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Share Name | Share Symbol | Market | Type | Share ISIN | Share Description |
---|---|---|---|---|---|
Circle Oil | LSE:COP | London | Ordinary Share | IE00B034YN94 | ORD EUR0.01 |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
0.00 | 0.00% | 0.625 | 0.00 | 01:00:00 |
Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
---|---|---|---|---|---|
0 | 0 | N/A | 0 |
For our onshore Block 49, a 2D seismic survey of a planned 2,500 km commenced in mid July 2012. This survey is located in the south-eastern part of the permit, north-east of the 2010 survey. The 2D survey is located to cover an area lacking in seismic control to determine any potential drilling targets.
The farm-out process for the deeper water prospects in offshore Block 52 has been very active in the first half of 2012 but has so far not resulted in finalising any agreement. Following encouraging mapping of prospects within the shallow water inshore of Sawqirah Bay it is likely that additional 2D seismic coverage will be acquired to firm up targets for drilling in this shallow water region of the permit. We believe these could be advantageously drilled on a sole risk basis.
FINANCIAL REVIEW
Revenue from oil and gas sales in H1 2012 amounted to US$35.4 million which represented an increase of 23% over the same period in 2011. This was due mainly to a significant increase in gas sold during H1 2012 (up 111% on H1 2011) together with higher prices achieved for both oil and gas sales.
Gross profit for the period amounted to US$16.4 million (H1 2011: US$9.9 million) while operating profit at US$14.7 million (H1 2011: US$8.3 million) was up by 78% on the same period in 2011. EBITDA amounted to US$18.9 million for the period which represented an increase of 60% over H1 2011.
After allowing for net financing costs of US$1.4 million the Group recorded a net profit of US$13.3 million (H1 2011: US$8.7 million) an increase of 53%.
Net cash generated by operations before working capital changes amounted to US$19.0 million (H1 2011: US$8.6 million negative). Following working capital movements net cash generated in H1 2012 amounted to US$14.2 million (H1 2011: US$1.7 million).
At 30 June 2012 Group total assets amounted to US$245.5 million (H1 2011: US$212.9 million) while net assets amounted to US$204.1 million (30 June 2011: US$167.6 million).
Cash balances at 30 June 2012 amounted to US$13.8 million and this position has improved post period end as a result of increasing payments received from EGPC resulting in a cash balance at the end of August of US$15.5 million. Despite increased sales levels in Egypt as a result of increases in both volume and oil prices the EGPC receivables as at 31 August 2012 have reduced since year-end.
Thomas Anderson
Chairman
3 September 2012
Glossary
BO Barrels of oil bopd Barrels of oil per day boepd Barrels of oil equivalent per day Bscf Billions of standard cubic feet of gas bwpd Barrels of water per day CPR Competent Person Report EBITDA Earnings before interest, tax, depreciation and amortisation EGPC Egyptian General Petroleum Company km Kilometres MD Measured depth MMbo Millions of barrels of oil Mmboe Millions of barrels of oil equivalent MMm3 Million cubic metres MMscf/d Millions of cubic feet of gas per day sq km Square kilometres TD Target depth 2D Two dimensional 3D Three dimensional
In accordance with the guidelines of the AIM Market of the London Stock Exchange, Professor Chris Green, Chief Executive Officer of Circle Oil Plc, an explorationist and geophysicist with over thirty years oil & gas industry experience, and Dr Stuart Harker, VP Geology, also with over 30 years experience, are the qualified persons as defined in the London Stock Exchange's Guidance Note for Mining and Oil and Gas companies, who have reviewed and approved the technical information contained in this announcement. In relation to Egypt Professor Green and Dr Harker have relied on primary information supplied by the operator in carrying out their review.
Circle Oil PLC
CONDENSED CONSOLIDATED INCOME STATEMENT
FOR THE SIX MONTHS ENDED 30 JUNE 2012 - UNAUDITED
Notes 6 months 6 months Year ended to to 31 December 30 June 2012 30 June 2011 2011 US$000 US$000 US$000 Sales revenue 3 35,359 28,689 57,950 Cost of sales (18,919) (18,751) (34,573) Gross profit 16,440 9,938 23,377 Administrative expenses (1,658) (1,568) (3,148) Provision for impairment of exploration costs (109) (50) (163) Foreign exchange gain/(loss) 68 (40) (97) Operating profit- continuing activities 14,741 8,280 19,969 Finance revenue 6 1,789 2,909 10,823 Finance costs 7 (3,184) (2,485) (5,145) Profit before taxation 13,346 8,704 25,647 Taxation - - (41) Profit for the financial period 13,346 8,704 25,606 Basic earnings per share 2 2.37c 1.54c 4.55c ============== ============== ============= Diluted earnings per share 2 2.22c 1.27c 3.02c ============== ============== =============
CONDENSED CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME
FOR THE SIX MONTHS ENDED 30 JUNE 2012 - UNAUDITED
6 months 6 months Year ended to to 31 December 30 June 2012 30 June 2011 2011 US$000 US$000 US$000 Profit for the financial period 13,346 8,704 25,606 Total income and expense recognised - - - in other comprehensive income Total comprehensive income for the period - entirely attributable to equity holders 13,346 8,704 25,606 ============== ============== =============
Circle Oil PLC
CONDENSED CONSOLIDATED statement of financial position
AT 30 JUNE 2012 - UNAUDITED
Notes 30 June 30 June 31 December 2012 2011 2011 US$000 US$000 US$000 Assets Non-current assets Exploration and evaluation assets 4 55,851 44,984 53,140 Production and development assets 5 134,618 109,295 126,232 Property, plant and equipment 129 99 124 -------- --------- ------------ 190,598 154,378 179,496 -------- --------- ------------ Current assets Inventories 17 105 36 Trade and other receivables 41,169 29,128 40,150 Cash and cash equivalents 13,761 29,303 14,383 -------- --------- ------------ 54,947 58,536 54,569 -------- --------- ------------ Total assets 245,545 212,914 234,065 ======== ========= ============ Equity and liabilities Capital and reserves Share capital 8,084 8,084 8,084 Share premium 167,083 167,083 167,083 Other reserves 12,917 6,658 6,658 Retained earnings/(deficit) 15,994 (14,254) 2,648 Total equity 204,078 167,571 184,473 -------- --------- ------------ Non-current liabilities Trade and other payables 3,551 1,997 2,872 Convertible loan - debt portion 23,918 25,993 - Derivative financial instruments - 9,508 - Decommissioning provision 291 196 270 Total non-current liabilities 27,760 37,694 3,142 -------- --------- ------------ Current liabilities Trade and other payables 13,666 7,612 16,930 Current tax 41 37 41 Convertible loan - debt portion - - 27,813 Derivative financial instruments - - 1,666 Total current liabilities 13,707 7,649 46,450 -------- --------- ------------ Total liabilities 41,467 45,343 49,592 -------- --------- ------------ Total equity and liabilities 245,545 212,914 234,065 ======== ========= ============
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