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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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RNS Number : 2580E
CDS Oil & Gas Group PLC
25 September 2008
CDS OIL & GAS GROUP PLC
INTERIM RESULTS FOR THE SIX MONTHS ENDED 30 JUNE 2008 AND
OPERATIONS UPDATE
25 September 2008
CDS Oil & Gas Group PLC ("CDS" or the "Company"), the AIM quoted (CDS.L) oil and gas exploration and development company with operations
in Paraguay, today announces its interim results for the six months to 30 June 2008 and an update on its operations.
* Operating loss of US$1,308,000 (H1 2007: US$528,000), in line with Board's expectations
* Comprehensive exploration programme continues with interpretation of data gathered from the seismic and geo-chemical activities
currently underway * Discussions in progress to secure funding for the next phase of operations
CDS is a UK company which, through its Paraguayan subsidiary, CDS Energy S.A., has a 98.1% working interest in three large blocks with
substantial oil and gas exploration potential in the prospective eastward extension into the productive Bolivian Chaco Basin in north-west
Paraguay.
Enquiries:
Tel: 020 7225 4383
CDS Oil & Gas Group plc
Patrice Roman - Chief Executive Officer
Hanson Westhouse Tel: 020 7601 6100
Bill Staple / Harry Barraclough
UK Enquiries:
Hudson Sandler Tel: 020 7796 4133
Jessica Rouleau / Fran Read
Other Enquiries
B4 Communication Tel: +41 22 592 50 22
Claude Baumann / Fréric Jacquemoud
Chairman's and Chief Executive's Review
For the six month period to 30 June 2008 the Company made an operating loss of US$1.3 million (2007: US$528,000) in line with the
Board's expectations. Cash and cash equivalents as at 30 June 2008 were US$1.5 million.
The initial exploration programme for 2007/2008 is now physically completed. It has combined aeromagnetic and aerogravity surveys
covering 9,200 kilometres, reconnaissance geochemistry with over 2,300 samples collected, and 2D seismic data gathered from 981 kilometres.
Interpretation of the geochemical and seismic data is currently in progress, with the final results expected by the end of October 2008. The
results will enable us to select drilling targets in line with our objective of starting drilling operations during the second quarter of
2009, after the end of the rainy season.
Capital expenditure of US$13.7 million incurred during the twelve months ended 30 June 2008 has been financed by the June 2007 share
subscription. Subsequent expenditures have been funded by an unsecured short term bridge finance facility provided by one of our
shareholders, PetroSaudi International Limited, on normal commercial terms.
We are currently considering a further exploration programme to drill a minimum of three wells before the end of 2009. This programme is
estimated to cost up to US$18.0 million. We are currently negotiating the extension of the short term facility, and additional funding for
the further exploration programme, with PetroSaudi.
John Bentley
Chairman
Patrice Roman
Chief Executive Officer
25 September 2008
CONSOLIDATED INCOME STATEMENT
Half year ended Year ended
30 June 30 June 31 December
2008 2007 2007
(Unaudited) (Unaudited) (Audited)
$000 $000 $000
Administrative expenses (1,308) (528) (1,593)
-------- -------- --------
Loss from operations (1,308) (528) (1,593)
Finance income 139 3 361
Finance expense - (2) (7)
-------- -------- --------
Loss on ordinary activities
before and after taxation (1,169) (527) (1,239)
-------- -------- --------
Attributable to:
- Equity holders of the parent (1,169) (527) (1,239)
- Minority interest - - -
-------- -------- --------
Loss per share expressed in US$ per share
Basic and diluted loss per share $(0.01) $(0.01) $(0.02)
-------- -------- --------
All amounts relate to continuing activities.
CONSOLIDATED BALANCE SHEET
30 June 2008 30 June 2007 31December 2007
(Unaudited) (Unaudited) (Audited)
$000 $000 $000
Assets
Non-current assets
Intangible assets 25,243 11,897 14,833
Property, plant and equipment 522 171 456
-------- -------- --------
25,765 12,068 15,289
-------- -------- --------
Current assets
Inventory 1,618 1,556 1,618
Prepayments and other 434 82 633
receivables
Cash and cash equivalents 1,455 17,203 11,523
-------- -------- --------
3,507 18,841 13,774
---------- ---------- ----------
Total assets 29,272 30,909 29,063
---------- ---------- ----------
Liabilities
Current liabilities
Trade and other payables (1,825) (960) (447)
---------- -------- --------
Total liabilities (1,825) (960) (447)
---------- ---------- ----------
Total net assets 27,447 29,949 28,616
---------- ---------- ----------
Capital and reserves attributable to shareholders
Share capital 19,715 19,715 19,715
Share premium 14,242 14,842 14,242
Merger reserve (1,097) (1,097) (1,097)
Foreign currency translation (62) (41) (62)
reserve
Retained deficit (5,359) (3,478) (4,190)
-------- -------- --------
Capital and reserves 27,439 29,941 28,608
attributable to equity holders
of the parent
Minority interest 8 8 8
---------- ---------- ----------
Total equity 27,447 29,949 28,616
---------- ---------- ----------
Consolidated Statement of Changes in Equity
Attributable to equity
holders of the Company Minority interests Total equity
Share capital Share premium Shares to be issued Merger reserve Foreign currency Retained deficit
Total shareholders
translation reserve
equity
$000 $000 $000 $000 $000 $000
$000 $000 $000
At 1 January 2007 5,884 9,157 1,665 (1,097) (204) (2,951)
12,454 8 12,462
Shares issued 13,831 5,889 (1,665) - - -
18,055 - 18,055
Share issue costs - (204) - - - -
(204) - (204)
Loss for the period - - - - - (527)
(527) - (527)
Currency translation 163 -
163 - 163
differences recognised
directly in equity
-------- -------- -------- -------- -------- --------
-------- ------- -------
At 30 June 2007 19,715 14,842 - (1,097) (41) (3,478)
29,941 8 29,949
Loss for the period - - - - - (712)
(712) - (712)
Currency translation - - - - (21) -
(21) - (21)
differences recognised
directly in equity
Share issue costs - (600) - - - -
(600) - (600)
-------- -------- -------- -------- -------- --------
-------- ------- -------
At 31 December 2007 19,715 14,242 - (1,097) (62) (4,190)
28,608 8 28,616
Loss for the period - - - - - (1,169)
(1,169) - (1,169)
-------- -------- -------- -------- -------- --------
-------- ------- -------
At 30 June 20008 19,715 14,242 - (1,097) (62) (5,359)
27,439 8 27,447
-------- -------- -------- -------- -------- --------
-------- ------- -------
CONSOLIDATED CASH FLOW STATEMENT
Half year ended Year ended
30 June 2008 30 June 2007 31 December07
(Unaudited) (Unaudited) (Audited)
$000 $000 $000
Cash flow from operating
activities
Loss before taxation (1,169) (527) (1,239)
Adjustments for:
- Finance income (139) (3) (361)
- Finance expense - 2 7
-------- -------- --------
Net cash flow from operating (1,308) (528) (1,593)
activities before changes in
working capital
Decrease/(increase) in - 12 (49)
inventories
Increase/(decrease) in payables 1,378 156 (357)
and provisions
Decrease/(increase) in 199 11 (541)
receivables
-------- -------- --------
Net cash flow from operating 269 (349) (2,540)
activities before interest and
taxation paid
-------- -------- --------
Investing activities
Exploration costs capitalized (10,410) (825) (3,761)
Payments for property, plant and (66) (24) (309)
equipment
Interest received 139 3 361
-------- -------- --------
Net cash flow from operating (10,337) (846) (3,709)
activities
-------- -------- --------
Financing activities
Issues of ordinary shares - 17,851 18,055
Cost of share issue - (804)
Interest paid - (2) (7)
-------- -------- --------
Net cash flow from financing - 17,849 17,244
activities
-------- -------- --------
Net (decrease)/increase in cash (10,068) 16,654 10,995
and cash equivalents in the
period
Cash & cash equivalents at 11,523 387 387
beginning of the period
Effect of foreign exchange rate - 162 141
changes on cash and cash
equivalents held
-------- -------- --------
Cash & cash equivalents at the 1,455 17,203 11,523
end of period
-------- -------- --------
NOTES to the INTERIM FINANCIAL STATEMENTS
1. The Group
The Group is principally involved in the exploration for oil and gas.
The Company is a public limited liability company incorporated and domiciled in England and Wales. The Company has its registered office
in London and has oil & gas interests in Paraguay through its Paraguayan subsidiary, CDS Energy SA.
The Company has its listing on the Alternative Investment Market ("AIM") of the London Stock Exchange.
2. Basis of preparation
These unaudited consolidated interim financial statements are for the six month period ended 30 June 2008. They do not include all the
information required for full annual financial statements and should be read in conjunction with the consolidated financial statements of
the Group for the year ended 31 December 2007, which were prepared under International Financial Reporting Standards ("IFRS") as adopted by
the European Union ("EU").
These interim consolidated financial statements have been prepared in accordance with accounting policies consistent with those set out
in the Group's financial statements for the year ended 31 December 2007.
The comparative amounts in these interim consolidated financial statements include extracts from the Company's consolidated financial
statements for the year ended 31 December 2007. These extracts do not constitute statutory accounts under section 240 of the Companies Act
1985 (the "Act").
The interim financial information has not been audited nor has it been reviewed under the International Standard on Review Engagements
(UK and Ireland) 2410, issued by the Auditing Practices Board for use in the UK. The financial information for the full preceding period is
based on the statutory accounts for the period ended 31 December 2007. Those accounts, on which the auditors issued an unqualified opinion,
have been delivered to the Registrar of Companies.
3. Loss per share
The loss per share is calculated based on:
Half year ended Year ended
30 June 2008 30 June 2007 31 December 2007
Loss for the period ($000) (1,169) (527) (1,239)
-------- -------- --------
Weighted average number of
shares
in issue (000) 101,676 37,820 69,748
-------- -------- --------
This information is provided by RNS
The company news service from the London Stock Exchange
END
IR ILFLDAFISFIT
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