We could not find any results for:
Make sure your spelling is correct or try broadening your search.
Customisable watchlists with full streaming quotes from leading exchanges, such as LSE, NASDAQ, NYSE, AMEX, Bovespa, BIT and more.
| Share Name | Share Symbol | Market | Type |
|---|---|---|---|
| China Power International Development Ltd | TG:HPD | Tradegate | Ordinary Share |
| Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
|---|---|---|---|---|---|---|---|---|---|---|
| 0.006 | 1.46% | 0.418 | 0.404 | 0.432 | 0.00 | 22:50:08 |
Hot Features
Premium
RNS Number:4758T
HPD Exploration PLC
19 December 2003
HPD EXPLORATION PLC
SECOND INTERIM STATEMENT
FOR THE 6 MONTHS ENDED 30 SEPTEMBER 2003
CHAIRMAN'S STATEMENT
I enclose the second interim financial statements for the 6 months ended 30
September 2003. In August 2003 HPD changed its financial period end from 30
September to 31 December to bring it into line with the financial year ends of
its subsidiaries. The first interim financial statements were for the 6 month
period ended 31 March 2003. An annual report for the 15 month period ended 31
December 2003 will be sent to shareholders in 2004.
In my Chairman's statement at the end of last year I said that HPD was focusing
its activities on Patagonia. This year we have made major advances in the
development of the Company and we currently have ongoing drilling and
exploration programmes in both Chile and Argentina. Progress is summarised as
follows:
* In March HPD shares began trading on AIM following the successful
raising of #4 million: #2.3 million though a private placing in October 2002
and #1.7 million through an open offer and private placing on admission to
AIM.
* In June we announced the results of our first season's exploration
programme in Argentinean Patagonia including the discovery of epithermal
veins at Cerro Crespo and Cerro Nelson in Chubut province. Further
exploration at Cerro Crespo discovered two large vein fields, 'Cabana' and
'Jasper', each containing swarms of low sulphidation, epithermal veins with
textures indicating that erosion of the system is shallow. Over 4,000 metres
of veins have been mapped, with individual veins ranging in thickness from
0.5 to 5 metres and reporting grades of up to 15.8 g/t gold. Preparation is
underway at Cerro Crespo for a 5,000 metre RC drilling campaign to begin in
March 2004.
* In July the Option to Purchase Agreement was formalised with WestMag
over the Coyhaique gold property in Chilean Patagonia. Subsequent
exploration identified a new mineralised zone named the 'Ridge' that bisects
a large circular dome feature that is suspected of being the by-product of
an underlying intrusive. Visible gold has been observed in several samples
including a cluster of gold flakes up to 4mm long and 0.5mm thick. Following
approval of an Environmental Impact Study in November a 10,000 metre
drilling programme began. The first five holes on the Adriana vein all
intersected a massive vein, of up to 12 metres intersection width. The
initial phase of the drill programme consisting of 5,400 metres is scheduled
to conclude in January 2004.
* In November HPD announced the offer for sale of substantially all of its
interest in Landore Resources Inc. The disposal of our North American
interests provided HPD with net proceeds of approximately #1.3 million for
continuing exploration and drilling in Patagonia while enabling those
shareholders who accepted the offer to acquire an interest in Landore and to
continue to participate in the future of that company.
* In December we announced the consolidation of our interests in South
America by the acquisition of Minera Puerto Madryn S.A. whose principal
asset is 50 per cent of Patagonia Gold S.A. Consideration for the
acquisition was satisfied by the issue of 89,692,574 HPD Ordinary Shares
representing 40 per cent of the enlarged issued share capital of HPD. As a
result of this acquisition Patagonia Gold S.A. has become a wholly owned
subsidiary.
* In January 2004 it is proposed that HPD changes its name to Patagonia
Gold Plc to reflect the focus of our operating activity.
The Board of Directors of HPD welcome two of the directors of Minera Puerto
Madryn S.A., Mr. Carlos Miguens and Mr. Gonzalo Tanoira, who have joined us as
Deputy Chairman and Finance Director respectively. Both Mr. Miguens and Mr.
Tanoira have extensive business experience in Latin America and their
appointments are consistent with our strategy to build the Company's interests
both through the development of our ongoing exploration projects and through
acquisition. I take this opportunity to thank both Mr. Neil Herbert (Finance
Director) and Mr. David Dare (Non-executive Director), who have retired from the
Board, for their valued contributions to the successful development of HPD over
the last three years.
Shareholders will be kept informed with regular progress reports as the
Directors continue to develop our ongoing exploration activities and as new
business opportunities are evaluated.
Richard Prickett
Chairman
19 December 2003
UNAUDITED CONSOLIDATED PROFIT AND LOSS ACCOUNT
FOR THE 6 MONTHS ENDED 30 SEPTEMBER 2003
Six Six Year Year
months to months to to to
30 Sept 31 March 30 Sept 30 Sept
2003 2003 2003 2002
# # # #
AIM listing expenses - (297,798) (297,798) -
Administrative expenses and
exploration costs (436,781) (364,833) (801,614) (191,387)
Amortisation of goodwill (18,894) (18,894) (37,788) (23,247)
Other operating income - - - 6,529
------- ------- ------- -------
OPERATING LOSS (455,675) (681,525) (1,137,200) (208,105)
Share of operating loss in
Canadian associate (145,432) (108,108) (253,540) (2,702)
Share of operating loss in
Patagonian joint venture (181,999) (151,451) (333,450) (19,614)
------- ------- ------- -------
TOTAL OPERATING LOSS: GROUP
& SHARE OF JOINT VENTURE &
ASSOCIATE (783,106) (941,084) (1,724,190) (230,421)
Loss on dilution of interest
in Canadian associate - - - (621)
Interest receivable:
- Group 33,774 20,421 54,195 16,886
- Share of associate 1,244 1,794 3,038 1,456
------- ------- ------- -------
35,018 22,215 57,233 18,342
------- ------- ------- -------
LOSS ON ORDINARY ACTIVITIES
BEFORE TAXATION (748,088) (918,869) (1,666,957) (212,700)
TAX ON LOSS ON ORDINARY - - - -
ACTIVITIES ------- ------- ------- -------
RETAINED LOSS FOR THE
PERIOD/YEAR (748,088) (918,869) (1,666,957) (212,700)
------- ------- ------- -------
LOSS PER SHARE (0.5p) (0.7p) (1.2p) (0.2p)
DILUTED LOSS PER SHARE (0.5p) (0.7p) (1.2p) (0.2p)
UNAUDITED TOTAL CONSOLIDATED STATEMENT OF
TOTAL RECOGNISED GAINS AND LOSSES
Six Six Year Year
months to months to to to
30 Sept 31 March 30 Sept 30 Sept
2003 2003 2003 2002
# # # #
Loss attributable to
shareholders of HPD
Exploration PLC (748,088) (918,869) (1,666,957) (212,700)
Unrealised exchange rate
movements (28,959) 15,136 (13,823) (10,822)
------- ------- ------- -------
TOTAL RECOGNISED LOSSES FOR
THE PERIOD/YEAR (777,047) (903,733) (1,680,780) (223,522)
------- ------- ------- -------
UNAUDITED CONSOLIDATED BALANCE SHEET
AT 30 SEPTEMBER 2003
30 Sept 31 March 30 Sept
2003 2003 2002
# # #
FIXED ASSETS
Intangible fixed assets 684,685 694,338 446,313
Tangible fixed assets 6,786 8,597 9,500
Investments
- Share of net assets in Canadian
associate 188,364 50,617 18,650
- Other investments - - 1
------- ------- -------
188,364 50,617 18,651
------- ------- -------
Investment in Patagonian Joint venture:
- Share of gross assets 155,217 164,264 -
- Share of gross liabilities (5,344) (9,505) -
------- ------- -------
149,873 154,759 -
------- ------- -------
TOTAL FIXED ASSETS 1,029,708 908,311 474,464
CURRENT ASSETS
Debtors: amounts falling due in less
than one year 91,942 42,821 92,529
Cash at bank and in hand 2,254,632 3,226,238 530,850
------- ------- -------
2,346,574 3,269,059 623,379
CREDITORS: AMOUNTS FALLING DUE WITHIN
ONE YEAR (17,095) (37,572) (30,868)
------- ------- -------
NET CURRENT ASSETS 2,329,479 3,231,487 592,511
------- ------- -------
TOTAL ASSETS LESS CURRENT LIABILITIES 3,359,187 4,139,798 1,066,975
PROVISIONS FOR LIABILITIES AND CHARGES
Investment in joint venture:
- Share of gross assets - - 17,125
- Share of gross liabilities - - (56,397)
------- ------- -------
- - (39,272)
Provisions (24,706) (28,270) (27,492)
------- ------- -------
(24,706) (28,270) (66,764)
------- ------- -------
NET ASSETS 3,334,481 4,111,528 1,000,211
------- ------- -------
CAPITAL AND RESERVES
Called up share capital 1,345,389 1,345,389 1,047,073
Share premium account 3,965,845 3,965,845 249,111
Profit and loss account (1,976,753) (1,199,706) (295,973)
------- ------- -------
EQUITY SHAREHOLDERS' FUNDS 3,334,481 4,111,528 1,000,211
------- ------- -------
Notes
This report is prepared on the basis of the accounting policies set out in the
most recent set of annual financial statements.
The report was approved by the Board of Directors on 19 December 2003.
The comparative figures for the year ended 30 September 2002 are not the Group's
statutory accounts for the financial year. Those accounts have been reported on
by the Group's auditors and delivered to the registrar of companies. This report
of the auditors was unqualified and did not contain a statement under Section
237(2) or (3) of the Companies Act 1985.
This information is provided by RNS
The company news service from the London Stock Exchange
END
IR ILFILFRLALIV
1 Year China Power Internationa... Chart |
1 Month China Power Internationa... Chart |
It looks like you are not logged in. Click the button below to log in and keep track of your recent history.
Support: +44 (0) 203 8794 460 | support@advfn.com
By accessing the services available at ADVFN you are agreeing to be bound by ADVFN's Terms & Conditions
