of a complete and regrettable lack of response to communications from Northern Petroleum Limited to the particular Russian partner over a substantial period. I can assure shareholders that it was neither the expectation nor objective of the Company to pursue an action of this length. Furthermore, it is not in keeping with the Company's normal practice. In Italy we are delighted to have recently been awarded, subject to satisfactory environmental impact studies, two offshore licences in which Northern holds a 70% interest. These are d92E.R-NP (offshore the Tiber Delta area) and d344C.R-NP (offshore between Sicily and Malta). We continue to await the award of five further applications in Italy. We believe that the potential for discoveries is high. The main thrust is to search for gas in the prolific Po Valley region and for oil and gas offshore south of Sicily in areas close to the Tunisian and Libyan boundaries. The slowness of the licensing procedures at least allows us to concentrate in the short term on the UK. Outlook For the near future I am confident that we may look forward with optimism to the outcome of production tests at Avington and the drilling of several highly attractive south of England prospects. In Spain we are endeavouring to reach an agreement with our partners to implement plans to achieve a welcome increase in production with considerable benefit to our operating profit margins. Richard Latham Chairman Consolidated Profit and Loss Account 6 month 6 month period ended period ended Year ended 30 June 30 June 31 December 2003 2002 2002 (unaudited) (unaudited) (audited) # # # ---------------------- ----------- ---------- ---------- Turnover 224,879 - 29,398 Cost of sales ---------------------- ----------- ---------- ---------- Production costs 192,992 - 16,258 Depreciation, depletion and 95,711 10,513 92,760 amortisation ----------- ---------- ---------- ---------------------- 288,703 10,513 109,018 ---------------------- ----------- ---------- ---------- Gross profit/(loss) (63,824) (10,513) (79,620) Administrative expenses (335,063) (261,531) (396,331) Other operating income 12,800 - 31,500 ---------------------- ----------- ---------- ---------- Operating loss (386,087) (272,044) (444,451) Profit on disposal of oil and gas - - 1,776,741 assets Provision against fixed asset - - (731,820) investment Loss on disposal of current asset - (15,164) (15,164) investment Provision against current asset 151,471 - (227,940) investment Interest receivable 22,590 3,811 37,845 ---------------------- ----------- ---------- ---------- Profit/(loss) on ordinary (212,026) (283,397) 395,211 activities before taxation Tax on profit/(loss) on ordinary (3,258) - (154,461) activities ----------- ---------- ---------- ---------------------- Profit/(loss) for the period (215,284) (283,397) 240,750 ---------------------- ----------- ---------- ---------- Basic profit/(loss) per share (0.13)p (0.18)p 0.15p ---------------------- ----------- ---------- ---------- Diluted profit/(loss) per share (0.12)p (0.17)p 0.14p ---------------------- ----------- ---------- ---------- Statement of Total Recognised Gains and Losses 6 month 6 month period ended period ended Year ended 30 June 30 June 31 December 2003 2002 2002 (unaudited) (unaudited) (audited) # # # --------------------- ---------- ---------- ---------- Profit/(loss) for the period (215,284) (283,397) 240,750 Exchange differences on retranslation of net assets of subsidiary (111) (37,881) (27,179) undertakings ---------- ---------- ---------- --------------------- Total recognised gains and (215,395) (321,278) 213,571 losses ---------- ---------- ---------- --------------------- Consolidated Balance Sheet 30 June 30 June 31 December 2003 2002 2002 (unaudited) (unaudited) (audited) # # # --------------------- ---------- ---------- ---------- Fixed assets Intangible assets 238,012 1,253,904 180,965 Negative goodwill (32,207) - (42,595) Tangible assets 143,724 979 164,562 Investments 1 720,933 1 --------------------- ---------- ---------- ---------- Total fixed assets 349,530 1,975,816 302,993 --------------------- ---------- ---------- ---------- Current assets Debtors 392,021 41,120 392,728 Investments 923,531 - 772,060 Cash at bank and in hand 1,589,126 259,350 1,806,220 --------------------- ---------- ---------- ---------- 2,904,678 300,470 2,971,008 Creditors: Amounts falling due within one 584,007 99,419 396,085 year ---------- ---------- ---------- --------------------- Net current assets 2,320,671 210,051 2,574,923 Creditors: amounts falling due 40,710 - 38,130 after more than one year Provision for liabilities and 81,420 - 76,260 charges ---------- ---------- ---------- --------------------- Total assets less liabilities 2,548,071 2,176,867 2,763,466 --------------------- ---------- ---------- ---------- Capital and reserves Called up share capital 6,035,889 6,012,889 6,035,889 Share premium account 5,297,560 5,268,810 5,297,560 Profit and loss account (8,785,378) (9,104,832) (8,569,983) --------------------- ---------- ---------- ---------- Shareholders' funds 2,548,071 2,176,867 2,763,466 --------------------- ---------- ---------- ---------- Shareholders' funds attributable to -- equity shares (1,886,109) (2,257,313) (1,670,714) - non-equity shares 4,434,180 4,434,180 4,434,180 --------------------- ---------- ---------- ---------- 2,548,071 2,176,867 2,763,466 --------------------- ---------- ---------- ---------- Consolidated Statement of Cash Flows 6 month 6 month period ended period ended Year ended 30 June 30 June 31 December 2003 2002 2002 (unaudited) (unaudited) (audited) # # # ---------------------- --------- --------- --------- Net cash outflow from operating (87,971) (344,096) (637,849) activities Returns on investments and servicing of finance Interest received 20,590 3,811 37,845 Capital expenditure and financial (149,713) 44,658 (148,603) investments Acquisitions and disposals - - 1,999,850 ---------------------- --------- --------- --------- Cash outflow before financing (217,094) (295,627) 1,251,243 Financing Issue of ordinary shares for cash - 522,870 522,870 (net of commissions) --------- --------- --------- ---------------------- Increase/(decrease) in cash for (217,094) 227,243 1,774,113 the period --------- --------- --------- ---------------------- Reconciliation of operating loss to net cash flow from operating --------- --------- --------- activities: ---------------------- Operating loss (386,087) (272,044) (444,451) ---------------------- --------- --------- --------- Depreciation, depletion and 102,509 10,513 93,537 amortisation Amortisation of negative (6,798) - (777) goodwill Depreciation - non oil and gas 2,052 337 760 tangible assets Decrease/(increase) in operating 2,706 13,760 (338,034) debtors and prepayments Increase/(decrease) in operating 197,647 (111,826) 51,116 creditors and accruals --------- --------- --------- ---------------------- 298,116 (72,052) (193,398) ---------------------- --------- --------- --------- Net cash outflow from operating (87,971) (344,096) (637,849) activities --------- --------- --------- ---------------------- Reconciliation of net cash flow to movement in net funds: Increase/(decrease) in cash for the (217,094) 227,243 1,774,113 period Net funds at start of period 1,806,220 32,107 32,107 --------------------- ------------ -------- ---------- Net funds at end of period 1,589,126 259,350 1,806,220 --------------------- ------------ -------- ---------- Notes to the Accounts 1. The results for the period are all derived from continuing activities. 2. For oil and gas projects, the full cost accounting policy has been adopted, whereby all costs are accumulated in cost pools and are then written off to the extent that they are not supported by underlying oil and gas reserves, unless the expenditure relates to an area where it is too early to make such a decision. Expenditure in the latter category has been included on the balance sheet under intangible assets. 3. During the second half of 2003 the Company will perform a final fair value review of its acquisition of the producing Ayoluengo oil field, with any required adjustments being made in the 2003 annual accounts. 4. The calculation of loss per share has been based on the loss after taxation for the period and the 160,170,900 ordinary shares in issue throughout the period. 5. The unaudited results have been prepared on the basis of the accounting policies adopted in the annual accounts for the year ended 31 December 2002. 6. The interim report is unaudited and does not constitute Statutory Accounts as defined in Section 240 of the Companies Act 1985. A copy of the group's 2002 Statutory Accounts has been filed with the Registrar of Companies. 7. The interim report for the six months to 30 June 2003 was approved by the Directors on 24th September 2003. This information is provided by RNS The company news service from the London Stock Exchange END IR SEAFWLSDSEDU
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