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| Share Name | Share Symbol | Market | Type | Share ISIN | Share Description |
|---|---|---|---|---|---|
| Elixir Pet. | LSE:ELP | London | Ordinary Share | AU000000EXR1 | ORD NPV |
| Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
|---|---|---|---|---|---|---|---|---|---|---|
| 0.00 | 0.00% | 1.625 | 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 : 7840E
Elixir Petroleum Ltd
01 October 2008
ELIXIR PETROLEUM LIMITED
('Elixir' or 'the Company')
ANNUAL FINANCIAL REPORT
For Year-ended 30 June 2008
Elixir Petroleum Limited ("Elixir", ASX:EXR, AIM:ELP), the international oil and gas exploration and production company, is pleased to
announce its financial results for the 12 month period to 30 June 2007.
The full financial results are set out in the directors' report and accompanying financial statements which can be accessed on the
Company's website (www.elixirpetroleum.com).
Summary review of operations
Results
For the financial year ended 30 June 2008 the Group recorded a net loss of $6,414,000 (2007: $3,084,813), after deducting amortisation
costs of $9,544,000 (2007: nil) and exploration and evaluation costs written off of $2,501,000 (2007: $1,352,000).
Corporate
The merger by Schemes of Arrangement between Elixir and Gawler Resources Ltd was implemented in November 2007 following Federal Court
approval. There were also a number of changes to Elixir's board during the year, both as a part of the merger implementation process and
subsequent organisational changes. Jonathan Stewart, Trevor Benson and Andrew Ross joined the Board while Russell Langusch and Kent Hunter
resigned. Jonathan Stewart was appointed Chairman following Dr Robertson's decision to step down and following Mr Langusch's resignation,
Andrew Ross was appointed as the Company's Managing Director. Dr Robertson remains a non-executive director of the Company and the Board
wishes to thank Russell Langusch and Kent Hunter for their past contributions to the Company.
10.7 million unsecured convertible notes were issued in July 2007, raising $2.7 million. These were subsequently converted into 10.7
million new fully paid ordinary shares in November 2007, approximately 11 months prior to their scheduled expiry. A further issue of 8.6
million convertible notes took place in February 2008, raising $3 million.
In addition to the convertible notes, the Company announced a combined placement and entitlement issue in May 2008. A total of $7.5
million (before associated costs) was raised by the subsequent issue of 27.9 million new fully paid ordinary shares, $5.9 million of which
had been received by 30 June 2008.
Gulf of Mexico
During the last financial year four wells were completed and brought onto production by the respective operators of the High Island and
Pompano projects. At High Island (30% working interest) production commenced in September 2007 from the two wells drilled. At Pompano (25%
working interest), the first two wells were spudded in January and February 2008 respectively, with production subsequently commencing from
both these wells in March and April respectively.
Elixir's share of revenue from these projects for the year to 30 June 2008 was in excess of $9.1million and a third well at Pompano is
expected to spud during the current quarter.
North Sea
Elixir has continued to make progress with its North Sea portfolio. Elixir's objective is to acquire interests in licences which are
considered to have high prospectivity, to work-up attractive prospects in a cost-effective manner and to farm these prospects out to drill.
Prospects being matured at present by Elixir are of a potential size such that a successful discovery on any one of them would have a
significant impact on the valuation of the Group.
Africa
As announced to the market in March 2008, Elixir has secured an interest of up to 35% in Block SL-4 offshore Sierra Leone. Elixir, as
operator and on behalf of the joint venture, procured the services of a leading seismic acquisition contractor to undertake a 3D seismic
survey designed to better define and mature the large number of significant leads and play types identified from 2D seismic data acquired
over Block SL-4 in 2003. Data acquisition on Block SL-4 was completed in June 2008 and processing of the 3D data set is currently underway.
Dividends
No dividends have been declared, provided for or paid in respect of the financial year ended 30 June 2008.
Subsequent events
Completion of Entitlement Issue and Placement of Shortfall Shares
On 2 July 2008 the Company announced that acceptances under its 1 for 8 entitlement offer announced on 29 May 2008 ("Rights Issue") had
closed, that valid acceptances for 1,950,550 shares had been received and these shares were subsequently allotted and issued. The Company
further advised that agreements whereby the Rights Issue was fully underwritten had been terminated by the underwriters following movements
in the ASX Small Ordinaries Index, which had fallen by more than the trigger amount of 10%. A further 5,920,000 shares out of the Rights
Issue Shortfall were subsequently placed by the Directors to raise a further $1,598,400 before costs.
Commencement of Drilling Operations at Well-3 at Pompano
On 22 September 2008 the Company announced that a rig had arrived on site and was preparing to drill the third development well at
Pompano. The well has subsequently been spudded.
Block SL-4 Offshore Sierra Leone
On 26 September 2008 the Company announced that it had issued a notice of default to Prontinal Limited, its joint venture partner in
Block SL-4. The notice of default relates to the failure on the part of Prontinal to meet outstanding payments with respect to the 3D
seismic acquisition project which was recently concluded over the licence. As a result of Prontinal's default, a letter of demand has been
received by a subsidiary of Elixir from the seismic contractor in relation to the unpaid amount of approximately US$9 million.
Consolidated income statement for the year ended 30 June 2008
Consolidated Parent
2008 2007 2008 2007
$'000 $'000 $'000 $'000
Revenue from oil & gas sales 9,120 - - -
Other income 26 303 - -
Operating and production costs (595) - - -
General & administrative costs (1,939) (2,381) (1,468) (806)
Other expenses (730) (87) (126) -
EBITDAX1 5,882 (2,165) (1,594) (806)
Depreciation, depletion and (9,555) (20) - -
amortisation expense
Exploration & evaluation costs (2,501) (1,352) (18) -
written off
Provision against group - - (4,941) (2,803)
borrowings
EBIT2 (6,174) (3,537) (6,553) (3,610)
Finance income 169 459 93 173
Finance costs (409) (7) (409) (1)
Loss before income tax (6,414) (3,085) (6,869) (3,437)
Income tax expense / benefit - - - -
Net loss attributable to (6,414) (3,085) (6,869) (3,437)
members of Company
Earnings / (loss) per share
Basic loss per share (cents (5.0) (4.3)
per share)
Diluted loss per share (cents (5.0) (4.3)
per share)
1 EBITDAX: Earnings Before Interest, Tax, Depreciation, depletion and amortisation, Exploration & evaluation costs written off and
provisions against group borrowings.
2EBIT: Earnings before Interest and Tax
Consolidated balance sheet as at 30 June 2008
Consolidated Parent
2008 2007 2008 2007
$'000 $'000 $'000 $'000
Assets
Current assets
Cash and cash equivalents 10,604 4,406 6,823 692
Trade and other receivables 3,670 1,398 - 1,252
Other financial assets - 221 - -
Total current assets 14,274 6,025 6,823 1,944
Non-current assets
Receivables from subsidiaries - - 5,621 5,621
Investment in subsidiaries - - 31,247 -
Oil & Gas properties 31,569 - - -
Other financial assets - 4,408 - 4,408
Other plant and equipment 10 14 - -
Deferred exploration, 1,286 1,803 - -
evaluation and development
expenditure
Total non-current assets 32,865 6,225 36,869 10,029
Total assets 47,139 12,250 43,692 11,973
Liabilities
Current liabilities
Trade and other payables (2,983) (314) (1,020) (38)
Borrowings (3,000) - (3,000) -
Total current liabilities (5,983) (314) (4,020) (38)
Non-current liabilities
Provisions (1,484) - - -
Total non-current liabilities (1,484) - - -
Total liabilities (7,467) (314) (4,020) (38)
Net assets 39,672 11,935 39,672 11,935
Equity
Contributed equity 58,609 22,500 58,609 22,500
Reserves 1,463 3,421 1,973 3,476
Accumulated losses (20,400) (13,986) (20,910) (14,041)
Total parent entity interest 39,672 11,935 39,672 11,935
in equity
Consolidated statement of changes in equity for the year ended 30 June 2008
Consolidated Parent
2008 2007 2008 2007
$'000 $'000 $'000 $'000
Share capital
At the beginning of period 22,500 22,120 22,500 22,120
Share issues 36,450 400 36,450 400
Costs of issue (341) (20) (341) (20)
At the end of the period 58,609 22,500 58,609 22,500
Option premium reserve
At the beginning of period 1,690 1,690 1,690 1,690
Options granted 3,151 - 3,151 -
Options exercised (2,868) - (2,868) -
At the end of the period 1,973 1,690 1,973 1,690
Accumulated losses
At the beginning of period (13,986) (10,901) (14,041) (10,604)
Loss for the year (6,414) (3,085) (6,869) (3,437)
At the end of the period (20,400) (13,986) (20,910) (14,041)
Financial asset reserve
At the beginning of period 1,786 (232) 1,786 -
Revaluation of financial - 1,786 - 1,786
assets
Transfer to retained earning - - - -
Transfer to cost of investment (1,786) 232 (1,786) -
upon gaining control of
subsidiary
At the end of the period - 1,786 - 1,786
Foreign currency translation
reserve
At the beginning of period (55) 529 - -
Recognised during the period (455) (584) - -
At the end of the period (510) (55) - -
Total equity
At the beginning of the period 11,935 13,206 11,935 13,206
At the end of the period 39,672 11,935 39,672 11,935
Consolidated cash flow statement for the year ended 30 June 2008
Consolidated Parent
2008 2007 2008 2007
$'000 $'000 $'000 $'000
Cash flows from operating
activities
Receipts from sales 4,915 - - -
Payments to suppliers and (3,577) (2,430) (999) (784)
employees
Other income - - - -
Net cash inflow/(outflow) from 1,338 (2,430) (999) (784)
operating activities
Cash flows from investing
activities
Cash acquired with subsidiary 3,304 - -
Payments for plant and - (2) - -
equipment
Payments for investments - (2,622) - (2,622)
Proceeds from sale of equity 210 590 - -
investments
Loans to other entities - (1,232) - (1,232)
Payments for exploration, (6,049) (1,798) - -
evaluation and development
Interest received 169 455 93 175
Payments to controlled entity (3,389) - (3,712) 1,465
Investment in subsidiary (100) - (100)
Net cash outflow from (5,855) (4,609) (3,719) (2,214)
investing activities
Cash flows from financing
activities
Proceeds from issues of shares 5,409 400 5,409 400
Rights issue proceeds received 516 - 516
shares not issued
Convertible note 5,675 - 5,675 -
Underwriting costs - (134) - - -
convertible note
Interest paid (409) (7) (409) (1)
Share issue costs (342) (20) (342) (20)
Net cash inflow from financing 10,715 373 10,849 379
activities
Net increase (decrease) in 6,198 (6,666) 6,131 (2,619)
cash and cash equivalents
Cash and cash equivalents at 4,406 11,072 692 3,311
the beginning of the period
Cash and cash equivalents at 10,604 4,406 6,823 692
the end of the period
Notes
* Earnings/ (Loss) per Share
Consolidated
2008
2007
Cents
Cents
Basic / diluted loss per share
Loss attributable to the ordinary equity holders of the company (5.0)
(4.3)
Loss used in calculation of basic / diluted loss per share $'000
$'000
Loss (6,414)
(3,085)
Weighted average number of ordinary shares used as the denominator in calculating basic / diluted loss per 130,725,106
71,248,764
share
These preliminary financial statements are an extract from the Company's full statutory financial report for the year ended 30 June 2008
and should be read in conjunction with that financial report, which can be downloaded from the Company's website on www.elixirpetroleum.com.
For further information, please visit the Company's website at www.elixirpetroleum.com, or contact:
Elixir Petroleum Limited Blue Oar Securities Plc
Alex Neuling Jerry Keen / Olly Cairns
Tel: (+61) 8 9440 2650 Tel: (+44) 207 448 4400 / (+61) 8 6430
1631
Conduit PR
Jonathan Charles
Tel: (+44) 207 429 6666
This information is provided by RNS
The company news service from the London Stock Exchange
END
FR GBBDGRUGGGIB
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