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Share Name | Share Symbol | Market | Type | Share ISIN | Share Description |
---|---|---|---|---|---|
Encore Oil | LSE:EO. | London | Ordinary Share | GB00B06KL332 | ORD 5P |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
0.00 | 0.00% | 69.75 | 0.00 | 01:00:00 |
Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
---|---|---|---|---|---|
0 | 0 | N/A | 0 |
TIDMEO. RNS Number : 7997Q EnCore Oil PLC 10 August 2010 Press Release For immediate release: 10 August 2010 EnCore Oil plc ('EnCore' or 'the Company') Results for the Year Ended 30 June 2010 EnCore Oil plc (LSE: EO.) announces its audited results for the year ended 30 June 2010. Highlights Operational highlights · Significant oil discovery at Catcher, up to 300mmbbls Oil in Place to date with substantial potential upside in the rest of the block · One well and two side-tracks drilled during the period · Completion of the sale of 15 per cent. interest in Breagh gas discovery to RWE Dea for a consideration of US$68.8million · Agreement signed for divestment of onshore portfolio to Egdon Resources plc for 39.2 million Egdon shares (29.998 per cent. of Egdon share capital) plus GBP100,000 cash, which completed post year end · Commencement of a share buy back scheme at less than inherent cash value per share - 17 million shares purchased for cancellation · Strengthened Board of Directors with the appointment of a new Non-executive Chairman, a Non-executive Director and a new Executive Director Financial highlights · Profit of GBP11.4 million for year ended 30 June 2010 · Cash of GBP41.9 million as at 30 June 2010 · Debt free · GBP22.9 million gain on the sale of Breagh gas discovery For further information, please contact: +------------------------------------------+----------------------+ | EnCore Oil plc | www.encoreoil.co.uk | +------------------------------------------+----------------------+ | Alan Booth, Chief Executive Officer | +44 (0)20 7224 | | | 4546 | +------------------------------------------+----------------------+ | Eugene Whyms, Chief Financial Officer | | +------------------------------------------+----------------------+ | Yvonne Fraser, Investor Relations | +44 (0)7957 241 | | Manager | 408 | +------------------------------------------+----------------------+ | | | +------------------------------------------+----------------------+ | Westhouse Securities Limited | | +------------------------------------------+----------------------+ | Tim Feather | +44 (0) 20 7601 | | | 6100 | +------------------------------------------+----------------------+ | Matthew Johnson | | +------------------------------------------+----------------------+ Chairman's Review Ten months ago, I took over the Chairmanship of EnCore from Mike Lynch who led the company from its inception until it was well established and financially strong. The Company had an experienced management team, a mixed portfolio of onshore and offshore assets mainly concentrated on the UKCS North Sea, a market capitalisation of around GBP46 million, significant cash resources and no debt. Looking at that Company today, the management team has been further strengthened, the onshore assets have been divested for a sizeable equity stake in a focused, growing onshore player, the offshore assets have delivered a significant oil discovery and the market capitalisation sits at around GBP161.8 million (as at 9 August 2010). The discovery at Catcher and subsequent side-tracks are hugely significant for EnCore, our joint venture partners and the UK North Sea industry as a whole. Not since the Buzzard discovery in 2001, found by members of EnCore's management team, has such a potentially significant UK North Sea oil discovery been made. Our current estimates put up to 300 mmbbls of Oil in Place at Catcher (including East and North) with significant further upside from the undrilled prospects on the block. With that in mind, the joint venture partnership has confirmed that we are to return to the Catcher area for two to four further exploration and appraisal wells as soon as a rig is available with a view to better determining the scale of the development required for the licence. Following this, preparations will be made to move the project through to field development plan (FDP) approval, anticipated to happen in 2011. EnCore is the operator of Catcher and we are proud to be taking this important project forward. Moving on to the other event which has shaped EnCore over the last year, our asset divestment to Egdon Resources, an experienced onshore player, has now completed (post period end) and we look forward to actively assisting Egdon as they develop their portfolio. The Egdon transaction is a good example of the approach which we, as a company, can undertake when presented with such an opportunity. EnCore's prime focus is the development of our offshore interests. Our onshore portfolio came about as part of our reverse takeover of Oil Quest Resources plc and while we have spent some time in trying to build recognition of the value in those assets, we determined that it was likely that only an onshore focused player could do so successfully. The Egdon transaction has given us the opportunity to realise some of the value in our portfolio, and hopefully continue to create further value through our shareholding as Egdon moves its assets forward. Our company remains cash rich and debt free, and more importantly, we are able to comfortably cover our proportion of costs on all foreseeable further exploration and appraisal drilling at Catcher, and the appraisal well currently drilling at Cladhan without the need to seek further funding. This leaves us in the very healthy position of having cash in the bank, owning 15 per cent. and being operator of the very significant Catcher oil discovery in the Central North Sea, and having 16.6 per cent. of the Cladhan oil discovery in the Northern North Sea, though we have yet to determine its size. Looking to the future, the near to medium term will be dominated by further work in the Catcher area to determine the scale of the discovery. Cladhan may also prove to be a commercial discovery and we await the results of the appraisal well. The gas storage marketing process is continuing and we will update the market accordingly when further information is available and, of course, further work on the other prospects in our portfolio is ongoing. I would like to thank you, our shareholders, for your continued support through these exciting times. In particular, I would like to thank the team at EnCore. It is rewarding to know that all the technical work on the Catcher block has been carried out in-house by the EnCore team which is a reflection of the talent within that small team. Finally, I would also like to thank my predecessor, Mike Lynch, for his dedication and commitment to the Company during his years of service and for leaving us a company well placed to take advantage of the opportunities which have since arisen. Christine M.K. Wheeler O.B.E Chairman 9 August 2010 Chief Executive's Review 2010 Review I believe that 2010 has demonstrated that remaining focused on our strategy, even through tough times, has generated significant value appreciation for our shareholders. In 2009 we recognised that the market and business environment for small cap E&P companies had changed markedly since 2008. We made a conscious decision to preserve the capital we acquired from our Breagh sale, underpin our share price through implementation of a share buyback scheme, create a clear and transparent valuation for our onshore assets through our investment in Egdon, and to invest only where we saw opportunity for successful drilling to make a significant impact. We were especially fortunate that two key assets, Catcher and Cladhan both required only modest capital investment and that if either was successful could deliver a material change in our share price. I am happy to admit that our pre drill estimate for the outcome of drilling at Catcher was wrong; it has turned out to be much larger and have much better oil and reservoir quality than we expected. The results of Catcher demonstrate that to be successful at exploration in the North Sea you need to have: a willingness to take risks, lots of patience, a healthy disregard for 'accepted wisdom' and last but not least, some good luck. I think we can now look forward to the coming year with a great deal of optimism and excitement. The Year Ahead Catcher: The results of drilling at Catcher have opened up a new play fairway in this area of the North Sea. We are especially excited at the number of additional prospects on the licence that appear to demonstrate similar seismic characteristics to our Catcher discovery. We intend to return to the Catcher block this autumn or early next spring, dependent upon rig availability, to drill between two and four additional exploration and appraisal wells. Further success on the block would suggest a cluster of oil accumulations with potentially many hundreds of millions of barrels of oil in place. The low cost of drilling, the ability to use either semi-submersible or jack-up rigs, together with outstanding reservoir and oil quality would be likely to make this a highly valuable discovery, with potentially significant strategic importance. As operator EnCore is extremely well placed to progress the further exploitation of the block. Of course until we know more about the size and scale of the development project, it will be difficult to progress potential development options in any detail. I believe our team is uniquely well suited to the task ahead of us having been the management team that led the appraisal, Front End Engineering and Design, regulatory FDP approval and the subsequent development of the Buzzard Field between 2001 and 2005. Buzzard is currently the largest field in the UKCS producing in excess of 200,000 barrels per day. We believe that our very strong uncommitted cash position will ensure our ability to continue to capture significant additional value in the Catcher area for an extended period without the need for any additional funding. Cladhan: At the time of writing, the Cladhan appraisal well has just begun. The well is being drilled as a side-track to the original discovery well to target a potential reservoir to the south of the currently established accumulation. The location was designed to minimise the cost of drilling in the failure case whilst enabling further side-tracking in the success case by drilling to a down dip location to establish the location of any oil-water contact. We expect the operations to complete within the next month, subject to any operational and weather delays. We believe that Cladhan also has the potential to make a significant impact on our valuation in the event of success as the upside reserves potential on Cladhan is very significant, whilst the commerciality threshold is quite low. Gas Storage: As Christine mentioned, the marketing of our 100% owned Esmond gas storage project continues, and we will update shareholders when further information becomes available. Exploration and Development Portfolio: During the year we continued to progress the remainder of our portfolio. Last year we were all too aware of the lack of value recognition for, amongst other things, our Onshore UK and France licences and Ceres gas field. We subsequently achieved transparent value recognition for these assets through an innovative arrangement with Egdon Resources. We are currently examining how we might generate similar value recognition for our gas discoveries at Schull, Old Head of Kinsale and Cobra, as well as our UK exploration portfolio. There are a number of options that we believe may bring both the recognition of value, and also expose our shareholders to further activity and upside on these licences without significant further calls on our capital resources which will be now be dedicated to Catcher and, if successful, Cladhan. We recognise that the current environment for value creation in the UKCS remains challenging for smaller companies, although we are seeing the first signs of an easing in both debt and equity markets which will hopefully help. We are of the view that the UKCS will continue to provide unexpected significant discoveries, although many future exploration successes are likely to be made disproportionately by smaller players and new entrants to the North Sea. We hope that the relevant authorities will continue to encourage the entrance of new players and promote exploration for new accumulations by ensuring we have an economic and fiscal environment that encourages the recognition and appropriate reward for taking exploration risk. Additionally we need to ensure fair and speedy access to existing, often mature infrastructure. Unless this latter issue is addressed, and soon, then the undoubtedly significant benefits for the UK from the full exploitation of the UK's indigenous natural resources is unlikely to be recognised. Alan Booth Chief Executive Officer 9 August 2010 Operational Review Catcher Drilling Programme One well and two side-tracks were drilled during the period, all of which were on UK Central North Sea Block 28/9 which contained the Catcher prospect. All three wells were drilled using the Transocean Galaxy II heavy duty jack-up rig, in waters of just over 300 feet. EnCore is Operator of Block 28/9 and has a 15 per cent. interest in the Block. The first well, 28/9-1 drilled the Catcher prospect and commenced in May 2010. This was a firm commitment well as part of the licence obligation, and resulted in a light oil discovery of a minimum 240 feet oil column with calculated net pay of 90 feet. The well reached a total measured depth (M.D.) of 5,219 feet with oil discovered in the target Cromarty sandstone level at 4,600 feet M.D.. A potential oil water contact was also intersected at 4,840 feet M.D.. Analysis of the discovery indicated light oil with an API of approximately 30 degrees, a Gas Oil Ratio (GOR) of 280 scf/bbl, viscosity at reservoir conditions of 4 centipose, sand porosities of approximately 34 per cent. and multi darcy permeability. A drill stem test was performed on well 28/9-1 to determine flow rate characteristics but, although oil flowed naturally to the surface, due to a mechanical failure in the test string, a meaningful flow rate was not established. However, calculated flow rates and bottom hole and surface samples reaffirmed the next step to side-track to the Catcher East formation. The Catcher East side-track (28/9-1Z), the second well to be drilled during the period, side-tracked 0.5km to the east of the original Catcher discovery into a Lower Eocene Tay formation prospect. The purpose of this well was to determine the presence of hydrocarbons to the East and whether the two accumulations were linked. The well was drilled to 5,931 feet M.D. with no oil water contact encountered. A 236 feet oil column was discovered with a net pay of 82 feet. The pressure data and other results from this second well proved that Catcher and Catcher East were a contiguous accumulation. EnCore has estimated that up to 300 mmbbls of Oil in Place is present in Catcher, Catcher East and the as yet undrilled Catcher North, and there are a number of other significant structures on the block. The third well, started during the period and completed just after period end, was the 28/9-1Y Catcher South West Appraisal side-track. This side track was drilled downdip from the original Catcher discovery to better understand the characteristics of the Catcher reservoir and to determine the presence of additional reservoir sands. The well reached 6,255 feet M.D. and discovered a 173 feet hydrocarbon column with a net vertical sand thickness of 121 feet. Additional sands were discovered and the results will be integrated into our on-going evaluation of the Catcher accumulation. EnCore's costs were carried by partners Premier Oil (uncapped) and Wintershall (capped) for the first well in the Catcher drilling campaign and cost to EnCore of the subsequent testing of the first well and two remaining side-track wells totalled less than GBP1 million. Post period end, during July and August 2010, a number of site surveys have been carried out on the licence by Calegeo after which we intend to return to the Catcher area to drill between two and four exploration and appraisal wells. Discussions for a rig for this next phase continue and we expect to announce a rig contract in the coming weeks. Other Portfolio Activity The sale to RWE Dea of our 15 per cent. interest in the Breagh gas field (UK Southern North Sea Block 42/13a) completed at the beginning of the period for a cash consideration of US$68.8 million. The details of the transaction were covered in some depth in our 2009 Annual and Interim Reports. In December 2009, the semi-submersible JW McLean rig was contracted to drill an appraisal well at Cladhan in UK Northern North Sea Block 210/29a & 210/30a (EnCore 16.6 per cent.). The well commenced post period end on 6 August 2010 and results are expected within the next month. The well will help us gain a better understanding of the extent and thickness of the Upper Jurassic reservoir sands to ascertain the commerciality of the discovery. Post period end, we also contracted Calegeo to carry out a site survey during summer 2010 over Block 14/30 in the UK Central North Sea (EnCore 40 per cent., Operator) which contains the Tudor Rose oil accumulation. Thorough technical work and evaluation has been carried out over the period and the outstanding issue now is one of oil quality and viscosity. We believe the oil to have an API of between 8.5 to the upper teens although this can only be proved with a well. We believe the volume of oil in place at Tudor Rose to be in excess of 500mm barrels, as such there may be potentially commercially recoverable volumes if we can demonstrate suitable oil properties and productivity characteristics. Elsewhere, we commissioned AMEC to carry out a conceptual study to look at development options on the Cobra discovery, in UK Southern North Sea Blocks 48/1b, 48/1d & 48/2c (EnCore: 25 per cent., Operator). We are currently in discussions with infrastructure owners regarding potential export routes for Cobra gas before deciding upon the next steps with our partners. It is most likely that the development concept would be a normally unmanned platform with minimum facilities, linked by pipeline to the selected infrastructure. The 2008 well would be re-entered, to be completed as a production well after drilling a horizontal lateral with multiple fracture treatments. If development is sanctioned, subject to the tariff offer and positive project economics, along with availability of export capacity, first gas could be in Q4 2012. Onshore Portfolio / Egdon Resources The transaction with Egdon Resources plc was signed in March 2010 and completed post period end on 28 July 2010. This transaction has seen our onshore portfolio (onshore UK and onshore France) along with our interest in the Ceres gas field (UK Southern North Sea Block 47/9c, EnCore 10 per cent.) transferred to Egdon in return for 39,200,000 ordinary shares in Egdon and GBP100,000 in cash upon completion of the transfer of the French licences. EnCore is now Egdon's largest shareholder with equity of just under 30 per cent. of Egdon's issued share capital, and Alan Booth, Chief Executive Officer of EnCore has been appointed to the Egdon Board of Directors as a Non-Executive Director. Other aspects of the transaction include the provision by EnCore of a GBP1.5 million loan facility to Egdon and the establishment of a Technical Services Agreement under which EnCore will provide Egdon with technical, commercial and accounting services, to be charged on a day-rate basis. EnCore has also made the commitment to retain its shareholding in Egdon for a minimum of 12 months from the date of admission to trading on AIM of the Egdon shares issued in consideration (29 July 2010), with orderly market provisions for a further 12 months. The Ceres gas field commenced production in late March 2010 and initial results suggest that productivity will be in line with expectations. Ireland Progress on our Irish assets was limited during the period as the Operator, Island Oil & Gas plc was the subject of a takeover by San Leon Energy plc. We signed a collaboration agreement with Valhalla Oil & Gas Limited in December 2009 when the future of Island Oil & Gas plc was uncertain to allow us to exert additional control of our Celtic Sea assets. Pre-development studies were carried out during the period and discussions have taken place with infrastructure owner, Kinsale Energy, over prospective tariff arrangements for Old Head of Kinsale. Applications have been made by the Operator to the Petroleum Affairs Division (PAD) in Ireland for lease undertakings on the Schull (Exploration Licence 5/05, EnCore 12.5 per cent.) and Old Head of Kinsale (Exploration Licence 4/05, EnCore 15.0 per cent.) licences to give the joint venture group a further period to reach a declaration of commerciality. In light of the lack of progress during the year, the discussions held over tariff arrangements and future project economics, we made the decision that our Irish assets have been impaired and as such, have taken a GBP4.9 million write down on the assets this year. Gas Storage During the period, we received the results of a reservoir simulation study carried out by Senergy, which confirmed the suitability of the Esmond field for gas injection and withdrawal in both the upper and lower reservoirs. The 2007 feasibility study from AMEC was also updated to take into account the changes in the development concept following the results of the November 2008 pressure test well on Esmond. Both these studies were done with a view to assisting the marketing of the project which began during the period. Jefferies has been commissioned to conduct the marketing process which is ongoing. Financial Review Gain for the Financial Year The net profit for the year to 30 June 2010 is GBP11.4 million (year to 30 June 2009 loss of GBP1.5 million). The operating loss is GBP15.1 million (2009 GBP3.2 million) comprising administrative expenses of GBP2.7 million (2009 GBP1.9 million) and exploration costs of GBP12.4 million (2009 GBP1.2 million). The operating loss has been offset by a total gain of GBP22.9 million arising on the sale of the Group's interest in the UK North Sea gas field Breagh in August 2009. The interest was held in two wholly owned subsidiaries of the Company. The transaction was effected through the sale of the wholly owned EnCore (SNS) Limited, which contained a 14 per cent. interest in the Breagh field offshore UK for a consideration of GBP39.2 million and the sale of a one percent. interest by the other subsidiary for a consideration of GBP2.7 million. The purchaser of both parts was RWE Dea UK SNS Limited. The gain on the sale of subsidiary in the year ended 30 June 2009 of GBP1.2 million related to the disposal of EnCore Oil Nederland B.V. to TAQA Energy B.V.for $5.5 million. Net financial income in 2010 was GBP0.3 million (2009 GBP0.4 million). Foreign currency gains were GBP1.5 million in the year (2009 GBP0.1 million). The Breagh sale consideration included a significant element of cash denominated in US Dollars. Foreign currency gains reflected the weakening of sterling against the US Dollar during the period. We locked in much of this gain by selling US Dollars for sterling in the current year. The gross administrative costs can be further analysed as follows: +------------------------------+---------+---------+ | | 2010 | 2009 | +------------------------------+---------+---------+ | | GBP | GBP | | | million | million | +------------------------------+---------+---------+ | Staff costs | 3.0 | 2.1 | +------------------------------+---------+---------+ | Legal and professional | 0.2 | 0.6 | +------------------------------+---------+---------+ | Office costs | 0.1 | 0.1 | +------------------------------+---------+---------+ | Other | 0.2 | 0.1 | +------------------------------+---------+---------+ | | 3.5 | 2.9 | +------------------------------+---------+---------+ Gross administrative expenses, before capitalisation and recharges to joint venture partners, were GBP3.5 million (2009 GBP2.9 million). Staffing levels have again remained constant however the significant increase in our share price in June 2010 has resulted in further provisions for employer social security costs arising on unrealised gains on unexercised share options. The charge for social security costs on options in the current year was GBP0.8 million whereas administration costs in 2009 reflected a credit of GBP0.2 million as the share price fell towards the end of that financial year and past provisions were reversed. Capitalisation and recharge to joint venture partners of administration costs during the current year amounted to GBP0.8 million (2009 GBP1.0 million). Consequently, net administration costs in the Profit and loss account were GBP2.7 million (2009 GBP1.9 million). Staff costs include GBP0.3 million (2009 GBP0.5 million) of IFRS 2 charges related to share options granted to Directors, staff and third parties. No new options have been granted since March 2009 and options issued in 2006 have now been fully expensed. Exploration costs of GBP12.4 million principally relate to the write down of certain UK Onshore and Irish assets. In the case of the UK assets this followed progress on field economics and negotiations with Egdon regarding the asset sale completed in July 2010. The write down of the Irish assets reflects the poor progress during the year and the tariff discussions with the Kinsale infrastructure owners. Exploration costs in the year ended 30 June 2009 of GBP1.2 million reflects the write down of costs accumulated on the Esmond/Gordon Gas Storage project, GBP0.5 million, together with costs accumulated on licences/blocks that have been or are to be relinquished. Tax The tax credit arising in the year to 30 June 2010 reflects the reversal of deferred tax balances created on the fair value adjustments to intangible oil and gas assets resulting from acquisitions in the year to 30 June 2007 and the period to 30 June 2006. These deferred tax balances reverse via the Consolidated Statement of Comprehensive Income when the asset is subsequently sold, as in the case with Breagh, or the asset is impaired, as is the case with the impairment of certain UK Onshore licences. This deferred tax movement is a non-cash item. The Group has been advised that no tax liability should arise on the sale of EnCore (SNS) Limited (which held a 14% interest in Breagh) or on the sale of EnCore Oil Nederland B.V. owing to the availability of the Substantial Shareholders Exemption. Statement of financial position At 30 June 2010 the Group had net assets of GBP58.4 million (30 June 2009 GBP49.2 million). The most significant balances are intangible exploration and evaluation assets of GBP15.0 million (2009 GBP27.2 million) and cash of GBP41.9 million (2009 GBP5.4 million). The exploration and evaluation assets can be further analysed as follows: +------------------------------+---------+---------+ | | 2010 | 2009 | +------------------------------+---------+---------+ | | GBP | GBP | | | million | million | +------------------------------+---------+---------+ | UK onshore licences | - | 7.7 | +------------------------------+---------+---------+ | UK offshore licences | 12.5 | 12.3 | +------------------------------+---------+---------+ | Other | 2.5 | 7.6 | +------------------------------+---------+---------+ | | 15.0 | 27.6 | +------------------------------+---------+---------+ During the year to 30 June 2010, the Company incurred expenditure of GBP2.7 million (2009 GBP14.7 million) on its oil and gas properties principally in respect of the completion of the development of the Ceres field together with the costs of drilling the Catcher discovery well. Costs in 2009 reflected appraisal drilling on Breagh and Cladhan together with Ceres development costs. Other exploration and evaluation assets include interests in Ireland and Western Sahara. In July 2010 the Group announced the completion of the transfer of the group's onshore UK assets together with its interest in the offshore UK Ceres gas field to Egdon Resources plc. At the 30 June 2010 the assets that form part of this transaction have been reclassified as held for sale. The single largest item within asset held for sale of GBP6.7 million is the carried cost of the Ceres development being GBP5.3 million. Cash Flow The Group ended the year with GBP31.2 million of cash and cash equivalents (2009 GBP5.4 million) and a further GBP10.7 million of restricted cash (2009 Nil). The Group remains debt free. Restricted cash at 30 June 2010 includes GBP8.5 million ($12.9 million) being part of the consideration for the sale of the Breagh field, which is held in an escrow account for a period of 12 months from completion of the sale as security against warranty or indemnity claims by the purchaser. We anticipate this cash will be transferred to us in late August 2010. A further GBP2.2 million is cash held in escrow accounts under arrangements with a drilling contractors relating to the company's share of the cost of drilling the Cladhan well (GBP1.7 million) and Catcher well (GBP0.5 million). In the year ended 30 June 2010 the Company purchased 17,123,975 ordinary 5 pence shares in EnCore Oil Plc, at less than the inherent cash value per share, at a total cash cost, including expenses, of GBP2.5 million. At 30 June 2010 approximately half of our cash is held on deposit with The Royal Bank of Scotland and attracts floating rate interest. The balance is on deposit with Scottish Widows on a mixture of fixed and variable rate accounts. Some use has been made of short term deposits to enhance interest income. To date the duration of these deposits has not exceeded three months. At 30 June 2010 GBP28.7 million of cash was held in GB Pounds and GBP2.5 million in US dollars. The majority of the restricted cash is US dollar denominated. The Group is therefore exposed to some extent to the risk that movements in exchange rates with GB Pounds will impact the value of cash and cash equivalents. CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME Year ended 30 June 2010 +----------------------------------------+--------------+-------------+ | | Year | Year | | | ended 30 | ended 30 | | | June 2010 | June 2009 | | | GBP | GBP | +----------------------------------------+--------------+-------------+ | Continuing operations | | | +----------------------------------------+--------------+-------------+ | Impairment write down - exploration | (12,364,888) | (1,247,103) | | costs | | | +----------------------------------------+--------------+-------------+ | Administrative expenses | (2,756,601) | (1,942,491) | +----------------------------------------+--------------+-------------+ | Operating loss | (15,121,489) | (3,189,594) | +----------------------------------------+--------------+-------------+ | Gain on sale of subsidiary | 21,215,199 | 1,196,511 | +----------------------------------------+--------------+-------------+ | Gain on sale of intangible exploration | 1,703,456 | - | | and evaluation assets | | | +----------------------------------------+--------------+-------------+ | Finance income | 288,942 | 401,312 | +----------------------------------------+--------------+-------------+ | Finance costs | (10,947) | (6,052) | +----------------------------------------+--------------+-------------+ | Other gains and losses | 1,476,017 | 90,301 | +----------------------------------------+--------------+-------------+ | Profit/(loss) before taxation | 9,551,178 | (1,507,522) | +----------------------------------------+--------------+-------------+ | Taxation | 1,888,670 | - | +----------------------------------------+--------------+-------------+ | Profit/(loss) for the period | 11,439,848 | (1,507,522) | | attributable to equity holders of the | | | | parent | | | +----------------------------------------+--------------+-------------+ | | | | +----------------------------------------+--------------+-------------+ | Other comprehensive income | | | +----------------------------------------+--------------+-------------+ | Exchange differences on translating | - | 29,719 | | foreign operations | | | +----------------------------------------+--------------+-------------+ | Foreign currency translation reserve | - | (42,737) | | released on sale of subsidiary | | | +----------------------------------------+--------------+-------------+ | Other comprehensive income for the | - | (13,018) | | period | | | +----------------------------------------+--------------+-------------+ | | | | +----------------------------------------+--------------+-------------+ | Total comprehensive Income for the | 11,439,848 | (1,520,540) | | period attributable to equity holders | | | | of the parent | | | +----------------------------------------+--------------+-------------+ | | | | +----------------------------------------+--------------+-------------+ | | | | +----------------------------------------+--------------+-------------+ | Earnings/(loss) for the period per | | | | ordinary share (pence) | | | +----------------------------------------+--------------+-------------+ | - Basic | 3.9 | (0.5) | +----------------------------------------+--------------+-------------+ | - Diluted | 3.8 | (0.5) | +----------------------------------------+--------------+-------------+ CONSOLIDATED STATEMENT OF FINANCIAL POSITION At 30 June 2010 +------------------------------------+-------------+-------------+ | | 30 June | 30 June | | | 2010 | 2009 | | | GBP | GBP | +------------------------------------+-------------+-------------+ | ASSETS | | | +------------------------------------+-------------+-------------+ | Non-current assets | | | +------------------------------------+-------------+-------------+ | Intangible exploration and | 15,023,405 | 27,243,387 | | evaluation assets | | | +------------------------------------+-------------+-------------+ | Property, plant and equipment | | | +------------------------------------+-------------+-------------+ | - oil and gas assets | - | 4,149,180 | +------------------------------------+-------------+-------------+ | - other | 22,906 | 24,523 | +------------------------------------+-------------+-------------+ | Investments | 50,000 | 50,000 | +------------------------------------+-------------+-------------+ | | 15,096,311 | 31,467,090 | +------------------------------------+-------------+-------------+ | | | | +------------------------------------+-------------+-------------+ | Current Assets | | | +------------------------------------+-------------+-------------+ | Other receivables | 639,495 | 343,834 | +------------------------------------+-------------+-------------+ | Restricted cash | 10,684,802 | - | +------------------------------------+-------------+-------------+ | Cash and cash equivalents | 31,183,559 | 5,405,072 | +------------------------------------+-------------+-------------+ | | 42,507,856 | 5,748,906 | +------------------------------------+-------------+-------------+ | Assets held for sale | 6,669,264 | 18,775,092 | +------------------------------------+-------------+-------------+ | | 49,177,120 | 24,523,998 | +------------------------------------+-------------+-------------+ | | | | +------------------------------------+-------------+-------------+ | LIABILITIES | | | +------------------------------------+-------------+-------------+ | Current liabilities | | | +------------------------------------+-------------+-------------+ | Trade and other payables | (3,016,345) | (1,829,703) | +------------------------------------+-------------+-------------+ | | (3,016,345) | (1,829,703) | +------------------------------------+-------------+-------------+ | Liabilities directly associated | (190,775) | (954,416) | | with assets classified as held for | | | | sale | | | +------------------------------------+-------------+-------------+ | | (3,207,120) | (2,784,119) | +------------------------------------+-------------+-------------+ | | | | +------------------------------------+-------------+-------------+ | Net current assets | 45,970,000 | 21,739,879 | +------------------------------------+-------------+-------------+ | | | | +------------------------------------+-------------+-------------+ | Non-current liabilities | | | +------------------------------------+-------------+-------------+ | Provisions | (975,000) | (1,158,434) | +------------------------------------+-------------+-------------+ | Deferred taxation | (1,702,841) | (2,872,582) | +------------------------------------+-------------+-------------+ | | (2,677,841) | (4,031,016) | +------------------------------------+-------------+-------------+ | | | | +------------------------------------+-------------+-------------+ | NET ASSETS | 58,388,470 | 49,175,953 | +------------------------------------+-------------+-------------+ | | | | +------------------------------------+-------------+-------------+ | EQUITY | | | +------------------------------------+-------------+-------------+ | Equity attributable to equity | | | | holders of the parent | | | +------------------------------------+-------------+-------------+ | Ordinary shares | 15,586,987 | 16,443,186 | +------------------------------------+-------------+-------------+ | Capital Redemption Reserve | 856,199 | - | +------------------------------------+-------------+-------------+ | Share premium | 37,798,714 | 37,798,714 | +------------------------------------+-------------+-------------+ | Other Reserve | 266,908 | 266,908 | +------------------------------------+-------------+-------------+ | Foreign Currency Translation | (316,893) | (316,893) | | Reserve | | | +------------------------------------+-------------+-------------+ | Retained earnings | 4,196,555 | (5,015,962) | +------------------------------------+-------------+-------------+ | TOTAL EQUITY | 58,388,470 | 49,175,953 | +------------------------------------+-------------+-------------+ | | | | +------------------------------------+-------------+-------------+ CONSOLIDATED STATEMENT OF CHANGES IN EQUITY +-----------------+------------+------------+------------+----------+-------------+-------------+-------------+ | | Attributable to parent company equity holders | +-----------------+-------------------------------------------------------------------------------------------+ | GBP | Equity | Capital | Share | Other | Foreign | Retained | Total | | | share |Redemption | premium | reserve | Currency | earnings | | | | capital | Reserve | | |translation | | | | | | | | | reserve | | | +-----------------+------------+------------+------------+----------+-------------+-------------+-------------+ | | | | | | | | | +-----------------+------------+------------+------------+----------+-------------+-------------+-------------+ | At 1 July 2008 | 16,443,186 | - | 37,798,714 | 266,908 | (303,875) | (3,979,404) | 50,225,529 | +-----------------+------------+------------+------------+----------+-------------+-------------+-------------+ | | | | | | | | | +-----------------+------------+------------+------------+----------+-------------+-------------+-------------+ | Loss for the | - | - | - | - | - | (1,507,522) | (1,507,522) | | period | | | | | | | | +-----------------+------------+------------+------------+----------+-------------+-------------+-------------+ | Released on | - | - | - | - | (42,737) | - | (42,737) | | sale of | | | | | | | | | subsidiary | | | | | | | | +-----------------+------------+------------+------------+----------+-------------+-------------+-------------+ | Currency | - | - | - | - | 29,719 | - | 29,719 | | translation | | | | | | | | +-----------------+------------+------------+------------+----------+-------------+-------------+-------------+ | Total | - | - | - | - | (13,018) | (1,507,522) | (1,520,540) | | comprehensive | | | | | | | | | income for the | | | | | | | | | period | | | | | | | | +-----------------+------------+------------+------------+----------+-------------+-------------+-------------+ | Share option | - | - | - | - | - | 470,964 | 470,964 | | expense | | | | | | | | +-----------------+------------+------------+------------+----------+-------------+-------------+-------------+ | At 30 June 2009 | 16,443,186 | - | 37,798,714 | 266,908 | (316,893) | (5,015,962) | 49,175,953 | +-----------------+------------+------------+------------+----------+-------------+-------------+-------------+ | | | | | | | | | +-----------------+------------+------------+------------+----------+-------------+-------------+-------------+ | Profit for the | - | - | - | - | - | 11,439,848 | 11,439,848 | | period | | | | | | | | +-----------------+------------+------------+------------+----------+-------------+-------------+-------------+ | Total | - | - | - | - | - | 11,439,848 | 11,439,848 | | comprehensive | | | | | | | | | income for the | | | | | | | | | period | | | | | | | | +-----------------+------------+------------+------------+----------+-------------+-------------+-------------+ | Share option | - | - | - | - | - | 275,515 | 275,515 | | expense | | | | | | | | +-----------------+------------+------------+------------+----------+-------------+-------------+-------------+ | Own shares | (856,199) | 856,199 | - | - | - | (2,502,846) | (2,502,846) | | bought back | | | | | | | | +-----------------+------------+------------+------------+----------+-------------+-------------+-------------+ | | | | | | | | | +-----------------+------------+------------+------------+----------+-------------+-------------+-------------+ | At 30 June 2010 | 15,586,987 | 856,199 | 37,798,714 | 266,908 | (316,893) | 4,196,555 | 58,388,470 | +-----------------+------------+------------+------------+----------+-------------+-------------+-------------+ | | | | | | | | | +-----------------+------------+------------+------------+----------+-------------+-------------+-------------+ The foreign currency translation reserve was used to record exchange differences arising from the translation of the financial statements of subsidiaries that were denominated in currencies other that GB Pounds. One of these subsidiaries has been sold and the other has changed to a functional currency of GB Pounds. The Other reserve arose on the reverse acquisition of Oil Quest Resources plc by the EnCore Group in March 2006. CONSOLIDATED STATEMENT OF CASH FLOWS +----------------------------------------+--------------+--------------+ | | Year | Year | | | ended | ended | | | 30 June | 30 June | | | 2010 | 2009 | | | GBP | GBP | +----------------------------------------+--------------+--------------+ | Cash flows from operating activities | | | +----------------------------------------+--------------+--------------+ | Profit/(loss) before taxation | 9,551,178 | (1,507,522) | +----------------------------------------+--------------+--------------+ | Depreciation | 14,781 | 25,842 | +----------------------------------------+--------------+--------------+ | Share based remuneration charges | 275,515 | 470,964 | +----------------------------------------+--------------+--------------+ | Exploration costs written off | 12,364,888 | 1,247,103 | +----------------------------------------+--------------+--------------+ | Items shown as financing and investing | (24,668,889) | (1,690,704) | | activities | | | +----------------------------------------+--------------+--------------+ | Operating cash outflow prior to | (2,462,527) | (1,454,317) | | working capital | | | +----------------------------------------+--------------+--------------+ | Working capital adjustments | 970,281 | (398,587) | +----------------------------------------+--------------+--------------+ | Cash used in operations | (1,492,246) | (1,852,904) | +----------------------------------------+--------------+--------------+ | | | | +----------------------------------------+--------------+--------------+ | Cash flows from investing activities | | | +----------------------------------------+--------------+--------------+ | Purchase of intangible exploration and | (1,531,158) | (13,265,889) | | evaluation assets | | | +----------------------------------------+--------------+--------------+ | Purchase of field under development | (1,133,832) | (1,428,086) | | assets | | | +----------------------------------------+--------------+--------------+ | (Increase)/decrease in restricted cash | (10,053,829) | 3,913,542 | +----------------------------------------+--------------+--------------+ | Purchase of property, plant and | (16,590) | (4,698) | | equipment | | | +----------------------------------------+--------------+--------------+ | Interest received | 205,877 | 411,119 | +----------------------------------------+--------------+--------------+ | Proceeds from sale of property, plant | 4,891 | 12,328 | | and equipment | | | +----------------------------------------+--------------+--------------+ | Proceeds from sale of intangible | 2,665,126 | - | | assets | | | +----------------------------------------+--------------+--------------+ | Proceeds from sale of subsidiary | 38,793,428 | 2,999,317 | +----------------------------------------+--------------+--------------+ | Net cash generated/(used) in investing | 28,933,913 | (7,362,367) | | activities | | | +----------------------------------------+--------------+--------------+ | | | | +----------------------------------------+--------------+--------------+ | Cash flows from financing activities | | | +----------------------------------------+--------------+--------------+ | Own shares repurchased | (2,502,846) | - | +----------------------------------------+--------------+--------------+ | Interest paid and bank charges | (3,606) | (2,452) | +----------------------------------------+--------------+--------------+ | Net cash used by financing activities | (2,506,452) | (2,452) | +----------------------------------------+--------------+--------------+ | | | | +----------------------------------------+--------------+--------------+ | Net increase/(decrease) in cash and | 24,935,215 | (9,217,723) | | cash equivalents | | | +----------------------------------------+--------------+--------------+ | Cash and cash equivalents at start of | 5,405,072 | 14,526,541 | | period | | | +----------------------------------------+--------------+--------------+ | Translation difference | 843,272 | 96,254 | +----------------------------------------+--------------+--------------+ | Cash and cash equivalents at end of | 31,183,559 | 5,405,072 | | period | | | +----------------------------------------+--------------+--------------+ | | | | +----------------------------------------+--------------+--------------+ | | | | +----------------------------------------+--------------+--------------+ Notes 1. Basis of Accounting and Presentation of Financial Information Whilst the financial information included in this announcement has been prepared in accordance with International Financial Reporting Standards (IFRS), this announcement does not contain sufficient information to comply with IFRS. The Company will publish full financial statements that comply with IFRS in August 2010. The financial information set out in the announcement does not constitute the Company's statutory accounts for the year ended 30 June 2010 or the year ended 30 June 2009. The financial information for the year ended 30 June 2010 and the year ended 30 June 2009 are extracted from the statutory accounts of EnCore Oil plc. The auditors, PKF (UK) LLP, reported on those accounts; their report was unqualified and did not contain a statement under section 498(2) or 498(3) of the Companies Act 2006. The Annual Report for the year ended 30 June 2010, including the auditors' report, will be posted to shareholders during the week commencing 30 August 2010 and will be available from the same date both to be downloaded from the Company's website at www.encoreoil.co.uk and in hard copy from EnCore Oil plc, 5th Floor, 62-64 Baker Street, London W1U 7DF. The 2010 accounts have been prepared on a basis consistent with the accounting policies set out in the 2009 accounts. This announcement was approved by the board on 9 August 2010. 2. Impairment write down - exploration costs +---------------------------------------------+------------+-----------+ | | 2010 | 2009 | | | GBP | GBP | +---------------------------------------------+------------+-----------+ | Exploration costs | 12,364,888 | 1,247,103 | +---------------------------------------------+------------+-----------+ | Total impairment write down - exploration | 12,364,888 | 1,247,103 | | costs | | | +---------------------------------------------+------------+-----------+ In the year ended 30 June 2010 GBP6.8 million was written off the carried value of certain UK onshore assets; GBP4.9 million from the value of our Irish offshore assets and GBP0.7 million from the value of other assets. The Irish assets were measured through value in use. Value is use is based on, amongst other things, estimates of reserves, capex and operating expenditure together with the use of a pre-tax discount rate of 10%. The amounts written off during the year ended 30 June 2009 principally related to the costs accumulated on the Esmond/Gordon Gas Storage project, GBP0.5 million, together with costs accumulated on licences/blocks that have been or are to be relinquished. 3. Gain on sale of subsidiary +--------------------------------------+--------------+-------------+ | | Year | Year | | | ended 30 | ended 30 | | | June 2010 | June | | | | 2009 | +--------------------------------------+--------------+-------------+ | | GBP | GBP | +--------------------------------------+--------------+-------------+ | | | | +--------------------------------------+--------------+-------------+ | Sale consideration | 39,239,760 | 3,046,747 | +--------------------------------------+--------------+-------------+ | Less deductions: | | | +--------------------------------------+--------------+-------------+ | Expenses of sale | (446,332) | (47,430) | +--------------------------------------+--------------+-------------+ | Net proceeds | 38,793,428 | 2,999,317 | +--------------------------------------+--------------+-------------+ | | | | +--------------------------------------+--------------+-------------+ | Net assets at sale | | | +--------------------------------------+--------------+-------------+ | Intangible oil and gas exploration | (17,480,479) | (1,831,107) | | assets | | | +--------------------------------------+--------------+-------------+ | Working capital balances | (97,750) | (14,436) | +--------------------------------------+--------------+-------------+ | | (17,578,229) | (1,845,543) | +--------------------------------------+--------------+-------------+ | Transfer from foreign currency | - | 42,737 | | translation reserve | | | +--------------------------------------+--------------+-------------+ | Gain on sale | 21,215,199 | 1,196,511 | +--------------------------------------+--------------+-------------+ In August 2009 the Company sold its interest in the Breagh field offshore UK. The interest was held in two wholly owned subsidiaries of the Company. The transaction was effected through the sale of the wholly owned EnCore (SNS) Limited, which was contained a 14 per cent. interest in the Breagh field offshore UK for a consideration of GBP39.2 million and the sale of a one percent. interest by the other subsidiary for a consideration of GBP2.7 million (see note 4 below). The purchaser of both parts was RWE Dea UK SNS Limited. It is anticipated that no tax liability will arise on the sale of EnCore (SNS) Limited. The gain on sale of subsidiary at 30 June 2009 reflects the sale by the Company of its wholly owned subsidiary EnCore Oil Nederland B.V whose only asset was a 10 per cent. interest in the Amstel field offshore Netherlands for a consideration of US $5.5 million, paid in cash. The purchaser was TAQA Energy B.V.. It is anticipated that no tax liability will arise on the sale. 4. Gain on sale of intangible exploration and appraisal assets +-----------------------------------------------+--------------+ | | Year ended | | | 30 June | | | 2010 | +-----------------------------------------------+--------------+ | Sale consideration | 2,695,026 | +-----------------------------------------------+--------------+ | Less deductions: | | +-----------------------------------------------+--------------+ | Expenses of sale | (29,900) | +-----------------------------------------------+--------------+ | Net proceeds | 2,665,126 | +-----------------------------------------------+--------------+ | Less carried value of asset | (961,670) | +-----------------------------------------------+--------------+ | | 1,703,456 | +-----------------------------------------------+--------------+ In August 2009 the Company sold a one percent. interest in the Breagh field offshore UK for a consideration of GBP2.7 million (see note 3). 5. Taxation +-----------------------------------------------+-----------+----------+ | | 2010 | 2009 | | | GBP | GBP | +-----------------------------------------------+-----------+----------+ | Current taxation | - | - | +-----------------------------------------------+-----------+----------+ | Deferred taxation | 1,888,670 | - | +-----------------------------------------------+-----------+----------+ | | 1,888,670 | - | +-----------------------------------------------+-----------+----------+ The tax credit arising in the year to 30 June 2010 reflects the reversal of deferred tax balances created on the fair value adjustments to intangible oil and gas assets resulting from acquisitions in the year to 30 June 2007 and the period to 30 June 2006. These deferred tax balances reverse via the Consolidated Statement of Comprehensive Income when the asset is subsequently sold, as in the case with Breagh (see note 3), or the asset is impaired, as is the case with the impairment of certain UK Onshore licences (see note 2). 6. Earnings/(Loss) per ordinary share Basic earnings/(loss) per share amounts are calculated by dividing net earning/(loss) for the period by the weighted average number of ordinary shares outstanding during the period. Diluted earnings/(loss) per share amounts are calculated by dividing the net earnings/(loss) for the period by the weighted average number of ordinary shares outstanding during the period plus the weighted average number of ordinary shares that would be issued on the conversion of all the dilutive potential ordinary shares into ordinary shares. The following reflects the income and share data used in the basic and diluted earnings per share computations: +---------------------------------------------+------------+-------------+ | | 2010 | 2009 | | | GBP | GBP | +---------------------------------------------+------------+-------------+ | Earnings/(loss) for the year | 11,439,848 | (1,507,522) | +---------------------------------------------+------------+-------------+ +---------------------------------------------+-------------+-------------+ | | 2010 | 2009 | +---------------------------------------------+-------------+-------------+ | Basic weighted average number of shares | 296,152,537 | 307,360,839 | +---------------------------------------------+-------------+-------------+ | Dilutive potential ordinary shares: | | | +---------------------------------------------+-------------+-------------+ | Share options and warrants | 3,162,779 | - | +---------------------------------------------+-------------+-------------+ | Diluted weighted average number of shares | 299,315,316 | 307,360,839 | +---------------------------------------------+-------------+-------------+ As there is a loss in the year ended 30 June 2009, there is no difference between the basic and diluted earnings per share. 7. Asset held for sale +-----------------------------------------------+------------+------------+ | | 2010 | 2009 | | | GBP | GBP | +-----------------------------------------------+------------+------------+ | Intangible asset | 1,386,252 | 18,434,621 | +-----------------------------------------------+------------+------------+ | Field in production - Ceres | 5,283,012 | - | +-----------------------------------------------+------------+------------+ | Restricted cash | - | 340,471 | +-----------------------------------------------+------------+------------+ | Asset held for sale | 6,669,264 | 18,775,092 | +-----------------------------------------------+------------+------------+ | Trade creditors and accruals | - | (235,487) | +-----------------------------------------------+------------+------------+ | Provisions | (190,775) | - | +-----------------------------------------------+------------+------------+ | Deferred taxation | - | (718,929) | +-----------------------------------------------+------------+------------+ | Liabilities directly associated with assets | (190,775) | (954,416) | | classified as held for sale | | | +-----------------------------------------------+------------+------------+ | | 6,478,489 | 17,820,676 | +-----------------------------------------------+------------+------------+ In March 2010 the Group signed sale and purchase agreements with Egdon Resources plc for the sale of the group's onshore assets (onshore UK and onshore France) together with its interest in the Ceres gas field, in return for a material equity stake in Egdon which will be classified in the Group Statement of financial position as an investment in associate within Non-current assets. These assets and the related liabilities have been reclassified as held for sale pending completion of the transaction (see note 9). The transfer to Egdon of the Groups UK onshore licences and interest in Ceres was subject to the usual regulatory approvals from the Department of Energy and Climate Change (DECC); and approval from the joint venture partners on each licence and completed in July 2010. French regulatory consent will be required for the sale of the subsidiary holding Encore's French licences. As at 30 June 2009 the Group classified its share of UK Offshore Licence P1230 containing block 42/13 Breagh; and Licences P1327 and P1328 containing further Breagh area blocks 42/8 42/9 42/14 and 42/12a as non-current assets held for resale. These interests are jointly held by two 100% owned subsidiary companies. The Group reported these items as assets held for sale and valued them at the lower of their carried amount or fair value, less costs to sell, which did not lead to an impairment loss in the year to 30 June 2009. 8. Equity structure +-------------------------------------------+--------------+------------+ | | No. | GBP | +-------------------------------------------+--------------+------------+ | Authorised - ordinary shares of 5 pence | 500,000,000 | 25,000,000 | | each | | | +-------------------------------------------+--------------+------------+ | | | | +-------------------------------------------+--------------+------------+ | Ordinary shares | | | +-------------------------------------------+--------------+------------+ | Allotted, called up and fully paid | | | +-------------------------------------------+--------------+------------+ | | | | +-------------------------------------------+--------------+------------+ | At 1 July 2008 and 1 July 2009 | 307,360,839 | 16,443,186 | +-------------------------------------------+--------------+------------+ | Own Shares repurchased and cancelled | (17,123,975) | (856,199) | +-------------------------------------------+--------------+------------+ | At 30 June 2010 | 290,236,864 | 15,586,987 | +-------------------------------------------+--------------+------------+ In the year ended 30 June 2010 the Company purchased 17,123,975 ordinary 5 pence shares in EnCore Oil plc at a total cost, including expenses, of GBP2,502,846. The shares have been cancelled. The Capital Redemption Reserve includes an amount equal to the nominal value of the own shares purchased. The total cost of the share repurchases, including expenses, is deducted from returned earnings. 9. Post balance sheet events In July 2010 the Group announced the completion of the transfer of the group's onshore UK assets together with its interest in the offshore UK Ceres gas field to Egdon Resources plc. At the 30 June 2010 the assets that form part of this transaction have been reclassified as held for sale (see note 7). As a result of the transaction the Group holds an equity investment in Egdon Resources plc classified as an Investment in associate within Non-current fixed asset. 10. Annual General Meeting The Annual General Meeting will be held at the offices of Dewey & LeBoeuf, No. 1 Minster Court, Mincing Lane, London EC3R 7YL on 14 October 2010 at 2.00 p.m. This information is provided by RNS The company news service from the London Stock Exchange END FR SSFESUFSSELA
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