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| Share Name | Share Symbol | Market | Type | Share ISIN | Share Description |
|---|---|---|---|---|---|
| Cds Oil & Gas | LSE:CDS | London | Ordinary Share | GB00B1XN5G38 | ORD 10P |
| Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
|---|---|---|---|---|---|---|---|---|---|---|
| 0.00 | 0.00% | 0.875 | 0.00 | 01:00:00 |
| Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
|---|---|---|---|---|---|
| 0 | 0 | N/A | 0 |
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TIDMCDS
RNS Number : 7178U
CDS Oil & Gas Group PLC
29 June 2009
CDS Oil and Gas Group Plc
Preliminary results for year ended 31 December 2008
LONDON, 29 June 2009: CDS Oil and Gas Group Plc ('CDS' or 'the Company'), the
AIM quoted oil and gas explorer (CDS.L) announces its final results for the
year ended 31 December 2008.
Highlights:
* Locations in Paraguay with the potential of finding up to 250 MMBOE have been
identified.
* Discussions with prospective new strategic shareholders are taking place with a
view to covering the cost of the next stage of the exploration programme.
The Company's Annual Report and audited financial statements will be posted to
shareholders shortly, together with a notice of the Annual General Meeting to be
held at 2 pm on Friday 24th July 2009 at the offices of Hanson Westhouse
Limited, One Angel Court, London EC2R 7HJ.
Note to Editors:
CDS Oil and Gas Group Plc is a UK company which, through its Paraguayan
subsidiary, CDS Energy SA (together 'the Group'), has a 98.2% working interest
in three large blocks with substantial oil and gas exploration potential in the
prospective eastward extension into north-west Paraguay of the productive
Bolivian Chaco Basin.
+------------------+------------------+
| Further | |
| information: | |
| | |
+------------------+------------------+
| CDS | |
| Oil | |
| and | |
| Gas | |
| Group | |
+------------------+------------------+
| Patrice | +41 22 700 68 60 |
| Roman - | |
| CEO | |
+------------------+------------------+
| Hanson | |
| Westhouse | |
| Limited | |
+------------------+------------------+
| Bill | +020 7601 6100 |
| Staple / | |
| Richard | |
| Baty | |
+------------------+------------------+
| UK enquiries: | |
| Hudson Sandler | +020 7796 4133 |
+------------------+------------------+
| Jessica | |
| Rouleau/Alix | |
| Haysom | |
+------------------+------------------+
| Other | |
| enquiries: | +41 22 592 50 22 |
| B4 | |
| Communication | |
+------------------+------------------+
| Claude | |
| Baumann/Frederic | |
| Jacquemoud | |
+------------------+------------------+
COMBINED CHAIRMAN'S AND CHIEF EXECUTIVE OFFICER'S STATEMENT
2008 Review
On the 5 May 2009, the Company was able to announce the completion of the
interpretation and analysis of its geological and geophysical studies, soil gas
geochemistry survey and seismic survey. The Company is pleased that the results
of the data interpretation have confirmed the potential of certain areas within
the Company's Gabino Mendoza and Boquerón blocks. The prospective unrisked
aggregated hydrocarbon resource estimates for CDS' prospects include 243 MMBO
(millions of barrels of oil) and 161 BCF (billion cubic feet) of non-associated
gas. The analysis has identified several drill prospects and the Group is
currently in discussions with potential partners to fund the next stage of its
exploration programme.
As announced in the interim statement, the physical exploration programme was
completed in September 2008. The soil geochemistry survey was analyzed by
Houston-based Exploration Technologies, Inc. The seismic data was processed by
two Houston-based oil and gas service companies, Tricon Geophysics, Inc. and
Texseis Inc. and interpretation was then undertaken by the Company's in-house
geosciences team in Houston.
In the Gabino Mendoza block, the moderate level of positive soil geochemistry
anomalies indicates the presence of a mixed oil and gas source. The Gabino
Mendoza prospect consists of an unconventional gas resource which extends over
an area of a few hundred square kilometres, having a sedimentary column in
excess of 1,200 metres, which would result in prospective resources on an
un-risked basis of 140 BCF.
In the Boquerón block where three prospects have been identified - Picuiba Nose,
East Emilia and Emilia - the Carboniferous target sands were deposited in the
same proximal deep submarine fan facies as the giant San Alberto/San Antonio
Field and others in southern Bolivia.
From the soil geochemistry survey, it appears that the Picuiba Nose prospect has
good hydrocarbon source potential from a mixed oil and gas source. The Picuiba
Nose prospect is a 1,100 hectare structural dome located on the crest of a
northwest-plunging anticlinal nose. The prospect's prospective resources have an
un-risked estimated ultimate recovery ("EUR") of 175 MMBO.
The Emilia East prospect features a low-relief structure, with top-seals in the
Cretaceous and the Permian above the Carboniferous. This prospect has un-risked
prospective resources of 21 BCF non-associated gas and 38 MMBO, derived from
volumetric EUR calculations from prospect maps.
In the Emilia prospect, the Carboniferous target sands were deposited in a
submarine fan. The targets are the same age and facies as the 22 TCF (trillion
cubic feet) San Alberto Gas Field in Bolivia. This prospect has un-risked
prospective resources of 30 MMBO, based on volumetric EUR calculations from
prospect maps.
We believe that the comprehensive programme, implemented by the Group for an
amount of more than USD30 million, has resulted in a total potential of finding
up to 250 MMBOE (millions of barrels of oil equivalent). It represents a strong
encouragement to persevere in our exploration efforts and work towards the start
of a drilling programme on the Boqueron block.
During 2008, the Company had been pleased to welcome Petro Saudi Ltd. Inc.
("Petro Saudi") as a significant shareholder. However, the discontinuation of
the relationship with PetroSaudi in February 2009 means that the Company no
longer has immediate access to the funding of its further expansion. Discussions
with prospective new strategic shareholders are taking place with a view to
covering the cost of the next stage of the exploration programme.
Going concern
The Group, like many junior exploration companies, has had to adapt to very
difficult economic and financial conditions.
The Group's working capital has been utilised in the last year such that the
Group currently does not have sufficient funds to finance the continuation of
planned work programmes on its exploration assets. These are estimated to cost
up to $18 million over the next year. The Group's ability to continue as a going
concern is dependent upon new funding being negotiated and the postponement of
the minimum commitments stipulated in the terms of the exploration licences
until such a time that new funding is available.
These conditions indicate the existence of a material uncertainty which may cast
significant doubt over the Group's ability to continue as a going concern.
At this time, the Group has received a significant level of interest from
prospective investors with a view to covering the cost of the next stage of the
exploration programme and whilst no funding arrangements have yet been formally
agreed, the Directors are confident that further funds will be arranged in the
near future. The Ministry of Public Works and Communications (MOPC, which is
also responsible for energy and mining) of Paraguay has orally agreed for the
minimum commitments stipulated by the licences to be postponed for a minimum of
six months, allowing the Company time to source further financing. Written
confirmation of this postponement and the specific conditions attached to it has
been requested, but has not yet been received.
Given the nature of the Group's operations, it is capable of winding down to
allow just a relatively low residual level of overheads to be incurred (for
example the Directors have agreed to the deferment of their remuneration). This
flexibility allows it to remain a going concern until such a time when market
conditions had improved.
Additionally, as announced, in April 2009 the Company agreed with certain loan
providers and suppliers of services, to convert amounts due to them as of 31
March 2009 ($3,116,000) into new ordinary shares, thus alleviating a significant
amount of financial pressure.
Taking into account the above, and after making suitable enquiries the Directors
have formed a judgment, at the time of approving the financial statements, that
there is a reasonable expectation that the Group has, or will have, adequate
resources to continue in operational existence for the foreseeable future. For
this reason, they continue to adopt the going concern basis in preparing the
financial statements.
John W.S. Bentley (Chairman)
Patrice Roman (Chief Executive Officer)
CONSOLIDATED INCOME STATEMENT
FOR THE YEAR ENDED 31 DECEMBER 2008
+----------------+------------+------------+
| | 2008 | 2007 |
| | US$'000 | US$'000 |
+----------------+------------+------------+
| | | |
+----------------+------------+------------+
| Administrative | (2,327) | (1,593) |
| expenses | | |
+----------------+------------+------------+
| | | |
+----------------+------------+------------+
| | ---------- | ---------- |
+----------------+------------+------------+
| Loss | (2,327) | (1,593) |
| from | | |
| operations | | |
+----------------+------------+------------+
| | | |
+----------------+------------+------------+
| Finance | 146 | 361 |
| income | | |
+----------------+------------+------------+
| Finance | (41) | (7) |
| expense | | |
+----------------+------------+------------+
| | | |
+----------------+------------+------------+
| | ---------- | ---------- |
+----------------+------------+------------+
| Loss | (2,222) | (1,239) |
| for | | |
| the | | |
| year | | |
| before | | |
| taxation | | |
| and loss | | |
| for the | | |
| year | | |
+----------------+------------+------------+
| | ---------- | ---------- |
+----------------+------------+------------+
| | | |
+----------------+------------+------------+
| Attributable | | |
| to: | | |
+----------------+------------+------------+
| - | (2,222) | (1,239) |
| Equity | | |
| holders | | |
| of the | | |
| parent | | |
+----------------+------------+------------+
| | ---------- | ---------- |
+----------------+------------+------------+
| | | |
+----------------+------------+------------+
| Loss | | |
| per | | |
| share | | |
| expressed | | |
| in US$ | | |
| per share | | |
+----------------+------------+------------+
| - | $(0.02) | $(0.02) |
| Basic | | |
| and | | |
| diluted | | |
| loss | | |
| per | | |
| share | | |
+----------------+------------+------------+
| | | |
+----------------+------------+------------+
All amounts relate to continuing activities.
CONSOLIDATED BALANCE SHEET
AS AT 31 DECEMBER 2008
+--------------+------------+------------+
| | 2008 | 2007 |
| | US$'000 | US$'000 |
+--------------+------------+------------+
| Assets | | |
+--------------+------------+------------+
| Non-current | | |
| assets | | |
+--------------+------------+------------+
| Intangible | 27,888 | 14,833 |
| assets | | |
+--------------+------------+------------+
| Property, | 331 | 456 |
| plant and | | |
| equipment | | |
+--------------+------------+------------+
| | ---------- | ---------- |
+--------------+------------+------------+
| | 28,219 | 15,289 |
+--------------+------------+------------+
| | ---------- | ---------- |
+--------------+------------+------------+
| Current | | |
| assets | | |
+--------------+------------+------------+
| Inventory | 1,618 | 1,618 |
+--------------+------------+------------+
| Prepayments | 56 | 633 |
| and other | | |
| receivables | | |
+--------------+------------+------------+
| Cash | 200 | 11,523 |
| and | | |
| cash | | |
| equivalents | | |
+--------------+------------+------------+
| | ---------- | ---------- |
+--------------+------------+------------+
| | 1,874 | 13,774 |
+--------------+------------+------------+
| | ---------- | ---------- |
+--------------+------------+------------+
| Total | 30,093 | 29,063 |
| assets | | |
+--------------+------------+------------+
| | ---------- | ---------- |
+--------------+------------+------------+
| | | |
+--------------+------------+------------+
| Liabilities | | |
+--------------+------------+------------+
| Current | | |
| liabilities | | |
+--------------+------------+------------+
| Trade | (1,364) | (447) |
| and | | |
| other | | |
| payables | | |
+--------------+------------+------------+
| Borrowings | (2,291) | - |
+--------------+------------+------------+
| | ---------- | ---------- |
+--------------+------------+------------+
| Total | (3,655) | (447) |
| liabilities | | |
+--------------+------------+------------+
| | ---------- | ---------- |
+--------------+------------+------------+
| Net | 26,438 | 28,616 |
| assets | | |
+--------------+------------+------------+
| | ===== | ===== |
+--------------+------------+------------+
| Capital | | |
| and | | |
| reserves | | |
| attributable | | |
| to | | |
| shareholders | | |
+--------------+------------+------------+
| Share | 19,745 | 19,715 |
| capital | | |
+--------------+------------+------------+
| Share | 14,254 | 14,242 |
| premium | | |
+--------------+------------+------------+
| Merger | (1,097) | (1,097) |
| reserve | | |
+--------------+------------+------------+
| Foreign | - | (62) |
| currency | | |
| translation | | |
| reserve | | |
+--------------+------------+------------+
| Retained | (6,474) | (4,190) |
| deficit | | |
+--------------+------------+------------+
| | | |
+--------------+------------+------------+
| | ---------- | ---------- |
+--------------+------------+------------+
| Capital | 26,428 | 28,608 |
| and | | |
| reserves | | |
| attributable | | |
| to equity | | |
| holders of | | |
| the parent | | |
+--------------+------------+------------+
| Minority | 10 | 8 |
| interest | | |
+--------------+------------+------------+
| | ---------- | ---------- |
+--------------+------------+------------+
| Total | 26,438 | 28,616 |
| equity | | |
+--------------+------------+------------+
| | ===== | ===== |
+--------------+------------+------------+
CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2008
+-------------+------------+------------+----------+------------+-------------+------------+--------------+-----------+------------+
| | Attributable to equity holders of the Company | Minority | Total |
| | | interests | equity |
+-------------+-------------------------------------------------------------------------------------------+-----------+------------+
| | Share | Share | Shares | Merger | Foreign | Retained | Total | | |
| | capital | premium | to be | reserve | currency | deficit | shareholders | | |
| | | | issued | | translation | | equity | | |
| | | | | | reserve | | | | |
+-------------+------------+------------+----------+------------+-------------+------------+--------------+-----------+------------+
| | | | | | | | | | |
+-------------+------------+------------+----------+------------+-------------+------------+--------------+-----------+------------+
| | US$'000 | US$'000 | US$'000 | US$'000 | US$'000 | US$'000 | US$'000 | US$'000 | US$'000 |
+-------------+------------+------------+----------+------------+-------------+------------+--------------+-----------+------------+
| | | | | | | | | | |
+-------------+------------+------------+----------+------------+-------------+------------+--------------+-----------+------------+
| At 1 | 5,884 | 9,157 | 1,665 | (1,097) | (204) | (2,951) | 12,454 | 8 | 12,462 |
| January | | | | | | | | | |
| 2007 | | | | | | | | | |
+-------------+------------+------------+----------+------------+-------------+------------+--------------+-----------+------------+
| | | | | | | | | | |
+-------------+------------+------------+----------+------------+-------------+------------+--------------+-----------+------------+
| Currency | - | - | - | - | 142 | - | 142 | - | 142 |
| translation | | | | | | | | | |
| differences | | | | | | | | | |
| and net | | | | | | | | | |
| expense | | | | | | | | | |
| recognised | | | | | | | | | |
| directly in | | | | | | | | | |
| equity | | | | | | | | | |
+-------------+------------+------------+----------+------------+-------------+------------+--------------+-----------+------------+
| Loss | - | - | - | - | - | (1,239) | (1,239) | - | (1,239) |
| for | | | | | | | | | |
| the | | | | | | | | | |
| year | | | | | | | | | |
+-------------+------------+------------+----------+------------+-------------+------------+--------------+-----------+------------+
| | ------- | ------- | ------- | ------- | ------- | ------- | ------- | ------ | ------- |
+-------------+------------+------------+----------+------------+-------------+------------+--------------+-----------+------------+
| Total | - | - | - | - | 142 | (1,239) | (1,097) | - | (1,097) |
| recognised | | | | | | | | | |
| income and | | | | | | | | | |
| expense | | | | | | | | | |
| for the | | | | | | | | | |
| year | | | | | | | | | |
+-------------+------------+------------+----------+------------+-------------+------------+--------------+-----------+------------+
| | | | | | | | | | |
+-------------+------------+------------+----------+------------+-------------+------------+--------------+-----------+------------+
| Shares | 13,831 | 5,889 | (1,665) | - | - | - | 18,055 | - | 18,055 |
| issued | | | | | | | | | |
| in | | | | | | | | | |
| year | | | | | | | | | |
+-------------+------------+------------+----------+------------+-------------+------------+--------------+-----------+------------+
| Share | - | (804) | - | - | - | - | (804) | - | (804) |
| issue | | | | | | | | | |
| costs | | | | | | | | | |
+-------------+------------+------------+----------+------------+-------------+------------+--------------+-----------+------------+
| | ------- | ------- | ------- | ------- | ------- | ------- | ------- | ------ | ------- |
+-------------+------------+------------+----------+------------+-------------+------------+--------------+-----------+------------+
| At 31 | 19,715 | 14,242 | - | (1,097) | (62) | (4,190) | 28,608 | 8 | 28,616 |
| December | | | | | | | | | |
| 2007 | | | | | | | | | |
+-------------+------------+------------+----------+------------+-------------+------------+--------------+-----------+------------+
| | ==== | ==== | ==== | ==== | ==== | ==== | ==== | === | ==== |
+-------------+------------+------------+----------+------------+-------------+------------+--------------+-----------+------------+
| | | | | | | | | | |
+-------------+------------+------------+----------+------------+-------------+------------+--------------+-----------+------------+
| At 1 | 19,715 | 14,242 | - | (1,097) | (62) | (4,190) | 28,608 | 8 | 28,616 |
| January | | | | | | | | | |
| 2008 | | | | | | | | | |
+-------------+------------+------------+----------+------------+-------------+------------+--------------+-----------+------------+
| | | | | | | | | | |
+-------------+------------+------------+----------+------------+-------------+------------+--------------+-----------+------------+
| Loss | - | - | - | - | - | (2,222) | (2,222) | 2 | (2,220) |
| for | | | | | | | | | |
| the | | | | | | | | | |
| year | | | | | | | | | |
+-------------+------------+------------+----------+------------+-------------+------------+--------------+-----------+------------+
| | ---------- | ---------- | -------- | ---------- | ------- | ---------- | ---------- | ------ | ---------- |
+-------------+------------+------------+----------+------------+-------------+------------+--------------+-----------+------------+
| Total | - | - | - | - | - | (2,222) | (2,222) | 2 | (2,220) |
| recognised | | | | | | | | | |
| income and | | | | | | | | | |
| expense | | | | | | | | | |
| for the | | | | | | | | | |
| year | | | | | | | | | |
+-------------+------------+------------+----------+------------+-------------+------------+--------------+-----------+------------+
| | ---------- | ---------- | -------- | ---------- | ------- | ---------- | ---------- | ------ | ---------- |
+-------------+------------+------------+----------+------------+-------------+------------+--------------+-----------+------------+
| Shares | 30 | 12 | - | - | - | - | 42 | - | 42 |
| issued | | | | | | | | | |
| in | | | | | | | | | |
| year | | | | | | | | | |
+-------------+------------+------------+----------+------------+-------------+------------+--------------+-----------+------------+
| Transfer | - | - | - | - | 62 | (62) | - | - | - |
| of | | | | | | | | | |
| foreign | | | | | | | | | |
| currency | | | | | | | | | |
| translation | | | | | | | | | |
| reserve | | | | | | | | | |
+-------------+------------+------------+----------+------------+-------------+------------+--------------+-----------+------------+
| | ---------- | ---------- | -------- | ---------- | ------- | ---------- | ---------- | ------ | ---------- |
+-------------+------------+------------+----------+------------+-------------+------------+--------------+-----------+------------+
| At 31 | 19,745 | 14,254 | - | (1,097) | - | (6,474) | 26,428 | 10 | 26,438 |
| December | | | | | | | | | |
| 2008 | | | | | | | | | |
+-------------+------------+------------+----------+------------+-------------+------------+--------------+-----------+------------+
| | ===== | ===== | ==== | ===== | ==== | ===== | ===== | === | ===== |
+-------------+------------+------------+----------+------------+-------------+------------+--------------+-----------+------------+
CONSOLIDATED CASH FLOW STATEMENT
FOR THE YEAR ENDED 31 DECEMBER 2008
+---------------------+------------+------------+
| | 2008 | 2007 |
| | US$'000 | US$'000 |
+---------------------+------------+------------+
| Cash | | |
| flow | | |
| from | | |
| operating | | |
| activities | | |
+---------------------+------------+------------+
| Loss | (2,222) | (1,239) |
| before | | |
| taxation | | |
+---------------------+------------+------------+
| Adjustments | | |
| for: | | |
+---------------------+------------+------------+
| - | (146) | (361) |
| Finance | | |
| income | | |
+---------------------+------------+------------+
| - | 41 | 7 |
| Finance | | |
| expense | | |
+---------------------+------------+------------+
| - | 69 | - |
| Effect | | |
| of | | |
| foreign | | |
| exchange | | |
| rate | | |
| changes | | |
| on cash | | |
| and cash | | |
| equivalents | | |
| held | | |
+---------------------+------------+------------+
| - | 42 | - |
| Equity-settled | | |
| share-based | | |
| payment | | |
| expense | | |
+---------------------+------------+------------+
| | | |
+---------------------+------------+------------+
| | ---------- | ---------- |
+---------------------+------------+------------+
| Net | (2,216) | (1,593) |
| cash | | |
| flow | | |
| from | | |
| operating | | |
| activities | | |
| before | | |
| changes in | | |
| working | | |
| capital | | |
+---------------------+------------+------------+
| Increase | - | (49) |
| in | | |
| inventories | | |
+---------------------+------------+------------+
| Increase/(decrease) | 919 | (357) |
| in payables and | | |
| provisions | | |
+---------------------+------------+------------+
| Decrease/(increase) | 577 | (541) |
| in receivables | | |
+---------------------+------------+------------+
| | | |
+---------------------+------------+------------+
| | ---------- | ---------- |
+---------------------+------------+------------+
| Net | (720) | (2,540) |
| cash | | |
| flow | | |
| from | | |
| operating | | |
| activities | | |
| before | | |
| interest | | |
| and | | |
| taxation | | |
| paid | | |
+---------------------+------------+------------+
| | ---------- | ---------- |
+---------------------+------------+------------+
| | | |
+---------------------+------------+------------+
| Investing | | |
| activities | | |
+---------------------+------------+------------+
| Payments | (108) | (309) |
| for | | |
| property, | | |
| plant and | | |
| equipment | | |
+---------------------+------------+------------+
| Interest | 146 | 361 |
| received | | |
+---------------------+------------+------------+
| Proceeds | 72 | - |
| from the | | |
| disposal | | |
| of | | |
| property, | | |
| plant, | | |
| and | | |
| equipment | | |
+---------------------+------------+------------+
| Exploration | (12,894) | (3,761) |
| costs | | |
| capitalised | | |
+---------------------+------------+------------+
| | | |
+---------------------+------------+------------+
| | ---------- | ---------- |
+---------------------+------------+------------+
| Net | (12,784) | (3,709) |
| cash | | |
| flow | | |
| from | | |
| investing | | |
| activities | | |
+---------------------+------------+------------+
| | ---------- | ---------- |
+---------------------+------------+------------+
| | | |
+---------------------+------------+------------+
| Financing | | |
| activities | | |
+---------------------+------------+------------+
| Issue | - | 18,055 |
| of | | |
| ordinary | | |
| shares | | |
+---------------------+------------+------------+
| Cost | - | (804) |
| of | | |
| share | | |
| issue | | |
+---------------------+------------+------------+
| Proceeds | 2,250 | - |
| from | | |
| borrowings | | |
+---------------------+------------+------------+
| Interest | - | (7) |
| paid | | |
+---------------------+------------+------------+
| | | |
+---------------------+------------+------------+
| | ---------- | ---------- |
+---------------------+------------+------------+
| Net | 2,250 | 17,244 |
| cash | | |
| flow | | |
| from | | |
| financing | | |
| activities | | |
+---------------------+------------+------------+
| | ---------- | ---------- |
+---------------------+------------+------------+
| | | |
+---------------------+------------+------------+
| Effect | (69) | 141 |
| of | | |
| foreign | | |
| exchange | | |
| rate | | |
| changes | | |
| on cash | | |
| and cash | | |
| equivalents | | |
| held | | |
+---------------------+------------+------------+
| | ---------- | ---------- |
+---------------------+------------+------------+
| | | |
+---------------------+------------+------------+
| Net | (11,323) | 11,136 |
| (decrease)/increase | | |
| in cash and cash | | |
| equivalents in the | | |
| year | | |
+---------------------+------------+------------+
| Cash | 11,523 | 387 |
| and | | |
| cash | | |
| equivalents | | |
| at the | | |
| beginning | | |
| of the year | | |
+---------------------+------------+------------+
| | | |
+---------------------+------------+------------+
| | ---------- | ---------- |
+---------------------+------------+------------+
| Cash | 200 | 11,523 |
| and | | |
| cash | | |
| equivalents | | |
| at the end | | |
| of the year | | |
+---------------------+------------+------------+
| | ===== | ===== |
+---------------------+------------+------------+
NOTES TO THE FINANCIAL STATEMENTS
1. CORPORATE INFORMATION
The financial information set out in this announcement does not constitute the
Company's statutory accounts for the years ended 31 December 2008 or 2007 and
has been extracted from the audited financial statements which will be available
on the Company's website (www.cdsogg.com) shortly. The statutory accounts for
the year ended 31 December 2008 are being finalised on the basis of the
financial information presented by the Directors in this preliminary
announcement.
2. LOSS PER ORDINARY SHARE
Basic loss per share is calculated by dividing the loss attributable to ordinary
shareholders by the weighted average number of ordinary shares outstanding
during the year.
In order to calculate diluted loss per share, the weighted average number of
ordinary shares in issue would be adjusted to assume conversion of all dilutive
potential ordinary shares according to IAS 33. In 2008 and 2007 the Group made a
loss after taxation and the effect of the potential ordinary shares is
anti-dilutive and therefore the diluted loss per share is the same as basic loss
per share.
+-----------------------+------------+-------------------+----------+------------+-----------------+----------+
| | 2008 | 2007 |
+-----------------------+-------------------------------------------+-----------------------------------------+
| | Earnings | Weighted average | Per | Earnings | Weighted | Per |
| | US$'000 | number of shares | share | | average | share |
| | | | amount | US$'000 | number | amount |
| | | | (US | | of | (US |
| | | | dollars) | | shares | dollars) |
+-----------------------+------------+-------------------+----------+------------+-----------------+----------+
| | | | | | | |
+-----------------------+------------+-------------------+----------+------------+-----------------+----------+
| Basic and diluted | (2,222) | 101,677,217 | (0.02) | (1,239) | 69,748,173 | (0.02) |
| loss per share | | | | | | |
+-----------------------+------------+-------------------+----------+------------+-----------------+----------+
| | ---------- | ----------------- | -------- | ---------- | --------------- | -------- |
+-----------------------+------------+-------------------+----------+------------+-----------------+----------+
This information is provided by RNS
The company news service from the London Stock Exchange
END
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