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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 : 8929Z
CDS Oil & Gas Group PLC
29 September 2009
29 September 2009
CDS OIL & GAS GROUP PLC
INTERIM RESULTS FOR THE SIX MONTHS ENDED 30 JUNE 2009 AND
OPERATIONS UPDATE
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 unaudited interim results for the six months to 30 June 2009 and
an update on its operations.
+--+------------------------------------------------------------------------------+
| * | Operating loss of US$540,000 (H1 2008: loss of US$1,308,000), in line with |
| | Board's expectations |
+--+------------------------------------------------------------------------------+
| * | Comprehensive exploratory survey programme completed |
+--+------------------------------------------------------------------------------+
| * | Discussions in progress to secure funding for the next phase of operations |
+--+------------------------------------------------------------------------------+
| * | Principal shareholders and directors provide funds to support operations |
+--+------------------------------------------------------------------------------+
CDS is a UK company which, through its Paraguayan subsidiary, CDS Energy
S.A.(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 the productive Bolivian Chaco Basin in north-west Paraguay.
Enquiries:
+----------------------------------------+----------------------------------------+
| CDS Oil & Gas Group plc | Tel: 020 7225 4383 |
+----------------------------------------+----------------------------------------+
| Patrice Roman - Chief Executive | |
| Officer | |
| | |
+----------------------------------------+----------------------------------------+
| Hanson Westhouse Limited | Tel: 020 7601 6100 |
+----------------------------------------+----------------------------------------+
| Bill Staple / Richard Baty | |
| | |
+----------------------------------------+----------------------------------------+
| UK Enquiries: | |
| | |
+----------------------------------------+----------------------------------------+
| Hudson Sandler | Tel: 020 7796 4133 |
+----------------------------------------+----------------------------------------+
| Jessica Rouleau | |
| | |
+----------------------------------------+----------------------------------------+
| Other Enquiries | |
+----------------------------------------+----------------------------------------+
| B4 Communication | Tel: (+41) 22 592 50 22 |
+----------------------------------------+----------------------------------------+
| Claude Baumann / Frédéric Jacquemoud | |
| | |
+----------------------------------------+----------------------------------------+
Chairman's and Chief Executive's Review
For the six month period to 30 June 2009 the Company made an operating loss of
US$0.5 million (2008: loss of US$1.3 million) which was in line with the Board's
expectations. Cash and cash equivalents as at 30 June 2009 were US$82,000.
In 2009 the Company entered into a transitional period characterised by the
severance of the relationship with PetroSaudi and by a work programme coming to
its final stage of data interpretation.
As announced in February 2009, the former majority shareholders decided to step
in by taking over the position of PetroSaudi as shareholder and as lender,
subsequently converting the $2,250,000 of loans plus accrued interest into
ordinary shares. In addition, in April 2009, two suppliers of services to the
Group, Famay Enterprises Corp. ("Famay") and Harmattan FZE ("Harmattan") agreed
to convert amounts due to them by the Group by subscribing for new ordinary
shares. The loss of Petro Saudi as a major shareholder in the Company has
resulted in a reduced access to funding for further expansion. Consequently, the
management of the Company proceeded to undertake a reorganisation which
coincided with the end of its work programme of data interpretation. Following
the announcement made in May 2009 indicating encouraging potential on the two
permits of Gabino Mendoza and Boqueron, the Company approached the Ministry of
Public Works and Communication ("MOPC") which is also responsible for energy and
mining, and succeeded in obtaining an extension of one year of its drilling
commitments and an approval of its new drilling programme until the fourth
quarter 2010, both of them granted in July and August 2009.
Furthermore the mutual understanding between the MOPC and the Company led into
an increased cooperation in order to promote the Gas option favoured by the
Paraguayan government in the context of its new Energy policy. The aim of this
policy is to coordinate the utilisation of natural gas on a regional basis
covering Bolivia, Paraguay and Uruguay, in the middle of which the CDS
concessions are situated. Such a development has resulted in the revitalisation
of the organisation called Urupabol and is expected to trigger major
infrastructure investments in the Chaco region.
The ability of the Company to adjust to this changing situation coupled with the
continuous financial support of its shareholders is encouraging for management
in its search for prospective new shareholders. The new attraction of South
America stimulated by the recent offshore discoveries on both sides of the South
Atlantic and the position of Paraguay at the junction of the already producing
basins of Bolivia and Argentina make it a valid area for exploration. The
Company's management is seeking to capitalise on this renewed interest in the
region and is currently conducting active negotiations with the view of
concluding either a farm-in transaction or a partnership.
Financing
As announced on 2 April 2009, in addition to the conversion of loans and accrued
interest into new ordinary shares, the Company's Principal Shareholders (being
Feltown Assets Inc., Werton Finance S.A. and Red Law Corporation Services Inc.)
agreed to continue to support the financial needs of the Group as it sought
partners to assist with the funding of the Group's exploration activities. Over
the last few months Feltown Assets Inc. ("Feltown") has paid some of the Group's
expenses and a loan has accrued which at 30 June 2009 totalled approximately
$578,000. Since 30 June 2009 Feltown has continued to meet the immediate
financial needs of the Group. As a consequence the size of loan provided by
Feltown has increased to approximately $902,000. Feltown currently holds
43,435,509 ordinary shares representing approximately 35.2 per cent of the
Company's ordinary shares and therefore Feltown is considered to be a related
party pursuant to Rule 13 of the AIM Rules for Companies. The terms of the loan
have been agreed between the Board and Feltown. Pending the outcome of current
discussions with parties interested in the Company's projects, the loan is
considered to be short term however the Board understands that Feltown has no
intention of requiring immediate repayment, Interest accrues on the loan at 4%
per annum. The Directors, having consulted with the Company's nominated adviser,
Hanson Westhouse Limited, consider that the terms of the loan are fair and
reasonable insofar as the shareholders are concerned.
The Directors of the Company have not drawn their remuneration nor had their
expenses reimbursed for the last 12 months.
Capital expenditure of US$524,000 incurred during the six months ended 30 June
2009 has been financed by the unsecured shareholder loans referred to above, as
have subsequent expenditures.
John Bentley
Chairman
Patrice Roman
Chief Executive Officer
29 September 2009
CONSOLIDATED STATEMENT of COMPREHENSIVE INCOME
+--------------------+-------------+-------------+-----------+
| Half year ended | Year |
| | ended |
+------------------------------------------------+-----------+
| | 30 | 30 | 31 |
| | June | June | December |
| | 2009 | 2008 | 2008 |
+--------------------+-------------+-------------+-----------+
| | (Unaudited) | (Unaudited) | (Audited) |
+--------------------+-------------+-------------+-----------+
| | $'000 | $'000 | $'000 |
+--------------------+-------------+-------------+-----------+
| | | | |
+--------------------+-------------+-------------+-----------+
| Administrative | (540) | (1,308) | (2,327) |
| expenses | | | |
+--------------------+-------------+-------------+-----------+
| | | | |
+--------------------+-------------+-------------+-----------+
| | -------- | -------- | -------- |
+--------------------+-------------+-------------+-----------+
| Loss | (540) | (1,308) | (2,327) |
| from | | | |
| operations | | | |
+--------------------+-------------+-------------+-----------+
| | | | |
+--------------------+-------------+-------------+-----------+
| Finance | - | 139 | 146 |
| income | | | |
+--------------------+-------------+-------------+-----------+
| Finance | (31) | | (41) |
| expense | | | |
+--------------------+-------------+-------------+-----------+
| | -------- | -------- | -------- |
+--------------------+-------------+-------------+-----------+
| Loss | (571) | (1,169) | (2,222) |
| on | | | |
| ordinary | | | |
| activities | | | |
| and total | | | |
| comprehensive | | | |
| income before | | | |
| and after | | | |
| taxation | | | |
+--------------------+-------------+-------------+-----------+
| | -------- | -------- | -------- |
+--------------------+-------------+-------------+-----------+
| Attributable | | | |
| to: | | | |
+--------------------+-------------+-------------+-----------+
| - | (571) | (1,169) | (2,222) |
| Owners | | | |
| of the | | | |
| parent | | | |
+--------------------+-------------+-------------+-----------+
| - | - | - | - |
| Non-controlling | | | |
| interest | | | |
+--------------------+-------------+-------------+-----------+
| | -------- | -------- | -------- |
+--------------------+-------------+-------------+-----------+
+---------+----------+----------+----------+
| Loss per share expressed in US$ |
| per share |
+------------------------------------------+
| Basic | $(0.01) | $(0.01) | $(0.02) |
| and | | | |
| diluted | | | |
| loss | | | |
| per | | | |
| share | | | |
+---------+----------+----------+----------+
| | -------- | -------- | -------- |
+---------+----------+----------+----------+
All amounts relate to continuing activities.
CONSOLIDATED STATEMENT of FINANCIAL POSITION
+---------------------+-------------+-------------+-------------+
| | 30 | 30 | 31 December |
| | June | June | 2008 |
| | 2009 | 2008 | |
+---------------------+-------------+-------------+-------------+
| | (Unaudited) | (Unaudited) | (Audited) |
+---------------------+-------------+-------------+-------------+
| | $'000 | $'000 | $'000 |
+---------------------+-------------+-------------+-------------+
| Assets | | | |
+---------------------+-------------+-------------+-------------+
| Non-current | | | |
| assets | | | |
+---------------------+-------------+-------------+-------------+
| Intangible | 28,412 | 25,243 | 27,888 |
| assets | | | |
+---------------------+-------------+-------------+-------------+
| Property, | 331 | 522 | 331 |
| plant and | | | |
| equipment | | | |
+---------------------+-------------+-------------+-------------+
| | -------- | -------- | -------- |
+---------------------+-------------+-------------+-------------+
| | 28,743 | 25,765 | 28,219 |
+---------------------+-------------+-------------+-------------+
| | -------- | -------- | -------- |
+---------------------+-------------+-------------+-------------+
| Current | | | |
| assets | | | |
+---------------------+-------------+-------------+-------------+
| Inventory | 1,618 | 1,618 | 1,618 |
+---------------------+-------------+-------------+-------------+
| Prepayments | 77 | 434 | 56 |
| and other | | | |
| receivables | | | |
+---------------------+-------------+-------------+-------------+
| Cash | 82 | 1,455 | 200 |
| and | | | |
| cash | | | |
| equivalents | | | |
+---------------------+-------------+-------------+-------------+
| | -------- | -------- | -------- |
+---------------------+-------------+-------------+-------------+
| | 1,777 | 3,507 | 1,874 |
+---------------------+-------------+-------------+-------------+
| | ---------- | ---------- | ---------- |
+---------------------+-------------+-------------+-------------+
| Total | 30,520 | 29,272 | 30,093 |
| assets | | | |
+---------------------+-------------+-------------+-------------+
| | ---------- | ---------- | ---------- |
+---------------------+-------------+-------------+-------------+
| Liabilities | | | |
+---------------------+-------------+-------------+-------------+
| Current | | | |
| liabilities | | | |
+---------------------+-------------+-------------+-------------+
| Trade | (959) | (1,825) | (1,364) |
| and | | | |
| other | | | |
| payables | | | |
+---------------------+-------------+-------------+-------------+
| Borrowings | (578) | - | (2,291) |
+---------------------+-------------+-------------+-------------+
| | ---------- | -------- | -------- |
+---------------------+-------------+-------------+-------------+
| Total | (1,537) | (1,825) | (3,655) |
| liabilities | | | |
+---------------------+-------------+-------------+-------------+
| | ---------- | ---------- | ---------- |
+---------------------+-------------+-------------+-------------+
| Total | 28,983 | 27,447 | 26,438 |
| net | | | |
| assets | | | |
+---------------------+-------------+-------------+-------------+
| | ---------- | ---------- | ---------- |
+---------------------+-------------+-------------+-------------+
| Capital and reserves |
| attributable to shareholders |
+---------------------------------------------------------------+
| Share | 22,861 | 19,715 | 19,745 |
| capital | | | |
+---------------------+-------------+-------------+-------------+
| Share | 14,254 | 14,242 | 14,254 |
| premium | | | |
+---------------------+-------------+-------------+-------------+
| Merger | (1,097) | (1,097) | (1,097) |
| reserve | | | |
+---------------------+-------------+-------------+-------------+
| Retained | (7,045) | (5,421) | (6,474) |
| deficit | | | |
+---------------------+-------------+-------------+-------------+
| | -------- | -------- | -------- |
+---------------------+-------------+-------------+-------------+
| Capital | 28,973 | 27,439 | 26,428 |
| and | | | |
| reserves | | | |
| attributable | | | |
| to equity | | | |
| holders of | | | |
| the parent | | | |
+---------------------+-------------+-------------+-------------+
| Non-controlling | 10 | 8 | 10 |
| interests | | | |
+---------------------+-------------+-------------+-------------+
| | ---------- | ---------- | ---------- |
+---------------------+-------------+-------------+-------------+
| Total | 28,983 | 27,447 | 26,438 |
| equity | | | |
+---------------------+-------------+-------------+-------------+
| | ---------- | ---------- | ---------- |
+---------------------+-------------+-------------+-------------+
CONSOLIDATED STATEMENT of CHANGES in EQUITY
+-------------------+-----------+----------+-----------+-----------+----------------+-----------------+----------+
| | Attributable to equity holders of the | Non-Controlling | Total |
| | Company | interests | equity |
+-------------------+---------------------------------------------------------------+-----------------+----------+
| | Share | Share | Merger | Retained | Total | | |
| | capital | premium | reserve | deficit | shareholders | | |
| | | | | | equity | | |
+-------------------+-----------+----------+-----------+-----------+----------------+-----------------+----------+
| | $'000 | $'000 | $'000 | $'000 | $'000 | $'000 | $'000 |
+-------------------+-----------+----------+-----------+-----------+----------------+-----------------+----------+
| At | 19,715 | 14,242 | (1,097) | (4,252) | 28,608 | 8 | 28,616 |
| 1 | | | | | | | |
| January | | | | | | | |
| 2008 | | | | | | | |
| (audited) | | | | | | | |
+-------------------+-----------+----------+-----------+-----------+----------------+-----------------+----------+
| Total | - | - | - | (1,169) | (1,169) | - | (1,169) |
| comprehensive | | | | | | | |
| loss for the | | | | | | | |
| period | | | | | | | |
+-------------------+-----------+----------+-----------+-----------+----------------+-----------------+----------+
| | -------- | -------- | -------- | -------- | -------- | ------- | ------- |
+-------------------+-----------+----------+-----------+-----------+----------------+-----------------+----------+
| At | 19,715 | 14,242 | (1,097) | (5,421) | 27,439 | 8 | 27,447 |
| 30 | | | | | | | |
| June | | | | | | | |
| 2008 | | | | | | | |
| (unaudited) | | | | | | | |
+-------------------+-----------+----------+-----------+-----------+----------------+-----------------+----------+
| Total | - | - | - | (1,053) | (1,053) | 2 | (1,051) |
| comprehensive | | | | | | | |
| loss for the | | | | | | | |
| period | | | | | | | |
+-------------------+-----------+----------+-----------+-----------+----------------+-----------------+----------+
| Shares | 30 | 12 | - | - | 42 | - | 42 |
| issued | | | | | | | |
+-------------------+-----------+----------+-----------+-----------+----------------+-----------------+----------+
| | -------- | -------- | -------- | -------- | -------- | ------- | ------- |
+-------------------+-----------+----------+-----------+-----------+----------------+-----------------+----------+
| At | 19,745 | 14,254 | (1,097) | (6,474) | 26,428 | 10 | 26,438 |
| 31 | | | | | | | |
| December | | | | | | | |
| 2008 | | | | | | | |
| (audited) | | | | | | | |
+-------------------+-----------+----------+-----------+-----------+----------------+-----------------+----------+
| Shares | 3,116 | - | - | - | 3,116 | - | 3,116 |
| issued | | | | | | | |
| for | | | | | | | |
| conversion | | | | | | | |
| of debt | | | | | | | |
+-------------------+-----------+----------+-----------+-----------+----------------+-----------------+----------+
| Total | | | | (571) | (571) | - | (571) |
| comprehensive | | | | | | | |
| loss for the | | | | | | | |
| period | | | | | | | |
+-------------------+-----------+----------+-----------+-----------+----------------+-----------------+----------+
| | -------- | -------- | -------- | -------- | -------- | ------- | ------- |
+-------------------+-----------+----------+-----------+-----------+----------------+-----------------+----------+
| At | 22,861 | 14,254 | (1,097) | (7,045) | 28,973 | 10 | 28,983 |
| 30 | | | | | | | |
| June | | | | | | | |
| 2009 | | | | | | | |
| (unaudited) | | | | | | | |
+-------------------+-----------+----------+-----------+-----------+----------------+-----------------+----------+
| | -------- | -------- | -------- | -------- | -------- | ------- | ------- |
+-------------------+-----------+----------+-----------+-----------+----------------+-----------------+----------+
CONSOLIDATED STATEMENT of CASH FLOWS
+-------------------------+-------------+-------------+-----------+
| | Half year ended | Year |
| | | ended |
+-------------------------+---------------------------+-----------+
| | 30 | 30 | 31 |
| | June | June | December |
| | 2009 | 2008 | 2008 |
+-------------------------+-------------+-------------+-----------+
| | (Unaudited) | (Unaudited) | (Audited) |
+-------------------------+-------------+-------------+-----------+
| | $'000 | $'000 | $'000 |
+-------------------------+-------------+-------------+-----------+
| Cash | | | |
| flow | | | |
| from | | | |
| operating | | | |
| activities | | | |
+-------------------------+-------------+-------------+-----------+
| Loss | (571) | (1,169) | (2,222) |
| before | | | |
| taxation | | | |
+-------------------------+-------------+-------------+-----------+
| Adjustments | | | |
| for: | | | |
+-------------------------+-------------+-------------+-----------+
| - | - | (139) | (146) |
| Finance | | | |
| income | | | |
+-------------------------+-------------+-------------+-----------+
| - | 31 | - | 41 |
| Finance | | | |
| expense | | | |
+-------------------------+-------------+-------------+-----------+
| - | 19 | - | 69 |
| Effect | | | |
| of | | | |
| foreign | | | |
| exchange | | | |
| rate | | | |
| changes | | | |
| on cash | | | |
| and cash | | | |
| equivalents | | | |
| held | | | |
+-------------------------+-------------+-------------+-----------+
| - | - | - | 42 |
| Equity-settled | | | |
| share-based | | | |
| payment | | | |
| expense | | | |
+-------------------------+-------------+-------------+-----------+
| | -------- | -------- | -------- |
+-------------------------+-------------+-------------+-----------+
| Net | (521) | (1,308) | (2,216) |
| cash | | | |
| flow | | | |
| from | | | |
| operating | | | |
| activities | | | |
| before | | | |
| changes in | | | |
| working | | | |
| capital | | | |
+-------------------------+-------------+-------------+-----------+
| Increase | 389 | 1,378 | 919 |
| in | | | |
| payables | | | |
| and | | | |
| provisions | | | |
+-------------------------+-------------+-------------+-----------+
| (Increase)/decrease | (21) | 199 | 577 |
| in receivables | | | |
+-------------------------+-------------+-------------+-----------+
| | -------- | -------- | -------- |
+-------------------------+-------------+-------------+-----------+
| Net | (153) | 269 | (720) |
| cash | | | |
| flow | | | |
| from | | | |
| operating | | | |
| activities | | | |
| before | | | |
| interest | | | |
| and | | | |
| taxation | | | |
| paid | | | |
+-------------------------+-------------+-------------+-----------+
| | -------- | -------- | -------- |
+-------------------------+-------------+-------------+-----------+
| Investing | | | |
| activities | | | |
+-------------------------+-------------+-------------+-----------+
| Exploration | (524) | (10,410) | (12,894) |
| costs | | | |
| capitalized | | | |
+-------------------------+-------------+-------------+-----------+
| Payments | - | (66) | (108) |
| for | | | |
| property, | | | |
| plant and | | | |
| equipment | | | |
+-------------------------+-------------+-------------+-----------+
| Proceeds | - | - | 72 |
| from the | | | |
| disposal | | | |
| of | | | |
| property, | | | |
| plant, | | | |
| and | | | |
| equipment | | | |
+-------------------------+-------------+-------------+-----------+
| Interest | - | 139 | 146 |
| received | | | |
+-------------------------+-------------+-------------+-----------+
| | -------- | -------- | -------- |
+-------------------------+-------------+-------------+-----------+
| Net | (524) | (10,337) | (12,784) |
| cash | | | |
| flow | | | |
| from | | | |
| investing | | | |
| activities | | | |
+-------------------------+-------------+-------------+-----------+
| | -------- | -------- | -------- |
+-------------------------+-------------+-------------+-----------+
| Financing | | | |
| activities | | | |
+-------------------------+-------------+-------------+-----------+
| Proceeds | 578 | - | 2,250 |
| from | | | |
| borrowing | | | |
+-------------------------+-------------+-------------+-----------+
| | -------- | -------- | -------- |
+-------------------------+-------------+-------------+-----------+
| Net | 578 | - | 2,250 |
| cash | | | |
| flow | | | |
| from | | | |
| financing | | | |
| activities | | | |
+-------------------------+-------------+-------------+-----------+
| | -------- | -------- | -------- |
+-------------------------+-------------+-------------+-----------+
| Net | (99) | (10,068) | (11,254) |
| decrease | | | |
| in cash | | | |
| and cash | | | |
| equivalents | | | |
| in the | | | |
| period | | | |
+-------------------------+-------------+-------------+-----------+
| Cash | 200 | 11,523 | 11,523 |
| & | | | |
| cash | | | |
| equivalents | | | |
| at | | | |
| beginning | | | |
| of the | | | |
| period | | | |
+-------------------------+-------------+-------------+-----------+
| Effect | (19) | - | (69) |
| of | | | |
| foreign | | | |
| exchange | | | |
| rate | | | |
| changes | | | |
| on cash | | | |
| and cash | | | |
| equivalents | | | |
| held | | | |
+-------------------------+-------------+-------------+-----------+
| | -------- | -------- | -------- |
+-------------------------+-------------+-------------+-----------+
| Cash | 82 | 1,455 | 200 |
| & | | | |
| cash | | | |
| equivalents | | | |
| at the 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 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 condensed interim financial statements of the Company and its subsidiaries
("the Group") for the six months ended 30 June 2009 (the period) have been
prepared using accounting policies consistent with International Financial
Reporting Standards (IFRSs). The same accounting policies, presentation and
methods of computation are followed in the condensed set of financial statements
as applied in the Group's latest audited financial statements for the year ended
31 December 2008 with the exception of the adoption of IAS 1 Presentation of
financial statements (revised 2008).
? International Accounting Standard 1: Presentation of financial statements (IAS
1) (revised 2008) replaces IAS 1 (revised 2005) and is effective for financial
periods beginning on or after 1 January 2009. This standard requires the Group
to introduce the concept of 'total comprehensive income', which represents the
change in equity during a period, other than changes resulting from transactions
with owners in their capacity as owners. In applying this revision to IAS 1, a
'consolidated statement of comprehensive income' has been introduced which
replaces the 'consolidated income statement'.
These condensed interim financial statements have not been audited, do not
include all of the information required for full annual financial statements,
and should be read in conjunction with the Group's consolidated annual financial
statements for the year ended 31 December 2008. The 2008 annual report and
accounts, which received an unqualified opinion with an emphasis of matter in
respect of going concern from the auditors and did not contain a statement under
section 237 (2) or (3) of the Companies Act 1985, have been filed with the
Registrar of Companies. While the financial figures included within this
half-yearly report have been computed in accordance with IFRSs applicable to
interim periods, this half-yearly report does not contain sufficient information
to constitute an interim financial report as set out in IAS 34.
The preparation of the condensed consolidated half year financial statements
requires the use of certain accounting estimates and judgments that affect the
application of accounting policies and the reported amounts of assets and
liabilities, income and expense. The significant judgments made by management in
applying the Group's accounting policies and the key sources of estimation
uncertainty were the same as those that applied to the financial statements for
the year ended 31 December 2008.
3. Loss per share
The loss per share is calculated based on:
+--------------+----------+----------+----------+
| | Half | Year |
| | year ended | ended |
+--------------+---------------------+----------+
| | 30 | 30 | 31 |
| | June | June | December |
| | 2009 | 2008 | 2008 |
+--------------+----------+----------+----------+
| | | | |
+--------------+----------+----------+----------+
| Loss | (571) | (1,169) | (2,222) |
| for | | | |
| the | | | |
| period | | | |
| ($'000) | | | |
+--------------+----------+----------+----------+
| | -------- | -------- | -------- |
+--------------+----------+----------+----------+
| Weighted | | | |
| average | | | |
| number | | | |
| of | | | |
| shares | | | |
+--------------+----------+----------+----------+
| in | 110,621 | 101,676 | 101,677 |
| issue | | | |
| ('000) | | | |
+--------------+----------+----------+----------+
| | -------- | -------- | -------- |
+--------------+----------+----------+----------+
This information is provided by RNS
The company news service from the London Stock Exchange
END
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