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Share Name | Share Symbol | Market | Type | Share ISIN | Share Description |
---|---|---|---|---|---|
Clontarf Energy Plc | LSE:CLON | London | Ordinary Share | GB00B09WLX62 | ORD 0.01P |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
0.001 | 2.78% | 0.037 | 0.035 | 0.039 | 0.037 | 0.036 | 0.036 | 122,591,025 | 08:28:15 |
Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
---|---|---|---|---|---|
Gold Ores | 0 | -4.77M | -0.0009 | -0.44 | 2.08M |
TIDMCLON
RNS Number : 7827N
Clontarf Energy PLC
26 May 2020
26(th) May 2020
Clontarf Energy plc
("Clontarf" or "the Company")
Preliminary Results for the Year Ended 31 December 2019
Clontarf Energy, the oil and gas exploration company focused on Ghana and Bolivia today announces its preliminary results for the year ending 31 December 2019.
The Company expects to shortly publish its 2019 Annual Report & Accounts and a further update will be made in this regard as and when appropriate.
This announcement contains inside information for the purposes of Article 7 of Regulation 596/2014 .
For further information please visit http://clontarfenergy.com or contact: Clontarf Energy John Teeling, Chairman David Horgan, Director +353 (0) 1 833 2833 Nominated & Financial Adviser Strand Hanson Limited Rory Murphy Ritchie Balmer Georgia Langoulant +44 (0) 20 7409 3494 Broker Novum Securities Limited Colin Rowbury +44 (0) 207 399 9400 Public Relations Blytheweigh +44 (0) 207 138 3206 Megan Ray +44 (0) 207 138 3204 Madeleine Gordon-Foxwell +44 (0) 207 138 3208 Teneo Luke Hogg Alan Tyrrell +353 (0) 1 661 4055 Thomas Shorthall +353 (0) 1 661 4055
Statement Accompanying the Final Results
The world is currently a very unstable place. Health, society, the economy and the financial system are having to deal with unknown unknowns. Those of us who studied economics and finance in the 1960's would have dealt with the concept of uncertainty. Uncertainty was, and is, not knowing about variables which impact on outcomes. It is not risk. Risk can be assessed. Not so uncertainty. You really don't know what you don't know. In recent decades academics have either ignored uncertainty or lumped it with risk. They developed models to predict outcomes in almost all areas of life. The era of Big Data, Analytics and Artificial Intelligence promised to reduce or eliminate risk. Billions upon billions have been made by quantitative funds using Algorithms to make investment decisions but they ignored uncertainty. Models are the gospels of the 2020's. No one talks about - GIGO garbage in, garbage out.
Modellers ignore the effect of variables which are not in their models. When uncertainty appears they talk about deviations from the expected outcome e.g. a 6 Standard deviation event or I have seen a 25 Standard deviation event, or a Black Swan event. Well the world is now experiencing a Black and White Swan event. Predictions are not only wrong but out of date before the models run the data. The "Butterfly Effect" is ignored or paid lip service only.
The medical models on which social and economic decisions are being made have already had massive social impact, a catastrophic economic effect and an unknown future financial impact. What is certain is that current and future borrowings can never be repaid. There are only two possible outcomes. Inflate away the value of the borrowings or default - simply don't repay.
Why do I spend time on this? Because I really do not know when the world economy will restart and what it will look like when it does but our business must survive and continue.
The business we are in, Energy Production, will recover and will continue to grow as the vast percentage of the world's population strive to have "The Good Things in Life". Note I say Energy rather than Hydrocarbon Production. There is no doubt but that fossil fuel generation is a Sunset industry. But for the immediate coming decades Oil, Gas and even Coal will continue to be the main part of Energy Production. Yet the focus has already moved to Alternative Sources of Power such as Wind, Solar, Tidal, Wave, Hydrogen and even Nuclear, are seeing more and more research funds being ploughed into developing commercial technologies. Major advances are being made, costs are falling rapidly and should continue to do so but most are not viable yet.
Where does Clontarf Energy fit into this scenario? We are working on both strands. Lithium in Bolivia and Hydrocarbons in Ghana.
Lithium in Bolivia
The explosive growth in Electric Vehicles offers a major opportunity in Lithium, a critical element in batteries. Bolivia, where Clontarf has maintained a presence for over 30 years, holds half of the world's known deposits of Lithium. These deposits are in remote Andean salt pans, have technical issues, but some are good grade, with manageable impurities. Clontarf was active in Bolivia in the years 2008 -2011 in a joint venture with the armed forces to look at developing Lithium deposits, Changes in Bolivian laws made it impossible to continue. Since 2018, we are again active in this space. We have recruited a Bolivian based director to progress our interests. We have examined and analysed a number of the salt pans to determine what best suits a company like Clontarf and, significantly, we have made proposals to the authorities to work with them within the existing legal parameters. We are hopeful.
Hydrocarbons in Ghana
Clontarf holds a 60% interest in the Tano 2A concession offshore Ghana (the remaining interest is held by Petrel Resources PLC: 30% and Abbey Oil and Gas: 10%). By now, after a decade of frustration, shareholders are well aware of the position. We have an agreement with the Ghanaian National Petroleum Committee over 1500 plus sq kms in the shallow waters of the Tano Basin. In recent months there has been renewed motivation among the parties involved to seek a solution for Clontarf. World lockdowns have effectively stopped all international travel and meetings but once travel is possible these meetings will take place.
Future
In these turbulent times it may be very hard to look ahead with any real confidence. We will strive to progress our interests in both Bolivia and Ghana. Uncertainty throws up opportunities. We will see some of them. We have funds to continue operating for at least the next twelve months.
John Teeling
Chairman
22(nd) May 2020
CLONTARF ENERGY PLC
CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEARED 31 DECEMBER 2019
2019 2018 CONTINUING OPERATIONS GBP GBP Administrative expenses (308,535) (238,871) Impairment of exploration and evaluation assets - (111,682) LOSS FOR THE YEAR BEFORE TAXATION (308,535) (350,553) Income tax expense - - LOSS AFTER TAX AND TOTAL COMPREHENSIVE INCOME FOR THE YEAR (308,535) (350,553) Loss per share - basic and diluted (0.04p) (0.06p)
CONSOLIDATED BALANCE SHEET AS AT 31 DECEMBER 2019
2019 2018 GBP GBP ASSETS: NON CURRENT ASSETS Intangible assets 850,789 817,865 850,789 817,865 CURRENT ASSETS Other receivables 3,344 3,909 Cash and cash equivalents 301,292 511,564 304,636 515,473 TOTAL ASSETS 1,155,425 1,333,338 LIABILITIES: CURRENT LIABILITIES Trade payables (56,195) (56,138) Other payables (1,180,567) (1,070,567) (1,236,762) (1,126,705) TOTAL LIABILITIES (1,236,762) (1,126,705) NET LIABILITIES (81,337) 206,633 EQUITY Called-up share capital 1,792,450 1,792,450 Share premium 10,900,373 10,900,373 Retained deficit (12,795,775) (12,677,836) Share based payment reserves 21,615 191,646 SHAREHOLDERS DEFICIT (81,337) 206,633
CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
FOR THE YEARED 31 DECEMBER 2019
Called-up Share Based Share Share Payment Retained Capital Premium Reserve Deficit Total GBP GBP GBP GBP GBP At 1 January 2018 1,454,612 10,773,211 191,646 (12,327,283) 92,186 Issue of shares 337,838 162,162 - - 500,000 Share issue expenses - (35,000) - - (35,000) Loss for the year and total comprehensive income - - - (350,553) (350,553) At 31 December 2018 1,792,450 10,900,373 191,646 (12,677,836) 206,633 Share options vested - - 20,565 - 20,565 Share options expired - - (190,596) 190,596 - Loss for the year and total comprehensive income - - - (308,535) (308,535) At 31 December 2019 1,792,450 10,900,373 21,615 (12,795,775) (81,337)
Share premium
The share premium reserve comprises of a premium arising on the issue of shares. Share issue expenses are deducted against the share premium reserve when incurred.
Share based payment reserve
The share based payment reserve arises on the vesting of share options under the share option plan. Share options expired are reallocated from share based payment reserve to retained deficit at their grant date fair value.
Retained deficit
Retained deficit comprises of losses incurred in the current and prior years.
CONSOLIDATED CASH FLOW STATEMENT
FOR THE YEARED 31 DECEMBER 2019
2019 2018 GBP GBP CASH FLOW FROM OPERATING ACTIVITIES Loss for the year (308,535) (350,553) Impairment of exploration and evaluation assets - 111,682 Share options vested 20,565 - Foreign exchange gains 4,697 2,705 (283,273) (236,166) MOVEMENTS IN WORKING CAPITAL Increase in trade and other payables 80,057 48,379 Decrease/(increase) in trade and other receivables 565 (100) (202,651) (187,887) NET CASH USED IN OPERATING ACTIVITIES (202,651) (187,887) CASH FLOWS FROM INVESTING ACTIVITIES Additions to exploration and evaluation assets (2,924) (196,524) NET CASH FROM INVESTING ACTIVITIES (2,924) (196,524) CASH FLOWS FROM FINANCING ACTIVITIES Proceeds from share issue - 500,000 Share issue costs - (35,000) NET CASH GENERATED BY FINANCING ACTIVITIES - 465,000 NET (DECREASE)/INCREASE IN CASH AND CASH EQUIVALENTS (205,575) 80,589 Cash and cash equivalents at beginning of the financial year 511,564 433,680 Effect of foreign exchange rate changes (4,697) (2,705) CASH AND CASH EQUIVALENTS AT OF THE FINANCIAL YEAR 301,292 511,564
Notes:
1. ACCOUNTING POLICIES
There were no changes in accounting policies from those used to prepare the Group's Annual Report for financial year ended 31 December 2018. The financial statements have been prepared in accordance with International Financial Reporting Standards and IFRSs as adopted by the European Union and in accordance with the Companies Act 2006.
2. LOSS PER SHARE
Basic loss per share is computed by dividing the loss after taxation for the year available to ordinary shareholders by the weighted average number of ordinary shares in issue and ranking for dividend during the year. Diluted earnings per share is computed by dividing the loss after taxation for the year by the weighted average number of ordinary shares in issue, adjusted for the effect of all dilutive potential ordinary shares that were outstanding during the year.
The following table sets out the computation for basic and diluted earnings per share (EPS):
2019 2018 GBP GBP Numerator For basic and diluted EPS (308,535) (350,553) Denominator For basic and diluted EPS 716,979,964 619,608,620 Basic EPS (0.04p) (0.06p) Diluted EPS (0.04p) (0.06p)
The following potential ordinary shares are anti-dilutive and are therefore excluded from the weighted average number of shares for the purpose of the diluted earnings per share:
No. No
Share options
40,500,000 8,900,000 3. GOING CONCERN
The Group and Company incurred a loss for the year of GBP308,535 (2018: GBP350,553) and the Group and Company had net current liabilities of GBP932,126 (2018: GBP611,232) and GBP473,091 (2018: GBP182,197) respectively at the balance sheet date. These conditions represent a material uncertainty that may cast doubt on the Group and Company's ability to continue as a going concern.
Included in current liabilities is an amount of GBP1,180,567 (2018: GBP1,070,567) for the Group and GBP671,527 (2018: GBP591,527) for the Company owed to directors in respect of directors' remuneration due at the balance sheet date. The directors have confirmed that they will not seek settlement of these amounts in cash for a period of at least one year after the date of approval of the financial statements or until the Group and Company has generated sufficient funds from its operations after paying its third party creditors.
The Group and Company had a cash balance of GBP301,292 at the balance sheet date. The directors have prepared cashflow projections for a period of at least twelve months from the date of approval of these financial statements. The cashflow projections include any anticipated impacts of the Covid-19 pandemic on the Group and Company . As the Group and Company are not revenue or cash generating it relies on raising capital from the public market. The Group and Company completed a capital raising during the prior year and the cash flow projections prepared by the Group and Company indicate that the funds available are sufficient to meet the obligations of the Group and Company for a period of at least twelve months from the date of approval of these financial statements.
As in previous years the Directors have given careful consideration to the appropriateness of the going concern basis in the preparation of the financial statements and believe the going concern basis is appropriate for these financial statements. The financial statements do not include the adjustments that would result if the Group and Company were unable to continue as a going concern.
4. INTANGIBLE ASSETS 2019 2018 Group Group GBP GBP Exploration and evaluation assets: Cost: At 1 January 8,528,077 8,301,553 Additions during the year 32,924 226,524 At 31 December 8,561,001 8,528,077 Impairment: At 1 January 7,710,212 7,598,530 Impairment during the year - 111,682 At 31 December 7,710,212 7,710,212 Carrying Value: At 1 January 817,865 703,023 At 31 December 850,789 817,865 Segmental analysis 2019 2018 Group Group GBP GBP Bolivia 16,225 16,225 Ghana 834,564 801,640 850,789 817,865
Exploration and evaluation assets relate to expenditure incurred in prospecting and exploration for lithium, oil and gas in Bolivia and Ghana. The directors are aware that by its nature there is an inherent uncertainty in exploration and evaluation assets and therefore inherent uncertainty in relation to the carrying value of capitalised exploration and evaluation assets.
An impairment charge of GBP111,682 was recorded by the Group in the prior year in respect of Equatorial Guinea licences which were fully impaired during 2018.
During 2018 the Group resolved the outstanding issues with the Ghana National Petroleum Company (GNPC) regarding a contract for the development of the Tano 2A Block. The Group has signed a Petroleum Agreement in relation to the block and this agreement awaits ratification by the Ghanian government.
The directors believe that there were no facts or circumstances indicating that the carrying value of intangible assets may exceed their recoverable amount and thus no impairment review was deemed necessary by the directors. The realisation of these intangibles assets is dependent on the successful discovery and development of economic deposit resources and the ability of the Group to raise sufficient finance to develop the projects. It is subject to a number of potential significant risks, as set out below:
-- licence obligations -- requirement for further funding -- geological and development risks -- title to assets -- political risk
Included in the additions for the year are GBP30,000 (2018: GBP30,000) of directors remuneration. The remaining balance pertains to the amounts capitalised to the respective licences held by the entity.
5. TRADE PAYABLES 2019 2018 Group Group GBP GBP Trade payables 38,195 40,138 Other accruals 18,000 16,000 56,195 56,138
It is the Company's normal practice to agree terms of transactions, including payment terms, with suppliers and provided suppliers perform in accordance with the agreed terms, payment is made accordingly. In the absence of agreed terms it is the Company's policy that payment is made between 30 - 40 days. The carrying amount of trade and other payables approximates to their fair value.
6. OTHER PAYABLES 2019 2018 Group Group GBP GBP Amounts due to directors 1,180,567 1,070,567 1,180,567 1,070,567
Other payables relate to amounts due for directors' remuneration of GBP1,180,567 (2018: GBP1,070,567) accrued but not paid at year end.
7. CALLED-UP SHARE CAPITAL
Allotted, called-up and fully paid:
Number Share Capital Share Premium GBP GBP At 1 January 2018 581,844,829 1,454,612 10,773,211 Issued during the year 135,135,135 337,838 162,162 Share issue expenses - - (35,000) At 31 December 2018 716,979,964 1,792,450 10,900,373 Issued - - - during the year At 31 December 2019 716,979,964 1,792,450 10,900,373
Movements in issued share capital
On 20 September 2018 a total of 135,135,135 shares were placed at a price of 0.37 pence per share. Proceeds were used to provide additional working capital and fund development costs.
Share Options
A total of 40,500,000 share options were in issue at 31 December 2018 (2018: 8,900,000). These options are exercisable, at prices ranging between 0.70p and 0.725p, up to seven years from the date of granting of the options unless otherwise determined by the board.
8. SHARE BASED PAYMENTS
The Group issues equity-settled share-based payments to certain directors and individuals who have performed services for the Group. Equity-settled share-based payments are measured at fair value at the date of grant.
Fair value is measured by the use of a Black-Scholes model.
The Group plan provides for a grant price equal to the average quoted market price of the ordinary shares on the date of grant.
2019 2018 Weighted Weighted 30/06/2019 average average Options exercise exercise price 30/06/2018 price in pence Options in pence Outstanding at beginning of year 8,900,000 4.25 8,900,000 4.25 Issued 40,000,000 0.7 - - Expired (8,400,000) 4.25 - - Outstanding at end of the year 40,500,000 0.7 8,900,000 4.25 Exercisable at end of the year 13,833,333 0.7 8,900,000 4.25
During the current year 40,000,000 options were granted with a fair value of GBP246,788. These fair values were calculated using the Black-Scholes valuation model. These options will vest over a 3 year period and will be capitalized or expensed on a straight line basis over the vesting period.
The options outstanding at 31 December 2019 had an average exercise price of 0.70p and a weighted average remaining contractual life of 6.75 years.
The inputs into the Black-Scholes valuation model were as follows:
Grant 2 October 2019
Weighted average share price at date of grant (in pence) 0.7p
Weighted average exercise price (in pence) 0.7p
Expected volatility 116.23%
Expected life 7 years
Risk free rate 1.3%
Expected dividends none
Expected volatility was determined by management based on their cumulative experience of the movement in share prices over a period of 3 years
The terms of the options granted do not contain any market conditions within the meaning of IFRS 2.
The Group capitalised expenses of GBPNil (2018: GBPNil) and expensed costs of GBP20,565 (2018: GBP Nil) relating to equity-settled share-based payment transactions during the year.
9. POST BALANCE SHEET EVENTS
In the period since 31 December 2019, the emergence and spread of Covid-19 has not had a significant impact on the Group's operations. Although some high level discussions originally scheduled to take place in March in Ghana, Europe and Bolivia in relation to the Group's projects were postponed due to the Covid-19 pandemic, they are expected to be rescheduled over the coming months. The Group continues to progress its interests in Ghana and Bolivia and do not believe that its prospects will be negatively impacted by Covid-19.
10. ANNUAL GENERAL MEETING
The Company's Annual General Meeting will be held on Thursday 23rd July 2020 at Granite Exchange, 5-6 Kildare St, Newry BT34 1DQ at 11.00 am. Further information, including the Notice of AGM, will be provided shortly.
11. GENERAL INFORMATION
The financial information set out above does not constitute the Company's audited financial statements for the year ended 31 December 2019 or the year ended 31 December 2018. The financial information for 2018 is derived from the financial statements for 2018 which have been delivered to the Registrar of Companies. The auditors had reported on the 2018 statements; their report was unqualified with an emphasis of matter in respect of considering the adequacy of the disclosures made in the financial statements concerning the valuation of intangible assets, and did not contain a statement under section 498(2) or 498(3) of the Companies Act 2006. The financial statements for 2019 will be delivered to the Registrar of Companies.
A copy of the Company's Annual Report and Accounts for 2019 will be mailed shortly only to those shareholders who have elected to receive it. Otherwise, shareholders will be notified that the Annual Report will be available on the website www.clontarfenergy.com . Copies of the Annual Report will also be available for collection from the Company's registered office, Suite 1, 3(rd) Floor, 11-12 St. James's Square, London, SW1Y 4LB.
This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact rns@lseg.com or visit www.rns.com.
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May 26, 2020 02:00 ET (06:00 GMT)
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