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RNS Number:2074Q
Aminex PLC
26 September 2003
AMINEX PLC
Aminex PLC, the oil and gas company listed in London and Dublin, announces its
unaudited results for the six months ended 30 June 2003.
HIGHLIGHTS
* Drilling operations commenced on Nyuni licence, Tanzania
* US gas production up 170%
* US oil production up 25%
* Acquisition of 9.7% interest in Bounty NL
* Net loss reduced from $3.4 million in first half 2002 to $672,000
in current period
INTRODUCTION
After initial delays, drilling operations have now begun on the Nyuni licence,
offshore Tanzania and a result may be expected from the Nyuni no.1 well later
this year. As reported earlier to shareholders, we have recently acquired a
9.7% shareholding in Bounty Oil & Gas NL, a young but active exploration company
with a broad spread of prospects in Australia and New Zealand. Bounty is
joining us on the Nyuni licence in Tanzania with a 10% interest. In the United
States, higher oil and gas prices and contributions from the Sabine Lake and
Alta Loma discovery wells, now on production, have boosted first half revenues
and should provide a greater benefit in the second half. We are currently in
the process of leasing up the East Fork prospect in Edwards County, Texas in
partnership with Ultra Petroleum. This prospect represents potentially large
gas reserves but with commensurate exploration risk. Given the strength of the
US gas market and strong forward demand, accumulation of gas reserves has taken
on a greater significance and is the focus of our US exploration programme.
FINANCIAL RESULTS
Turnover for the Group of $3.5 million is $2.3 million higher than the
comparative period. Turnover for the comparative period comprised only US oil
and gas operations, whereas the reporting period turnover also includes $0.8
million relating to the Group's oilfield services business. The increase in US
turnover during the reporting period reflects higher oil and gas production as
well as higher average oil and gas prices. Total gas production during the
reporting period amounts to 161,000 mcf compared with 60,000 mcf for the
comparative period of 2002. The main contributor is the Alta Loma well, which
came on stream in August 2002. Gas production also commenced from the Sabine
Lake well during June 2003. The average gas price achieved during the reporting
period is $5.53 per mcf, an increase of $2.68 per mcf over the comparative
period. US oil production is approximately 25% ahead of the comparative period
mainly as a result of a successful well workover programme at the Vinton Dome
field, additional production from the Vinton 3D drilling programme and a
contribution from Alta Loma. The average oil price obtained during the reporting
period is $29.40 per barrel, approximately $7 per barrel higher than that of the
comparative period.
The amortisation charge for the Group of $431,000 is $142,000 higher than 2002
reflecting the increase in US oil and gas production. Included in the reporting
period administrative cost of $2,096,000 is $221,000 relating to the oilfield
services business, the results of which (including its administrative expenses)
were described in the comparative period as 'Share of operating loss- Joint
Venture'. After taking into account the share of operating profit from our
associated company in Tatarstan of $250,000 (2002: profit $310,000), the
resulting Group operating loss for the current period amounts to $651,000 (2002:
loss $3.417 million). Included in the comparative period's operating loss is a
charge of $1.944 million for bid defence costs. Net interest income and other
income in the current period amount to $45,000 and after offsetting a taxation
charge of $66,000 mainly relating to our Tatarstan associated company, the Group
net loss for the period amounts to $672,000 (2002: loss $3.395 million).
Additions to intangible fixed assets during the current period amount to
approximately $1.7 million and relate to expenditures on our Tanzanian and US
exploration projects.
TANZANIA
In Tanzania, the Nyuni drilling programme is under way. An F200 land rig owned
and operated by Dafora Drilling of Romania is on site at Nyuni, the small
island after which the 2,600 square kilometre licence is named. By taking
advantage of the island as a drilling platform, Aminex is able to use onshore
technology for drilling offshore prospects. The first bottom hole location is
directly beneath Nyuni Island and therefore avoids the need for costly
directional drilling. Nyuni no. 1 is targeting formations in the Eocene, Lower
Cretaceous and Jurassic intervals. Total planned depth of the well is 3,050
metres subsea. Subject to operating delays, which can often occur in remote
locations such as Nyuni, Aminex expects to reach target depth before the end of
the year, following which the rig will be moved to nearby Okuza Island to drill
a second prospect.
The Nyuni licence is adjacent to the proved Songo Songo gas field which is
forecast to be producing gas into the Songas pipeline system, currently under
construction, by the middle of next year. Any gas discovered at Nyuni has right
of access to the Songas line and therefore, while the market for gas in Tanzania
is still only at an early stage of development, there is existing infrastructure
with a variety of potential customers. However, field surveys conducted by
Aminex and Tanzania Petroleum Development Corporation have established the
presence of naturally occurring surface oil seeps in the area, including on
Nyuni Island itself. Aminex therefore regards the Nyuni programme as a search
for oil as well as gas. An oil discovery on the Nyuni or Okuza prospects could
quickly be on test production and the oil shipped out using small tankers.
Aminex has taken strong measures to protect a sensitive environment at Nyuni and
to cause minimum disturbance to the ecology of the marine and land areas of the
licence.
Nyuni and Okuza are two of six prospects identified by seismic over the licence,
although much of the licence does not even have seismic coverage yet, including
the deep water part beyond the continental shelf.
UNITED STATES
The State Tract 8-1 well at Sabine Lake, Texas commenced production in June this
year. This discovery well was drilled in October 2001 and tested 9,300 mcf per
day and 750 barrels of condensate per day. Production had been delayed due to
pipeline accessibility. The well is currently producing at a rate of 6,500 mcf
per day and 335 barrels of condensate per day. Aminex has a 10.6% interest in
the well and a 15.5% interest in the surrounding acreage. The benefit of this
production will be realised during the second half of this year.
Overall production increased with the gas contribution from the Sunny Ernst #1
well, Alta Loma, Texas producing better than forecast and from oil production
increases in the Vinton Field. Four Vinton wells were recompleted at Vinton and
several others are planned. Oil and gas production during the second half of
the year are expected to be much higher than in the first half, with the
additional gas contribution from Sabine Lake and additional work over wells
coming on production.
During the year Aminex completed the re-processing of seismic over the Orange
Dome field and farmed out the project to industry partners for drilling,
retaining a small percentage. Fifteen locations have been identified in the
Frio and Miocene formations. Data reprocessing has also been completed in the
East Fork prospect and a horizontal well is being proposed for drilling.
Re-entry of an existing well at Sabine Lake is planned for the fourth quarter of
this year.
RUSSIA
The Dachnoye oil field in Tatarstan produced 346,000 barrels during the period,
an increase of 2% over the same period in 2002. As referred to in the 2002
Annual Report, Aminex continues through the Russian Federal Arbitration Court to
dispute an issue of new shares by Ideloil in early 2002 to an outside investor
at what Aminex considers to have been far below their full value and which had
the effect of diluting Aminex's equity interest from 29.7% to 23.8%. In June
2003, the Federal Arbitration Appeal Court ruled that resolutions passed at an
Ideloil General Meeting of Shareholders held in December 2001, namely to issue
the new shares and the price at which such shares be issued, were invalid.
Ideloil has appealed this ruling but the outcome of the appeal is at present not
known. For this reason, we continue to apply the lower equity interest to
Aminex's share of Ideloil's profit, while confident that the original percentage
interest will eventually be fully restored.
OUTLOOK
The Tanzanian project is of great significance to Aminex and shareholders will
be kept informed appropriately on drilling progress. Aminex is spearheading a
drilling initiative in a country where hydrocarbons were discovered a generation
ago but which, for various reasons, has since largely been ignored. The East
African margin, however, is now generating strong industry interest with new
offshore licensing activity in both Tanzania and neighbouring Kenya. The recent
investment in Bounty provides Aminex with an indirect interest in exploration
activity in a new area of the world and is in line with the company's stated
policy of seeking out high impact opportunities for the development of the
Aminex group.
26 September 2003
Enquiries:
Aminex PLC +44 (0)20 7240 1600
Brian Hall - Chief Executive
Simon Butterfield - Finance Director
College Hill +44 (0)20 7457 2020
James Henderson
Davy Corporate Finance +353 (0)1 614 8934
Hugh McCutcheon
Unaudited Consolidated Profit and Loss
Six months Six months
ended ended Year ended 31
30 June 2003 30 June 2002 December 2002
(Unaudited) (Unaudited) (Audited)
Note US$'000 US$'000 US$'000
Turnover: Group and share of joint venture 3,525 2,105 4738
Less: share of joint venture turnover - (840) (1,242)
Group turnover 1 3,525 1,265 3,496
Cost of sales (1,899) (1,105) (2,316)
Amortisation of oil and gas properties (431) (289) (779)
Gross profit/(loss) 1,195 (129) 401
Administrative expenses (2,096) (1,522) (3,400)
Group operating loss before bid defence costs (901) (1,651) (2,999)
Exceptional item - bid defence costs 2 - (1,944) (1999)
Group operating loss after bid defence costs (901) (3,595) (4,998)
Share of operating profit - Associate 250 310 856
Share of operating loss - Joint venture - (132) (202)
Provision against loans to joint venture - - (624)
Loss on ordinary activities before interest (651) (3,417) (4,968)
Interest receivable and other income 96 176 283
Interest payable and similar charges - Group (32) (77) (41)
- Joint venture - (5) (88)
- Associate (19) (35) (8)
Loss on ordinary activities before taxation (606) (3,358) (4,822)
Taxation - Group (4) - -
- Associate (62) (37) (127)
Retained loss for the period (672) (3,395) (4,949)
Basic loss per Euro0.06 Ordinary Share (in US cents) 3 (0.74) (4.04) (5.67)
Diluted loss per Euro0.06 Ordinary Share (in US cents) 3 (0.74) (4.04) (5.67)
Rate of dividend (in cents) - - -
Consolidated Balance Sheet
30 June 2003 30 June 2002 31 December 2002
(Unaudited) (Unaudited) (Audited)
US$'000 US$'000 US$'000
Fixed assets
Intangible fixed assets 8,521 6,003 6,797
Tangible fixed assets 13,528 12,822 13,585
Investment in joint venture - share of gross assets - 1,172 -
- share of gross liabilities - (503) -
Investment in associate 4,193 3,572 4,000
26,242 23,066 24,382
Current assets
Stocks 95 - 141
Debtors 5,056 3,241 4,791
Cash at bank and in hand 5,487 12,293 8,287
10,638 15,534 13,219
Creditors: amounts falling due within one year (5,439) (5,243) (5,940)
Net current assets 5,199 10,291 7,279
Total assets less current liabilities 31,441 33,357 31,661
Creditors: amounts falling due after more than one year (124) (142) (136)
31,317 33,215 31,525
Capital and reserves
Called up share capital 6,172 6,156 6,156
Share premium account 35,258 35,353 35,212
Capital conversion reserve fund 234 234 234
Foreign currency reserve 513 106 111
Profit and loss account (10,860) (8,634) (10,188)
Shareholders' funds - equity 31,317 33,215 31,525
Consolidated Cash Flow statement
Six months ended Year ended
30 June 30 June 31 December
2003 2002 2002
(Unaudited) (Unaudited) (Audited)
US$'000 US$'000 US$'000
Net cash outflow from operating activities (322) (1,746) (4,471)
Returns on investments and servicing of finance
Interest received 48 159 212
Interest paid (32) (77) (40)
Net cash inflow from returns on investments and servicing
of finance 16 82 172
Taxation
Overseas tax paid (4) - -
Investing activities
Purchase of tangible fixed assets (987) (1,718) (2,249)
Purchase of intangible fixed assets (1,545) (445) (1,206)
Sale of tangible fixed assets 31 2 3
Acquisitions and disposals
Acquisition of subsidiary undertakings - (193) (253)
Cash transferred on acquisition/(disposal) of subsidiary
undertaking - 1 48
Loans (advanced to)/repaid by joint venture - (797) (810)
Cashflow from investing activities before management of
liquid resources and finance (2,811) (4,814) (8,766)
Management of liquid resources
Cash withdrawn from short term deposits 7,400 11,607 15,007
Financing activities
Issue of ordinary share capital - 32 32
Issue expenses - (259) (295)
Return of capital to shareholders - (7,500) (7,500)
Expenses on return of capital - - (105)
New loans drawn down 46 - 130
Repayment of loan (15) - (21)
New finance lease obligations 45 55 70
Capital element of finance lease payments (65) (57) (94)
Cash inflow/(outflow) from financing activities 11 (7,729) (7,783)
Increase/(decrease) in cash 4,600 (936) (1,542)
Reconciliation of operating loss to net cash outflow from operating activities
Six months ended Year ended
30 June 30 June 31 December
2003 2002 2002
(Unaudited) (Unaudited) (Audited)
US$'000 US$'000 US$'000
Operating loss (901) (3,595) (4,998)
Depreciation charges 513 355 923
Loss on sale of fixed assets 3 - -
(Decrease)/increase in stocks 46 - (29)
(Increase)/decrease in operating debtors (139) 1,201 443
(Increase)/decrease in operating creditors (79) 283 (809)
Foreign exchange movement 235 10 (1)
Net cash outflow from operating activities (322) (1,746) (4,471)
Notes to unaudited accounts
1. Turnover
Six months ended Year ended
30 June 30 June 31 December
2003 2002 2002
(Unaudited) (Unaudited) (Audited)
US$'000 US$'000 US$'000
Oil and gas production - USA 2,706 1,265 3,117
Oilfield supplies 819 - 379
3,525 1,265 3,496
2. Exceptional item - bid defence costs
The exceptional item relates to costs borne by the company relating to the
proposed acquisition of the company by Apple Oil and Gas Limited.
3. Loss per share
The calculation of loss per share for the six months ended 30 June 2003 is based
on the weighted average number of Ordinary Shares in issue during the period of
90,899,451 (six months ended 30 June 2002: 83,971,999) and on the loss on
ordinary activities after taxation attributable to the shareholders of Aminex
PLC of US$672,000 (six months ended 30 June 2000: loss US$3,395,000).
The loss attributable to ordinary shareholders and weighted average number of
ordinary shares for the purpose of calculating the diluted loss per ordinary
share are identical to those used for basic loss per ordinary share. This is
because the exercise of share options and warrants would have the effect of
reducing the loss per ordinary share and is therefore not dilutive under the
terms of Financial Reporting Standard 14 Earnings per share.
4. Comparative accounts
Comparative accounts have been restated, where necessary, on the same basis as
those for the current period.
5. Statutory Information
The financial information for the six month periods to 30 June is unaudited and
does not constitute statutory accounts within the meaning of Section 19 of the
Companies (Amendment) Act 1986. The financial information for year ended 31
December 2002 has been extracted from the audited financial statements which
have been filed with the Companies Registration Office. The auditors, KPMG, have
reported without qualification on the financial statements for the year ended 31
December 2002. This announcement is being sent to shareholders and will be made
available at the Company's registered office at 14 Upper Fitzwilliam Street,
Dublin 2 and at the Company's UK representative office at 10 Bedford Street,
London WC2E 9HE.
This information is provided by RNS
The company news service from the London Stock Exchange
END
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