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Share Name | Share Symbol | Market | Type |
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Pilbara Minerals Limited | TG:PLR | Tradegate | Ordinary Share |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
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0.0548 | 2.97% | 1.8998 | 1.8906 | 1.8998 | 1.8998 | 1.8422 | 1.8428 | 31,587 | 15:56:32 |
RNS Number:7941P Paladin Resources PLC 16 September 2003 PALADIN RESOURCES plc ("Paladin" or "the Company" or "the Group") Interim Results for the half year ended 30 June 2003 Paladin, the oil and gas exploration and production company with interests in the UK, Norwegian and Danish North Sea, Indonesia and Tunisia, announces its interim results for the half year ended 30 June 2003. HIGHLIGHTS * Record interim results: - Turnover increased 61% to #121.8 million (1H 2002: #75.7 million) - Pre-tax profit increased 41% to #44.7 million (1H 2002: #31.6 million) - Profit after tax increased 49% to #15.3 million (1H 2002: #10.3 million) - Earnings per share increased 19% to 4.83 pence (1H 2002: 4.05 pence) - Proposed interim dividend increased by 5% to 0.525 pence per share (1H 2002: 0.5 pence) * Operational highlights: - Average production increased 42% to 38,339 boepd (1H 2002: 26,912 boepd) - Average price realised (excluding the effect of hedging) increased to US$28.02 per boe (1H 2002: US$22.12 per boe) * Corporate activity: - Acquisition of Montrose, Arbroath and Arkwright Fields completed in May, fields now producing approximately 12,000 boepd net to Paladin - Completion of US$19 million acquisition of AGIP's 16.33% interest in the Ross Field and NOK110 million acquisition of Total's 18% interest in the Veslefrikk Field - Disposal of remaining US oil and gas interests for US$5.4 million - Awarded six blocks in the UK 21st Offshore Licensing Round - Significant additions to Norwegian exploration portfolio through a combination of acquisitions, farm-ins and licence awards - Operatorship of Montrose, Arbroath and Arkwright Fields in the UK and of exploration acreage in Norway Malcolm Gourlay, Chairman of Paladin, commented: "The Group has delivered another set of record results through a combination of higher production and strong commodity prices. Our recent acquisitions are already making a significant contribution and we anticipate that our current investment programme will generate further growth in the future. Paladin remains committed to achieving its targets of 100,000 boepd of production and 250 MMboe of reserves by 2008." 16 September 2003 ENQUIRIES: Paladin Resources plc Tel: 020 7024 4500 Roy Franklin College Hill Tel: 020 7457 2020 James Henderson Phil Wilson-Brown PALADIN RESOURCES plc ("Paladin" or "the Company" or "the Group") Interim Results for the half year ended 30 June 2003 CHAIRMAN'S STATEMENT Introduction I am pleased to report that the first half of 2003 has been another successful period for Paladin. The combination of record production levels and continuing attractive commodity prices has resulted in another set of record operating and financial results. In May, the Group completed the acquisition of BP's and Amerada's interests in the Montrose, Arbroath and Arkwright Fields and, as a result, took on its first major operatorship of producing fields. Developments in the UK and Danish sectors are proceeding well, and the Adam-1 discovery in Tunisia has been brought into production. The Group has had exploration success in Denmark, and has also materially increased its exploration portfolio in the UK and Norway through a combination of new licence awards and farm-ins. Results In the six months to 30 June 2003, turnover increased by 61 per cent to #121.8 million, compared to #75.7 million for the first six months of 2002. Operating profit for the period was #46.8 million (1H 2002: #33.2 million). Net interest paid was #2.1 million (1H 2002: #1.7 million), resulting in a pre-tax profit of #44.7 million, as compared to #31.6 million for the same period last year, an increase of 41 per cent. Following the enactment of new Norwegian legislation in June 2003, tax relief is now given for abandonment, in place of the previous system of subsidy. As explained in note 3 to the financial information, this change had a negative impact of #1.6 million on the pre-tax profit for the period, as a result of increased depreciation and interest charges, but has given rise to a #1.6 million increase in profit after taxation. The profit after taxation for the period was #15.3 million (1H 2002: #10.3 million), representing earnings per share of 4.83 pence, as compared to 4.05 pence per share for the first six months of 2002. Operations Net production for the half year was 6.5 million barrels of oil and NGLs, and 2.5 billion standard cubic feet of gas, an average of 38,339 boepd, and an increase of 42 per cent from 26,912 boepd over the same period in 2002. United Kingdom Overall, our UK interests contributed 7,893 boepd (21 per cent) to total Group production in the first half of the year (1H 2002: 2,518 boepd). The Bittern Field (Paladin 2.4 per cent) averaged gross production of 67,426 boepd in the first half and has exceeded expectations due to a combination of high facilities uptime and a lower than expected increase in water cut. The Blake Field (Paladin 2.4 per cent) has also performed better than expected, with gross production of 31,375 bopd. An unplanned shutdown of ten days in the first quarter for mechanical repairs was more than offset by subsequent improvements in oil throughput capacity. Development of the Blake flank area has progressed well; the first of two new development wells will be brought into production imminently, whilst drilling continues on the planned water injection well. Although Paladin's net production from the Blake Field is limited, the Company is deriving substantial economic benefit from this out-performance through the tariffing arrangements between the Blake Field and the Ross Field (Paladin 30.82 per cent). Gross production from the Ross Field itself averaged 8,185 boepd during the first half, slightly below the operator's forecast due primarily to the unplanned ten day shutdown referred to above. A further development well to drain the northern part of the field more effectively is currently being drilled. It is anticipated that this well will make a significant contribution to Ross Field production once it is brought on-stream later in the year. Offshore hook-up and pipework activity on the Goldeneye development (Paladin 7.5 per cent, subject to redetermination) is now largely complete and the drilling of the first of five planned production wells will begin shortly. Work on the onshore processing module at St. Fergus is also progressing well and the field is expected to come on-stream in mid-2004. In December 2002, Paladin announced that it had entered into sale and purchase agreements to acquire the interests of BP and Amerada Hess in Blocks 22/17, 22/ 18, 22/22a and 22/23a, including the Montrose, Arbroath and Arkwright Fields (Paladin 58.97 per cent) and the Wood (Paladin 100 per cent) and Carnoustie (Paladin 58.97 per cent) discoveries. The acquisition of these interests was completed in May at which time Paladin also became operator of the fields in conjunction with its operations contractors, Petrofac Facilities Management and Helix RDS. A Paladin operating office in Aberdeen is now well established and plans are being formulated for an active investment programme in 2004 to include infill and satellite exploration drilling activity and additional gas handling capacity. Net production for the first half, averaged over the period, was 2,984 boepd. Current net production from the fields is approximately 12,000 boepd, as the Company concentrates on near-term opportunities to improve facilities uptime. The Company made a number of applications in the 21st Offshore Licensing Round for acreage offering satellite development opportunities adjacent to existing Paladin-owned infrastructure and was recently awarded six blocks: Blocks 22/12b, 22/16b, 22/24c and 22/25c (Paladin 100 per cent) lie adjacent to the Montrose, Arbroath and Arkwright Fields and Blocks 13/22c and 13/27(part) (Paladin 20 per cent) lie adjacent to the Ross Field. Norway Overall, our Norwegian interests contributed 19,402 boepd (51 per cent) to total Group production in the first half of the year (1H 2002: 9,914 boepd). The Brage Field (Paladin 20 per cent) continues to perform well with gross production for the first half of 35,413 boepd; much of the increase in Norwegian production over 1H 2002 is due to a full period's contribution from this field. In the Njord Field (Paladin 15 per cent), gross production averaged 27,989 bopd, less than anticipated due to the delayed start-up of production well A-10BY, which was brought on-stream at the end of May. Engineering studies and the preparation of a plan of development for a gas blowdown project on the Njord Field continue, with a view to the project being sanctioned in early 2004. Gross production from the Veslefrikk Field (Paladin 27 per cent) averaged 28,641 boepd, in line with the operator's forecast. A series of workovers and one new production well are planned for the second half of the year to augment production. During the first half of 2003, Paladin has also been successful in adding significantly to its portfolio of exploration interests in Norway through a combination of licence applications, farm-ins and acquisitions. Three production licences comprising four exploration blocks were awarded to Paladin in April in the Norwegian North Sea Awards 2002: a 30 per cent interest in Blocks 4/1 and 4/ 2, which lie approximately 15 to 20 kilometres to the north of the Danish Nini Field adjacent to the Norwegian-Danish median line, a 30 per cent interest in Block 3/7, also adjacent to the Norwegian-Danish median line and a 20 per cent interest in Block 31/4, which lies immediately to the east of the Brage Field. There are no firm drilling commitments associated with any of these awards. As a result of acquisitions from Norsk Hydro and Statoil, the Company now holds a 65 per cent interest, and has taken on its first Norwegian operatorship, in Block 1 /2, which contains an extension of the UK Blane discovery as well as undrilled prospects at Tertiary and deeper levels. Further acquisitions from the same vendors included a 20 per cent interest in Block 7/1, where a 3D seismic survey has recently been acquired to improve the definition of exploration leads, and a 25 per cent stake in Blocks 4/4 and 4/5 adjacent to the Norwegian-Danish median line. Paladin has also farmed in to an eight block seismic area to the east of the Jotun Field and will earn a 10 per cent interest in these blocks by paying for 22.5 per cent of the cost of an exploration well which, it is anticipated, will be drilled next year. Denmark Overall, our Danish interests contributed 5,492 bopd (14 per cent) to total Group production in the first half of the year (1H 2002: 7,233 bopd). Gross production from the Siri Field (Paladin 30 per cent) averaged 13,003 bopd, in line with expectations. Following a successful vertical appraisal well to evaluate the southern extension of the Stine-2 Field (Paladin 30 per cent), a second production well was drilled from the Siri platform to improve recovery from this accumulation. The well was brought on-stream in early May and contributed to gross average production of 5,303 bopd from Stine-2 for the first half. Development of the nearby Nini and Cecilie Fields as satellites to the Siri Field continued through the first half and first oil from these fields was achieved in late August. The fields are currently in a run-in period and it will be several months before plateau production levels are achieved. Although the Group has no direct stake in either the Nini or the Cecilie Field, it will derive significant benefit from their development through the sharing of Siri operating costs and the receipt of tariff income. The development of the Stine-1 Field (Paladin 30 per cent) as a subsea satellite to the Siri platform is well advanced and first production is now expected in January 2004. The Sofie-1 exploration well (Paladin 30 per cent), drilled in May some 20 kilometres to the northeast of the Siri Field, discovered oil in Palaeogene sandstones. Preliminary analysis of the well results would suggest that the discovery can be developed as a satellite to the Siri Field, although further work will be required to confirm its economic viability. Indonesia The Group's assets in Indonesia have performed in line with expectations. Net entitlement production averaged 5,503 boepd (1H 2002: 6,928 boepd), 14 per cent of total Group production, the decrease from the same period last year being due to a combination of natural production decline and higher oil prices, which reduce the level of entitlement barrels reported. Engineering studies are underway for the development of gas reserves in the South East Sumatra PSC area (Paladin 7.5 per cent) and heads of terms have been signed with PLN (the Indonesian public electricity enterprise) for the extension of the gas sales contract relating to the North West Java PSC area (Paladin 2.45 per cent). Tunisia Following approval of the field development plan and the granting of a production concession area, the Adam-1 discovery was brought into production in late May 2003. The Tunisian State oil company, ETAP, has exercised its back-in right to this field and as a result Paladin's interest has reduced from 10 per cent to 7 per cent, in return for which the Company will be reimbursed for its pro-rata share of past expenditure in respect of the State interest. Since being brought on-stream, the Adam-1 well has averaged 3,700 bopd of production (260 bopd net to Paladin). Net production for the first half, averaged over the period, was 49 bopd. An Adam appraisal/production well was spudded in early June. An appraisal pilot hole was drilled to confirm the location of the oil-water contact, following which the well was sidetracked up-dip to be completed as a second production well on the field. This well will be brought on-stream shortly. The Hawa-1 exploration well, on a separate prospect 25 kilometres to the south of Adam, is expected to spud imminently. Product Prices/Hedging Realised prices in the first half of 2003 averaged US$28.02 per boe before any impact from oil price swaps, compared to US$22.12 per boe over the same period in 2002. The Company entered into a number of oil price swaps based on dated Brent for the first half of 2003 as part of its overall risk management programme. 300,000 bbl per month were swapped for January to June 2003 at an average price of US$24.38 per bbl. Further oil swaps have been entered into for the period between July 2003 and December 2005 as detailed below: Period Average price bbl US$ per bbl 2003, second half 1,950,000 23.78 2004 3,750,000 23.20 2005 900,000 23.41 Finance Operating cash flow, being defined as earnings before interest, tax and depletion (and after allowing for movements in working capital), increased to #63.9 million for the first half, compared to #35.3 million in the first half of 2002. After payment of #105.6 million for acquisitions (inclusive of adjustments), capital expenditure of #36.4 million (1H 2002: #10.1 million), cash taxes of #19.2 million (1H 2002: #6.6 million) and net interest payments of #0.8 million (1H 2002: #1.0 million), net debt at 30 June 2003 was #115.6 million, compared with #61.6 million at 31 December 2002. Issue of Additional Share Capital On 12 December 2002, the Company announced its intention to raise additional share capital by way of a placing and open offer at 66 pence per share on the basis of one new share for every four existing shares, in order partially to finance the acquisition of BP's and Amerada's interests in the Montrose, Arbroath and Arkwright Fields and the Carnoustie and Wood discoveries. The new shares were admitted to trading on 10 January 2003 and the proceeds of the issue, which amounted to #42 million (#40.4 million net of expenses), were initially applied to reduce existing bank debt. Dividend In September 2002, your Board decided to commence payment of a dividend and stated at that time that the level of future payments would be progressive in real terms but also sustainable in a lower oil price environment. In line with that policy statement, your Board has decided that an interim dividend of 0.525 pence per share (1H 2002: 0.5 pence per share) will be paid on 24 October to those shareholders on the register on 3 October 2003. Business Development As discussed above, on 20 May the Company completed the US$153 million acquisition from BP and Amerada of producing interests in the Montrose, Arbroath and Arkwright Fields and surrounding acreage, including the Carnoustie and Wood discoveries. In February, the Company completed the US$19 million acquisition of AGIP's 16.33 per cent interest in the Ross Field, the NOK110 million acquisition of Total's 18 per cent interest in the Veslefrikk Field, and the sale of its only remaining oil and gas interests onshore USA for US$5.4 million. Earlier this year the Company set new targets for continued growth, namely to increase production and reserves to 100,000 boepd and 250 MMboe respectively by 2008. In the first half a number of potential acquisitions were screened, some of which were reviewed in detail. The discipline in the evaluation and pricing of potential acquisitions that has served shareholders well to date remains a keystone in the application of the Company's strategy. Whilst no new deals were agreed in the first half, the asset trading market continues to be active, and we remain confident that there will be further opportunities to acquire assets on terms which will contribute to the further development of the Group and to the achievement of the above targets for the benefit of our shareholders. As noted above, the Group successfully expanded its exploration portfolio in the first half, focussing in particular on acreage adjacent to existing Paladin-owned infrastructure with satellite development opportunities. Exploration remains an important element of the Group's strategy and further opportunities to broaden the existing portfolio are under active review. Outlook Net production is expected to increase in the coming months as a result of the development activities described above in the Blake and Ross Fields in the UK, in Veslefrikk in Norway, and in Stine-1 in Denmark. Annualised net production for the full year is likely to lie in the range 42,000 to 45,000 boepd dependent on the timing of new wells being brought on-stream, the impact of planned workovers and third party tie-in work, and on oil prices for the balance of the year applied in the calculation of Indonesian entitlement barrels. Given near-term commodity prices and this production outlook, the Company is set for a strong second half financial performance to complement the first half results. J. Malcolm Gourlay Chairman 16 September 2003 Group Profit and Loss Account Six months ended Six months ended Year ended 30 June 2003 30 June 2002 31 December 2002 Note #000 #000 #000 Turnover 2 121,820 75,732 170,247 Cost of sales Production costs (49,443) (25,545) (65,054) Depletion and depreciation 3 (23,798) (15,643) (32,068) Exploration expenditure written off - - (982) Gross profit 48,579 34,544 72,143 Administrative expenses (1,760) (1,340) (2,431) Operating profit 2 46,819 33,204 69,712 Interest 3 (2,099) (1,651) (3,738) Profit before taxation 44,720 31,553 65,974 Taxation 3,4 (29,427) (21,299) (45,825) Profit after taxation 15,293 10,254 20,149 Dividend 5 (1,673) (1,271) (4,449) Retained profit for the period 13,620 8,983 15,700 Earnings per share 4.83p 4.05p 7.76p Dividend per ordinary share 5 0.52p 0.50p 1.50p Weighted average number of shares (thousands) 316,449 253,172 259,631 Group Statement of Total Recognised Gains and Losses Six months ended Six months ended Year ended 30 June 2003 30 June 2002 31 December 2002 Note #000 #000 #000 Profit for the period 15,293 10,254 20,149 Unrealised foreign exchange differences 6 (5,622) (9,141) (11,022) Total recognised gains for the period 9,671 1,113 9,127 Group Summarised Balance Sheet At 30 June At 30 June At 31 December 2003 2002 2002 #000 #000 #000 Fixed assets 371,938 192,229 233,387 Current assets Stock 6,565 1,315 7,543 Debtors 26,732 39,264 30,251 Cash at bank and in hand 1,456 - 1,164 34,753 40,579 38,958 Creditors: amounts falling due within one year Trade creditors (14,705) (10,885) (20,123) Overseas taxes (32,530) (27,290) (24,355) Other creditors (9,057) (1,427) (27,646) Obligations under finance leases (1,023) - (1,052) (57,315) (39,602) (73,176) Net current (liabilities)/assets (22,562) 977 (34,218) Total assets less current liabilities 349,376 193,206 199,169 Creditors: amounts falling due after one year Long term debt (109,364) (62,614) (54,717) Obligations under finance leases (6,648) (8,273) (7,014) (116,012) (70,887) (61,731) Provisions for liabilities and charges (77,813) (21,440) (31,447) Net assets 155,551 100,879 105,991 Capital and reserves Called up share capital 32,113 25,325 25,426 Share premium 79,231 44,181 44,356 Profit and loss account 44,207 31,373 36,209 Equity shareholders' funds 155,551 100,879 105,991 Group Cash Flow Statement Six months ended Six months Year ended 30 June ended 31 December 2003 30 June 2002 2002 #000 #000 #000 Operating profit 46,819 33,204 69,712 Depletion and depreciation charge 23,798 15,643 32,068 Increase in working capital (7,482) (13,515) (6,863) Exploration expenditure written off - - 982 Increase in provisions 798 - 376 Net cash flow from operating activities 63,933 35,332 96,275 Returns on investments and servicing of finance (837) (972) (4,052) Taxation (19,186) (6,575) (27,481) Capital expenditure and financial investments Ongoing capital expenditure (excludes capitalised interest) (36,364) (10,137) (30,179) Proceeds from sale of oil and gas interests and rights 3,168 - 6,000 Acquisition of oil and gas fixed assets (105,582) (43,799) (62,189) Investment in own shares (396) (248) (486) Total capital expenditure and financial investments (139,174) (54,184) (86,854) Equity dividend paid (3,048) - (1,264) Net cash flow before financing (98,312) (26,399) (23,376) Financing Increase in borrowings 57,567 21,807 15,628 Proceeds from lease financing - 4,396 9,052 Finance lease payments (525) - (420) Issue of shares 41,562 68 344 Total financing 98,604 26,271 24,604 Increase/(decrease) in cash in the period 292 (128) 1,228 Reconciliation of net cash flow to movement in net debt Increase/(decrease) in cash for the period 292 (128) 1,228 Increase in borrowings (57,567) (21,807) (15,628) Proceeds from lease financing - (4,396) (9,052) Finance lease payments 525 - 420 Change in net debt resulting from cash flows (56,750) (26,331) (23,032) Exchange differences 2,790 3,832 5,821 Lease financing proceeds outstanding - (4,136) - Movement in net debt in the period (53,960) (26,635) (17,211) Net debt at the start of the period (61,619) (44,408) (44,408) Net debt at the end of the period (115,579) (71,043) (61,619) Notes (forming part of the interim statement) 1 Basis of preparation The financial information contained herein does not constitute statutory accounts within the meaning of Section 240 of the Companies Act 1985. The unaudited interim financial information has been prepared on the basis of the accounting policies set out in the Group's accounts for the year ended 31 December 2002. The figures for the year ended 31 December 2002 have been extracted from the accounts. Those accounts have been filed with the Registrar of Companies and contained an unqualified report. The Company's auditors, Ernst & Young LLP, have reviewed the interim financial information for the six months ended 30 June 2003 and their report is set out on page 13. 2 Segmental analysis Continuing operations Total North Rest of UK Scandinavia Indonesia America World #000 #000 #000 #000 #000 #000 Six months ended 30 June 2003 Turnover 24,664 81,647 15,359 - 150 121,820 Operating profit 1,552 38,490 6,740 - 37 46,819 Six months ended 30 June 2002 Turnover 7,349 50,230 17,329 824 - 75,732 Operating profit 2,619 23,981 6,534 70 - 33,204 Year ended 31 December 2002 Turnover 16,126 122,675 29,963 1,483 - 170,247 Operating profit/(loss) 2,905 57,891 9,744 154 (982) 69,712 3 Effect of change in Norwegian legislation Following the enactment of new Norwegian legislation in June 2003, tax relief is now given for abandonment, in place of the previous system of subsidy. This change has given rise to an increase of #12 million in the provision for decommissioning costs and an equivalent increase in the carrying value of the related fixed assets. As a consequence, the depreciation and interest charges for the period have increased by #1.1 million and #0.5 million respectively, but this is more than offset by a reduction of #3.2 million in the tax charge. #0.8 million of the tax charge relates to prior periods, but is accounted for in the current period in accordance with UK Financial Reporting Standards. 4 Taxation The provision for taxation is based upon the estimated effective tax rate for the full year. 5 Dividend The Directors recommend the payment of an interim dividend of 0.525 pence per share (1H 2002: 0.5 pence per share). 6 Unrealised foreign exchange differences The exchange differences arise mainly as a result of the translation of dollar denominated fixed asset balances at the 30 June 2003 rate of US$1.65:#1.00, compared to the 31 December 2002 rate of US$1.60:#1.00. The rate at 30 June 2002 was US$1.53:#1.00, and at 31 December 2001, US$1.45:#1.00. Independent Review Report to Paladin Resources plc Introduction We have been instructed by the Company to review the financial information for the six months ended 30 June 2003 which comprises the Group Profit and Loss Account, the Group Statement of Total Recognised Gains and Losses, the Group Summarised Balance Sheet and the Group Cash Flow Statement. We have read the other information contained in the interim report and considered whether it contains any apparent misstatements or material inconsistencies with the financial information. This report is made solely to the Company in accordance with guidance contained in Bulletin 1999/4 'Review of interim financial information' issued by the Auditing Practices Board. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the Company, for our work, for this report, or for the conclusions we have formed. Directors' responsibilities The interim report, including the financial information contained therein, is the responsibility of, and has been approved by, the Directors. The Directors are responsible for preparing the interim report in accordance with the Listing Rules of the Financial Services Authority which require that the accounting policies and presentation applied to the interim figures should be consistent with those applied in preparing the preceding annual accounts except where any changes, and the reasons for them, are disclosed. Review work performed We conducted our review in accordance with guidance contained in Bulletin 1999/4 'Review of interim financial information', issued by the Auditing Practices Board for use in the United Kingdom. A review consists principally of making enquiries of group management and applying analytical procedures to the financial information and underlying financial data and based thereon, assessing whether the accounting policies and presentation have been consistently applied unless otherwise disclosed. A review excludes audit procedures such as test of controls and verification of assets, liabilities and transactions. It is substantially less in scope than an audit performed in accordance with United Kingdom Auditing Standards and therefore provides a lower level of assurance than an audit. Accordingly we do not express an audit opinion on the financial information. Review conclusion On the basis of our review we are not aware of any material modifications that should be made to the financial information as presented for the six months ended 30 June 2003. Ernst & Young LLP London 16 September 2003 This information is provided by RNS The company news service from the London Stock Exchange END IR NKPKQCBKDACD
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