Enegi Oil Share Price (ENEG)

Share Name Share Symbol Market Type Share ISIN Share Description
Enegi Oil LSE:ENEG London Ordinary Share GB00B29T9605 ORD 0.1P
  Price Change % Change Share Price Shares Traded Last Trade
  0.00 0.0% 0.475 0.00 00:00:00
Bid Price Offer Price High Price Low Price Open Price
0.00 0.00 0.00 0.00 0.00
Industry Sector Turnover (m) Profit (m) EPS - Basic PE Ratio Market Cap (m)
Oil & Gas Producers 0.05 -4.86 -2.90 1
Last Trade Time Trade Type Trade Size Trade Price Currency
- O 0 0.00 GBX

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Date Time Source Headline
06/1/202009:42ALNCNu-Oil Raises GBP420,000 To Pursue Reverse Takeover Deal
06/1/202007:39ALNCFAlliance News Flash Headline
23/12/201914:03ALNCNu-Oil & Gas Full-Year Loss Widens As Expenses Grow
13/11/201914:42ALNCNu-Oil Reports Departure Of Non-Executive Director Graham Scotton
04/11/201918:04ALNCNu-Oil & Gas Names New Chair And Non-Exec After Becoming Cash Shell
21/10/201917:07ALNCNu-Oil & Gas Returns Enegi Oil Equity As Part Of Change In Direction
02/10/201910:04ALNCNu-Oil & Gas Embarks On Debt Restructuring, Placing And Venture Sale
12/7/201909:25ALNCNu-Oil Shares Drop As Canadian Production Lease Partner Files Claim
19/6/201909:11ALNCNu-Oil & Gas Joint Venture Teams Up With Petrofac On Marginal Gas
03/5/201912:48ALNCNu-Oil & Gas Shareholders Only Take Up Half Of Open Offer Shares (ALLISS)
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Date Time Title Posts
22/12/201511:23MASSIVELY UNDERVALUED.11,339
05/10/201518:22enegi oil-
31/12/201415:11Enegi Oil Plc - 2013 is the Year10
08/11/201418:59Enegi Oil169
03/2/201208:492010/NO1/OILPLAY34

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DateSubject
30/9/2015
09:03		petersmith3: PPG - one of the safest aim stocks with 10-bag potential! Plutus has already been awarded management contracts for 5 X 20MW generating sites. Rockpool Investments has managed to raise £17.8 million in EIS funding. Each 20MW site could potentially generate on average £340,000 net annual profit for Plutus, even if only running for 120 hours per annum. So 10 sites (the stated target within 3 years)would be likely to produce £3.2 million in net profit to Plutus, equivalent to 0.43 pence per share. If all 10 are contracted under the Capacity Market, this would add another £1.5 million in net profit (equivalent to a further 0.20 pence per share), making a total of 0.63 pence net profit per share. This is all well and good, but it is already on the cards I understand that this 3 year target of 10 sites will be smashed in the first year. I believe we could be more than double that number of sites by August 2016, in which case we are talking of between 1.5 pence and 2 pence net profit per share. So the price target for the share should be a minimum of 20 pence by August 2016. If this comes about (20 sites plus) the sentiment and probably further institutional investment stakes will ensure that it goes north of 25 pence a share. So this would mean a 2,500 % increase on the current share price.
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04/8/2015
06:55		taxibabe: richgit best to keep away from markets. Stick to property or physical gold. Paper investments are at best relying on others to be honest and do their best for investors none of which is likely. The market is rarely wrong and the share price says its all. Its valued at close to the AIM quotation costs for one reason. It has nothing of value. ABTOG has always been a red herring in my view, along with IRISH Shale. Newfoundland could have been something but did not bear fruit. Black spruce is owned £800.000 and my guess will end up with the leases there.
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02/4/2015
11:01		taxibabe: Hi well last throw thanks for that. I guess you needed to take a reality check and as you say it does not look to good for you and other "large shareholders". Now I would invite you to tell Mr Alan Minty as follows. Most of the shareholders on here bought in because of the prospects in Newfoundland and Garden Hill South, we are not interested in the "marginal field" initiative, which by its very description, is "marginal" at current oil prices. We are not interested in issuing more paper to the Minty clan, or its associate RNLI companies, for services rendered which is then dumped on the market; this practice should be stopped immediately. We are not even interested in the shale oil in the Irish sea, which the economics of the current crude price do not support. Being "first mover" , as some on here have suggested, is for companies like APPLE or GOOGLE, with their requisite cash piles, not ENEGI oil. It all about NEWFOUNDLAND and nothing else. As I understand it BLACK SPRUCE can now seize this in exchange for a promise to buy £800.000 worth of ENEGI shares, issued when the shares were 8p. This deal, designed to "put some distance between BLACK SPRUCE and the finances of ENEGI" was good for BLACK SPRUCE, but for ENEGI? The terms of the SHARD CAPITAL FINANCING, now £1.50 million also need to be clarified, and clarified immediately. That they have not been is suggestive that some shareholders are being given inside information which is not available to the rest of us. My gut hunch is its a form of "rachet financing" which ensures a rapidly depreciating share price, whilst SHARD and BLACK SPRUCE end up with the entire capital of the company for a song. Please discuss this with Mr Minty LAST throw, assuming he meets you in the first place!. Then post your results on here.
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18/12/2014
09:18		joan1234: BUYING Thursday's agenda: Enegi Oil to grab the spotlight By John Harrington December 17 2014, 6:30pm Enegi is working to roll out technologies that reduce costs and make smaller oil fields viable.Enegi is working to roll out technologies that reduce costs and make smaller oil fields viable. You can tell Christmas is almost upon us, as results from the big boys have started to dry up. If last year’s results schedule is any guide, we should be due a full-year results announcement from marginal oil field specialist Enegi Oil (LON:ENEG). The AIM-quoted company is working to roll out technologies that reduce costs and make smaller oil fields viable. As such, the company is ploughing a different furrow to most oil & gas development companies, but the slumping oil price has still had an effect on the company’s activities. It recently updated on the pending Fyne field project, saying discussions are continuing between Antrim Energy, Enegi’s partner and the operator, and the Department of Energy and Climate Change (DECC) regarding the development plan. Separately, Enegi said talks about the broader initiative continue with Wood Group as well as other complementary major industry partners. Updates on these discussions will be eagerly received by shareholders who have seen the share price crater this year, which has not been a good one for the oil sector.
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31/10/2014
22:03		whe4to: To anyone on the outside this is a basket case, but with a little bit of positive news the share price could be immediately back above 5p, and depending on this news event, the share price could even top 7p. Not for orphans and widows as they say, but fortune does actually favour the brave!GL to all longs, hopefully next week will provide some clarity.All Guess work, but I'm predicting a decent RNS, and a jump in the share price to around 4.5p.....do you feel lucky, well do ya! LolEnjoy the weekend
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09/7/2014
08:12		haydock: Nicked with thanks from 3i. 007nick Having spoken with lots of people in the industry, I believe Enegi are proceeding down the correct route with their strategy. Whilst I am not currently impressed with the current share price, I believe Enegi have a great future and would like to explain why to those who doubt it. We all understand the current problems with the E&P market ,as recently highlighted by a financial times article. Basically, as stated there has been a huge drop in confidence in the probability of exploration success and history shows this is justified. Enegi have been aware of this problem for a long time and realise that if the problem is severe for the mid-caps and majors, it's a lot worse for the small caps like Enegi. It is the exploration risk which is the problem and the cost of the various exercises and work programmes to reduce such risk. Even following through the risk reduction exercise, there is no guarantee that any project will end up in production. Investors, have different 'risk appetites' and near-term production opportunities are very popular but the only sure production investment is when you purchase production........and even then, there's no guarantee the 'purchased' production profile will be as predicted. Conversely though, the reverse might also apply; there may be more upside than initially anticipated. Another issue in all of this is the need to continually raise more funds to complete the work programmes to advance the projects until production is achieved or the project is shown to be marginal. Shareholders don't like that because of the continual dilution and related uncertainty, which produces a dilemma all round. If you are considering investing in Enegi, you should ask yourself - should a small cap be involved in exploration plays or anyway where there isn't frequent news or a quick way to production. If your answer is yes, then you probably shouldn't be investing in Enegi, look elsewhere. Consequently the outlook for many small caps is bleak as they cannot change their business model. Enegi (more likely Alan Minty) have been smart, they realised this and have been working hard to change the formula, this will enable us to survive and create value. HOW ENEGI WILL CREATE VALUE . As with any asset, the project moves through a range of value-measuring metrics from prospects to resources to reserves. Reserves are traded because they have specified values and the underlying strategy of management is to move to the reserves state before production. Moving to production requires the complex investment and financing and frequently changes the ownership of the project and that's why so many projects are traded between the 'reserves' and 'production' phases. Obviously, production is worth more than reserves but looking at say, the value of reserves in the North Sea, these might trade at between $10 and$15 per barrel depending on the project. Let's say a company has 5 projects with a 50% stake in each and each project following FDP has reserves of 10 million barrels. Then, a company would have 5 x 5 x $10 million = $250 million of reserve value.($375 AT $15). This shows the potential of ABTOG's model and the company by virtue of its IP and business model is able to acquire its stake in projects for between £1 to £2 million per project. Getting to FDP might take 6 months to a year so portfolio can be built at speed. I really believe this is the right way for small caps to go NOW, not getting involved in large scale exploration projects. Re-reading Sir Alan Wood's report, really highlighted this and put Enegi's strategy into perspective.
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25/2/2014
07:30		liquid millionaire: ENEG ENEGI OIL PLC AIM ticker: 'ENEG' OTC ticker: 'EOLPF' 25 February 2014 Enegi Oil Plc ("Enegi" or "the Company") Placing and Fyne Field Update Enegi, the independent Oil and Gas Company with a portfolio of assets located in the UK North Sea, Newfoundland Canada, Ireland, and Jordan, is pleased to announce that it has raised £2.005 million (after expenses) through a placing of 24,845,105 new ordinary shares of 1 pence each ("Ordinary Shares") with new investors at an average price of 8.07 pence per Ordinary Share. Expenses for the placing have been taken in shares and total 2,484,511 shares ("Commission Shares"). YA Global Master SPV Ltd ("YA") has subscribed for 24,845,105 Ordinary Shares, raising £2.005 million after costs. Of the £2.005million, Enegi has entered into an Equity Swap with YA in respect of £500,000. The period of the Equity Swap is 12 months. The Equity Swap element allows the Company to secure the potential upside arising from anticipated near term news flow. The Equity Swap Agreement provides for payment to the Company of £41,666.66 via 12 monthly instalments as measured against a benchmark price of 8.88p per share ("the Benchmark Price"). If the measured share price exceeds the Benchmark Price, for that month, the Company will receive more than 100 per cent of the monthly settlement due on a pro rata basis. There is no upper limit placed on the additional proceeds receivable by the Company as part of the monthly settlements. Should the measured share price be below the Benchmark Price, the Company will receive less than 100 per cent of the expected monthly settlement on a pro rata basis. Under no circumstances can YA require Enegi to issue any additional shares pursuant to the Equity Swap, and YA and its affiliates are prohibited from holding any net short position in Enegi shares. The net proceeds of the Placing are expected to primarily be used to: · Facilitate the Company's ongoing work commitments under the Fyne Oil Field Farm-In as announced by the Company on 2 July 2013 · Facilitate the initial work commitments under the Dunmore and Helvick Field Farm-In Agreements as announced by the Company on 13 November 2013 · Fund the application by the Company for new licenses under the 28th new round of offshore petroleum licensing by the Department of Energy and Climate Change. Application has been made to the London Stock Exchange for the Placing Shares, which will rank pari passu with the existing Ordinary Shares in issue, to be admitted to trading on AIM ("Admission"). It is expected that such Admission will occur at 8.00 a.m. on 3rd March 2014. The shares being placed and the Commission Shares will represent approximately 14.8 per cent of the Company's issued share capital immediately following Admission. Following admission, the Company's issued share capital will consist of 184,236,142 Ordinary Shares, all with voting rights with no shares held in treasury. The total number of current voting rights in the Company will therefore be 184,236,142. This figure (184,236,142 Ordinary Shares) may be used by shareholders as the denominator for the calculation by which they will determine if they are required to notify their interest in, or a change in their interest in, the Company. Fyne Field update The Company is also pleased to announce that, with its partner Antrim Resources (N.I) Limited ("Antrim"), it expects to submit the completed Environmental Statement for the Fyne Field ("Fyne") to the Department of Energy and Climate Change ("DECC") by the end of March. Following this, and once the Environmental Statement has been cleared, the final form of the Field Development Plan ("FDP") for Fyne, is then expected to be submitted to DECC in late summer 2014. At the time of submission of the final FDP, any technical issues must be resolved, the environmental statement must be approved, evidence of suitable financing must be provided and Antrim must be approved as a Production Operator. First production is anticipated prior to 25 November 2016. This timeline has been agreed with DECC. Alan Minty, CEO of Enegi, commented: "Considerable progress has continued to be made on our marginal field initiative in the last few months. We look forward to working with Antrim and taking Fyne forward through to first oil using ABT Oil & Gas's appropriate technology as well as commencing our activities in the North Celtic sea and applying for further opportunities in the 28th Round. We also welcome the findings of the Wood Review announced yesterday which have been wholeheartedly backed by David Cameron and the Energy Minister. This Review mirrors the objectives of our marginal field initiative. Through ABT Oil and Gas we are identifying low risk marginal fields which are unable to be developed using conventional development solutions. Using our appropriate technologies, working with industry operators, we believe that we can maximize the recovery from these assets in the UKCS and internationally."
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25/2/2014
07:08		someuwin: ENEGI OIL PLC AIM ticker: 'ENEG' OTC ticker: 'EOLPF' 25 February 2014 Enegi Oil Plc ("Enegi" or "the Company") Placing and Fyne Field Update Enegi, the independent Oil and Gas Company with a portfolio of assets located in the UK North Sea, Newfoundland Canada, Ireland, and Jordan, is pleased to announce that it has raised £2.005 million (after expenses) through a placing of 24,845,105 new ordinary shares of 1 pence each ("Ordinary Shares") with new investors at an average price of 8.07 pence per Ordinary Share. Expenses for the placing have been taken in shares and total 2,484,511 shares ("Commission Shares"). YA Global Master SPV Ltd ("YA") has subscribed for 24,845,105 Ordinary Shares, raising £2.005 million after costs. Of the £2.005million, Enegi has entered into an Equity Swap with YA in respect of £500,000. The period of the Equity Swap is 12 months. The Equity Swap element allows the Company to secure the potential upside arising from anticipated near term news flow. The Equity Swap Agreement provides for payment to the Company of £41,666.66 via 12 monthly instalments as measured against a benchmark price of 8.88p per share ("the Benchmark Price"). If the measured share price exceeds the Benchmark Price, for that month, the Company will receive more than 100 per cent of the monthly settlement due on a pro rata basis. There is no upper limit placed on the additional proceeds receivable by the Company as part of the monthly settlements. Should the measured share price be below the Benchmark Price, the Company will receive less than 100 per cent of the expected monthly settlement on a pro rata basis. Under no circumstances can YA require Enegi to issue any additional shares pursuant to the Equity Swap, and YA and its affiliates are prohibited from holding any net short position in Enegi shares. The net proceeds of the Placing are expected to primarily be used to: · Facilitate the Company's ongoing work commitments under the Fyne Oil Field Farm-In as announced by the Company on 2 July 2013 · Facilitate the initial work commitments under the Dunmore and Helvick Field Farm-In Agreements as announced by the Company on 13 November 2013 · Fund the application by the Company for new licenses under the 28th new round of offshore petroleum licensing by the Department of Energy and Climate Change. Application has been made to the London Stock Exchange for the Placing Shares, which will rank pari passu with the existing Ordinary Shares in issue, to be admitted to trading on AIM ("Admission"). It is expected that such Admission will occur at 8.00 a.m. on 3rd March 2014. The shares being placed and the Commission Shares will represent approximately 14.8 per cent of the Company's issued share capital immediately following Admission. Following admission, the Company's issued share capital will consist of 184,236,142 Ordinary Shares, all with voting rights with no shares held in treasury. The total number of current voting rights in the Company will therefore be 184,236,142. This figure (184,236,142 Ordinary Shares) may be used by shareholders as the denominator for the calculation by which they will determine if they are required to notify their interest in, or a change in their interest in, the Company. Fyne Field update The Company is also pleased to announce that, with its partner Antrim Resources (N.I) Limited ("Antrim"), it expects to submit the completed Environmental Statement for the Fyne Field ("Fyne") to the Department of Energy and Climate Change ("DECC") by the end of March. Following this, and once the Environmental Statement has been cleared, the final form of the Field Development Plan ("FDP") for Fyne, is then expected to be submitted to DECC in late summer 2014. At the time of submission of the final FDP, any technical issues must be resolved, the environmental statement must be approved, evidence of suitable financing must be provided and Antrim must be approved as a Production Operator. First production is anticipated prior to 25 November 2016. This timeline has been agreed with DECC. Alan Minty, CEO of Enegi, commented: "Considerable progress has continued to be made on our marginal field initiative in the last few months. We look forward to working with Antrim and taking Fyne forward through to first oil using ABT Oil & Gas's appropriate technology as well as commencing our activities in the North Celtic sea and applying for further opportunities in the 28th Round. We also welcome the findings of the Wood Review announced yesterday which have been wholeheartedly backed by David Cameron and the Energy Minister. This Review mirrors the objectives of our marginal field initiative. Through ABT Oil and Gas we are identifying low risk marginal fields which are unable to be developed using conventional development solutions. Using our appropriate technologies, working with industry operators, we believe that we can maximize the recovery from these assets in the UKCS and internationally."
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30/10/2013
09:19		someuwin: Enegi Oil: Shore Cap points to catalysts as it values stock at 33p per share Enegi Oil (LON:ENEG) has successfully diversified its business, according to Shore Capital. The recently appointed house broker today began its coverage of the AIM quoted firm and valued the group's assets at 33p per share – more than four times the group's current price of 7.6p The reserves based valuation points to the potential of the group's plans in the North Sea where it intends to deploy proprietary new technologies to transform marginal fields. Enegi has already put together a portfolio of assets for this business and it continues to assess new opportunities. It secures interests in such opportunities by leveraging its cost cutting technology in return for project equity. Indeed, speaking with Proactive Investors, Shore analyst Craig Howie explained that the investment case will be centred on the accumulation of reserves with more transactions and partnerships still to come. According to Howie, the technology element is a key differentiator "It adds quite an interesting technology angle to the Enegi story, which makes it stand out from the crowd. It provides [the company with] a useful opportunity to acquire reserves in accretive transactions going forward." Over the slightly longer term project delivery will take over from reserve acquisitions as a driver for the group's share price, he added. But in the meantime, Howie says, that a pending drill programme in Canada will provide more immediate catalysts to help bridge the gap between the current share price and the broker's blue-sky valuation. The completion of a farm-out agreement with Black Spruce Energy shifts the operational responsibility to the new partner and it is expected to mark the start of a much busier period for Enegi's projects on the other side of the Atlantic. The drilling will add a fresh injection of excitement in the shares, he says. "Enegi has been around as a listed company for quite some time and it has not always been easy but I think they are now on a clear roadmap going forward, I just think we now just need to see some more evidence of delivery." Share price catalysts are expected in the coming months, with drilling starting before the year's end. Beyond that, the deadline for the new development plan for the Fynne field in the North Sea, the first likely application of the technology, is due in January.
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21/12/2012
07:03		derektrade33: TIDMENEG RNS Number : 0829U Enegi Oil PLC 21 December 2012 ENEGI OIL PLC AIM ticker: 'ENEG' OTC ticker: 'EOLPF' 21 December 2012 Enegi Oil Plc ("Enegi" or "the Company") Results for the year ended 30 June 2012 Enegi, the independent Oil and Gas Company, today announces its results for the year ended 30 June 2012. Highlights: -- The Company has continued to deliver on its strategy of minimising risk concentration by expanding its portfolio -- Awarded two licences in the North Sea which the Company believe are suitable for development using buoy technology - both licences already contain either a discovery or a prospect -- Successfully completed work programme over prospective Clare Basin Licensing Option, Ireland with resources independently attributed to the block by Fugro Robertson Limited -- Entry into a project to develop the Dead Sea and Wadi Araba block in Jordan with KGEC that is highly prospective -- The Group has identified short and longer term modifications to the Garden Hill well and upgrades that they believe will first establish and then deliver incremental increases in stable production rates. -- The Company raised GBP3.1 million, net of expenses, during the year through the issue of shares -- Loss before tax for the year increased to GBP2,375,000 as a result of increased expenditure as the Company has been able to increase its activities because its financial position and prospects have improved. Outlook: -- New corporate structure to be implemented -- Applying for Exploration Licence over Clare Basin acreage -- Partnership with ABT to investigate further opportunities in the UKCS -- Further opportunities being evaluated to deliver strategy of building a balanced portfolio -- Further production projects to be added to the portfolio within a year Alan Minty, CEO of Enegi, commented: "We are delighted with the progress that the Company has made over the last 18 months. Enegi has continued to deliver its strategy of building a balanced portfolio of real options and have added some highly prospective opportunities which bring significant value into the Company. The Board believe that with the work programmes across all our assets, the team we have in place combined with the portfolio of assets and other potential opportunities that we are evaluating, that the Company has never been in a stronger position. We are excited about the year ahead and look forward to updating our shareholders as we progress." Enegi Oil Tel: + 44 161 817 7460 Alan Minty, CEO Nick Elwes, Director of Communications Cenkos Securities Jon Fitzpatrick Tel: + 44 207 397 8900 Neil McDonald Tel: + 44 131 220 9771 College Hill Tel: + 44 207 457 2020 Alexandra Roper Rupert Trefgarne www.enegioil.com Facebook (Enegi Oil PLC) Twitter (@enegioil) Qualified Persons The information in this release has been reviewed by Barath Rajgopaul MSc (Mech. Eng.) C. Eng, a member of the Advisory Panel of Enegi. Mr. Rajgopaul has over 30 years' experience in the petroleum industry. Chairman's Statement This has been one of the most exciting periods for Enegi Oil Plc. ('Enegi' or the 'Company' or with its subsidiaries the 'Group'). We have started to build a significant portfolio of real options that we believe will provide the building blocks from which future growth and value will accrue, whilst continuing to work on our existing asset base in Newfoundland. In the last 18 months Enegi has transformed itself from a company focused on a regional play in a single area, to one delivering on a strategy of building a balanced portfolio across all aspects of the exploration and production ('E&P') cycle in a number of different geographic areas. This is exactly in line with the strategy previously outlined by the Board, which we continue to refine as new opportunities are identified by the Management Team. The portfolio we have created has significant value. The Board believes that the lack of recognition of this value is due to perceived issues surrounding the Group and some of its assets that are not necessarily accurate or relevant. Nevertheless, the Board believes that the Group has never had such a strong foundation and exciting portfolio of opportunities from which to grow, plus the means and understanding to achieve this growth. Operational highlights The Group has greatly enhanced its portfolio over the period, putting in place building blocks and generating opportunities from which it can grow, with projects continuing to be added to the portfolio, most recently in the North Sea and Jordan. The Group has also continued to make progress across its lease and licences in Newfoundland, despite the ongoing logistical and infrastructure issues that have slowed progress at Garden Hill South. Whilst we are delighted to have had the onshore Production Lease extended for a further period of five years, the area renewed is significantly smaller than that we believe should have been granted to the Group under the renewal. With the help of Fugro Robertson Limited, data and models were produced, and ratified independently by AJM Deloitte, that indicate that there is a continuous reservoir (which we have named the Garden Hill Field) across the original lease area, supporting the case for renewal of a larger area. The Group is currently in discussions with the Department of Natural Resources ("DNR") of the Provincial Government of Newfoundland and Labrador over this matter and will provide further updates on this in due course. The Group has continued to work over and test the Garden Hill Field with the aim of gaining stable production before assessing further development options. The Group has achieved revenue during the year since it commenced the testing programme. We have not yet achieved stable, continuous flow and this is largely due to a well completion, installed in 2009, that is not optimal for the workover results that we have received. The fundamentals of the reservoir that we announced in May 2012, with a connected oil and gas in place associated with Garden Hill South in excess of 61.5 million barrels STOIIP and 117 BCF GIIP, respectively remain strong. This means, though, that extra care has been required in developing the appropriate processes needed for stable production. This coupled with an operating environment in Western Newfoundland that can be difficult owing to lack of infrastructure and remoteness has caused problems. However, based on the results of the workover programme and ongoing testing, and with input from consultants who will assist in the implementation of these plans, the Group has identified short and longer term modifications and upgrades that the Company believes will build on current work to first establish and then deliver incremental increases in stable production rates. A key area of work at this stage is the evaluation of the feasibility of installing a downhole pump as part of the short term modifications, to provide artificial lift capacity that will facilitate sustained production with limited manual intervention, with a view to delivering such a solution in the next few months. In the meantime the Group continues to take actions and implement processes to restore regular production and are also commencing the environmental assessment work required to secure a licence for permanent production, with a target of Q1 2013 for approvals. The Company will look to provide further updates on progress and planning at site as appropriate. The Group continues to believe in the potential of the Garden Hill project, a view that has been validated through the work of Fugro Robertson and AJM Deloitte as announced on 13 August 2012. Furthermore, the Group retains the belief that the other assets in its Newfoundland portfolio are highly prospective. Enegi has continued to evaluate these assets and will produce compliant independent resource and reserve assessments on these licences; the Company is in discussions with independent consultants with a view to completing these assessments in the first Quarter of 2013 and believes that these reports will substantiate its opinion on the potential of these projects. We also continue to watch with interest the progress made by Shoal Point Energy ("SPE") on its work programme, which hopefully will lead to the award of a Significant Discovery Licence (SDL) over EL1070, of which the Group will own 100% of the deep zone containing the conventional Shoal Point lead. Earlier this year, the Company applied for three licences in the 27th Seaward Licensing Round run by the UK Department of Energy and Climate Change ("DECC") and is delighted to have been awarded two blocks in October 2012. The applications that the Company made were based on the identification and evaluation of assets which we believe are suitable for development using buoy technology, with associated improved project economics. Each licence contains either a discovery or a prospect and both are identified as being in the optimum operating envelope for our partner ABTechnology's ("ABT") buoy technology. We believe that this technology is particularly appropriate for certain types of marginal field in the UKCS and look forward to taking these assets forward with ABT. Our Clare Basin onshore block in Ireland is also proving to be an interesting and highly prospective asset. The Company has completed the required work programme and this has confirmed our initial belief that there is a viable development project, with a strong best case investment profile, and that given the maturity, thickness and buried depth of the shale, the whole area under the ON11/1 licensing option remains prospective for shale gas. The Company is delighted that this has been further substantiated by Fugro Robertson who have provided an independent preliminary resource estimate for the project highlighting the potential of the Clare Basin (further detail of which is provided in the Operational Review). On 28 November 2012, the Company submitted a report to the Petroleum Affairs Division ("PAD") of the Department of Communications, Energy and Natural Resources in Ireland, as required under the terms of the licensing option, and we will be applying for a full exploration licence over our acreage prior to the expiry of the licensing option on 28 February 2013. The Company is pleased to be involved at such an early stage with this highly prospective project. The opportunity in Jordan is also hugely exciting. Jordan is on trend with the oil and gas fairway that runs across Saudi Arabia and has predominantly been explored to date by the majors or larger oil and gas companies. We believe that the Dead Sea and Wadi Araba block is highly prospective and we look forward to working with our partner Korea Global Energy Corporation ('KGEC') to drill three exploration wells over the next four years across the block. The Enegi team will provide the technical and operational expertise for the partnership as we look to develop the licence area. Developing a portfolio of real options When Enegi listed, it was reliant on one operating region, Western Newfoundland, where the Company has continued to make progress albeit at a slower pace than we would have liked. The Company and Board, however, have continued to seek opportunities that fit Enegi's strategy and expertise whilst offering significant potential upside to the Company. The addition to the portfolio of our onshore asset in Ireland, the recent licence awards in the North Sea and the entry into the Dead Sea and Wadi Araba project in Jordan, with our partner KGEC, are exciting opportunities with inherent value. The Company has the ability, the technical team and funding methodology to deliver this value. With the aim being to build a balanced portfolio of real options, the Company's current assets fall into the following categories: 1. Ireland: early stage exploration 2. North Sea: appraisal and development 3. Newfoundland: near term stable production, appraisal, development and exploration 4. Jordan: exploration, appraisal and development The Board believes that it is imperative for small oil and gas companies to spread their risk across a portfolio of assets, both in terms of type of asset and to avoid over-reliance on one project/region. Enegi's current portfolio is a starting point from which the Company can deliver its portfolio-based strategy. At this time, one fundamental part of the balanced portfolio across the whole E&P cycle is missing: continuous production. Whilst some limited production has been achieved, and we believe that in the short term more sustained production can be realised from Garden Hill, the delays in bringing the well into continuous production have meant that the Company cannot yet demonstrate self-sufficiency. The Board believes that the lack of production has created a "drag" effect on the Company's share price. The problem is compounded by the fact that the value of the opportunities that the Company is bringing into its portfolio is not being recognised due to the perception that the Company does not have the ability to bring them to fruition; this is not the case. The Company is, however, continuing to seek opportunities to further balance its portfolio by bringing in some additional production which will more than finance both the Company's ongoing requirements and work required to exploit opportunities that are currently in its portfolio or are actively under consideration. The Board has already identified potential projects and the Management Team is working on bringing them into the Company's portfolio. The Board expects that success will lead to a shift in market perception. A key part of the strategy has been to deliver a portfolio that requires minimum capital outlay. This has continued to be at the forefront of the Company's thinking. Today the Company has an improved financial base from which to deliver its strategy and has continued to look at, deliver and implement innovative financing options to fund its current operations, recent additions to the Company's portfolio and future opportunities. This type of strategy is not uncommon in larger E&P companies, and we believe that focusing on building a portfolio of real options, across the E&P lifecycle, with a balanced risk/reward profile will deliver growth and, ultimately, value for our shareholders. Group Structure In light of the portfolio of real options that the Company has created and continues to create, the Board has decided to review the current structure of the Company and its operations with a view to ensuring that the structure in place going forward is that most appropriate to the Company and its future strategy. The Board plan to create a structure whereby the Company's projects will be placed in individual subsidiaries. Each of the subsidiaries would have an appropriately sized, dedicated, experienced management team responsible for bringing projects within that subsidiary to fruition. Initially it is envisaged that subsidiaries pertaining to Ireland, the UK North Sea and the Middle East and North Africa would be created, similar to that that already holds the Company's assets in Canada. Enegi Oil Plc would remain as an existing "TopCo" over the subsidiaries and would continue to source new opportunities, in line with its strategy. These opportunities would then be assigned to existing or, where required, new subsidiaries. The TopCo would retain its experienced management team and would also be responsible for recruiting the dedicated teams for each of the subsidiaries. This structure is planned to be implemented in the coming months and we will update the market as this progresses. Board and Advisory Panel During the period we have continued to build on the expertise that is available to the Company, both from an industry as well as a corporate perspective, through strengthening our Board and creating the Advisory Panel. I would like to thank them for their input over the last year and look forward to continuing to work with them with a view of delivering our strategy in the future. In addition, we have added to the Management Team, with the appointment of a Director of Communications, a role that we believe will be critical in implementing the communications strategy that must accompany the expansion of the Group's portfolio. Outlook This has been a tremendous period for the Company as we have added some very significant real options to our portfolio of assets. We now have a portfolio that provides the Company with a solid base from which to build and, with the production we expect to gain, to substantially grow. Whilst adding to our portfolio we have also continued to progress our Newfoundland assets and are pushing ahead with Garden Hill to rectify the historic issues and look to deliver the full potential of this project. Achieving a balanced portfolio of opportunities is the Company's goal. Whilst what we have completed in the last year goes some way towards achieving this objective, the Company continues to review other exciting opportunities that the Board believe could provide further significant growth opportunities in the future with minimum risk exposure. The Company will also continue to review its existing operations with a view to maximising returns whilst minimising the Company's risk profile. This is a very exciting time for Enegi. We have built a highly prospective portfolio of real options with significant potential which the Company, with its new structure in place, is looking to realise over the next year to ensure that the inherent value we believe exists across our portfolio is appropriately reflected for our shareholders in our share price. Alan Minty Chairman Operational and Financial Review Newfoundland Garden Hill South Operationally, the Group has continued to workover and test the PAP#1 ST#3 well with a view to progressing the Garden Hill development and gaining stable production. A great deal of work has been carried out in the last 18 months and we will continue to seek the best results from this well as well as assessing how to get the best overall return from the field. The workover programme and testing have continued throughout the year and infrastructure and logistical issues, especially in the last six months, have frustrated the team. However, the Company remains positive about the potential of the project - during testing earlier this year we were pleased to see that there had been no pressure depletion and McCaffrey Consulting Services Ltd's view was that the connected oil and gas in place associated with Garden Hill South is in excess of 61.5 million barrels STOIIP and 117 BCF GIIP, respectively. The operating environment in Western Newfoundland can be difficult owing to lack of infrastructure and remoteness and at times this has caused problems. However, based on the results of the workover and the ongoing testing programme and with input from consultants who will assist in the implementation of the Group's plans, the Group has identified short and longer term modifications and upgrades that they believe will build on current work to first establish and then deliver incremental increases in stable production rates. A key area of work at this stage is the evaluation of the feasibility of installing a downhole pump as part of the short term modifications, to provide artificial lift capacity that will facilitate sustained production with limited manual intervention, with a view to delivering such a solution in the next few months. In the meantime the Group continues to take actions and implement processes to restore regular production and are also commencing environment assessment work required to secure a licence for permanent production, with a target of Q1 2013 for approvals. The Group will look to provide further updates on progress and planning at site as appropriate. Whilst we are delighted to have had the onshore Production Lease extended for a further period of five years, the area renewed is significantly smaller than that that we believe should have been granted to the Group under the renewal. With the help of Fugro Robertson Limited, data and models were produced, and ratified independently by AJM Deloitte, which indicate that there is a continuous reservoir (which we have named the Garden Hill Field) across the original lease area, supporting the case for renewal of the larger area. The Group is currently in discussions with the Department of Natural Resources ("DNR") of the Provincial Government of Newfoundland and Labrador over this matter and will provide further updates on this in due course. The Group continues to believe in the potential of the Garden Hill project, a view that has been validated through the work of Fugro Robertson and AJM Deloitte as announced on 13 August 2012. EL1070 The Group has continued to monitor the work programme currently being undertaken by Shoal Point Energy ("SPE") which, it is hoped, will result in an application for an SDL over EL1070. If the SDL is awarded, the Group will undertake the assessment and possible development of the conventional Shoal Point lead. EL1070 was due to expire in January 2011, but has remained in force due to the fact that SPE commenced the drilling of the 3K-39 well prior to the expiry date. SPE confirmed, in their announcement on 16 August 2012, that it is proceeding with its plans to drill a sidetrack well on the licence to test the hydrocarbon reservoir potential of the Green Point Shale (following issues experienced during drilling of the original 3K-39 well). SPE is also planning to drill two wells in 2013 on its adjoining lands. The Company has been in contact with SPE with a view to clarifying the timetable for this process. The Group also continues to update its internal model on the reservoir in order to assess the resources that should be attributed to it. Once completed the Group will be engaging the appropriate independent body to review this model with a view to producing a NI 51-101 compliant reserves and resources report. EL1116 During the period, the Group has continued work on the development of the exploration plan for this licence. Focus is currently on the re-evaluation of existing seismic lines over the St. George's Bay lead, originally identified by Hunt Oil, which is an extension of the Garden Hill trend. This is expected to be completed in the first quarter of 2013 and will allow the Group to further define the exploration plan (including, potentially and if required and justified, the acquisition of new seismic data over the area) and/or appraisal programme. The Group is highly encouraged by initial results of the evaluation of the area. Ireland Enegi was awarded the Clare Basin Licensing Option, covering some 495 sq km, on 14 February 2011. Excellent progress has been made across this option area and the Company was pleased to announce that it has successfully completed the required work programme. The key objectives of the work programme were to procure and evaluate existing technical data and obtain and analyse new samples to develop a provisional assessment of the potential of the option area. The Company was pleased to announce that results of the work programme indicate that, given the maturity, thickness and buried depth of the shale, the Clare Basin remains prospective for shale gas. The studies undertaken also showed an area in the centre of an existing seismic grid, consisting of 130 line kilometres of 2D seismic, as being particularly high grade, based on the thickness of the shale and lack of faulting present. As required under the terms of the Option, Enegi submitted on the 28 November 2012 a report summarising the studies and analysis that the Company carried out to the Petroleum Affairs Division of the Department of Communications, Energy and Natural Resources ("PAD"). In order to gain a fuller understanding of the potential of the region the Company also engaged Fugro Robertson ("Fugro") to prepare an independent estimate of in place resources within the acreage covered by the Option. A number of shale gas plays were evaluated and reviewed by Fugro during this process, with the Marcellus and Woodford gas shales identified as potential analogues due to similarities in properties and recent data indicating successful production from them. Based on detailed analysis of the area within the seismic grid and comparison with the Marcellus and Woodford analogues, Fugro provided the following preliminary resource estimates: -- 3.62 trillion cubic feet ("TCF") of free gas initially in place ("GIIP") within the seismic grid coverage, based on a most likely porosity of 7%, with 1.23 TCF of that being in the area identified as high grade. -- 1.55 TCF GIIP within the seismic grid coverage for a minimum porosity case of 3%, of which 526.4 billion cubic feet falls within the high grade area. -- Corresponding estimates for the entire Option area of 13.05 TCF GIIP (most likely) and 5.59 TCF (minimum case). -- Total recoverable resource estimates for the Option area of between 1.49 TCF and 3.86 TCF. On the basis of these resource estimates Enegi has also undertaken some preliminary economic analysis which has confirmed the viability of the proposed development project with a strong best case investment profile. The Licensing Option expires on 28 February 2013, and based on the findings of the Company's analysis and studies as well as Fugro's report, Enegi intends to apply to the Minister before that time for an Exploration Licence for the areas covered by the Option. Jordan The Company is delighted to be involved in a project aimed at developing the Dead Sea and Wadi Araba block in Jordan with KGEC, which provides the Company with an excellent opportunity from which to build in the future. The Dead Sea and Wadi Araba block is approximately 6,800 sq km in size and is on trend with the oil and gas fairway that runs across Saudi Arabia and has predominantly been explored to date by the majors or larger oil and gas companies. An initial work programme for the area is being developed, which will involve the evaluation of technical data and the acquisition of new geophysical data. It is also expected that at least three exploration wells will be drilled within four years on the block. Enegi, as Duty Holder, will provide all the technical and operational expertise into the development of the area. KGEC has also secured access to US$100 million and will provide the funding required to explore, appraise and develop this block. The licence for the block is expected to be fully approved by the Council of Ministers and ratified by Parliament in the early months of next year. North Sea The Company was delighted to be awarded two licences in the 27(th) Seaward Licensing Round for the UKCS by the UK Department of Energy and Climate Change. Applications for the two licences that Enegi has been offered were made based on a thorough identification and evaluation of assets that, in the Company's opinion, were suitable for development using buoy technology. The Company believes that both licences are in the optimum operating envelope for ABT's buoy technology and that this technology offers the best chance of commercialising these assets. Whilst conventional development solutions may not be economically feasible on these licences, appropriate technology such as that offered by ABT changes the economics significantly. Block 3/23 is located in the south-west margin of the East Shetland basin and contains the Malvolio prospect. This is a Paleocene appraisal opportunity within the upper Montrose Group sand. The Malvolio prospect is in water depth of 397 ft and is some 48 km from the nearest existing infrastructure and as such is considered to be isolated; however the STOIIP, as supplied by DECC, is between 153 and 326 MMBBL with a minimum and maximum unrisked recoverable range between 44 and 97 MMBBL. Block 22/12b is located in the Forties-Montrose High area of the Central North Sea and contains the Phoenix discovery. A discovery well was originally drilled by Shell and showed a 30 ft oil column in the Forties Sandstone Member, a proven producer in nearby fields such as Forties, Nelson and Montrose. The discovery is a low relief dip closed structure in water depths of 295 ft. Internal estimates of unrisked STOIIP range between 15 and 99 MMBBL, with unrisked recoverable resources of between 9 and 51 MMBBL. DECC have classified the Phoenix field as a Significant Discovery, meaning that the field could have achieved flow rates in excess of 1,000 BOPD. The Company plans to access additional data on both areas, confirming the feasibility for developing the blocks using buoy technology. Enegi is operator of both licences with a 100% interest in each. The Company is also continuing to evaluate with its partners other suitable assets in the North Sea that may become available through future licensing rounds or are existing assets currently under licence to other operators. ABT The focus of the partnership during the period was predominantly the 27(th) Seaward Licensing Round and subsequent successful awards. The partnership has also continued to review the market for the application of buoy technology including discussing with other North Sea operators the feasibility of adopting this technology on currently licensed assets. The Company believes the buoy technology is particularly appropriate for certain types of marginal field, providing significant capital reductions, and looks forward to continuing its close relationship with the ABT team to both develop our own North Sea assets and seek new opportunities for application of the technology. Commercialisation opportunities As outlined in the Chairman's Statement the Company is continuing to seek ways of delivering on its strategy of creating a balanced portfolio of assets across the E&P value chain. The Company continues to appraise a number of interesting opportunities, aligned to its portfolio and expertise, which could add to its portfolio and that can be enhanced, delivering growth to the Company and value to its shareholders. This is not limited to bringing in new ventures, but also applies to the review of assets currently held by the Company. As outlined in the Company's announcement dated 13 June 2012, and as a way of ensuring that all avenues to deliver value are considered, Enegi is continuing to take actions to determine the external interest in the Company's western Newfoundland assets. Whilst no decisions have been taken as yet the Management continues to believe that this is a highly prospective region that could appeal to other operators. The Company is currently particularly focused on bringing continuous production into the portfolio, which will provide a further conduit by which the Company can deliver value from other projects in the Company's current portfolio of opportunities. The Company expects to have achieved this before the end of 2013. Financial review Revenue Revenue of GBP204,000 was generated during the year ended 30 June 2012 as part of the testing of the PAP#1 well at Garden Hill South (2011: GBPnil). Loss before tax Loss before tax for the year was GBP2,375,000 (2011: GBP1,454,000). The reason for the increased expenditure during the year is that the Company has been able to increase its activities as its financial position and prospects have improved. The Company has taken on additional personnel at Board level and at Garden Hill South to manage increased activity and in addition to new personnel, we have also expended an additional GBP236,000 in conducting operations at site. Statement of Financial Position The consolidated statement of financial position for the group is shown on page 29. Group net assets at 30 June 2012 were GBP7,514,000 (2011: GBP6,118,000). The raising of funds and conversion of related party balances totalling GBP3,753,000 is mainly responsible for this movement offsetting the loss for the year. At 30 June 2012, the Group had cash balances of GBP2,116,000, compared to GBP175,000 at 30 June 2011. The Group had trade and other payables of GBP1,777,000 at 30 June 2012 (2011: GBP1,760,000). These cash balances when considered with the additional information provided in Note 1 to the financial statements allow the Directors to conclude that the Group and Company should be treated as a going concern. Cash flows Cash inflows for the year were GBP1,968,000 compared to a net inflow of GBP118,000 in 2011. This is mainly as a result of the Company raising GBP3.1m, net of expenses, during the year. Future funding and capital requirements The Directors' believe that the financing secured from fundraising activities provides sufficient investment to bring the PAP#1 well at Garden Hill South onto commercial production providing comfort to the Directors' around going concern. CONSOLIDATED INCOME STATEMENT For the year ended 30 June 2012 2012 2011 GBP'000 GBP'000 -------------------------------- --------- --------- Revenue 204 - Cost of sales - - -------------------------------- --------- --------- Gross Profit 204 - -------------------------------- --------- --------- Administrative expenses (2,442) (1,454) -------------------------------- --------- --------- Loss from operations (2,238) (1,454) -------------------------------- --------- --------- Finance costs (137) - -------------------------------- --------- --------- Loss before tax (2,375) (1,454) -------------------------------- --------- --------- Taxation - - -------------------------------- --------- --------- Loss for the year attributable to the owners of the parent (2,375) (1,454) -------------------------------- --------- --------- Loss per share (expressed in pence per share) Basic (2.2p) (1.7p) Diluted (2.2p) (1.7p) -------------------------------- --------- --------- CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME / (EXPENSE) For the year ended 30 June 2012 2012 2011 GBP'000 GBP'000 ---------------------------------- --------- --------- Loss for the year (2,375) (1,454) Other comprehensive (expense) / income: Currency translation differences (236) 115 Other comprehensive (expense) / income for the year, net of tax (236) 115 ---------------------------------- --------- --------- Total comprehensive expense for the year (2,611) (1,339) ---------------------------------- --------- --------- Attributable to: Owners of the parent (2,611) (1,339) ---------------------------------- --------- --------- Total comprehensive expense for the year (2,611) (1,339) ---------------------------------- --------- --------- CONSOLIDATED STATEMENT OF FINANCIAL POSITION As at 30 June 2012 2012 2011 GBP'000 GBP'000 ------------------------------ --------- --------- Non-current assets Tangible fixed assets 6,115 5,989 Intangible assets 798 819 Other long term assets 613 634 ------------------------------ --------- --------- 7,526 7,442 ------------------------------ --------- --------- Current assets Trade and other receivables 299 1,221 Cash and cash equivalents 2,116 175 2,415 1,396 ------------------------------ --------- --------- Total assets 9,941 8,838 Current liabilities Trade and other payables (1,777) (1,760) Due to related parties (148) (473) ------------------------------ --------- --------- (1,925) (2,233) ------------------------------ --------- --------- Non-current liabilities Provisions (502) (487) ------------------------------ --------- --------- Total liabilities (2,427) (2,720) ------------------------------ --------- --------- Net assets 7,514 6,118 Equity Ordinary share capital 1,257 975 Share premium account 22,208 18,768 Reverse acquisition reserve 9,364 9,364 Other reserves (1,557) (1,557) Warrant reserve 355 324 Accumulated losses (24,113) (21,756) ------------------------------ --------- --------- Total equity attributable to owners of the parent 7,514 6,118 ------------------------------ --------- --------- CONSOLIDATED STATEMENT OF CHANGES IN EQUITY For the year ended 30 June 2012 Attributable to owners of the parent ----------------------- --------------------------------------------------------------------------------------------- Ordinary Share Reverse share premium acquisition Other Warrant Accumulated Total capital account reserve reserves reserve Losses equity GBP'000 GBP'000 GBP'000 GBP'000(1) GBP'000(2) GBP'000 GBP'000 ----------------------- --------- --------- ------------- ------------- ------------- -------------- ---------- Balance at 1 July 2010 797 16,306 9,364 (1,557) 210 (20,595) 4,525 Comprehensive expense Loss for the year - - - - - (1,454) (1,454) Other comprehensive income Currency translation differences - - - - - 115 115 Total other comprehensive income - - - - - 115 115 ----------------------- --------- --------- ------------- ------------- ------------- -------------- ---------- Total comprehensive expense - - - - - (1,339) (1,339) ----------------------- --------- --------- ------------- ------------- ------------- -------------- ---------- Transactions with owners Effects of fundraisings 178 2,739 - - - - 2,917 Cost of Performance Share Plan - - - - - 178 178 Effect of warrants - (114) - - 114 - - Effect of flow-through shares - (163) - - - - (163) Total of transactions with owners 178 2,462 - - 114 178 2,932 ----------------------- --------- --------- ------------- ------------- ------------- -------------- ---------- Balance at 1 July 2011 975 18,768 9,364 (1,557) 324 (21,756) 6,118 Comprehensive expense Loss for the year - - - - - (2,375) (2,375) Other comprehensive expense Currency translation differences - - - - - (236) (236) Total other comprehensive expense - - - - - (236) (236) ----------------------- --------- --------- ------------- ------------- ------------- -------------- ---------- Total comprehensive expense - - - - - (2,611) (2,611) ----------------------- --------- --------- ------------- ------------- ------------- -------------- ---------- Transactions with owners Effects of fundraisings 282 3,471 - - - - 3,753 Cost of Performance Share Plan - - - - - 254 254 Effect of warrants - (31) - - 31 - - Total of transactions with owners 282 3,440 - - 31 254 4,007 ----------------------- --------- --------- ------------- ------------- ------------- -------------- ---------- Balance at the 30 June 2012 1,257 22,208 9,364 (1,557) 355 (24,113) 7,514 ----------------------- --------- --------- ------------- ------------- ------------- -------------- ---------- CONSOLIDATED STATEMENT OF CASH FLOW For the year ended 30 June 2012 2012 2011 GBP'000 GBP'000 ---------------------------- --------- --------- Cash flows from operating activities Cash used in operations (1,851) (632) Net cash used in operating activities (1,851) (632) ---------------------------- --------- --------- Cash flows from investing activities Expenditure on tangible assets (357) Expenditure on intangible (6) - assets Net cash used in investing (363) - activities ---------------------------- --------- --------- Cash flows from financing activities Proceeds from disposal of asset held for sale - 456 Funds received from issue 1,035 - of shares in prior year Share capital issued for cash, net of expenses 3,147 294 ---------------------------- --------- --------- Net cash generated from financing activities 4,182 750 ---------------------------- --------- --------- Net increase in cash and cash equivalents 1,968 118 Cash and cash equivalents at the start of the year 175 92 Exchange losses (27) (35) Cash and cash equivalents at the end of the year 2,116 175 ---------------------------- --------- --------- Basis of presentation The consolidated financial statements of the Group have been prepared in accordance with International Financial Reporting Standards as adopted by the European Union (IFRSs as adopted by the EU), the Companies Act 2006 that applies to companies reporting under IFRS, and IFRIC interpretations. The consolidated financial statements have been prepared under the historical cost convention. Basis of consolidation The Group applies the acquisition method to account for business combinations. The consideration transferred for the acquisition of a subsidiary is the fair value of the assets transferred, the liabilities incurred to the former owners of the acquiree and the equity interests issued by the Group. The consideration transferred includes the fair value of any asset or liability resulting from a contingent consideration arrangement. Identifiable assets acquired and liabilities and contingent liabilities assumed in a business combination are measured initially at their fair values at the acquisition date. The Group recognises any non-controlling interest in the acquiree on an acquisition-by-acquisition basis, either at fair value or at the non-controlling interest's proportionate share of the recognised amounts of acquiree's identifiable net assets. This information is provided by RNS The company news service from the London Stock Exchange END
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