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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 |
Sales revenue in Africa of US$35.36million (H1 2011: US$28.69million) consists of US$30.43 million in oil sales in Egypt and US$4.93 million in gas sales in Morocco. Corporate comprises mainly corporate expenses, cash and other assets and liabilities not directly attributable to an operating segment.
Six months to 30 June 2011 Africa Middle-East Corporate Total US$000 US$000 US$000 US$000 Sales revenue 28,689 - - 28,689 Cost of sales (15,246) - - (15,246) Depreciation (3,505) - - (3,505) Gross profit 9,938 - - 9,938 Administration expenses (782) (204) (582) (1,568) 9,156 (204) (582) 8,370 Provision for impairment of exploration costs (50) - - (50) Finance costs - - (2,485) (2,485) Finance revenue 56 - 2,853 2,909 Other gains/(losses) (68) - 28 (40) Profit/(loss) before taxation 9,094 (204) (186) 8,704 Taxation - - - - Profit/(loss) for the period 9,094 (204) (186) 8,704 ========= ============ ========== ========= Total assets 158,746 24,895 29,273 212,914 ========= ============ ========== ========= Total liabilities (7,157) (1,997) (36,189) (45,343) ========= ============ ========== ========= Twelve months to 31 December Africa Middle-East Corporate Total 2011 US$000 US$000 US$000 US$000 Sales revenue 57,950 - - 57,950 Cost of sales (28,074) - - (28,074) Depreciation (6,499) - - (6,499) Gross profit 23,377 - - 23,377 Administration expenses (1,265) (398) (1,485) (3,148) 22,112 (398) (1,485) 20,229 Provision for impairment of exploration costs (163) - - (163) Finance costs (20) - (5,125) (5,145) Finance revenue 56 - 10,767 10,823 Foreign Exchange (loss)/gain (130) - 33 (97) Profit/(loss) before taxation 21,855 (398) 4,190 25,647 Taxation - - (41) (41) Profit/(loss) for the period 21,855 (398) 4,149 25,606 ========= ============ ========== ========= Total assets 193,633 25,812 14,620 234,065 ========= ============ ========== ========= Total liabilities (17,386) (2,020) (30,186) (49,592) ========= ============ ========== =========
4. Exploration and evaluation assets
The movement on exploration and evaluation assets which relate to oil and gas interests during the period was:
Six months to 30 June 2012 Opening Provision Closing balance Additions for balance US$000 US$000 impairment US$000 US$000 Africa 27,342 2,162 - 29,504 Middle-East 25,798 549 - 26,347 Other - 109 (109) - 30 June 2012 53,140 2,820 (109) 55,851 ========== ============ ============= ========== Six months to 30 June 2011 Opening Provision Closing balance Additions for balance US$000 US$000 impairment US$000 US$000 Africa 19,776 302 - 20,078 Middle-East 19,957 4,949 - 24,906 Other - 50 (50) - 30 June 2011 39,733 5,301 (50) 44,984 ========== ============ ============= ========== Twelve months to 31 December 2011 Opening Provision Closing balance Additions for balance US$000 US$000 impairment US$000 US$000 Africa 19,776 7,566 - 27,342 Middle-East 19,957 5,841 - 25,798 Other - 163 (163) - 31 December 2011 39,733 13,570 (163) 53,140 ========== ============ ============= ==========
Oil and gas interests at 30 June 2012 represent exploration and related expenditure on the Group's licences & permits in the geographical areas noted above. The realisation of these intangible assets by the Group is dependent on the development of economic reserves and the ability of the Group to raise sufficient funds to develop these interests. Should the development of economic reserves prove unsuccessful, the carrying value in the statement of financial position will be written off.
The Directors have considered whether facts or circumstances exist that indicate that exploration and evaluation assets are impaired and consider that no impairment loss is required to be recognised as at 30 June 2012. Exploration and evaluation assets have been assessed for impairment having regard to the likelihood of further expenditures and ongoing appraisal for each geographical area.
5. Production and development assets
The movement on production and development assets which relate to oil and gas interests during the period was:
Cost Africa Total US$000 US$000 At 1 January 2011 106,519 106,519 Additions 15,399 15,399 At 30 June 2011 121,918 121,918 ======== ======== Additions 19,891 19,891 At 31 December 2011 141,809 141,809 ======== ======== Additions 12,429 12,429 At 30 June 2012 154,238 154,238 ======== ======== Accumulated depreciation Africa Total US$000 US$000 At 1 January 2011 9,135 9,135 Charge for financial period 3,488 3,488 At 30 June 2011 12,623 12,623 ======== ======== Charge for financial period 2,954 2,954 At 31 December 2011 15,577 15,577 ======== ======== Charge for financial period 4,043 4,043 At 30 June 2012 19,620 19,620 ======== ======== Net book value Africa Total US$000 US$000 At 30 June 2011 109,295 109,295 ======== ======== At 31 December 2011 126,232 126,232 ======== ======== At 30 June 2012 134,618 134,618 ======== ======== 6. Finance revenue 6 months 6 months Year ended to to 31 December 30 June 30 June 2011 2012 2011 US$000 US$000 US$000 Interest receivable 42 115 187 Gain on fair value of conversion option 1,666 2,738 10,580 Reversal of unwinding of discount on decommissioning provision - 56 56 Unwinding of discount on deferred 81 - - income 1,789 2,909 10,823 ========= ========= =============
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